Gay Real Estate News

Around the Nation 2009 - Alabama

By Jeff Adolph

LGBT Residential Real Estate

Early-to-mid last year, I wrote a state-by-state series that highlighted the real estate trends in LGBT areas of each region. I believe that the market has changed substantially since then, so I think it is about time to re-visit these regions and see how the market is fairing.

Birmingham - Alabama

There are currently more sellers than buyers in this region and homes are typically sitting on the market for 90 to 120 days before selling. There is little or no change in market trends since the begining of this year, however the median price for this region has fallen from $273,000 to $240,000, and the market price is estimated to have decreased by 5-10% since we visited this region last year. But, buyers are getting 95-100% of their asking price.

The area of greatest activity is repeat buyers, and market hotspots in this region are Liberty Park, Greyeton, Inverness, Meadowbrook, Forest Park, Southside and Mountain Brook.

 

Hunstville

There are more buyers than sellers in this region of Alabama and the market trend is increasing. Homes are typically sitting on the market for 90 to 120 days before selling and their is a good supply of homes.

The median price in Huntsville is approximately $156,000 and prices in the region have risen by as much as 5%. Most home sellers are getting 95-100% of their asking price and some are even seeing multiple offers. This is attributed to repeat buyers, and job growth in the area.

There are no hotspots on record for this region.

Madison

There is an equal number of buyers and sellers in this area of Alabama, and homes are sitting on the market for 20 to 60 days before being snapped up.

This region has an increasing market trend with a good supply of homes in some price brackets. The median price for Madison is approximately $183,000 and home prices have risen by 5-10%.

Sellers are seeing multiple offers and getting 95-100% of their asking price.

Single-family homes seem to be the greatest movers and there are no hotspots in this region on record.

Main Story Source: House Hunt (2008) Real Estate Market Trends; available online at http://www.househunt.com

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By Jeff Adolph

LGBT Residential Real Estate

Early-to-mid last year, I wrote a state-by-state series that highlighted the real estate trends in LGBT areas of each region. I believe that the market has changed substantially since then, so I think it is about time to re-visit these regions and see how the market is fairing.

Birmingham - Alabama

There are currently more sellers than buyers in this region and homes are typically sitting on the market for 90 to 120 days before selling. There is little or no change in market trends since the begining of this year, however the median price for this region has fallen from $273,000 to $240,000, and the market price is estimated to have decreased by 5-10% since we visited this region last year. But, buyers are getting 95-100% of their asking price.

The area of greatest activity is repeat buyers, and market hotspots in this region are Liberty Park, Greyeton, Inverness, Meadowbrook, Forest Park, Southside and Mountain Brook.

 

Hunstville

There are more buyers than sellers in this region of Alabama and the market trend is increasing. Homes are typically sitting on the market for 90 to 120 days before selling and their is a good supply of homes.

The median price in Huntsville is approximately $156,000 and prices in the region have risen by as much as 5%. Most home sellers are getting 95-100% of their asking price and some are even seeing multiple offers. This is attributed to repeat buyers, and job growth in the area.

There are no hotspots on record for this region.

Madison

There is an equal number of buyers and sellers in this area of Alabama, and homes are sitting on the market for 20 to 60 days before being snapped up.

This region has an increasing market trend with a good supply of homes in some price brackets. The median price for Madison is approximately $183,000 and home prices have risen by 5-10%.

Sellers are seeing multiple offers and getting 95-100% of their asking price.

Single-family homes seem to be the greatest movers and there are no hotspots in this region on record.

Main Story Source: House Hunt (2008) Real Estate Market Trends; available online at http://www.househunt.com

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Dictionary of Real Estate Terms - A - Adjustment Date

By Jeff Adolph

Dictionary of Terms

A

Adjustment Date

The Adjustment date, is the day and month that an interest rate changes on an adjustable rate mortgage, or ARM.

Let's say that you had a mortgage for $250,000 and your current interest rate on this mortgage was 5.33%. However, on the 16th of August your lender changes the rate to 5.43%, and then notifies you of this change by placing this new rate on your mortgage statement. This then means that the date your interest rate rose on, is your adjustment date, which in our example is the 16th of August.

You may have several adjustment dates over the life of your mortgage, or you may have many, and hopefully your adjustable rates will decrease rather than increase as this makes you that much happier.

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New Home Sales are Up and Prices are Down

By Jeff Adolph

Residential Real Estate

Residential home construction may be rising from its sales decline, with record sales being noted last month.

