Gay Real Estate News

We Must All Protect Gay Youth from Suicide

Our family, and the staff and board at the Matthew Shepard Foundation, are all deeply saddened by the devastating report of at least the fourth gay or gay-perceived teen to commit suicide in this country in the last month.
 
Reports say that Tyler Clementi, 18, leapt to his death from the George Washington Bridge near his New Jersey college campus after a roommate allegedly broadcast him in a same-sex encounter behind closed doors in his dorm room, and apparently invited others, via Twitter, to view it online. Regardless of his roommate’s alleged tweet, Tyler had apparently made no statement about his own sexual orientation. I’m sure we will all learn more about this terrible tragedy as legal proceedings unfold, but the contempt and disregard behind such an invasion of privacy seems clear. In the meantime, we send our thoughts and prayers to Tyler’s family as they mourn their loss.
 
In the last month there has been a shocking series of teen suicides linked to bullying, taunting, and general disrespect regarding sexual orientation, in every corner of America. Just a few days ago, Seth Walsh, a 13-year-old in Tehachapi, Calif., passed away after 10 days on life support after he hanged himself. Police say he had been mercilessly taunted by fellow students over his perceived sexual orientation.
 
Billy Lucas, 15, hanged himself a few weeks ago at his Indiana home after years of reported harassment by students who judged him to be gay. Asher Brown, a 13-year-old in Harris, TX, who had recently come out, took his life with a gun after, his parents say, their efforts to alert school officials to ongoing bullying were not acted upon.
 
Many Americans also learned this week about Tyler Wilson, an 11-year-old boy in Ohio who decided to join a cheerleading squad that had been all-female. As a gymnast, he was interested in the athletic elements of cheering. He was taunted with homophobic remarks and had his arm broken by two schoolmates who apparently assumed him to be gay. He told “Good Morning America” that since returning to school, he’s been threatened with having his other arm broken, too.
 
Our young people deserve better than to go to schools where they are treated this way. We have to make schools a safe place for our youth to prepare for their futures, not be confronted with threats, intimidation or routine disrespect.
 
Quite simply, we are calling one more time for all Americans to stand up and speak out against taunting, invasion of privacy, violence and discrimination against these youth by their peers, and asking everyone in a position of authority in their schools and communities to step forward and provide safe spaces and support services for LGBT youth or those who are simply targeted for discrimination because others assume they are gay. There can never be enough love and acceptance for these young people as they seek to live openly as their true selves and find their role in society.
 
Suicide is a complicated problem and it is too easy to casually blame it on a single factor in a young person’s life, but it is clear that mistreatment by others has a tremendously negative effect on a young person’s sense of self worth and colors how he or she sees the world around them. Parents, educators and peers in the community need to be vigilant to the warning signs of suicide and other self-destructive behaviors in the young people in their lives, and help them find resources to be healthy and productive. We urge any LGBT youth contemplating suicide to immediately reach out to The Trevor Project, day or night, at (866) 4-U-TREVOR [866-488-7386].
 
Judy Shepard
President, Matthew Shepard Foundation Board of Directors
 

Please visit our website at www.MatthewShepard.org.

New House or an Old One?

Consider the pros and cons to each

As you embark on your venture to buy a home, one of the first decisions to make is whether to buy new or purchase an existing home. Each choice has its advantages, and there is no single answer that works for everyone.

 

You may be drawn to the shiny new, energy-efficient appliances, the great room, and the beautiful master suite offered in a new home. But you may also like the charm, the canopy of trees that drape over the sleepy neighborhood streets, and the increasing value of an existing home you've been eying.

 

Here are some things you'll want to ponder as you decide which route to take.

