GayRealEstate USA: 'Ask a Realtor'

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September 14, 2009

New Online Resource Helps Find the Best LGBT Neighborhoods

By Jeff Adolph

Ask A Realtor

A fabulous new user-built database of LGBT neighborhood information lets members of the LGBT community share tips on where to find great gay enclaves all over the USA. Logging on to GayNeighborhoods.com is easy, fun, and rewarding.

The way it works is simple and straightforward, plus it is absolutely free. Just visit the site, click on the map of the USA, and read reviews of outstanding LGBT cities and towns throughout the country.

Visitors can also add their own reviews, explaining what makes a particular LGBT neighborhood special. By doing so they promote their community and assist others to find a place to live that they too will enjoy.

Identities remain anonymous and confidential. The site never compromises privacy by selling or giving names or other personal information to anyone.

Planning a trip across country? Log on to GayNeighborhoods.com beforehand and scope out the best route to take to see the most interesting LGBT places along the way.

The user-generated neighborhood feedback is free from promotional advertising and spam postings. All comments are carefully screened before posting to ensure that they are authentic reviews of real LGBT neighborhoods.

The visitors to the site who read about places and give their own personal input for the sake of others do so because they are proud of their LGBT neighborhoods and want to invite others into their communities.

GayNeighborhoods.com is about building richly diverse and interdependently sustainable LGBT communities one LGBT person and household at a time. But in order for it to be effective, stay updated and fresh, and maintain its unique interactive social quality others need to pitch in and participate.

Those who live in an amazing LGBT city or have a favorite holiday getaway or vacation destination can log on and add their selection to the list.

Discover a new part of town, a dynamic LGBT scene, or stumble upon what looks like the hottest new LGBT neighborhood. Then go online and share that valuable information with others. Encourage friends to offer their opinions and step up to celebrate their own favorite places for LGBT people to live. Everyone has something to offer, and this kind of helpful community service doesn’t take any time at all to do.

What makes this cool site so innovative is that it is entirely focused on building intentional LGBT communities offline in the real world where LGBT individuals all live, work, and play. By creating and contributing to a comprehensive data base of info about places to find a home, buy a second home, or explore a new community, those who use the site help to strengthen the LGBT nationwide village.

That’s the best way to build a neighborhood that is totally LGBT friendly – whether it is a community of local neighbors and roommates or a global community that helps make the LGBT movement stronger and more empowered.

For more information, visit: http://www.GayNeighborhoods.com

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September 14, 2009 in 'Ask a Realtor' | Permalink | Comments (0) | TrackBack (0)

August 25, 2009

Great Homes and Jobs in LGBT Communities

By JeffAdolph

Ask A Realtor

This summer everyone was talking about two roller-coaster rides, and they weren’t referring to amusement parks. Employment and housing have been tumultuous and the recession is still with us. But there are significant signs of improvement, especially for real estate. It seems that yes, there is light at the end of the tunnel instead of the dark and scary wreck that economists were predicting this time last year.

California Dream Homes

Take California, for instance. The Golden State is an excellent barometer for what’s happening in the overall American real estate world, especially since it was there that many characteristic symptoms of the housing crisis started.

A few years ago home prices in California were rising at a staggering pace, leaving most buyers locked out of the stratospheric market. Mortgage-backed securities were in vogue, and Wall Street speculators were fueling the insanity. But the artificial pandemonium was not sustainable, the bubble burst, and foreclosures became rampant.

But finally there are signs of core stability. In other words, in the aftermath of the total implosion home prices in California are now simply back down to earth – but no longer all the way in the basement. Many California markets are, in fact, up approximately 30 percent compared to this time last year, and the data on year-to-year sales, comparing 2008 with 2009, shows that activity has grown for 12 consecutive months.

California Association of Realtors (CAR) has also introduced a new program that was especially created to encourage buyers through an Affordability Fund Mortgage Protection Plan. The way it works is that first-time home buyers get additional security and support through a type of mortgage payment insurance that was fully funded by CAR. Under the program those who are eligible are offered protection in case they lose their jobs due to unforeseen layoffs. They would be able to receive as much as $1,500 per month for six months in order to help them remain current on their house payments. Plus the homeowners themselves do not have to pay for this kind of insurance, because it is instead paid for by donations from members and supporters of the California Association of Realtors.

