Vacant homes pose hidden risks for attracting pests

ARA (Aug. 29) – That vacant, foreclosed home next door isn’t just bringing down your neighborhood’s property values. It may also be a haven for a myriad of pests that can threaten the health and safety of neighbors, children and pets.

Weeds, standing water, litter and other debris along with deteriorating building conditions are characteristic of foreclosed properties. These tall grasses, overgrown shrubs, clogged gutters and unmanaged pools offer a perfect habitat for a variety of problematic pests. In the interest of preserving public health, it is imperative that vacant structures, pools and properties be treated with pest control products to keep roaches, rats, spiders, stinging insects, weeds and poisonous plants from moving in.

“Pests thrive in the conditions offered by a foreclosed property with nobody home,” says Allen James, president of RISE (Responsible Industry for a Sound Environment), a national organization representing the manufacturers, formulators and distributors of pesticide and fertilizer products used in and around homes and businesses.

“Rodents, roaches, mosquitoes and poison ivy are often thought of as merely nuisances, but they can pose serious health risks for people and pets if they are left unchecked,” James adds.

Exposure to weed and pollen allergies can trigger respiratory problems and illnesses like hay fever, especially among young children and toddlers who breathe in the airborne allergens circulating near the ground.

Natural areas and landscapes left abandoned for substantial periods of time can become home to poison ivy and poison oak, which cause skin irritations, blisters and other forms of infection often severe enough to warrant hospitalization.

Pools, bird baths and other structures that hold water around vacant homes serve as perfect breeding grounds for mosquitoes. Mosquitoes are known to transmit potentially deadly diseases like West Nile virus and encephalitis, which infect thousands of Americans each year according to the Centers for Disease Control and Prevention.

Ticks, fleas and stinging insects find refuge in overgrown weeds, natural areas and unmown lawns introducing the risks of Lyme disease, Rocky Mountain spotted fever, and infections resulting from bites and stings that cause itching, swelling and more dangerous allergic reactions in victims each year.

Poisonous and deadly spiders like the black widow and the brown recluse seek out dark, warm environments like those found under eaves, porches and inside unoccupied residences.

Rats and roaches can thrive in empty houses and other structures like tool sheds left unused and untreated. Roaches have been proven to carry and spread E. coli, streptococcus and Salmonella along with other diseases and allergens, while rats are responsible for thousands of doctor and hospital visits each year due to bites and human contact with their feces and urine.

The threats each of these pests pose are very real and can become serious health and safety hazards if they are permitted to thrive. The challenge with foreclosed homes is finding the proper authorities to take responsibility for pest control measures that will keep neighborhoods safe and pest-free.

Each homeowner has the right to choose and use the products they need to protect their own home and property, and the best defense against pests and problem weeds is the responsible use of pesticide products. For more information on pests, pesticides and proper use, please visit www.PestFacts.org.

Courtesy of ARAcontent

Foreclosures continue to rise in Greater Phoenix resale market

MESA (Aug. 20) — In July, there were a total of 8,165 resale homes recorded sold. Foreclosure activity represented 42 percent (3,470 transactions), while there were 4,695 traditional market transactions.

Foreclosed transactions represent home owners losing their property to successful individual bidders or the lender of record. In June 2008, the spilt was 3,275 foreclosed homes and 4,565 traditional transactions, while a year ago there were 660 and 4,080, respectively.

Historically, July represents the end of the resale home season, with ensuing months posting slowing recorded activity. The 2008 year-to-date total is 25,755 traditional sales and 18,060 foreclosures.

Foreclosure activity differs throughout the Valley such as 41 percent in Surprise, 13 percent in Tempe and 22 percent in Scottsdale. The declining prices have fueled renewed investor interest and potential owner-occupants, especially in the lower income ranges.

For the traditional market, the median price was $200,750, while the foreclosed properties had a median price of $159,205.

For a year ago, the median prices were $270,000 and $220,075, respectively.

