Summary
Buying a house, condo or other real estate the largest and most complex purchase most Americans will ever make -- remains a huge part of the economy. In 2007, a dismal time for the business, about 6.3 million housing transactions occurred in the United States, according to the Realtor's trade group. But the market has taken a serious body blow in recent years. The National Association of Realtors predicted the sales of existing homes in 2007 would be 10.8 percent below 2006. Sales of new homes were expected to be at the lowest level in a decade. The Internet has made it much easier for a layperson to locate properties that fit their needs and budget. As a result, while about 90 percent of transactions invo...
Buying a house, condo or other real estate the largest and most complex purchase most Americans will ever make -- remains a huge part of the economy. In 2007, a dismal time for the business, about 6.3 million housing transactions occurred in the United States, according to the Realtor's trade group. But the market has taken a serious body blow in recent years. The National Association of Realtors predicted the sales of existing homes in 2007 would be 10.8 percent below 2006. Sales of new homes were expected to be at the lowest level in a decade. The Internet has made it much easier for a layperson to locate properties that fit their needs and budget. As a result, while about 90 percent of transactions involve a real estate agent, the rest were simply buyers and sellers hooking up independently. By-owner sales are popular among many people, in part because it saves on commissions. But even more buyers favor using a real estate agent who has the expertise and time to negotiate the complex processes. It may be obvious that no purchase in your life will ever be as crucial, but the good news is that it does not have to be as intimidating as you think. The single best piece of advice is not to let the big numbers and the jargon unnerve you. Simple, easy-to-understand step-by-step advice and instructions are available in literally hundreds of books in the library, on-line articles and websites (enter the words "real estate tips" and "selling" or "buying" in any search engine). Most give the exact same information although each may have a bit of a bias such as favoring by-owner or using a Realtor. Other significant advice: have patience; this can often be a long process and time usually is on your side. Trust your instincts; if a deal seems too good to be true, there's often a reason. Believe in options; just like buying a used car, there is always another house out there. Buying a home is essentially a lengthy parade of complex decisions, starting with whether this is the right time to be making a transaction. But the websites and books lay out the specific criteria you can use to make an informed judgment call rather than just making a blind guess. For buyers, the process includes finding out precisely how much you can spend on a house without destroying your standard of living; locating financing; identifying a large array of potential homes so you are not focused on one choice; visiting, inspecting and evaluating properties; negotiating a deal, and closing the deal.
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Highlights of the legislation
•Includes about $15 billion in tax breaks, including what amounts to an interest-free loan of as much as $7,500 for first-time home buyers. •Funnels $4 billion to communities to buy and renovate vacant foreclosed properties. •Gives...Tags: Fannie Mae, Freddie Mac, Financial and Business Services
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Sprawling Package Of Relief
The housing bill passed by Congress Saturday and sent to President Bush is designed to help struggling homeowners avoid foreclosure. Among the provisions: ΔLet hundreds of thousands of debt-ridden homeowners who cannot afford mortgage payments...Tags: National Government, Fannie Mae, George Bush, Government, Freddie Mac
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Pre-Listing Home Inspections
Special To The CourantWhen Flora and Paul Huot were selling their house a few years ago, the home inspection detected radon in the water and the air. Installing a mitigation system to alleviate the risks of the carcinogen cost the couple time and money. The delay also...Tags: Soccer, Contracts, Real Estate, Real Estate Agents, Homes
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Financial literacy effort may miss mark
Chicago Tribune correspondentAlmost every American knows by now that adjustable-rate mortgages can backfire, and in Bathsheba Wyatt-Draper's beginner real estate classes, no one goes home without a stern warning. "If you see the words, 'rider' and 'addendum,' be very afraid," Wyatt-...Tags: Vehicles, Housing and Urban Planning, Consumers, Mortgages, Interior Policy
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Upside to higher down payments: More savings
Bloomberg NewsThe U.S. housing crisis may accomplish what years of parental hectoring couldn't: Turn Americans from spenders into savers. Spending will fall because homeowners can no longer use rising real estate values to borrow cash—$837.5 billion in 2006,...Tags: Economic Indicator, Miami (Miami-Dade, Florida), Political Candidates, Consumers, Federal Reserve
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Real estate tax relief
The giant federal housing and foreclosure relief legislation now heading for enactment contains a little-noticed - but potentially far-reaching - change in real estate tax policy. It would permit millions of homeowners who do not itemize on their federal...Tags: Housing and Urban Planning, Rentals, National Government, Laws, House
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Tax break pits owners vs. renters
| The giant federal housing and foreclosure relief legislation now heading for enactment contains a little-noticed -- but potentially far-reaching -- change in real estate tax policy. It would permit millions of homeowners who do not itemize on their...Tags: National Government, West Virginia, Clubs and Associations, Government, Maryland
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Mom, Dad, I'm home!
and Karen Herzog Of the Milwaukee Journal Sentinel| Liz Jorgensen moved in with her folks to save enough money to move out again. Jorgensen, 25 and a high school English teacher in Hartland, Wis., wants to own a home, but ''I couldn't afford to live in an apartment and one day buy a house,'' she said....Tags: Soccer, Rentals, People, Wal-Mart Stores Inc., Real Estate Agents
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81% afflicted with housing depression
If you're apprehensive about the job market, one field that seems to keep plenty of people employed is the public-opinion polling business, judging by the quantity of real-estate related surveys that wash up on my desk. Three recent insights into the...Tags: Harris Interactive Incorporated, Real Estate, Homes, Architecture, Chicago
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Modular Home Builder Sued By Attorney General's Office
Middletown's Eddy Shelter surprises town officials with "bills;" a local developer is sued by the state attorney general for shoddy work; and an East Haddam sculptor gets his own exhibit. REGIONAL: Δ Developer Sued: Attorney General Richard...Tags: Connecticut River, Connecticut Economic Development, Golf, Long Island Sound, State Budgets
Jul 27, 2008
|Story| Chicago Tribune
Jul 27, 2008
|Story| Hartford Courant
Jul 27, 2008
|Story| Hartford Courant
Jul 27, 2008
|Story| Chicago Tribune
Jul 27, 2008
|Story| Chicago Tribune
Jul 27, 2008
|Story| Baltimore Sun
Jul 27, 2008
|Story| Allentown Morning Call
Jul 27, 2008
|Story| Allentown Morning Call
Jul 27, 2008
|Column| Chicago Tribune
Jul 27, 2008
|Story| Hartford Courant
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