Best Places to Buy a Home and Land a Job

In terms of jobs and the employment market, California also happens to be one of the top-rated places in the nation for LGBT employees to work. Each year the Human Rights Campaign (HRC) generates a comprehensive and well-documented report on corporate America’s treatment of LGBT employees. Recently their 2009 Corporate Equality Index gave high marks to dozens of companies around the nation who earned recognition thanks to their fostering of a supportive workplace culture for LGBT workers.

Not only California, but other states including New York, Georgia, Illinois, Texas, and New Jersey earned excellent reviews this year, based on the fact that they are home to prominent corporations that have outstanding policies in terms of their treatment of LGBT workers.

By taking note of the locations of these top-ranked employers it is possible to get an interesting view and unique insight into some of the best places around the USA for LGBT home buyers to shop for a community in which to live and work. Some of the states with the highest concentration of large corporate gay-friendly employers, for example, are also known for other LGBT attractions – like wonderful gay and lesbian enclaves. That should come as no surprise, but what may be newsworthy is that during the current housing market there are some attractive bargains to be found in those states, cities, towns, and neighborhoods.

But the Perks Won’t Last Forever

Meanwhile the National Association of Realtors (NAR) reports a significant uptick in home sales toward the end of summer, so the fire sale prices may soon be history. Between June and July, for example, the surge in existing home sales shattered records as the largest gain since the NAR began tracking month-to-month sales data.

Credit is also more readily available nationwide, now that banks and other lenders have dusted themselves off and gotten back in the game. Even jumbo loans – which are loans of large amounts and are often required to buy upscale homes these days – have made a comeback after being threatened with extinction last year. You can now get jumbo loans, and you can find them at competitive interest rates – something that was virtually impossible a year ago.

Loan availability combined with stable but rising prices – plus tax benefits that may soon expire – appears to make the perfect recipe for real estate optimism.

Those considering the purchase of a home in one of these discounted markets known for LGBT-supportive employers should not procrastinate. Take advantage of low interest rates, the available $8,000 first-time buyer IRS tax perk, a great selection of inventory, and price points that are attracting a buzz of buyers like bees to honey.

To find real estate experts dedicated to the LGBT community, visit www.GayRealEstate.com or call toll-free 1-888-420-MOVE (6683). These experienced brokers can help you find the home of your dreams in a wonderful LGBT community.

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August 25, 2009 in 'Ask a Realtor' | Permalink | Comments (0) | TrackBack (0)

August 24, 2009

Locate a LGBT Pro to Beat $8K Tax Perk Deadline

By JeffAdolph

Ask A Realtor

DENVER, Colorado – August 24, 2009 – The clock is ticking toward the expiration date on the special $8,000 new home buyer credit currently offered as part of the government’s emergency economic stimulus legislation. Unless the provision is amended or renewed, buyers only have until the end of November to completely finalize their purchases.

First timers are urged to do whatever they can to streamline the real estate shopping experience, and working with a gay-friendly Realtor and lender can often save valuable time for LGBT buyers.

A gay or lesbian couple may need to seek legal and financial advice in order to help them better understand their rights as owners, for example, since many of the benefits related to real estate ownership are only available to those couples who are legally married.

An experienced Realtor accustomed to working with LGBT clients will either know the answers immediately or be able to quickly refer the buyers to a reputable real estate attorney who is well-versed in complex LGBT legal issues.

For a loan processor unfamiliar with financing for LGBT partnerships confusion may also arise, and that usually translates into frustrating delays. So work with a mortgage lender experienced in making loans to the LGBT community.

Keep in mind that the government and the IRS define first time home buyers in a broader sense. You may still be entitled to the tax perk even if you have already owned a home in your life or have bought and sold dozens of them.

That’s because the official definition of a first time buyer is one who has not owned or co-owned their principle residence during the past three consecutive years.

But just having a purchase contract or an approved mortgage application is not sufficient to qualify you for the tax benefit, and deals often get postponed en route to the closing table. That is especially true during months with major holidays. Real estate attorneys and title companies may, for example, work fewer days or limited hours as Thanksgiving approaches. Buyers should also expect that there will be a flurry of November activity as other new home buyers also rush to close on time.