“Investment interest is being driven by the anticipation that home prices will rise again in the next few years,” said Jay Butler, director of Realty Studies at Arizona State University’s Morrison School of Management and Agribusiness at the Polytechnic campus. “The lower median price is being impacted by several forces including the large number of vacant homes, especially in certain neighborhoods. Further, capital is available for lower-priced housing, but lacking in the higher priced housing market.”

Since the Greater Phoenix area is so large, the median price can range significantly. In North Scottsdale, the median price for a foreclosed property was from $552,500, while the traditional market was $560,000. In South Scottsdale the splits were $205,375 and $247,000, respectively. In Maryvale, traditional transactions were $99,900 and foreclosures were $119,000, while in Union Hills it was $274,250 and $207,070, respectively.

While lower prices can greatly improve affordability, they can adversely impact many owners and potential sellers as their limited equity erodes, and prices decline to and even below existing debt level. Thus, lower prices affect the ability and desire to continue owning the home and even overall confidence in the economy, which puts additional strain on the local housing market.

For the last year, the housing market has been confronting issues derived from the hyper-market of previous years such as the subprime meltdown and overly ambitious investors. Unfortunately, the slowing economy, job losses and higher prices for food and fuel, will further stress households and the housing markets.

While there has been little attempt to help investors, there have been many programs started to help people save their home ownership. Most of the attempts have dealt with reset of higher interest rates, with the basic premise being that the home occupant has the income but not enough to satisfy the new mortgage payment. In a weak economy, many households now will not have the needed income to save their homes, even with a new mortgage payment plan. Thus, the impact of the economic downturn and inflationary pressures will define how much further the housing market will worsen and when will recovery begin.

Within the 870 total recorded sales, the townhouse/condominium market had 280 foreclosed properties. A year ago the split was 1,030 for traditional sales and 55 for foreclosed sales. In July 2008, the median price for foreclosed properties was $125,800 while the traditional market stood at $160,000. For June 2008, the respective splits were $133,215 and $164,950.

The median square footage for a single-family home recorded sold as foreclosed was 1,660, and 1,825 square feet for a market transaction home. In ParadiseValley, the median square footage was 3,360 square feet at a median price of $1,555,000. For a year ago, the foreclosed market was at 1,765 square feet and the traditional market stood at 1,755 square feet. In the townhouse/condominium sector, the median square footage for a foreclosed unit was 1,010 square feet (1,005 square feet for a year ago), while the traditional market unit was 1,160 square feet (1,060 square feet for a year ago).
Courtesy of Realty studies: Realty Studies is associated with the Morrison School of Management and Agribusiness at ArizonaStateUniversity’s Polytechnic campus. Realty Studies collects and analyzes data concerning real estate in the greater Phoenix metropolitan area. Realty Studies is a comprehensive and objective source of real estate information for private, public and governmental agencies.

Pinal County resale housing market experiences declining prices

MESA (Aug. 12) — Of the 2,100 recorded resale transaction in second quarter 2008, there were 845 foreclosures or 40 percent of the resale activity.

For the first quarter, there were 785 foreclosures of the 1,680 recorded transactions or 47 percent. Although recorded foreclosure activity slowed in the second quarter, it still represented a dominant segment such as a 48 percent share in Maricopa and 42 percent share in Queen Creek.

Maricopa County reported 21,445 recorded sales in the second quarter with foreclosure activity representing 41 percent of the recordings.

“In Pinal County, there is a wide range of homes available, from the listed homes to foreclosures, but a key force driving the sales activity has been the rapidly declining prices,” said Jay Butler, director of Realty Studies at Arizona State University’s Morrison School of Management and Agribusiness at the Polytechnic campus. “Homeowners and investors are buying with the expectation of strong appreciation in the future.”

For all transactions, the median price has steadily eroded from $220,000 in fourth quarter 2005 to $193,000 in third quarter 2007, to $143,100 for the current quarter. The foreclosure median price was $145,000, while the traditional transaction was $141,000.

