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Real Estate Local FAQs.
There are many frequently asked questions and any local real estate area. In our area here at the local Delaware Beaches, the most frequently asked questions are how to get a good deal and if there are any fixer-uppers available. We are constantly asked if there any good deals available. The ironic part of this is the person who asked that would not have enough data or awareness or knowledge or information to know if a property is a good deal or not. In our area fixer-uppers are seldom good deal. Frequently the land value of real estate here is 75 to 100% of the price of the property. We have a cute little cottage for sale now in the second block from the ocean for $1 million, and the land is worth $1 million. Ten miles west of the beach we have a home for sale a large lot for $180,000. The lot is worth $200,000. However, the house needs to be torn down, so we have reduced the price of a lot by the amount you will take to remove the house. Is either one of these homes, a good deal? No! In each case, the land is a good deal. In the first case, the home is worth zero and in the second case, the home is a liability. Another question, I am asked us if we are buying at the top of the market now. I have been asked that question for 35 years, and I have heard it asked for 30 years before that. When I first heard the question, beach lots were selling for $25 that are now going for $1 million or more. Every year, there have been people who think the market has topped out, and they will wait and get a better purchase price. My answer to the question of whether the market will go down or not is that it will not go down. And if you want a good deal the best deal is to buy now before the price goes up, because it will continue to go up, as it has in the past. Jody Hudson has been a realtor in America and Delaware for 35 years.
MORE RESOURCES: REALTORS® Recognized for Increasing Affordable Housing The city of Asheville, N.C., has been named an Ambassador City by the National Association of Realtors® and the U.S. Conference of Mayors for expanding affordable housing. NAR, Mayors Name Bowling Green, KY., An Ambassador City The National Association of Realtors® and the U.S. Conference of Mayors have named Bowling Green, Ky., an Ambassador City for its homeownership education and foreclosure counseling initiatives. REALTORS® and Habitat Bring a Local Family Home Martina Dunston of Orlando, Fla., will soon have a place of her own to call home thanks to the National Association of Realtors®. On Saturday, Realtors® raised the walls of Dunston's new Habitat for Humanity home. NAR, Mayors Recognize Alexandria, Va., for Housing Initiatives The city of Alexandria, Va., has been named an Ambassador City by the National Association of Realtors® and the U.S. Conference of Mayors for its affordable housing and foreclosure prevention initiatives. Alexandria is receiving the designation because of the ongoing partnership between the city and the Northern Virginia Association of Realtors®. Existing-Home Sales Down In June After gaining in May, existing-home sales declined in June with many potential buyers on the sidelines, according to the National Association of Realtors®. NAR Statement on CHOICE ACT The following is a statement by National Association of Realtors® Treasurer Jim Helsel: REALTORS® Hail Housing Bill Today's passage of The Housing and Economic Recovery Act of 2008 by the House of Representatives will help bring stability to the housing market and stem the rising rate of foreclosures, according to the National Association of Realtors®. NAR Statement on Soundness and Importance of Fannie Mae And Freddie Mac The following is a statement by National Association of Realtors® President Richard F. Gaylord: REALTORS® Pledge Support to Finalize Housing Stimulus Bill The U.S. Senate has passed a bipartisan housing stimulus bill that "is a big step toward helping people buy and keep their homes," said National Association of Realtors® President Dick Gaylord. The Senate action moves a housing stimulus package closer to law, which would help bring stability to the housing market and stop the rising rate of foreclosures. Home Sales to Vary in Narrow Range, Then Rise in Second Half Modest near-term movement is expected in existing-home sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®. May Existing-Home Sales Show Modest Gain Sales of existing-home sales increased in May with buyers responding to lower home prices, according to the National Association of Realtors®. NAR Grants Help Increase Local Housing Opportunities The National Association of Realtors® has awarded $39,500 to 13 local and state Realtor® associations through the Housing Opportunity Fund grants program. The grants help support the housing opportunity efforts of local and state Realtor® associations. Ready! Set! Grow! NAR Supports Sustainable Schoolyards In recognition of the importance of environmental issues in our global community, the National Association of Realtors® is a sponsor of the Sustainable Schoolyard display at the U.S. Botanic Garden's 'One Planet - Ours' exhibit, in collaboration with members of the Smart Growth Network. This outdoor learning environment demonstrates how schoolyards can be used for education as well as recreation. REALTORS® Enlist Nation's Mayors in Fight Against Foreclosure The National Association of Realtors® today joined officials from the Federal Housing Administration, Mortgage Bankers Association and NeighborWorks® America to address the foreclosure crisis and its impact on American cities. Commercial Real Estate Easing in Economic Slowdown Commercial real estate vacancies are trending up modestly, while investment has dropped sharply in the wake of the credit crunch, according to preliminary information for the latest COMMERCIAL REAL ESTATE OUTLOOK* of the National Association of Realtors®. REALTORS® Challenge HUD's Complicated and Costly RESPA Reform The National Association of Realtors® has asked the U.S. Department of Housing and Urban Development to amend its proposed changes to the Real Estate Settlement Procedures Act. In a comment letter, NAR expressed concern and dissatisfaction with HUD's proposed reforms and asked the agency to simplify the procedure and improve the disclosure requirements for mortgage settlement costs. REALTORS® Join Congress in Urging Reform of U.S. Health Care System The National Association of Realtors® joined a bipartisan group of members of Congress today as the U.S. House of Representatives introduced legislation designed to make insurance more available and affordable for the 47 million employees of the nation¿s 5.8 million small businesses and more than 14 million self-employed individuals. In announcing its support for the Small Business Health Options Program (SHOP), NAR reiterated the importance of reforming the U.S. health care market for small businesses and independent contractors. Home Sales May Rise Modestly Before Broader Upturn in Second Half Of 2008 A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors. REALTORS® Expand Housing Opportunities During National Homeownership Month And Beyond The National Association of Realtors® is renewing its commitment to help the nation increase minority homeownership in America, and is dedicated to advancing that aim through National Homeownership Month in June. NAR said its commitment is stronger than ever during today's challenging real estate market. REALTORS® Say Home Buyer Tax Credit Will Aid Housing Recovery The National Association of Realtors® testified today that a temporary tax credit would be the best incentive to move hesitant home buyers into the market. NAR based its support on the success of a 1975 temporary tax credit designed to "clear an over-supply of newly constructed homes during an economic downturn." |
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