The anticipated surge in last-minute transactions may create delays at banks, mortgage companies, and law offices that handle real estate closings.

So a better strategy is to get sales settled way ahead of time – ideally before the end of October. Since it takes about 4-6 weeks to close most sales that means that buyers should submit their purchase offers to sellers in September to be safe.

Recently home sales experienced their sharpest increase in nearly a decade. That may cause underwriting delays, and with $8,000 at stake it pays to be proactive to facilitate the home buying process, find the best deal on an appropriate mortgage, and get to closing to claim the tax perk before time expires.

For expert help with all your real estate and home financing needs contact www.GayRealEstate.com and www.GayMortgageLoans.com. The members of these networks are dedicated to supporting the GLBT community. Or call toll free at 1-888-420-MOVE (6683).

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August 24, 2009 in 'Ask a Realtor' | Permalink | Comments (0) | TrackBack (0)

August 06, 2009

Meet the $8K Home Buyer Deadline with Help from LGBT Pros

By Jeff Adolph

Ask a Realtor

Most people shopping for a home this year are keenly aware that a special $8,000 new home buyer credit is being offered as part of the government’s emergency economic stimulus legislation.

But the clock is ticking toward the expiration date and unless the provision is amended or renewed to extend the deadline, buyers only have until the end of November to finalize their purchases. First timers are urged to do whatever they can to streamline the real estate shopping experience, and working with a gay-friendly Realtor and lender can often save valuable time for LGBT new home buyers.

A gay or lesbian couple may need to seek legal and financial advice in order to help them better understand their rights as owners, for example, since many of the benefits related to real estate ownership are only available to those couples who are legally married according to state and federal statutes. An experienced Realtor accustomed to working with LGBT clients will either know the answers immediately or be able to quickly refer the buyers to a reputable real estate attorney who is well-versed in complex LGBT legal issues.

Similarly, those who want to buy together gay may encounter complications along the way when trying to secure mortgage financing. They may need guidance regarding whose credit report or income to submit on the loan application, or they may need reassurance that, for example, the mortgage documents and deed are crafted in such a way that they reflect equitable sharing of assets and liabilities. For a loan processor unfamiliar with mortgage financing for LGBT partnerships this may create confusion, and when mortgage applications encounter people who are confused that usually translates into frustrating delays.

Plus, the harsh reality is that many people do not support equal rights for gays and are reluctant to roll up their sleeves to help expand the LGBT community in their own neighborhood or city. While they might not openly discriminate against their own clients or customers because they are gay, they may decide to do only the bare minimum to assist them – which is a common tactic of covert discrimination. When working with someone who engages in foot dragging or is not as attentive as possible, precious time gets spent without successful results – and with $8,000 on the line there is really no time to waste. A better strategy is to work from the very beginning with professionals who are known within the community for doing excellent, enthusiastic, tireless work on behalf of satisfied LGBT buyers.

Keep in mind that the government and the IRS define first time home owners in a broader sense, so you may still be entitled to the tax credit even if you have already owned a home sometime in your life – or have even bought and sold dozens of them in your lifetime. That’s because according to the official definition of a first time buyer you must not have owned or co-owned your principle residence during the past three consecutive years. So if you have been a renter over the past few years, for example, and have not owned your own principal residence for at least three years, then you are considered a first time buyer.

But just having a purchase contract or an approved mortgage application is not sufficient to qualify you for the tax benefit, and deals often get postponed en route to the closing table. That is especially true during months with major holidays. Real estate attorneys and title companies may, for example, work fewer days or limited hours as Thanksgiving approaches. Buyers counting on getting their real estate transactions closed at the end of November may find out that the preparation of final documents cannot be scheduled on time, and that could be a potential nightmare.

Buyers should, for instance, expect that there will be a flurry of late November activity as other new home buyers also rush to close on time. The anticipated surge in last-minute transactions may create delays at banks, mortgage companies, and law offices that handle real estate closings. So a better strategy is to get sales settled way ahead of time – ideally before the end of October.

Finding and successfully closing on a new home can be a time-consuming effort with many unexpected hurdles and frustrating delays, even under ordinary circumstances. But according to the Commerce Department low interest rates, the big federal tax credit, and deeply discounted prices have caused residential real estate sales to jump to the highest level in months. In June, for example, new home sales experienced their sharpest increase in nearly a decade. That may cause underwriting delays, and with $8,000 at stake it pays to be proactive to facilitate the home buying process, find the best deal on an appropriate mortgage, and get to closing to claim the tax perk before time expires.