The median home price in Pinal County was 72 percent of the median price in Maricopa County ($200,000). Although the 30-year mortgage increased from 5.9 to 6.1 percent, a lower home price drove the monthly mortgage payment for the median price, based on an 85 percent loan-to-value, to decrease from $1,010 to $735. It would be $1,030 for the median priced home in Maricopa County.

Although affordability has improved, higher gasoline prices, more congested highways and limited employment opportunities continue to strongly hamper any potential recovery of the housing market in Pinal County. In order to reduce inventories, new home builders are still aggressively pursuing buyers through incentives such as specially priced upgrades, free pools and gift cards. The new home has become a strong competitive and attractive alternative to the resale home in Pinal County. New home sales were 1,925 homes with a median price of $167,690, in contrast to last year’s 2,425 sales and median price of $201,885.

The median square footage for a resale home in Pinal County was 1,830 square feet, while it was 1,780 square feet in Maricopa County.

First Quarter 2008 SINGLE-FAMILY RESALE HOMES
Total Median Traditional Median Foreclose Median Price Sales Price Sales Price

Selected Cities

Apache Junction 245 $183,465 150 $202,960 95 $162,020
Arizona City 40 114,500 40 114,500
Casa Grande 170 146,000 100 150,000 70 143,375
Coolidge 55 119,950 30 119,950 25 118,725
Eloy 20 95,939 15 96,500 5 90,000
Florence 90 141,660 50 171,915 40 140,000
Maricopa 310 170,000 135 164,000 175 174,250
Queen Creek 660 153,000 295 141,750 365 162,880
San Manuel 25 100,000 25 100,000
Tucson (SaddleBrooke) 40 340,000 35 340,000 5 312,940

Pinal County 1,680 $156,160 895 $151,000 785 $161,500

Second Quarter 2008 SINGLE-FAMILY RESALE HOMES
Total Median Traditional Median Foreclose Median Price Sales Price Sales Price
Selected Cities

Apache Junction 315 $163,090 200 $185,000 115 $149,680
Arizona City 50 95,000 45 95,500 5 93,800
Casa Grande 120 140,625 70 149,000 50 132,310
Coolidge 70 111,565 35 110,000 35 111,930
Eloy 20 84,840 10 84,000 10 84,840
Florence 135 135,500 75 136,250 60 130,350
Maricopa 310 157,000 160 150,900 140 167,900
Queen Creek 995 136,050 575 133,285 420 145,000
San Manuel 10 104,000 5 114,000 5 72,250
Tucson (SaddleBrooke) 65 367,500 65 367,000

Pinal County 2,100 $143,100 1,255 $141,000 845 $145,000

Realty Studies is associated with the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus. Realty Studies collects and analyzes data concerning real estate in the greater Phoenix metropolitan area.

Courtesy of Realty Studies

From common to customized – add home value by adding details to the kitchen, master bath and more

(ARA) Aug. 8 – Whether you’re selling your home or planning to live there for years to come, you can add interest and value using architectural elements. Customizing your kitchen, bath or master bedroom is a simple way to set your home apart and increase the “wow factor” of those particular rooms, which real estate agents say sell houses.

Architectural elements are the unique details that form the architectural style of houses and buildings. These include anything from stairways and fireplace mantels to columns and ornaments. Examples of architectural details are found in every design style from intricate Victorian gables to modern clean-lined ceiling domes.

Here are a few easy design tips that use architectural elements to bring your kitchen, bath or master bedroom from ordinary to extraordinary.

Kitchen — From Lackluster to Luxury

* Stock cabinets can be plain and boring. Add decorative corbels (an architectural support bracket), panel and crown mouldings to create a high-end, customized appearance.

* Add a ceiling medallion above the breakfast bar or table. Whether simple or elegantly embellished, a medallion will enhance any light fixture and create a focal point.

* Build an “oven nook.” Using a shelf or fireplace mantel and some decorative corbels, you can create the look of a custom built-in cooking station found in model homes.

Bathroom — From So-so to Spa

* Switch out the simple wood trim around doors for elegant casings and add a chair rail at mid-wall height. For a look featured in four-star hotels, paint the wall below the chair rail a muted, relaxing color and use a slightly lighter shade of the same color above the chair rail.

