1

9 September 2011

The REport

We saw two days of power politics this week, with President Obama’s speech and the republican presidential candidate debate, but do you know what the two “power” days of the week are for online real estate searches?  According to Trulia, Sunday and Monday are far and away the busiest days for online housing browsing.  Perhaps this is something to keep in mind when deciding which days to place online ads.

A positive growth story comes from AOL Daily Finance, which highlights the powerful role Hispanic Americans will play in housing’s road to recovery.  This demographic, the hardest hit during the housing bust, is also the fastest growing in the states impacted the most: California, Florida, Nevada and Arizona. Young, first-time buyers who are eager for their opportunity to achieve the “American Dream,” the publication writes, will be looking to plant roots, with affordability triggering a strong demand.  

Speaking of planting roots, people are staying in their homes longer.  The Charlotte News & Observer reports the results of a NAR survey which found that just 11{0a8e414e4f0423ce9f97e7209435b0fa449e6cffaf599cce0c556757c159a30c} of homeowners have lived in their homes for three years or less.  The newspaper cites it as part of a trend in homeownership attitudes, which has people renting longer, or buying smaller homes without such upgrades as fireplaces.

It could be a rude awakening to some who think the down payment is the only significant cost they have to pay when signing on the dotted line.

It could be a rude awakening to some who think the down payment is the only significant cost they have to pay when signing on the dotted line.

While home prices and mortgage rates go down – in fact mortgage rates are at another record low right now – closing costs are on the rise.  It could be a rude awakening to some who think the down payment is the only significant cost they have to pay when signing on the dotted line.  According to Bankrate’s annual survey, the average closing cost was $4,070 on a $200,000 mortgage.  It is another reason to counsel homebuyers carefully on what to expect at the closing.

One suggestion to make a house more a home without expensive upgrades comes from architect David Rockwell who tells The Wall Street Journal this week, “creating a home is a process.” Mr. Rockwell provides tips on how to create an enchanting “lived-in look” in a home.  One of his strategies: display keepsakes from your travels and experiences, a tactic that cannot hurt in sparking conversation either!

Finally, throughout the week there have been television specials on the September 11, 2001 tragedy.   As we near the tenth anniversary this weekend, I wish comfort and peace for the families of victims.

One thought on “The REport

  1. The down side that happened when in 2009 most loans moved over from being conventional to FHA was the increase in closing costs. The upside was, one could still get a loan!

Leave a Reply

Your email address will not be published. Required fields are marked *