 

Existing homes
Existing homes offer many considerations for potential homebuyers, including:

• The neighborhood. Many people are drawn to developed neighborhoods for the sense of community that has been established. The mature landscaping and developed trees are often a considering factor.
• Maintenance and repair. If you're considering an existing home, be sure you have a good handle on the working status of all major systems. Hire a professional home inspector to check out the house. As appliances and systems age they naturally require repair and replacement, something which may be reflected in a purchase price.
• Home improvement. If you enjoy small repairs and home improvement projects around the house, then an existing home would be your cup of tea.
• Existing features. When you buy an existing home, you typically don't have to worry about buying the extras, such as blinds for the window, a security system, or a landscaped back yard.
• Land. In most metro centers, new homes may have less land than newer properties. Why? Because of changes in land-use patterns.
• Location. Existing homes are often found in older, more convenient metro core areas rather than outlying suburbs.
• The opportunity to remodel. In some cases buyers may prefer an older home in a particular location which can be modernized or expanded. In effect, use the existing home as a base to build a unique property.
• Price. In general terms, existing homes tend to be less expensive than new properties. As well, existing homes are likely to come complete with items which may represent new home extras—blinds, landscaping, built-ins, etc.
• Track record. When you purchase an existing home, you know how much the property has appreciated over the years -- in effect, you have an index of sorts which measures the community's marketplace appeal. At the same time, like stocks and bonds, you know that past results do not guarantee future marketplace performance.
• Taxes. Depending on your state, you will likely have lower property tax rates. Also, many older households aren't required to pay for local bonds associated with new development, such as schools, parks, or road or transportation improvements.
• Traditional layout. If you like the formal living and dining rooms, an existing home will likely satisfy you.

By Michele Dawson

Trouble Pulling the Trigger on Your First Home?

You’ve made up your mind to buy a place of your own. You’ve saved for a down payment and have poured over the local listings for months. Touring open houses is part of your weekend ritual. But months, perhaps years, have passed and you're still in your rental, no closer to being a homeowner than when you started.

This is not an uncommon scenario. For many first-time homebuyers, pulling the trigger can be a frightening experience. Will you be happy there? Will you like your neighbors? Will you be tied down, house rich and cash poor? What if you lose your job? Will you hate your commute? In short, your fears stem from the unknown.

 

Conversely, your current home is familiar. You know exactly what to expect. You’ve come to accept its shortcomings whether they are loud neighbors, a leaky ceiling or scant street parking. There are few surprises.

 

Paolo Forte is the eternal condo-shopper. “I’ve been looking for four years," says the 35-year-old Boston resident. "I have actually seen condos come on the market, sell, and then be resold a second time. While I’ve been waiting, condo prices continue to rise, and I keep spending more money on rent.”

In Betsy Townsend’s 10 years as a Realtor® in Boston’s pricey Beacon Hill, she’s seen everything. “I find that people often hesitate to make the ‘biggest purchase of their life’ because they fear they will make a ‘bad investment’ and pay too much,” she said. “Sometimes people lose site of the fact that they are looking for a place to live instead of just an investment.”

 

Still, there is hope for anyone like Forte, who has hesitated when they should have been bidding. You are surrounded by family, friends and co-workers who took the leap and are reaping the benefits. Give these steps a try and you could be among them:

• Get comfortable with your finances: Anticipate the new costs that you will incur such as taxes, homeowners insurance, utility bills and commuting. This will help determine the maximum price you can spend on a house. Enlisting the help of a financial expert will give you an objective view of your finances. Remember, the first year is the most difficult, after that you will begin receiving tax benefits.
• Partner with an agent: Even though the Internet gives you access to endless amounts of market information, don’t be fooled into going it alone. Instead, interview several real estate agents and when you find one you like who listens to you, stick with him. He or she can line up properties to view, answer many of your questions and make connections for you in your new community. Also, agents often have the inside track on a new properties just coming on the market.
• Accept some risk: Realize that there is uncertainty in everything, but no matter what happens, you will deal with it. Ask family and friends about their experiences and learn from them. Be sure to keep some cash reserves in the bank as a safety net. And remember, you have homeowner's insurance for a reason.
• Fine tune your “must-haves”: Is there a community that you absolutely want to live in? Are you adamant about wanting a garage, a fireplace or a finished basement? Make your list of what’s important to you and look for it. You may find that you are willing to sacrifice one feature, if the rest is fabulous. If you are not crazy about the house, don’t bid. It’s important that you love it at the outset.
• Be ready to bid: Regardless of the market, great houses don’t stay on the market long. Sometimes one open house leads to three offers. If you love it, be ready to make your best offer. If you are wavering, ask yourself, “How will I feel if I don’t get this house?” You might just get it, and if not, at least you’ll know you tried.
• Reap the reward: Owning a home can be one of the most exciting and satisfying things you’ll ever do in your life. It’s an investment that can pay you personal dividends as well as financial.