* Add a decorative shelf or mantel for display of art, plants or your favorite fragrance bottles.

* Add to the height of the bathroom by installing a round or elliptical dome. A dome will allow for a larger, more dramatic light fixture while adding depth like a tray ceiling.

Master Bedroom — From Routine to Relaxing

* Trimming the bedroom with crown moulding shows attention to detail and complements rooms of any style.

* Add a niche to your wall for dramatic display space. Highlight special photos, keepsakes or a piece of art.

* Create a custom headboard using architectural plaques, ornate corbels and decorative swags. A custom headboard allows you to show your style and offers an elegant space to frame the room’s largest piece of furniture.

Adding architectural elements to customize the spaces in your home doesn’t have to be difficult or expensive. Lightweight, decorative mouldings and other elements are available through companies like Focal Point Architectural Products, which specializes in closed-cell polyurethane products that won’t rot or mildew. The pieces look like plaster and wood, but offer a cost-effective and time-saving alternative to traditional materials.

For more information or design inspiration, visit www.FocalPointProducts.com or call (800) 662-5550 to find a dealer near you.

Courtesy of ARAcontent

Learn how to get a mortgage in today’s market

(ARA) Aug. 1 - Whether you’re buying your first home or looking for a larger home, now may be the time to act. Not only do interest rates remain relatively low, in many markets you can get much more house for your money than you could just a few years ago.

But before you start looking for your new home, you will want to make sure your finances are in order so you can determine how much home you can afford. There are also benefits, such as saving money by qualifying for lower interest rates, if you make an effort to check your credit score and put yourself in a healthy financial position.

“Buying a home is one of the most important financial transactions that a person will make,” says Frank Destra, managing director and senior vice president of national sales for Ditech, one of the nation’s leading online mortgage lenders. “No matter what the housing market is experiencing, consumers should always first look at their own financial situation and work with a lender to determine the most appropriate financing options available to them.”

Here are some tips from Destra for putting yourself in a healthy financial position to help you get a mortgage in today’s market.

1. Check Your Credit – One of the first steps in the home financing process is to check your credit report. An individual’s credit score will have a significant impact on their mortgage loan approval and interest rate. Credit scores range from 500 to 850, but the majority of scores are in the 600s and 700s. The higher the score, the more options you will have when you are looking for mortgages (although there are other factors lenders will look at before they approve a loan). Carefully review your credit report and immediately contact the credit reporting bureaus to correct any misinformation as you will want your credit report to be accurate by the time you start applying for your mortgage.

2. Improve Your Credit Score – Once you have had a chance to review your credit, you may want to look for ways you can improve your score. Paying off old debts and paying your bills on time are two easy ways to start improving your credit score.

The amount of debt you owe is also included in your credit report, and having a large amount of credit card debt will lower your score. In addition, the amount of existing debt you have plays a part in how large a loan a lender is willing to give you. Mortgage lenders will look at the total amount of debt you have and compare it to your income. This is one way lenders make sure that you will still be able to afford to pay your bills when you add the additional debt from a mortgage loan.

Paying your bills on time is very important, especially if you’re thinking of buying a new home. Lenders will be able to see your bill payment history when they look at your credit report. If you have a pattern of making late payments, not only will it make your credit score lower, lenders will also be more wary to lend you money. Using your bank’s online bill pay or keeping track of your bills in a notebook are two easy ways to keep track of your bills to help you pay on time.

3. Save, Just A Little Bit More – Of course it’s important to save money for the down payment and closing costs. But there’s more to buying a home than figuring out if you can pay a monthly mortgage payment. Your costs may be similar to renting, but now you must be prepared to maintain a home, too. Weekly shopping trips to your local big box home store to purchase everything from decorating items to a lawn mower can add up quickly. That’s why many mortgage lenders recommend that first-time homebuyers have at least three to six months of additional savings.