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July 20, 2009

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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July 15, 2009

Tips for GLBT Real Estate Buyers: Location is everything, so first find out where to find “out” enclaves.

By Jeff Adolph

Ask a Realtor

“Location, location, location” can sometimes be a little too much like the expression “water, water, everywhere – but not a drop to drink” for those real estate shoppers who want to ensure that they own a home in a gay-friendly neighborhood. There are tons of houses on the market right now, and buying opportunities are fantastic. In fact, the inventory of bargain priced homes for sale is larger and more diversified than it has been in decades. But the question in the mind of most GLBT buyers is whether or not the location of the property is also adequately and appropriately diversified. Before making the biggest and most important purchase and investment of a lifetime, it helps to know whether or not the money is going into a neighborhood that will not only support the value of the real estate but also the values and lifestyle of the homeowner.

Before buying any property, anywhere, it is always advisable to get to know the area ahead of time, with firsthand experience and personal observation. Spend as much time as possible walking the streets near the house or condo 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 dig deeper, even it means asking rather candid, straightforward questions. Negative responses to inquiries about gay and lesbian subjects can be the most informative of all – even if they do ruffle your feathers – because that kind of reaction is 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 for sure whether or not there are any other GLBT residents, organizations, small businesses, newspapers, arts groups, and so forth. Scan the message boards in local cafes and bookstores, look for GLBT community papers and magazines, or do research on the Internet. One of the best sources of information is GLBT travel guide books. They may not explain real estate market specifics, but they do list the addresses and neighborhoods of a wide range of GLBT 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. One lesbian couple we know moved to what they thought was a nice town, but then found it hard to locate the city’s GLBT underground scene. Feeling isolated and somewhat desperate they finally asked a neighbor where they might go to find the GLBT underground, and the neighbor just laughed. “We don’t have a gay underground because we brought it out of the closet years ago. The whole town is a GLBT scene so stop trying to uncover it and just get out there and enjoy!” They bought a home and have lived happily (above ground) ever since.

Using a qualified Realtor who is an active member of the GLBT community is one of the best ways to zone-in on gay enclaves. But many homebuyers make the mistake of assuming that just because their Realtor has a rainbow decal on their car, they are automatically familiar with the local gay community. Or they take it for granted that every gay-friendly real estate agent is an experienced professional who fully understands the nuances of the local market. Rather than making broad assumptions, 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 GLBT community and social network. Work with one who demonstrates competence and with whom you have a good rapport, because the key to a successful working relationship with a Realtor is excellent two-way communication.

One of the benefits of finding and working with an especially qualified and resourceful Realtor who has connections to the GLBT community is that they can, in turn, introduce you to an entire network of other professionals in the area. Through her or him you can soon get the names and phone numbers of mortgage brokers, insurance agents, home inspectors, contractors, and attorneys who can also provide needed guidance and helpful advice.

GLBT 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 quality real estate experts serving the GLBT community, visit www.GayRealEstate.com. These agents and brokers take pride in helping clients find homes in neighborhoods they enjoy within communities they love. Toll Free phone number 1-888-420-MOVE (6683).

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July 15, 2009 in 'Ask a Realtor' | Permalink | Comments (1) | TrackBack (0)

June 25, 2009

The Top 5 Gay Getaways for 2009 Vacation Home Buyers

By Jeff Adolph

Gay News Flash

DENVER, Colorado – June 24, 2009 –
The largest Internet-based real estate company on the planet, GayRealEstate.com, has just released its 2009 picks in the category of “Top 5 Gay Getaways” and the timing could not be better. Prices are down, interest rates are still attractively low, and summertime is finally here. That makes this the ideal time to browse around for the perfect seasonal getaway in a spectacular GLBT vacation destination. Here are the top 5:

#1 South Beach, Florida (pictured above)

Prices in Miami have plummeted, and the trend has finally hit recession-resistant South Beach. Today prices are 20-25 percent lower than they were last year, and undervalued pricing is attracting investors from all over the world. But prices are expected to rebound within the next several months. That will reward those who buy now, but will most likely put a velvet rope around prime South Beach real estate, making property there beyond the financial reach of all except the most well-heeled of international buyers.