For Forte, his new year’s resolution is to pull the trigger on a new home. “I’m finally ready to take the step. I’m tired of standing on the sidelines. I’ve set a deadline and I am ready to bid when I see it. It’s been a long time coming, but I know I am on my way to being a homeowner.”

Copyright © by Move, Inc.

What Do Home Buyers Want?

The 10 must-have amenities in a new home

What do home buyers want in a new home?

 

According to AVID Ratings Co., some of the must-have amenities in a new house are home offices and green features.

Home buyers are willing to give up devoted space to home theaters and other specialized media rooms in order to have a home office. In fact, they’d be willing to forego a formal dining room altogether in order to have a home office or study.

 

And they want energy-efficiency in their appliances, windows and insulation.

 

Other desirable features are large kitchens with an island, though granite countertops aren’t necessarily important to all buyers.

 

Must features also include a main-floor master suite;  an outdoor living room – considered more popular than an outdoor cooking area; ceiling fans; master suite soaker tubs and oversize showers with seating areas; stone and brick exteriors; community landscaping with walking paths and playgrounds; and two-car garages.

Copyright © by Move, Inc.

The Top 10 Greenest Cities

It’s not easy being green – for a city, that is. It's tough enough to simply keep up with the endless trash, traffic and pollution generated by urban life. To actually get the better of it with good public transportation, smart recycling programs and the kind of well-kept streets, parks and playgrounds that make cities fun and healthful places to live, that’s the true challenge. So who measures up?

We’ve picked 10 places – in no particular order – that we think are doing a great job at putting residents first. That means they’re obsessed with clean air and clean water, renewable energy, reliable city buses, trams, streetcars and subways, a growing number of parks and greenbelts, farmer’s markets and, very important, opportunities for community involvement.

 

Portland, Oregon
Affordable and accessible, this city straddling the banks of the Willamette River has long made sustainable living a priority. More than 30 years ago, with other cities in a freeway-building frenzy, Portland broke ranks and tore down a six-lane expressway to make room for a waterfront park. Since then the city has set an urban growth boundary to protect 25 million acres of forest and farmland, started a solid-waste program that recycles more than half of the city’s trash and erected more than 50 public buildings that meet tough standards set by the United States Green Building Council. One of the most bike-friendly cities in the U.S., Portland’s public transportation, Portland’s public transportation systems boasts a high rate of ridership. Add in one of the nation’s largest city parks – the aptly named Forest Park has 74 miles of running, biking and hiking trails – and Portland’s rep as the nation’s greenest city makes sense.

 

Austin, Texas
Home to the first Whole Foods Market and more than 300 days of sunshine a year (and you thought this city was all about the music) Austin spreads out among 205 parks, 14 nature preserves, and 25 greenbelts. Talk about green. The city plans to meet 20 percent of its energy needs with renewable energy and energy efficiency by 2020. Factor in county laws protecting the region’s natural watershed from development, a recycling center that dates back to 1970, a dozen outdoor farmer’s markets, city buses that offer free rides on “high ozone” days and an innovative "pay-as-you-throw" trash collection program that rewards residents for being less wasteful and Austin easily earns a spot on the Green List.

 

Minneapolis, Minnesota
Named one of the top business districts in the nation for by the Environmental Protection Agency, Minneapolis is a commuter’s paradise where more than 60 percent of downtown workers use public or alternative transportation to get to the office. Free parking for registered van and car pools, an extensive bike path and bike lane system and employer-sponsored showers and locker rooms not only add endorphins but make a significant dent into auto-based air pollution. On the way to work, commuters thread their way among scores of lakes and parks and ponds and greenbelts and more than 200,000 trees. With great drinking water, active community organizations and the Minnesota State Department of Commerce nudging businesses and residents to hook solar systems up to the city's grid, it doesn’t take Mary Tyler Moore tossing her beret into the air to let you know this is a great place to live.