4. Get Pre-approved – Before you start working with a real estate agent, consider contacting a mortgage lender to obtain a pre-approval credit decision. A loan officer will review your financial status, including your income, cash flow and credit score, to help you determine the maximum monthly housing payment for which you may be able to qualify, and, if qualified, “pre-approve” your mortgage before you’ve found a home. A credit pre-approval will also help you narrow your search to those homes within a predetermined price range and will let sellers know that you are a serious buyer. Obtaining a pre-approval letter may also offer more confidence and certainty to home sellers that you are a serious buyer.

For more tips on buying a home, go to www.ditech.com or call a Ditech mortgage consultant at (800) DITECH-3.

Courtesy of ARAcontent

Traditional and foreclosure sales nearly split for Maricopa County in June

In June 2008, a total of 7,845 resale homes recorded sold in Maricopa County.

This sales activity includes 3,275 recorded foreclosed home transactions and 4,565 traditional market transactions. Foreclosed transactions represent home owners losing their property to successful individual bidders or the lender of record.

In May 2008, the split was 2,895 foreclosed homes and 4,315 traditional transactions, while June 2007 was 575 and 4,570 recorded sales, respectively. Historically, June is a strong month and the 4,565 traditional recorded sales represent the best month of 2008. The 2008 year-to-date total is 21,060 traditional sales and 14,590 foreclosures.

The declining prices have fueled renewed investor interest and potential owner-occupants, especially in the lower income ranges. For the traditional market the median price was $218,000, while the foreclosed properties had a median price of $169,890.

For a year ago, the median prices were $265,000 and $225,900, respectively. Investment interest is being driven by the anticipation that home prices will rise again in the next few years. The lower median price is being impacted by several forces including the large number of vacant homes, especially in certain neighborhoods. Further, capital is available for lower-priced housing, but lacking in the higher priced housing market.

Because the greater Phoenix area is so large, the median price can range significantly. In North Scottsdale, the median price for a foreclosed property was $502,275, while the traditional market was $570,200. In South Scottsdale the splits were $219,360 and $252,000, respectively. In Maryvale, the median price for traditional transactions were $111,000 and foreclosures were $125,990, while in Union Hills it was $263,150 and $205,460.

While lower prices can greatly improve affordability, they can adversely impact many owners and potential sellers that are watching their limited equity erode, as prices decline to and even below existing debt level. Thus, lower prices affect the ability and desire to continue owning the home and even overall confidence in the economy, which puts additional strain on the local housing market.

For the last year, the housing market has been confronting issues derived from the hyper-market of previous years such as the subprime meltdown and overly ambitious investors. Unfortunately, there is increasing data, such as job losses and layoffs, that the economy is now weakening and will add further stress for the housing markets.

Though there has been little attempt to help investors, many programs have been started to help people save their homeownership.

Most of the attempts have dealt with adjustable interest rate mortgage being reset to higher interest rates. The basic premise is that the home occupant has the income but not enough to satisfy the new mortgage payment. In a weak economy, many households now will not have the needed income to save their homes, even with a new mortgage payment plan.

Further, with increased energy and food costs, there is even additional strain on the household budget. Thus, the potential economic downturn and inflationary pressures will define how much further the housing market will worsen and when recovery will begin.

Within the 855 total recorded sales, the townhouse–condominium market had 230 foreclosed properties. A year ago the split was 1,215 for traditional sales and 40 for foreclosed sales. In June 2008, the median price for foreclosed properties was $133,215, while the traditional market stood at $164,950. For May 2008, the splits were $135,600 and $169,900, respectively.

The median square footage for a single-family home recorded sold as foreclosed was 1,665 and 1,865 square feet for a market transaction home. In Paradise Valley, the median square footage was 3,210 square feet at a median price of $2,167,000. For a year ago, the foreclosed market was at 1,790 square feet and the traditional market stood at 1,725 square feet. In the townhouse/condominium sector, the median square footage for a foreclosed unit was 1,075 square feet (1,050 square feet for year ago), while the traditional market unit was 1,120 square feet (1,060 square feet for a year ago).