#2 Rehoboth Beach, Delaware

The GLBT enclave of Rehoboth Beach, Delaware is located just two hours from Washington, D.C., Baltimore, MD, and Philadelphia, PA – and only four hours from NY – making it a choice destination for anyone along the mid-Atlantic looking for a vacation getaway. Rehoboth has an authentic and charming small town feel, the white sand beaches are gorgeous, and there is a mile-long boardwalk. Those buying foreclosures in Delaware are enjoying discounts of nearly 45 percent off list price this year, and some of those bargains are located in and around Rehoboth Beach. Visit this summer and pick up a permanent vacation home as a keepsake souvenir.

#3 Ogunquit Beach, Maine

Ogunquit is another quaint village with beautiful beaches, an abundance of recreational and entertainment amenities, and an unusually large and well established lesbian demographic. The quintessential New England town has picturesque harbors and even a unique drawbridge for pedestrians. Fresh caught seafood is served up in the town’s fine restaurants, and there are daily deep sea fishing and pleasure boat excursions. Get legally married to a same-sex partner with a ceremony on the beach because Maine is now one of the few states in the USA that recognizes gay marriage. Prices in Maine never fell victim to frenzied overpricing, but prices have nevertheless slumped, so now is an excellent time to invest in Ogunquit.

#4 Denver, Colorado

OutTraveler.com named the Mile High City as one of only two places in the USA to make its “Top 10 Up-and-Coming Destinations for 2008.” Denver enjoys more than 300 days of sunshine per year – which is more than either San Diego or Miami – and the winters are surprisingly mild. Outdoor cafes, restaurants, and golf courses are open all year ‘round, and the high altitude summers are known for low humidity and temperatures that peak out around 85 degrees during the hottest month of August. Denver has one of the best GLBT Pride celebrations in the world and there is even an annual gay rodeo event. But the city was hit unusually hard by the real estate crisis, and that means there is currently an unprecedented opportunity to lasso a dream vacation home in the Rockies.

#5 Asheville, North Carolina

The small Appalachian city of Asheville, NC is famous for its ancient mountain scenery, antique architecture, and forward-thinking attitude. The downtown offers dozens of restaurants and shops and is both pedestrian and GLBT friendly – plus it is a stone’s throw from some of the best outdoor recreation in the USA. Enjoy hiking, climbing, and kayaking or a sophisticated urban night life – and highly affordable mountain homes and condos just a few hours from Savannah, Atlanta, and Washington, D.C.

Choose a mountain hideaway to escape the heat or head to the coast to soak up some sun and surf. America has some great GLBT friendly destinations – including these Top 5 – and 2009 offers a rare investment opportunity.

For a FREE list of Gay, Lesbian or Gay Friendly REALTORS® that specialize in these cities, please visit: www.GayRealEstate.com

MEDIA CONTACT:

Jeff Hammerberg, Founder & CEO

GayRealEstate.com

Denver, CO

Toll-Free: 1-888-420-MOVE(6683)

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June 25, 2009 in 'Ask a Realtor' | Permalink | Comments (1) | TrackBack (0)

June 22, 2009

Is Now the Time to Refinance?

By Jeff Adolph

Ask a Realtor

Mortgage rates continue rising at a much faster than expected pace, and that has put many homeowners into a quandary regarding whether or not to go through with refinance plans. Some lucky homeowners snagged rates as low as 4.65 percent in April and May, as extremely affordable mortgages inspired a tremendous surge in new home loan applications as well as mortgage refinances. But then interest rates on 30-year fixed-rate mortgages jumped nearly a percentage point within just two weeks between May and June, climbing from 5.0 percent to 5.79 percent. Now the big question on everyone’s mind is whether or not it is too late to take advantage of rates and save money by doing a refinance.

Here are some “refi” tips to help you decide:

· First calculate your closing costs with the help of a knowledgeable mortgage broker. Any reputable lender should be able to give you a rather close approximation, despite the fact that fees and costs may vary slightly from the original estimate.

· Be sure to figure in any incidental savings or costs such as tax deductions for mortgage interest or private mortgage insurance payments. If you can recoup the additional expenses within two years, it is probably a good idea to refinance because you’ll break even quickly and start saving money.