 

Boulder, Colorado
Being green has been a way of life in this small Rocky Mountain city ever since prescient city planners started preserving parkland in 1898. Today, with more than 42,000 acres of pristine land cushioning the city from urban sprawl, Boulder is a place where hiking trails, rock-climbing areas, picnic spots and fishing holes are within reach of every resident. But there’s more to this city than just a pretty face. It’s a place where more than 90 percent of residents recycle, where new water meters are not allowed above certain elevation, thus protecting ridgelines and peaks, and where, when recent federal tax cuts gutted city budgets, residents voted themselves a third sales-tax hike to raise $51 million to buy and protect even more open land.

 

Burlington, Vermont
In this small city on Lake Champlain, community pride and responsibility drive the urge to be green. More than one-third of all energy used in the city comes from renewable resources, an impressive statistic in chilly New England. Burlington laws don’t allow the use of pesticides on public parks, land or waterways. Challenged by their local leaders to come up with environmental priorities and solutions to existing problems, residents formed an extensive network of citizen-based groups that take on everything from environmental programs to clean up toxic sites to watchdog groups to monitor pollution in Lake Champlain. With local agriculture a mainstay of the region, schools are switching to locally- and organically-grown foods. The idea of sustainability is becoming part of the school curriculum so, as Burlington’s children grow and take their places in the community – any community – they can take a greener way of thinking along with them.

 

Madison, Wisconsin
The first city in the U.S. to offer curbside recycling (and one of the few with a university course on ice cream making) Madison’s 15,000 acres of lakes and 6,000 acres of parkland give it great appeal. Drawn by the natural beauty, residents seem determined to help preserve it. The recycling program gets a whopping 97 percent participation, with 265 tons of material – everything from broken washers to empty beer cans to grass clippings – collected each week. A year-round farmer’s market (held indoors in the frigid winter months) draws vendors and buyers from throughout the fertile region. As a result, organic and local-grown foods are a priority. This bike-friendly city with over 100 miles of bike paths ranks high in air quality, no surprise in a place where there are three bikes for every car.

 

New York, New York
Surprise! Thanks to its storied (and widely used) public transportation, energy-efficient housing and good water quality, New York rates a place among the nation’s green cities. Central Park makes it even greener. Considered a folly of epic proportions when its 843 swampy, muddy acres were set aside in the 1850s, Central Park is a wilderness within the urban core. More than 80 percent of NYC residents use public transportation, something that earns the city bragging rights. In fact, New Yorkers burn gasoline at the rate the U.S. did in the 1920s. The key to the city’s low use of fossil fuels, pesticides and other energy sources is population density. Calculated by square foot, New York uses as much energy and produces as much solid waste as any city. Calculate by population, however, and the numbers shift. Per capita, New Yorkers use fewer resources and put less pressure on their surroundings than any other city of its size. So welcome to the Big Green Apple.

 

San Francisco, California
To the superlatives the City by the Bay has acquired over the decades – steepest, foggiest, most expensive – add greenest. With bus, subway and ferry services that reach throughout the Bay area, avid bikers and devoted car poolers, San Francisco has a good track record for getting people out of their cars. In fact, more than half the city’s residents use public or alternative transportation to get to work. With Golden Gate Park, the newly-decommissioned Presidio, beaches, extensive bike paths and access to the Pacific and the Bay, the city has an abundance of recreational options. Prevailing winds from the water help keep pollution at bay. The city is also a leader in green building, with more than 20 building projects registered for official green certification. And city residents are willing to tax themselves. Voters said yes to allowing the city to sell $100 million in revenue bonds to support renewable energy.