Below are the median prices recorded of single-family resale homes and condominium/townhomes for the selected cities in Maricopa County for June 2007, May 2008 and June 2008.

June 2007 SINGLE-FAMILY RESALE HOMES June 2007 CONDOMINIUM/TOWNHOUSE RESALES
Total Median Traditional Median Foreclosed Median Total Median Traditional Median Foreclosed Median
Price Sales Price Sales Price Price Sales Price Sales Price
Selected Cities

Phoenix 1,375 $225,000 1,230 $230,000 145 $191,475 465 $166,900 450 $168,100 15 $136,900
Scottsdale 425 605,000 405 623,500 20 320,335 270 235,000 260 238,000 10 198,000
Chandler 390 287,250 350 289,500 40 269,270 35 175,950 35 175,950
Gilbert 360 293,000 325 295,000 35 247,050 20 185,000 20 187,450
Mesa 545 235,000 490 236,500 55 200,295 105 150,000 100 150,000 5 167,400
Tempe 135 289,000 130 289,500 5 287,100 85 179,500 85 179,500
Avondale 100 236,500 75 245,000 25 221,600
El Mirage 60 194,900 45 194,950 15 193,950
Glendale 345 243,000 310 243,480 35 230,125 65 144,000 60 144,500 5 115,225
Goodyear 90 284,500 75 299,000 15 257,625
Peoria 240 254,450 210 256,450 30 236,700 20 182,000 20 188,000
Sun City 115 184,500 110 185,000 5 170,000 45 128,000 45 128,000
Sun City West 45 217,500 45 217,500 10 175,500 10 175,500
Surprise 280 229,000 220 232,500 60 220,950

Maricopa County 5,145 260,000 4,570 265,000 575 225,900 1,215 179,900 1,175 180,000 40 158,700

May 2008 SINGLE-FAMILY RESALE HOMES May 2008 CONDOMINIUM/TOWNHOUSE RESALES
Total Median Traditional Median Foreclosed Median Total Median Traditional Median Foreclosed Median
Price Sales Price Sales Price Price Sales Price Sales Price
Selected Cities

Phoenix 1,930 $169,090 940 $196,000 990 $150,380 305 $154,665 215 $165,000 90 $135,500
Scottsdale 455 470,000 365 484,500 90 399,715 215 235,000 175 247,500 40 173,680
Chandler 425 245,000 315 255,000 110 211,525 30 145,800 20 144,750 10 145,800
Gilbert 455 236,000 305 242,500 150 225,000 20 180,000 10 180,000 10 182,665
Mesa 725 189,950 455 203,250 270 171,540 85 137,500 65 142,000 20 108,660
Tempe 150 257,000 130 262,000 20 196,640 50 158,275 45 163,275 5 130,500
Avondale 240 164,840 120 163,320 120 166,150
El Mirage 130 130,500 55 135,000 75 126,075
Glendale 490 182,790 270 196,000 220 170,000 35 111,200 10 113,500 25 107,995
Goodyear 205 196,000 115 215,000 90 180,200
Peoria 345 225,000 220 235,000 125 204,745 20 109,500 15 124,500 5 93,500
Sun City 95 161,500 85 160,000 10 203,130 50 115,000 50 115,000
Sun City West 85 $210,000 80 $200,000 5 $220,000 20 $137,500 20 $137,500
Surprise 440 186,155 250 193,875 190 181,240

Maricopa County 7,210 $201,000 4,315 $224,000 2,895 $174,930 900 $161,000 680 $169,900 220 $135,600

June 2008 SINGLE-FAMILY RESALE HOMES June 2008 CONDOMINIUM/TOWNHOUSE RESALES
Total Median Traditional Median Foreclosed Median Total Median Traditional Median Foreclosed Median
Price Sales Price Sales Price Price Sales Price Sales Price
Selected Cities