In a recent report released by the Department of Commerce it is suggested that the new home construction industry is slowly rising back up to June 2008 sales levels.

However, sales prices continue to fall as builders reduce rates in order to encourage new buyer interest. Currently the median price of new homes in the U.S is approximately $206,200 down from $219,000 in May.

Source: Belsie, Laurent (2009) New Home Sales in the U.S Increase; available online at www.features.csmonitor.com

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Closing Costs Defined

By Jeff Adolph

Residential Real Estate

When purchasing a home many of us think of the cost of the down payment that we will need, but we often forget about the closing costs.

Closing costs can be numerous and they usually consist of fees that are associated with property deed transfer, and other legal obligations that need to met, before the sale of a home can be considered complete.

Some of the closing costs that you may encounter when buying or selling a home are as follows:

1. Drafting of the mortgage document costs
2. Drafting of the deed fees
3. Title insurance cover charges
4. Prorated taxes fees
5. Conveyancing document costs
6. Buyers and sellers consent charges
7. Buyers and sellers notary fees
8. Escrow charges
9. Transfer fees
10. FHA or VA points and mortgage charges
11. State and conveyance tax costs
12. Recording fees

Typically, these charges are often divided between the buyer and the seller, and often this is negotiated at the time of sale. However, in some states buyers and sellers may be bound by rules and regulations so that they are obligated to pay certain fees and charges. These costs are usually specified in the contract at the time of sale. Therefore, it is important to discuss closing costs with your broker, prior to the signing of any contract, so that you are fully aware of your total financial commitment.

Source: Osman, Kay (2009) Don't Forget to Save Some Cash for Closing Costs; available online at www.toptenrealestatedeals.com

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Economy Will Turn With Real Estate Stabilization

By Jeff Adolph

Residential Real Estate

According to Sam Zell, founder and chairman of Equity Group Investments, the residential real estate market will stabilize the economy by the Fall, as market prices have stopped decreasing.

This comes after three consecutive months of positive real estate data has been recorded.

In a CNBC exclusive, Zell said, "The key to everything is single-family housing because that's where consumption comes from. If people don't have confidence in their biggest asset they won't have the confidence to spend."

However Zell also predicts that cities which have 'excessive overbuilding', such as Miami, will be slower to recover, as will commercial real estate.

And if you are a real estate investor, Zell recommends that you look off-shore to countries like Brazil and China, because he feels these countries represent the best value at present.

Source: Gustafson, Krystina (2009) Real Estate Bottom Will Turn Around Economy; available online at www.cnbc.com

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Bathroom Remodeling - Transforming Your Old Bathroom into a Work of Art

By Jeff Adolph

Residential Real Estate

Are you sick and tired of your bathroom, but really love your home and cannot envisage living anywhere else? Or, have you thought about remodeling your bathroom, but have no idea where to start?

Remodeling a bathroom sounds difficult, and if you have no idea where to begin it makes changing things that much harder.

Here is a brief, but helpful guide to remodeling your bathroom, so that you can make your aspiration a reality before you become too old and gray.

1) Whether you are on a tight budget, or have plenty to spend, you first need to decide what you would like your bathroom to look like and what you will need to make the changes.

2) You can get inspiration by visiting bathroom specialists, display homes, and by reading home magazines. You can even type "bathrooms" into a search engine, online, and then click on images to see what pictures this turns up.

3) When looking at bathrooms take note of the aspects that you like, and if you can take photos of these for future reference, or print and cut out the images.

4) Next, get a scrap book and then take these images and ideas and arrange them in this book for future reference.

5) Then you can strategically set about changing your bathroom.

Please note - if you have a tight budget consider changing one aspect at a time, when you can afford to. For example, paint the walls, then several months later remove the old flooring and replace this with the flooring of your choice, instead of trying to do the whole bathroom. And if you are thinking about making your bathroom bigger, or adding a new bath, make sure that you do this before painting or re-flooring, otherwise you may find that the new fixtures and fittings are larger or smaller than the existing and your floor or paint will not line up.

Overall, always work strategically toward up-grading and remodeling your bathroom and set yourself small goals so that you can work toward completing your overall goal.

Article Source: A Bathroom Guide (2009) Bathrooms; available online at http://www.abathroomguide.com

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By Jeff Adolph

Residential Real Estate

Are you sick and tired of your bathroom, but really love your home and cannot envisage living anywhere else? Or, have you thought about remodeling your bathroom, but have no idea where to start?