 

Santa Monica, California
Just 12 years ago, the environmental future of this seaside city looked unimpressive. Thanks to an active city council, which wrote and enacted the Sustainable City Plan, Santa Monica has turned green. Three of every four of the city’s public works vehicles run on alternative fuel, making it among the largest such fleets in the country. All public buildings use renewable energy. In the last 15 years, the city has cut greenhouse gas emissions by nearly 10 percent, a feat in car-crazy Southern California. City officials and residents have made the ongoing cleanup of the Santa Monica Bay a priority – an urban runoff facility catches 3.5 million gallons of water each week that would otherwise flow into the bay. Add in the miles of beaches, extensive curbside recycling, farmer’s markets, community gardens, the city’s nimble bus system and Santa Monica is clearly more than just another bathing beauty.

Chicago, Illinois
With open space, public transportation and a commitment to renewable and sustainable energy, Chicago has earned a spot on numerous ‘greenest city’ lists. The city has 42 green-certified building projects, with more to come. All of the city’s nine museums and the Art Institute of Chicago have been converted to run partially on solar power. Close to one-third of all residents use public transportation to get to work. Among the city’s energy goals, likely to be met, is buying 20 percent of its electricity from renewable energy sources this year. City officials have voted to give tax incentives to homeowners who invest in Chicago’s many historic homes and retrofit them with energy efficient heating and cooling systems, as well as water-saving plumbing. Water quality on the city’s lakefront is rated as excellent by the Natural Resources Defense Council, a happy detail for all the swimmers, boaters and sun bathers along the shore in the summer. And you thought it was all about Oprah.

Copyright © by Move, Inc.

Co-Buying a Home

What you learned in kindergarten about sharing could help in your quest for a home. But this time around, rather than sharing your Lincoln Logs, you'll be sharing your home, with a cobuyer.

 

Once the domain of married or committed couples, more and more homebuyers are discovering the advantages of teaming up with a relative, friend, or someone else to buy a house. If done right, the shared-purchase approach can get you a home you might not otherwise have been able to afford.

 

On the other hand, if you don't fully think through the arrangement and set it up correctly, it could lead to financial and legal chaos, not to mention a strained or broken relationship.

 

Decide how you'll hold title, any time you buy a house, you receive what's called "title," evidenced by a piece of paper called a "deed," which explains how the grantees are sharing the title.

It's important to choose a manner of title-sharing that reflects your true wishes about how you'll share ownership. Your main options for sharing title with a non-spouse include:

• As tenants in common (TIC), and
• As joint tenants with right of survivorship (JTWROS).
(Married couples may also take title as "tenants by the entirety" or as "community property.")

 

Differences between TIC and JTWROS ownership:

There are some important differences between a tenancy in common and joint tenancy, particularly when it comes time to sell or dispose of one person's ownership interest.

 

With a TIC, you and your cobuyer are allowed to own unequal interests (also called shares) in the property. Also, if one co-owner dies, that co-owner's share is transferred to his or her beneficiaries. Tenancy in common (TIC) is by far the most common way for unrelated cobuyers to take title.

 

With a JTWROS, by contrast, you and your cobuyer have (in almost all U.S. states) no choice but to own equal interests in the property, 50/50. If you buy a home with two others, you each own a one-third interest, and so forth. Upon the death of one joint tenant, the remaining owners gain the deceased owner's interest in the property. This happens automatically, with no need for a court or probate proceeding. In fact, even if the deceased owner wrote a will specifying that the property was to pass to some other person, that request would not usually be allowed.

 

Similarities between TIC and JTWROS ownership:
Both tenancy in common and joint tenancy give each of you an "undivided interest" in the property, meaning you can both use and enjoy the entire property. If one of you wanted to sell, that person couldn't simply divide the property in half and sell it, but would instead have to sell his or her tenancy or interest in the property. The buyer would gain the same rights as the seller had. And if you're buying a second home or investment property, you'd both be entitled to rental income from the entire property in proportion to your ownership share.

 

Create a co-ownership agreement:
Talk is cheap, and what's worse, easily forgotten later. That's why you need to draft and sign a co-ownership agreement, to help head off confusion or misinterpretation down the road.