Phoenix 2,230 $158,100 1,070 $180,000 1,160 $144,890 310 $147,000 205 $154,990 105 $135,495
Scottsdale 440 501,135 355 525,000 85 360,000 200 221,950 170 228,900 30 184,020
Chandler 495 248,875 360 269,900 135 195,400 25 143,535 10 195,000 15 134,485
Gilbert 500 246,265 345 256,000 155 227,900 10 185,000 10 190,000
Mesa 745 179,065 450 189,900 295 160,625 95 125,000 70 130,000 25 101,915
Tempe 150 240,000 115 245,500 35 201,595 40 154,000 30 157,500 10 141,360
Avondale 285 161,000 130 158,445 155 165,970
El Mirage 145 133,100 60 132,000 85 136,255
Glendale 535 182,955 280 201,000 255 164,500 40 113,100 20 125,900 20 106,250
Goodyear 190 186,280 110 190,000 80 179,475
Peoria 350 218,440 205 222,250 145 217,500 15 154,960 10 167,450 5 134,260
Sun City 110 165,000 95 160,000 15 229,075 30 107,500 30 109,000
Sun City West 60 195,000 60 195,000 15 131,000 15 131,000
Surprise 505 175,000 285 175,000 220 175,000

Maricopa County 7,840 $194,761 4,565 $218,000 3,275 $169,890 855 $151,757 625 $164,950 230 $133,215

Courtesy of Realty studies, associated with the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus. Realty Studies collects and analyzes data concerning real estate in the greater Phoenix metropolitan area.

Buying or selling in today’s market? Internet paves the path to real estate success

(ARA) – Home buyers and sellers – the relationship may seem like it should be more adversarial than ever, given the current market. Coming at the real estate equation from opposite sides, buyers and sellers may feel they have little in common. The truth is, however, that both groups share a common path to real estate success – the Internet.

The Internet has been revolutionizing real estate for years now; more than 80 percent of buyers look at homes on the Internet, according to the National Association of Realtors (NAR). “More homes than ever before are being marketed on the Internet,” says Kendra Todd, of HGTV’s “My House is Worth What?” and season three winner of “The Apprentice.” “Whether you’re buying or selling, it’s essential to work with a real estate expert who is on the cusp of the latest trends, especially the Internet.”

Even the most techno-savvy among us may feel overwhelmed by the volume of real estate information – and listings – available on the Internet. How do you sort through it if you’re a buyer? And how do you find the right agent who will know how to maximize Internet marketing value, if you’re a seller? Here are tips from real estate experts – Todd, Saul Klein, CEO of Point2 Technologies, the company behind a leading real estate Web site, Point2 Homes, and Brady Pevehouse of Lynk Mortgage and Perrone Realty in central Florida.

Tips for Sellers

* With home prices still falling in many areas of the country, it’s probably tempting to try to sell on your own and avoid paying a commission to an agent. “But homes represented by agents historically sell faster and for a better price than those sold by owners,” Klein points out. “It’s harder and riskier to try selling on your own.”

* Select an Internet-savvy real estate agent to represent you. Questions to ask any agent you’re considering include: Do you plan to use syndication to publish my listing widely? Do you cover Craigslist, Yahoo!, Google, etc.? How many sites will my home be on? What kind of traffic do those sites receive? Will you purchase ad space on the Internet?

* Use the Internet to find a tech-savvy agent. At Point2Homes.com, sellers can find local agents with sophisticated Internet marketing skills. These agents use Point2 Technologies’ Web marketing software, Point2 Agent to syndicate listings and to create and maintain user-friendly, informative Web sites designed to help their clients sell their homes.

Tips for Buyers

* Take full advantage of the Internet’s research power. “The Internet can give you more relevant real estate information than just listings,” Todd says. “You can use it to evaluate price trends in areas of interest, access city hall records on development plans for your area, check out crime statistics, school facilities and noise issues.”

* “Begin with a clear vision of why you’re buying and how long you intend to be in the house,” Pevehouse advises. “This will help you determine what kind of home you’re looking for and what mortgage product is right for you.”

* Working with an Internet-savvy agent is as important for buyers as it is for sellers, Todd says. “Does the realtor provide dynamic info? Is he or she comfortable communicating with e-mail, text messaging and other technology tools?”