· Look for a rate that is at least one and a half to two percentage points lower than the current one. Those now paying seven percent or more are almost guaranteed savings, while homeowners with mortgage rates closer to 6.25 percent should crunch the numbers carefully, because they may be on the borderline.

· For homeowners with higher loan balances of $275,000 or more, the rewards for refinancing will generally be more substantial. Refinancing a small loan amount – of only $100,000, for example – will likely take longer to see the savings, unless the current rate is at least two points higher than the new one.

· Condo owners are in a slightly unique category, and will typically need at least 20-30 percent equity before they can refinance, and lenders may charge higher points and fees. That’s because lenders assume slightly more risk on some condominium loans. Refinancing may still be a savvy move and an easy option, especially if you work with a resourceful mortgage broker experienced in condo loans.

Do the math to see if a refinance makes sense and then trust the numbers, because no two situations are exactly alike. Potential savings will depend on your particular circumstances, the type of loan, and any discounts your broker offers. Although most homeowners use 30-year loans, the current 15-year fixed rate mortgages are one way to go that might have special advantages. Despite a rise from around 4.9 percent to about 5.2 percent they are still quite attractive. For those who can handle the higher monthly payments – since the note is amortized over only 15 years instead of the typical 30-year timeframe – they represent a solid investment. Not only is the interest rate a good deal, but the entire obligation will be paid off in full within only 15 years, saving thousands of dollars that would otherwise be spent servicing a mortgage for twice as many years.

Also study the current mortgage, and check to see if it has a prepayment penalty clause. Even if it does you may still come out ahead by doing a refinance, but you don’t want to trigger a prepayment clause by accident while unaware that one exists, because nobody like unexpected obligations in the middle of a mortgage refinance process.

Ask the lender for a list of necessary application documents and try to get all of those in order before you set out to refinance. That will prevent delays that could result in low rates getting away from you before you have a chance to lock in the loan. Lenders are more scrupulous about underwriting than ever before, and they will pepper you with paperwork requests. Create a file to ensure that tax returns, bank statements, and current loan documents are at your fingertips.

Judging from refinance activity at major banks and mortgage companies, the refi-fever was triggered when rates hit 4.75 percent, and now that they have climbed about a point the flurry of refinance applications has subsided a bit. The Treasury sees signs that the economy is stabilizing, which is encouraging investors to step in and buy American bonds and other monetary instruments. That is the driving rates higher, as demand for USA assets picks up after months of lackluster business and fear of investing in our troubled economy. If the economic recovery continues, the Fed will have no reason to keep rates artificially low and that could send mortgage rates even higher – which is a strong argument for refinancing now before rates move into six or seven percent territory.

For great mortgage rates and expert help with all your real estate needs, just contact www.GayRealEstate.com and www.GayMortgageLoans.com. Or call toll free at 1-888-420-MOVE (6683). The members of these professional networks are dedicated to supporting the GLBT community.

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June 22, 2009 in 'Ask a Realtor' | Permalink | Comments (0) | TrackBack (0)

June 09, 2009

Summer 2009: The surf’s up, but not vacation home prices.

By Jeff Adolph

Ask A Realtor

The summer of 2009 is shaping up to be an historical window of opportunity for buying fun and affordable vacation homes. Mortgage money is flowing again, interest rates on safe and secure fixed rate loans are extremely attractive, and the inventory of deeply discounted condos and houses in popular vacation destinations is ripe for the picking.

According to a recent article in the National Association of Realtors (NAR) publication Realtor Magazine, prices have dropped up to 50 percent in some of America’s top vacation home markets. But that does not mean that sales are in the doldrums. Buyers are starting to step in and make offers to purchase before the deals disappear and while mortgage rates still hover near historically low levels. Sales of beach homes in Daytona Beach, for instance, are up about 20 percent compared to this time last year, and that is based on statistics recorded before the peak of the summer selling season. In the month of March, for instance, sales of Daytona Beach condos were twice as brisk as they were in the previous month, and homes in the $200,000 to $400,000 range were moving the fastest.