The most challenging part of drafting a co-ownership agreement is anticipating issues while everything looks rosy. Most people enter into a partnership with the friendliest of intentions, thinking they can work out any unforeseen questions later. But with big dollars and possibly your leisure or retirement time at stake, fundamental disagreements can arise and can be tough to work out.

 

Co-ownership agreements can range from short to lengthy. The agreement should at least address the issues discussed below.

 

Who owns what percentage?
Clarifying what percentage each of you will own is especially important in case one of you later dies or decides to sell your interest.

This decision is easy if you take title as joint tenants with right of survivorship (JTWROS). You'd normally divide your interest into equal parts, such as 50/50 if there are two of you.

If you take title as tenants in common (TIC), however, you don't need to divide your interests 50/50, nor even on the basis of how much money each of you puts in. For example, the two of you might decide that one will receive a greater percentage based on having agreed to manage upkeep on the property. Another possibility is that one co-owner contributes less for the down payment.

 

Who will pay ongoing expenses?
Your ongoing homeownership expenses may include mortgage payments, property taxes, insurance premiums, utilities, and other costs of maintaining and operating your home. You can specify how you'll allocate these expenses in your co-ownership agreement. You can simply allocate costs at the same percentage as ownership or use the down payment contribution of each co-owner as the foundation. Or, if you and your co-owner plan to buy a second home and use it personally (as opposed to renting it out), then you could allocate expenses based on the amount of time each co-owner spends there.

 

What if one co-owner later wants out?
When you co-own a house, getting out of the deal may not be so simple. Neither of you probably want the other one to be able to sell his or her interest to any old third party (assuming there's even a market for a partial interest in a house). But that's exactly what can happen, because regardless of whether title is held as TIC or JTWROS, each co-owner does not legally need the other's approval to sell his or her interest in the property.

One way around this is to have a provision in the co-ownership agreement that requires a selling co-owner to give the co-owner who's staying a right of first refusal to purchase the interest. However, even with this provision, there are still several questions the co-ownership agreement will need to address:

• How will you fairly assess the property's value?
• Does the selling co-owner have to accept the buyout offer?
• What if the remaining co-owner can't come up with sufficient funds to buy out the selling co-owner?

Sharing the purchase of a home can significantly reduce your debt burden. But you should thoughtfully and carefully decide whether sharing homeownership makes sense for you and your potential cobuyer.

Copyright © by NOLO.com

How to Negotiate the Best Deal

Buyers are finally being able to take advantage of cooling trends in previously hot markets. Multiple offers are no longer being thrown at sellers as soon as the For Sale sign hits the front yard.
 
Competition has dwindled in many areas as investors disappear and buyers take to the sidelines. Unless a buyer thinks his local market is headed for a big downturn, this could be the pause that allows him to get into the market with a few perks unheard of in recent years as a bonus.

 

So how do you know what shape your market is in? Economists believe that real estate is closely tied to employment, so if you’re in an area of growing employment, don’t expect to see double-digit depreciation anytime soon. In areas such as the Midwest, where auto manufacturing is king, prices have fallen sharply and will likely continue until the industry rebounds.

 

Here are 10 things buyers need to know to negotiate the best deal in a market shifting to their favor:

 

1. Human nature is the biggest problem for sellers and buyers to overcome in a changing market. Prices stagnate or drop a few percentage points and it’s amazing how different buyers and sellers react. Sellers still think their house is “special” and immune to the market. Buyers figure every seller is about to be foreclosed on and make ridiculous low-ball offers. Smart buyers do their homework, know what size home they need, how much they can afford and then search the market for what they want and negotiate fairly.

2. When you make an offer, know the recent comparable sales; it’s the best bargaining tool. “See what’s going on out there,’’ says Beverly Durham of ReMax Gold Coast Realty in Camarillo, Calif., where entry-level single-family homes begin at $500,000. “Make an offer $10,000 to $15,000 under what the last one sold. Even in this market, if you insult your seller, they won’t want to deal with you. Sellers know what the last one sold for. You want them to at least look at your offer.”

 

3. Find out as much as you can about the seller’s motivation -- retirement, job, divorce, wants to move up but only if he gets the right price. Durham says if a buyer knows the seller’s motivation they can negotiate a better deal or move on to the next property.

