Wednesday, March 3, 2010

Home Values

In looming on to positive news don’t forget to remember your basic math. Median prices have been going up in some areas, down in others. The median is the value that occurs in the middle of everything that has sold. For example, if seven apples have sold for $1, $1.25, $1.5, $1.5, $1.5, $1.75 and $2. The median price would be $1.5. The median value is the middle price, it does not represent the size, quality or type of apple.

In real estate it is important to remember that the median sales price represents the average price of what homes are selling for in a given area. It is not representing the size, condition or value of a home. The median sales price can be offset by foreclosure property that is selling in an area as well as by luxury property that is selling in an area.

The best way to determine the value of your real estate is to get it analyzed by and experienced real estate professional. There are many factors in determining real estate values today and picking an average out of the air could hinder the sale of your home. In today’s real estate market it is more important than ever to price your home appropriately.

For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/

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Tuesday, March 2, 2010

Intelligent Remodeling and Renovating

Remodeling and renovating homes should be evaluated more closely than in the past, with an eye on what kind of return your investment will give to you.

If your remodel/renovation is strictly for you, you plan on staying in your home for many years to come and you have the money to make your improvements, by all means go ahead and knock yourself out. If, however, you are looking at your home improvements as a way to maintain or improve your home’s value, do some research and evaluate whether you will get the return you need or expect to get when you sell.

Here are some things to keep in mind:

 Stay on par with your neighbors. Having the best house on the block might be nice if you are the type of person who likes to one-up everyone but it certainly won’t give you the most bang for your buck. Your home is typically as valuable as other comparably sized homes around you.

 Ascertain your home’s condition. Today’s home buyer does not want to spend a lot of money fixing up needed repairs like a leaky roof and broken windows. Keep on top of the shape that your home is in and make it clear that the home is well taken care of.

 If you are making upgrades to your home see if they can be energy efficient upgrades. Not only will you get a tax break but you will probably save money in the long run as well.

 

For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com

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It is important to research a neighborhood before purchasing your new home

While many people seem to think that it is not wise to think of your home as an investment, the reality is that your home is an investment. This being said there are some things to keep in mind when setting out to buy a home, the least of which is getting to know the neighborhood you wish to buy in. If you do your research and your homework selecting your home properly can insure more of a return for you when you decide to sell at some point in the future.

Research the neighborhood that you want to live in. Aside from knowing the schools and amenities that are available, take a close look at the property levels. Which streets hold more value? Is one edge of the neighborhood closer to a more upscale neighborhood, is one side close to a less desirable neighborhood? According to Realty Times, less is more. They say purchasing the least in the best neighborhood will give you the greatest return as every time a better house sells your value goes up as well.

While you may not look at your primary residence as an investment, in the long run it may be the best investment you have, so do your research and you will be happier in the long run.



For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/

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January, Shmanuary, Look Ahead When it Comes to Real Estate

The latest real estate headlines for the US are that home sales were down in January, some of these headlines even use the word “plunged”. However, there are a few areas scattered around that managed to buck this trend and no media frenzy can change that. Think about it, is it really a surprise that sales are down in January? January is the coldest month, even if you live in a southern state like Florida, who wants to move in to a new house in January.

Does anyone really feel like shopping in January when they have just completed a major holiday season that began with Thanksgiving at the end of November? Most people are just plain worn out by the time New Year’s Day is over, the last thing they feel like doing in packing up and moving. It is a month to relax and observe.

The original First Time Home Buyer Tax Credit was meant to expire in November and when it got extended and expanded people realized that they had more time to make a decision. January data is showing a dip because people wanted to stop and take a look at what the new year would bring. Now that 2010 is here and people can see that mortgage rates and property values are staying low, housing is bound to show a steady increase in sales and eventually prices as well. Even Warren Buffet appears optimistic, stating that he believes that housing problems will soon be behind us.



For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/

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Mortgage Rates Going Nowhere For Now

Interest rates appear to be staying put until the US economy gets back on track and stays there. This past week Ben Bernanke, chairman of the Federal Reserve, announced his desire to keep interest rates low due to the fragility of the economy. Unemployment figures are continuing to rise. These increasing unemployment figures are interfering with recovery and affecting real estate and general sales figures across the Country.

Historically low interest rates and low home values combined with the extended and expanded First Time Home Buyer Tax Credit, have been instrumental in boosting real estate sales in the United States. These incentives are bringing buyers off of the sidelines and have created a true “buyer’s market”.

Real estate is typically a catalyst for for economic recovery and keeping mortgage rates low will be a significant help in keeping the sales coming.



For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com

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Real Estate Market's Ups & Downs Present Many Questions

The real estate roller coster leaves many questions

Let’s face it, times are tough and on any given day the mood is a different one than the day before. The market’s up, then down, we’re in a recession, we’re recovering, it is hard to know what is really happening out there with so many mixed signals. Real estate is difficult to figure out, and remains relative to where you are.

Is real estate improving? Sales are up, inventory is down but foreclosures are expected to keep coming, especially with unemployment figures on the rise. To find out if real estate in your area is improving talk to a real estate agent and look at the statistics that they provide. The December real estate sales figures were down as a nation but some areas of the country saw an increase in sales.

Have we hit bottom? Parts of the country have hit bottom other parts still have a way to fall. Home prices are apparently steady in parts of the country and climbing in others. The areas where home prices will continue to fall are those hit hard by job losses, an increase in foreclosures and too much inventory.

In a nutshell, real estate is relative. It is improving in many areas and as soon as our recovery includes job growth real estate is going to improve in many more areas.


 
For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/

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Green Homes are becoming more attractive for the environment and the wallet

When it comes to your home going green no longer means painting your house a shade of the color, it means you are taking steps toward improving both the environment and your wallet.

In real estate green improvements can mean more energy efficient appliances like refrigerators, stoves, toilets and lighting fixtures to major improvements like adding solar heating, recycled materials and wind energy. Green improvements are not only becoming more popular but they are also becoming more attractive financially due to tax savings and long term cost effectiveness.

Choosing renewable products and making environmentally friendly decisions when it comes to your property can make a big difference. While being green is often a state of mind, for people who dedicate themselves to recycling, turning off lights, and bicycling instead of driving a car, making green improvements in the home has proven to make quite a difference.


For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
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