Remodeling a bathroom sounds difficult, and if you have no idea where to begin it makes changing things that much harder.

Here is a brief, but helpful guide to remodeling your bathroom, so that you can make your aspiration a reality before you become too old and gray.

1) Whether you are on a tight budget, or have plenty to spend, you first need to decide what you would like your bathroom to look like and what you will need to make the changes.

2) You can get inspiration by visiting bathroom specialists, display homes, and by reading home magazines. You can even type "bathrooms" into a search engine, online, and then click on images to see what pictures this turns up.

3) When looking at bathrooms take note of the aspects that you like, and if you can take photos of these for future reference, or print and cut out the images.

4) Next, get a scrap book and then take these images and ideas and arrange them in this book for future reference.

5) Then you can strategically set about changing your bathroom.

Please note - if you have a tight budget consider changing one aspect at a time, when you can afford to. For example, paint the walls, then several months later remove the old flooring and replace this with the flooring of your choice, instead of trying to do the whole bathroom. And if you are thinking about making your bathroom bigger, or adding a new bath, make sure that you do this before painting or re-flooring, otherwise you may find that the new fixtures and fittings are larger or smaller than the existing and your floor or paint will not line up.

Overall, always work strategically toward up-grading and remodeling your bathroom and set yourself small goals so that you can work toward completing your overall goal.

Article Source: A Bathroom Guide (2009) Bathrooms; available online at http://www.abathroomguide.com

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By Jeff Adolph

Residential Real Estate

Are you sick and tired of your bathroom, but really love your home and cannot envisage living anywhere else? Or, have you thought about remodeling your bathroom, but have no idea where to start?

Remodeling a bathroom sounds difficult, and if you have no idea where to begin it makes changing things that much harder.

Here is a brief, but helpful guide to remodeling your bathroom, so that you can make your aspiration a reality before you become too old and gray.

1) Whether you are on a tight budget, or have plenty to spend, you first need to decide what you would like your bathroom to look like and what you will need to make the changes.

2) You can get inspiration by visiting bathroom specialists, display homes, and by reading home magazines. You can even type "bathrooms" into a search engine, online, and then click on images to see what pictures this turns up.

3) When looking at bathrooms take note of the aspects that you like, and if you can take photos of these for future reference, or print and cut out the images.

4) Next, get a scrap book and then take these images and ideas and arrange them in this book for future reference.

5) Then you can strategically set about changing your bathroom.

Please note - if you have a tight budget consider changing one aspect at a time, when you can afford to. For example, paint the walls, then several months later remove the old flooring and replace this with the flooring of your choice, instead of trying to do the whole bathroom. And if you are thinking about making your bathroom bigger, or adding a new bath, make sure that you do this before painting or re-flooring, otherwise you may find that the new fixtures and fittings are larger or smaller than the existing and your floor or paint will not line up.

Overall, always work strategically toward up-grading and remodeling your bathroom and set yourself small goals so that you can work toward completing your overall goal.

Article Source: A Bathroom Guide (2009) Bathrooms; available online at http://www.abathroomguide.com

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Lifestyle Homes = Less Work and More Fun

By Jeff Adolph

Residential Real Estate

If you find the prospect of gardening and yard maintenance daunting, and crave a simple wxistence where you can claim the weekends for yourself, then a loft or townhouse may be the ideal home for you.

Townhouses and lofts are often more affordable than houses, are suituated near inner city locations close to work and transport, and ammenities, and they can offer you a more luxurious lifestyle for a great deal less effort. Take for example, a 2 bedroom loft in Columbus for $400,000 that has timber ceilings and floors, as well as gorgeous brickwork throughout, or a 3 bedroom town-home in denver that is situated near Cherry Creek Path, so that you can enjoy outdoor activities. Both of these homes offer their potential owners a quality of lifestyle, which means they have more time for rest and play rather than household chores.

In addition to this, town-homes and lofts often have better security features than conventional homes, and many come with access to community amenities and facilities, such as a tennis court, pool, and gym. All of which, allow you to maintain your health and enjoy features that would cost you thousands to install in your own home.

Source: Tulia.com (2009) Less Work More Fun: Townhouses and Lofts; available online at http://www.trulia.com 

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Residential Real Estate

If you find the prospect of gardening and yard maintenance daunting, and crave a simple wxistence where you can claim the weekends for yourself, then a loft or townhouse may be the ideal home for you.