 

4. Multiple Listing Service (MLS) properties usually state what the seller owes. If not, your agent should be able to track down the figures. There’s a big difference in negotiating with an owner who owes more than the house is worth and one who has a lot of built-up equity.

 

5. “After 45 to 60 days the seller is usually absolutely sick of keeping their house spotless and sick of people walking through,’’ said Durham. This is when a seller may be the most anxious about selling their house as traffic to their house has likely fallen sharply.

 

6. Unless you’re incredibly handy and have time and cash, go after houses that are as updated as you can afford. This is easier to do in a stagnant or falling market and fixers aren’t usually discounted enough to be worthwhile.

 

7. In a tighter market, it’s not too much to ask the seller to add the closing costs to the price of the house. It’s better to put 20 percent down and add the closing costs to the loan than put 15 percent down and pay the costs upfront.

 

8. Items to ask for that shouldn’t offend sellers are paying for new kitchen appliances or washer and dryer. Most sellers will be willing to do so to close the deal. Durham also says it’s OK to ask sellers to pay up to the first year of homeowner association dues.

 

9. Don’t request anything that requires quality workmanship. “Don’t ask them to paint,’’ Durham said. “They won’t do it the way you want. They’ll do a lousy job.’’ Also, don’t get carried away and ask for the entire store. Be reasonable.

 

10. Make sure to look at the big picture. In changing markets you should be planning to stay for at least five years, so don’t get caught up in a $2,000 price difference. Remember, the goal is to get the house you want to live in for some time, not to impress friends with how you worked the previous owner.

 

Copyright © by Move, Inc.

Local home sales fall, but prices rise

Home sales fell, but median sale prices rose last month in Orange, Ulster and Sullivan counties, according to reports by county boards of Realtors.

In Orange County, 153 detached, single-family homes sold last month, down from 189 in August 2009. In Ulster County, there were 76 sales, down from 93 a year ago. In Sullivan County, there were 31 sales, down from 33.

The median sale price in Orange County last month was $270,000, up from $245,000 a year ago. In Ulster, it was $230,000, up from $210,000. In Sullivan County, the August median was $167,000, up from $155,000.

Both the decline in sales and the uptick in prices can likely be explained by the same phenomenon – the expiration of federal tax credits for first-time and certain repeat homebuyers. Local sales peaked in June, as buyers raced to meet a deadline for tax credits (although the deadline has since been extended to Sept. 30).

The rising median sale prices, meanwhile, may reflect the changing mix of homes that are selling now that first-time buyers, who tend to purchase smaller, less expensive homes, no longer dominate the market.

http://www.recordonline.com/apps/pbcs.dll/article?AID=/20100908/BIZ/100909796

California Movers Are Nation's Busiest

SiteSelection.com, a publication for corporate real estate and economic development, reports that more people are moving into and out of California than any other state.

In the Golden State, the number of outbound moves by the 700 or so moving companies in the movers.com network rose 10.3 percent, while incomers increased 9.4 percent.

In terms of population changes, SiteSelection states that New York lost 33 percent more people than it gained. Texas, meanwhile, gained 50 percent more people than moved out.

Source: Orange County Register, Jan Norman

Home Purchase Applications Rise 6.3%

Applications to purchase homes increased 6.3 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, purchases rose 4 percent compared to the previous week, but were down 38.8 percent from the same week a year ago.The Refinance Index decreased 3.1 percent from the previous week.

“Purchase applications increased last week, reaching the highest level since the end of May. However, purchase activity remains well below levels seen prior to the expiration of the homebuyer tax credit, and is almost 40 percent below the level recorded one year ago,” said Michael Fratantoni, MBA’s vice president of research and economics.

Mortgage rates rose slightly last week:

• 30-year fixed-rate mortgages increased to 4.5 percent from 4.43 percent.
• 15-year fixed-rate mortgages increased to 4 percent from 3.88 percent.
• 1-year ARMs increased to 7 percent from 6.95 percent.

Source: Mortgage Bankers Association