Foreign nationals have also recognized the value of properties throughout the nation, especially in world-famous hotspots like Miami and South Beach. Buyers from other countries are responsible for about 10 percent of recent real estate purchases. That kind of eager buyer participation is giving the market for vacation homes added traction, and many economists expect that the lowest prices are already slipping away as real estate regains its footing.

A recently published NAR vacation home survey found that 27 percent of vacation home buyers considered the purchase a way to diversify their investments. Many bought in order to enjoy extra income ownership of a rental property that they can later convert into a retirement home.

But prized properties in the most desirable destinations are still up for grabs. Fortune Magazine recently included San Diego, Miami, and Washington, DC, for example, in its list of cities offering the best discounts for 2009. Vacation homes in Marco Island, FL had fallen about 27 percent by the end of 2008 compared to the previous year, and during the same timeframe Napa, CA vacation homes became more than 20 percent cheaper. Other places where holiday bargains can be found this summer include Mystic, CT; Point Pleasant Beach, NJ; and Sunriver, OR.

Traditionally high-priced Palm Beach, FL real estate is also significantly undervalued, having pulled back drastically from peak levels when the artificial speculation-fueled real estate bubble pushed prices far above realistic valuations. According to one investment consulting group, houses in Palm Beach were overpriced by more than 40 percent in 2006, whereas they are currently undervalued by about 30 percent. Meanwhile in nearby Delray Beach some beachfront condos are selling for as little as $100,000. Just a few years ago it was virtually impossible to touch those kinds of Florida ocean view properties for less than a quarter of a million dollars, so some shoppers see the opportunity as a rare summertime “two for the price of one” sale.

Brokers also report that prices per square foot in many condo developments in ultra-popular South Beach – which is globally celebrated as the “American Riviera” – are down 20-25 percent compared to last year. They point out that while “SoBe” was the last section of Miami’s large real estate grid to succumb to lower prices, those “last to go” neighborhoods are historically the first to bounce back and regain lost value. One outstanding example of recent real estate rarities is a downright aristocratic South Beach penthouse that sold for about $7 million after originally going on the market for close to $20 million. The spectacular home occupies in excess of 7,000 square feet and has its own rooftop swimming pool and more than seven bathrooms. That may make it a rather sensational exception to the norm, but a $13 million discount certainly does helps to exemplify and underscore the vacation home price reduction phenomenon.

Owning a vacation home means no more hassles with reservations and no need to pay premium prices to get away during peak holiday weekends. Those who rent out their vacation getaways can also deduct part of their travel expenses when they visit those homes, because checking on properties for the purpose of oversight and upkeep is a legitimate part of the business of being a landlord or investor. Pick prime weekends to combine business with pleasure, and then rent out the condo to others to cover the mortgage expenses. Realtors can handle all landlord tasks for a nominal fee, which makes it easy to manage vacation properties even if they are far from home. So for anyone who wants to enjoy the convenience and savings of owning a holiday home, the current vacation season has plenty to offer.

To find expert real estate help with buying vacation or investment property, visit www.GayRealEstate.com or toll free at 1-888-420-MOVE (6683). The professionals in this exclusive network specialize in serving the GLBT community worldwide.

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June 09, 2009 in 'Ask a Realtor' | Permalink | Comments (0) | TrackBack (0)

May 25, 2009

Real Estate News Flash: Gay Marriage Rights Gain Momentum

By Jeff Adolph

'Ask a Realtor'

The Office of the General Counsel of the U.S. General Accounting Office lists more than 1,100 itemized benefits the United States government provides to legally married couples. Those include tax breaks on real estate and mortgage transactions and the automatic inheritance of a home in the event of the death of a spouse. The surviving partner in a same-sex union or marriage, for example, may be required to pay estate taxes that amount to as much as 50 percent of the value of their shared property. Legally married couples, by contrast, automatically inherit each other’s property with absolutely zero tax consequences. A gay couple can buy a house together and live in it for decades, for instance, while sharing the mortgage and taxes. But if one partner dies the other can lose their life partner, their savings, and their house – all at the same time – with devastating emotional and financial repercussions.

But the encouraging news is that as the busiest season got underway for residential real estate, lawmakers also got busy conferring GLBT rights in jurisdictions across the nation.

