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Numbers AddingUp In Real Estate There have been several numbers floating around in real estate during the past few weeks which ought to interest anyone now living indoors. In basic terms, the numbers say home values are soaring and property demand is likely to remain strong for years to come. First, the good folks at the Federal Reserve have issued their quarterly flow of funds study, a document which tells us something about how the economy is doing. For the second quarter of 2003 we find several important items:
Mortgage Rates U.S. averages as of September 25, 2003:30 yr. fixed: 5.98%15 yr. fixed: 5.30%1 yr. adj: 3.77%30 yr. jumbo: 6.98%-->
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Home values nationwide totaled $15.3966 trillion at the end of June -- up $199.7 billion from the first quarter and a rise of $3.8837 trillion since 1999, or 33.73 percent.
Wondering What Your Home Is Worth?Let me show you.
Foster Friendships,Nurture Your Neighborhood In a time when so many people shut their garage doors behind them and rarely say hello, having a network of nearby friends is more comforting than ever. "We all long to connect with people and be valued in life. It helps us think, 'I have meaning here. I have a place here,'" says Leslie Levine, author of Will This Place Ever Feel Like Home? The happiest of homeowners agree: "My neighbors share the good and the bad with us. It's such a relief to know that help and companionship are just a short walk across the lawn," says one Madison, Wisconsin, woman. A year or so ago, her neighbors all rallied around when her son was unexpectedly hospitalized for a few weeks. "They got together and decided to mow our yard all summer so it would be one less thing we had to worry about," she says. If you'd like your new neighborhood to be a place where everyone gathers around a neighbor's grill or hollers out a greeting to the kids who pedal by on their bikes, here are some ways to make that happen:
Make little things count. Haul in your neighbor's trash cans, or take in
Multiple Offers:How Can You Compete? In a hot market there are more buyers than homes for sale. Prices may rise, and the days a home is on the market may shorten to a week or even less than a day. Some homes will sell before they are even registered in the local MLS. That means that sellers are often presented with multiple offers. How can you position your offer to be the one the seller accepts? The best way is to gain an understanding of how multiple offers work and how they benefit the seller. Multiple offers mean that the seller has his/her pick of offers, but that doesn't necessarily mean a disadvantage for you as a buyer. You just have to determine how badly you want this particular home. If you want to compete in a multiple offer situation, here is what you will need to know: There are two things that matter to the seller -- price and terms. They want the highest price possible, and the best terms available. Both of these areas leave room for negotiation. Just because a seller is entertaining multiple offers doesn't mean you don't have a chance. You just have to hit the right note with the seller that the other contracts don't. Just to give you an idea of how important terms are to the seller, let's look at a hypothetical situation. You offer a seller the highest price for his/her home, but you put in the contract a contingency that you must sell your home first before you close on the seller's home. It may seem reasonable to you,
Remodeling? TipsFor Choosing Products If you're considering remodeling or are in the throes of plans for new materials, fixtures, and appliances, then you know that choosing your products and staying within budget can be a huge challenge. But it can be done. On the back of the strong housing market, thousands of Americans are improving their homes. "Given a resilient housing market and low interest rates, homeowners continue to reinvest in their homes in the midst of a sputtering economy," said Nicolas P. Retsinas, director of the Joint Center for Housing Studies at Harvard University, in July. And the National Association of Homebuilders reported earlier this month that professional remodelers were busier in this year's second quarter than any other period in the past two years. If you're remodeling, you know the confusion that festers when it comes to
CONTINUED >>>Local Market Conditions
Daily News and Advice -->Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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