Townhouses and lofts are often more affordable than houses, are suituated near inner city locations close to work and transport, and ammenities, and they can offer you a more luxurious lifestyle for a great deal less effort. Take for example, a 2 bedroom loft in Columbus for $400,000 that has timber ceilings and floors, as well as gorgeous brickwork throughout, or a 3 bedroom town-home in denver that is situated near Cherry Creek Path, so that you can enjoy outdoor activities. Both of these homes offer their potential owners a quality of lifestyle, which means they have more time for rest and play rather than household chores.

Residential Real Estate

If you find the prospect of gardening and yard maintenance daunting, and crave a simple wxistence where you can claim the weekends for yourself, then a loft or townhouse may be the ideal home for you.

Townhouses and lofts are often more affordable than houses, are suituated near inner city locations close to work and transport, and ammenities, and they can offer you a more luxurious lifestyle for a great deal less effort. Take for example, a 2 bedroom loft in Columbus for $400,000 that has timber ceilings and floors, as well as gorgeous brickwork throughout, or a 3 bedroom town-home in denver that is situated near Cherry Creek Path, so that you can enjoy outdoor activities. Both of these homes offer their potential owners a quality of lifestyle, which means they have more time for rest and play rather than household chores.

Source: Tulia.com (2009) Less Work More Fun: Townhouses and Lofts; available online at http://www.trulia.com 

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Third Consecutive Month of Increased Home Sales in U.S Expected

By Jeff Adolph

Residential Real Estate

Economists nationwide are predicting that home sales in June will be up on May figures, making it the third month in a row that an improvement has been seen in real estate. Experts believe that if this occurs then it is a sign that 'a modest housing recovery has finally started.'

Economists have forecasted that June sales figures will show a 1.5% increase.

However, many experts feel that the economy and a high unemployment rate may hinder the recovery of the housing market, just as real estate aided the financial crisis. The good news is that these experts are also predicting that unemployment levels should peak by mid 2010 and that economically America will begin to regain its former composure, and this means that the real estate market should be ready to boom.

Source: Bureau News (2009) FUS Home Sales Expected to Show Third Consecutive Monthly Increase in June; available online at http://www.targana.com 

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Residential Real Estate

Economists nationwide are predicting that home sales in June will be up on May figures, making it the third month in a row that an improvement has been seen in real estate. Experts believe that if this occurs then it is a sign that 'a modest housing recovery has finally started.'

Economists have forecasted that June sales figures will show a 1.5% increase.

However, many experts feel that the economy and a high unemployment rate may hinder the recovery of the housing market, just as real estate aided the financial crisis. The good news is that these experts are also predicting that unemployment levels should peak by mid 2010 and that economically America will begin to regain its former composure, and this means that the real estate market should be ready to boom.

Source: Bureau News (2009) FUS Home Sales Expected to Show Third Consecutive Monthly Increase in June; available online at http://www.targana.com 

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It's Time to Buy a Home that Gives You a Summer Lifestyle

By Jeff Adolph

Ask a Realtor

The beauty of summer is enjoying the sunshine, making the most of the weather, and getting outdoors. And now, has never represented a better time to consider buying a home that is designed for soaking up those rays.

Regardless of whether you're a first home buyer or a second, the time is right to buy a home that has everything that you could ever need to enjoy your summer and a relaxing lifestyle, such as a sun deck, an outdoor jacuzzi, lake views and sumptuous entertaining areas.

Interest rates are the best they have ever been, home sales are increasing, and home prices are still ripe for the picking. Which means that you are still able to grab a bargain before the market gets a good foot hold and begins to really climb again.

And if you think that the type of homes that allow you to enjoy a luxurious summer, are unaffordable, then think again. There are many homes nationwide that are simply stunning and fit into all types of budgets. Take for example, a custom retreat on Lake Tahoe for $580,000, or the eco-friendly home by Lake Champlain for $675,000. Both of these homes have all of those wonderful extras that simply make summer living a breeze. Of course there are cheaper and more expensive properties than the examples I have listed here, and the key to finding the right priced home for you, with all the features you desire, is research. You need to search the market extensively to find the right home.

Source: Tulia.com (2009) Find Your Ideal Summer Getaway; available online at http://www.trulia.com 

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Ask a Realtor

The beauty of summer is enjoying the sunshine, making the most of the weather, and getting outdoors. And now, has never represented a better time to consider buying a home that is designed for soaking up those rays.