The typically progressive state of California, which briefly sanctioned gay marriage last year, has since backed away from that groundbreaking legislative ruling. But same-sex marriage legislation recently passed in both Iowa and Maine. They join Connecticut, which already legalized same-sex marriages. The Massachusetts high court has already ordered the state to recognize gay marriages, and in Vermont gay marriage legislation passed despite a veto threat from the governor. In Rhode Island, a bill to legalize same-sex marriage has been introduced but is not expected to pass this year.

Governor Patterson of New York has ordered the executive departments of his state to fully recognize same sex marriages from other jurisdictions, and the Washington D.C. Council voted 12-1 to do likewise. But because D.C. is a federal jurisdiction the measure goes to Congress for a 30-day review. House Speaker Nancy Pelosi favors passage of the bill but most political observers expect a fight from conservatives on Capitol Hill.

Meanwhile nearly 700 same-sex unions have been registered in New Hampshire since they became legal there at the beginning of last year, and the state is close to recognizing gay marriage. The New Hampshire state legislature passed a controversial marriage bill in that state in recent weeks, but Governor John Lynch refused to sign it and threatened a veto unless the bill was changed to provide clarified language regarding the role of churches.

"If the legislature passes this language, I will sign the same-sex marriage bill into law," Lynch said. "If the legislature doesn't pass these provisions, I will veto it." Lynch noted that Vermont and Connecticut legalized gay marriage but also put in place stronger measures to protect religious institutions.

The bill has been sent back to lawmakers for revision, but it is likely that once the additional language is added New Hampshire will join the ranks of other pioneering states that have legalized gay marriage. A similar bill was also introduced in Rhode Island but is not expected to come up for a vote until next year.

In Hawaii supporters of a civil union bill succeeded in early May in bringing it to the floor of the Senate for a vote, but within minutes the bill was tabled until next year by a special amendment. So GLBT couples in Hawaii will have to continue their wait for next year’s legislative session. The somewhat limited bill, if passed, will grant gay and lesbian couples all the legal benefits of marriage – without the right to legal marriage. New Jersey already follows a similar law, giving identical rights to gay unions that it confers upon married couples – but without actually legalizing same-sex marriages.

Elsewhere, Utah Attorney General Mark Shurtleff is in a public debate with the state’s governor, Jon Huntsman, regarding the constitutionality of same-sex marriages and civil unions. Governor Huntsman, who enjoys high approval ratings in Utah, has already announced his support for same-sex civil unions and a package of basic GLBT rights proposals.

While state initiatives like these are certainly encouraging to supporters of GLBT rights, they nonetheless have a less significant impact in terms of equal rights for GLBT couples. That’s because the federal government still abides by the so-called Defense of Marriage Act. Passed by Congress back in 1996, the Act prohibits the United States government from recognizing same-sex marriages, and that effectively denies GLBT couples any federal benefits. Those kinds of national government benefits cover everything from Social Security payments and IRS taxation to rules that determine whether or not the same-sex spouse of someone in the United State military can shop at a government department store located on a military base.

Until same-sex marriages have the full support of the United States government, systematic GLBT discrimination continues. But it does appear that a domino effect in favor of same-sex marriages is gaining unstoppable momentum in 2009.

To find real estate and mortgage professionals dedicated to support of the GLBT community, visit www.GayMortgageLoans.com and www.GayRealEstate.com, or call toll free 1-888-420-MOVE (6683).

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May 25, 2009 in 'Ask a Realtor' | Permalink | Comments (0) | TrackBack (0)

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September 14, 2009

New Online Resource Helps Find the Best LGBT Neighborhoods

August 25, 2009

Great Homes and Jobs in LGBT Communities

August 24, 2009

Locate a LGBT Pro to Beat $8K Tax Perk Deadline

August 06, 2009

Meet the $8K Home Buyer Deadline with Help from LGBT Pros

July 20, 2009

2009 Home Buyer Tips for Finding Quality LGBT Neighborhoods

July 15, 2009

Tips for GLBT Real Estate Buyers: Location is everything, so first find out where to find “out” enclaves.

June 25, 2009

The Top 5 Gay Getaways for 2009 Vacation Home Buyers

June 22, 2009

Is Now the Time to Refinance?

June 09, 2009

Summer 2009: The surf’s up, but not vacation home prices.

May 25, 2009

Real Estate News Flash: Gay Marriage Rights Gain Momentum

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