* While you’re researching online, keep in mind the difference between blogs and information, Todd advises. “Blogs are just opinions.” Look for fact-based sites and be sure the information you find is not outdated.

* “Real estate is intensely regional,” Todd says. Be sure to learn about the market in your area, because it may not necessarily be following national-level trends.

* Don’t be afraid to negotiate terms with the seller. “With inventory levels high, sellers can be very accommodating,” Pevehouse says. “Many are willing to contribute towards closing costs as an incentive for buyers.”

* If you’re even thinking about buying, do it now. “Jump on it now,” Todd advises. “It’s a buyer’s market, perhaps the best in years,” Klein agrees.

Buyers and sellers will both find helpful information on agents, markets and more at www.Point2Homes.com. Brokers and agents who wish to be added to the directory can also do so at www.Point2Agent.com.

Courtesy of ARAcontent

Affordable Luxury: Living large in smaller spaces

(ARA) - When shopping for real estate, bigger used to mean better. But preferences are changing, particularly in a tight economy where every dollar needs to go further. A new aesthetic is taking hold, and it’s been dubbed “affordable luxury.”

“Affordable luxury means living within your means, and yet surrounded by beauty, style and convenience,” says builder Russ Walthall who, with his wife Vickee, has 25 years of experience designing and building custom homes. “Many people have discovered that they love the details of high-end, expensive homes, but they just don’t need as much space, and they don’t want to deal with all the maintenance that is involved with a large, single-family home.”

What’s driving the trend towards affordable luxury? The homebuying population is graying and the number of single-person households is rising. The population of Americans 65 and older will climb 147 percent between 2000 and 2050, the U.S. Census Bureau predicts. Meanwhile, the number of traditional households with children dropped 15 percent from 1960 to 2000, resulting in a 13 percent rise in the number of single-person households, according to a study by the Urban Affairs & Planning Department of Virginia Tech’s Alexandria campus. Another 6 percent drop is expected by 2040.

These two factors indicated an increase in the target market for affordable, yet well-appointed homes without excess space or upkeep.

What’s Hot in Town Homes

The key to reaching this growing target market, say the Walthalls, is making people feel pampered within a budget. They put their theory to the test by developing a 64-building community of four-unit town homes near Kansas City. The two- and three-bedroom units have been selling briskly, particularly among people with active lifestyles – young professionals, empty-nesters, couples without children and others looking for the flexibility and maintenance-free living afforded by a town home.

Buyers looking for affordable luxury are responding to the upscale touches at Tuscany Hills. Details such as:

* Exterior finishes that marry stone accents and maintenance-free vinyl siding that mimics the look of hand-stained wood, like warm, rich Timber Oak Ascent vinyl siding.

* Storm doors and dusk-to-dawn lighting outside homes.

* Interior details such as crown molding, bronze lighting fixtures, Hunter Douglas blinds, fireplaces and, in some cases, custom cabinets and flat-screen TVs.

* Fiber-optic networks that allow users to connect quickly to the outside world, making it easier than ever for retirees, career-changers, entrepreneurs and others to work from home.

Empty Nesters Find New Nest Well Feathered

That magic combination of style and structure is what appealed to empty nesters Doug and Marilyn Blauser, who recently moved from Colorado and purchased a two-bedroom, single-story town home in the Walthalls’ Tuscany Hills development. They feel they got a great value.

“Twice before, we’ve purchased newly constructed homes,” says Marilyn. “In those homes, we had to paint, put up trim and install shelves ourselves. In this case, we liked that all the details were taken care of. We have 1,071 gorgeous square feet. It feels like they took the amenities of a $400,000 home and put them in an affordable house. It’s perfect for us.”

The Walthalls predict that the trend of affordable luxury will continue, even beyond the current economic downturn. As Vickee says, “Downsizing doesn’t have to mean downgrading anymore.”

For more information about Tuscany Hills, visit www.tuscanyhills.info. For more information about Timber Oak Ascent, visit www.variform.com.

Courtesy of Aracontent