Regardless of whether you're a first home buyer or a second, the time is right to buy a home that has everything that you could ever need to enjoy your summer and a relaxing lifestyle, such as a sun deck, an outdoor jacuzzi, lake views and sumptuous entertaining areas.

Interest rates are the best they have ever been, home sales are increasing, and home prices are still ripe for the picking. Which means that you are still able to grab a bargain before the market gets a good foot hold and begins to really climb again.

And if you think that the type of homes that allow you to enjoy a luxurious summer, are unaffordable, then think again. There are many homes nationwide that are simply stunning and fit into all types of budgets. Take for example, a custom retreat on Lake Tahoe for $580,000, or the eco-friendly home by Lake Champlain for $675,000. Both of these homes have all of those wonderful extras that simply make summer living a breeze. Of course there are cheaper and more expensive properties than the examples I have listed here, and the key to finding the right priced home for you, with all the features you desire, is research. You need to search the market extensively to find the right home.

Source: Tulia.com (2009) Find Your Ideal Summer Getaway; available online at http://www.trulia.com 

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2009 Home Buyer Tips for Finding Quality LGBT Neighborhoods

By Jeff Adolph

Ask a Realtor

In the real estate world, location is everything, especially when it comes to finding a truly LGBT-inclusive enclave. While it may sometimes feel like a search for the proverbial needle in a haystack, by following a few practical tips for honing in on LGBT neighborhoods the process becomes easier and more financially and personally rewarding.

Buying opportunities are plentiful this year, with the inventory of bargain priced homes for sale larger and more diversified than it has been for decades. But the question in the mind of many buyers is whether or not the neighborhood is really supportive of the LGBT community. Before making the biggest and most important investment of a lifetime, it helps to know whether or not the money is going into a neighborhood that will not only enhance the value of the real estate but also compliment the individual values of the homeowner.

 

The key is to gain firsthand experience through personal observation. Spend as much time as possible walking the streets and meeting people, because once the home is purchased those strangers will likely be the welcoming committee, the fellow condo association voters, and your new next door neighbors.

·         Use the opportunity of face to face contact with locals and neighbors to ask candid, straightforward questions. Remember that negative responses to inquiries about LGBT subjects can be the most informative of all, because such reactions are usually just the tip of the iceberg in terms of a deeper and more insidious bigotry.

 

·         Before setting up house in a community find out whether there are other LGBT residents, organizations, businesses, newspapers, arts groups, and so forth. Scan message boards in local cafes and bookstores, look for LGBT community papers and magazines, or do research on the Internet.

 

·         One of the best sources of information is LGBT travel guide books. They may not explain real estate market specifics, but they do list the addresses and neighborhoods of a wide range of LGBT businesses and attractions.

 

If the community assets and resources you seek are conspicuous by their absence, it may be time to start house hunting elsewhere. But keep in mind that you may also be pleasantly surprised, and using a qualified Realtor whois an active member of the LGBT community is one of the best ways to zone-in on predominantly gay neighborhoods.

Avoid the mistake made by many less experienced home buyers of assuming that just because a Realtor has a rainbow decal on their car, they are automatically familiar with the local gay community. Never take for granted that every gay-friendly real estate agent is an experienced professional who fully understands the nuances of the local market. Instead, carefully interview agents and chose those who impress you with their depth of knowledge and expertise – both in terms of the housing market and in regards to the LGBT community and social network. One of the benefits of finding and working with an especially qualified and resourceful Realtor who has connections to the LGBT community is that they can, in turn, introduce you to an entire network of other nearby professionals such as mortgage brokers, insurance agents, home inspectors, contractors, and attorneys.

 

LGBT home buyers can effectively fine tune their real estate “Gay-dar” by performing a small amount of due diligence background research in these easy ways. The process of exploring a neighborhood to check out the attitudes of those who live and work there does not have to take time or cost money. Not doing adequate investigation, however, can have extremely costly repercussions – both personally and financially – and can turn a dream home into a major disappointment or outright nightmare.

 

To find Realtors devoted to expanding the LGBT community, visit www.GayRealEstate.com – the largest Internet-based network of LGBT real estate professionals in the world. Or call toll free at phone number 1-888-420-MOVE (6683).

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By Jeff Adolph

Ask a Realtor

In the real estate world, location is everything, especially when it comes to finding a truly LGBT-inclusive enclave. While it may sometimes feel like a search for the proverbial needle in a haystack, by following a few practical tips for honing in on LGBT neighborhoods the process becomes easier and more financially and personally rewarding.

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