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Part 1: FAQ's From Media Interviews With Real Estate Author
Do you feel there is going to be a real estate bubble?
Nash: No. Are some coastal and resort markets over-heated, yes. I don't feel that markets will collapse. But investors and property owners should be ready for longer market times, diminishing over-full-price and multiple offers in over-heated markets. Prices could plateau and appreciation levels will hover at more historical levels. If you live out-of-town from where you purchased property on appreciation speculation, I would keep in very close contact with a un-biased professional in the market, daily.
Have real estate appraisers contributed to the rapid increase in home prices?
Nash: Not necessarily. You have to understand their role in a real estate transaction. They are hired by the mortgage lender to appraise the property. The homebuyer pays for the appraisers services. The lender is in business to lend money and the real estate brokerages want to close the transaction and receive their fees. In most markets there are solid closed comparable properties that justify underwriting the loan. In rapidly appreciating markets, where there are no closed comparables to support the new value, all the participants in the transaction should be aware that there is risk involved in the new value assigned to a property in a real estate contract.
What should homeowners and investors do to protect themselves from a potential bubble?
Nash: Look for incentives by builders on completed new construction buildings or homes; this indicates an over-supply of new units. Research days on market or the length of time of property has been on market. If the typical time recently has been 30 days for sold properties and current market times for the majority of sold properties are 60 or more days, the market is softening. Home prices and mortgage rates effect each other, as interest rates drop, the more buyers can afford to pay for a home, but as rates rise buyers can afford less of a purchase price. Watch interest rates as an indictor of deflating prices.
What is your position on interest only loans?
Nash: Consumers need to look at the long-range implications of interest-only loans. They should keep in mind that if their home value declines, they still owe the loan amount, which could be higher than their homes market value when they sell. If appreciation remains low, in the two to five percent range and the cost to use a full-service real estate company to sell their home is five to seven percent, their appreciation will actually go to pay selling and marketing costs, ouch!
What do you think about two new books:" Irrational Exuberance" and "Freakonomics" that touch on residential real estate?
Nash: Both make solid contributions for real estate consumers and investors in today's environment. Everyone is looking for information to make real estate decisions. While there are many inflammatory headlines, I've found the majority of the accompanying dialogue; offer good market and real estate practices advice.
The term Realtor® is generic to most consumers but are all real estate agents Realtors®?
Nash: No and the National Association of Realtors® (NAR) is diligent on protecting it's status as an registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics. NAR has approximately 1.1 million members, while industry sources state there are about an additional 1.4 million real estate agents not members of NAR.
What housing style will be hot in five years?
Nash: The ranch. As the boomers age they'll go from the two-story "I've arrived" colonial to the "I've retired" ranch. Five years ago ranch homes were not that popular and languished on the market in some areas. This last year several clients looking towards retirement and downsizing have asked to see only ranch homes.
Why did you write your fourth real estate book "1001 Tips for Buying and Selling a Home"?
Nash: I wanted to focus on informing the consumer to understand the questions to ask the other participants in their next real estate transaction. I ask questions like, "What is dual agency?" and "Are you being served if your agent is a dual agent?" I explain the back end of the real estate business, which is important if you as the consumer want to manage the front end of it, i.e. your transaction.
Why is 1001 Tips different from other "how-to" real estate books?
Nash: Early on my publisher wanted the book real simple. Its style is numbered tips with an explanation in bullet-points. Editorially light, but not real estate light. The reader can pick it up and put it down and grasp each tip without having to read four additional paragraphs. Plus I've been through many transactions as a real estate broker and understand what the buyer or seller needs to know in their transaction before they walk out of closing or escrow. With home prices today, consumers should demand to know.
Is location, location, location a cliché in real estate today?
Nash: Location, price, risk.
Mark Nash author of 1001 Tips for Buying and Selling a Home has shared his real estate insight with CBS The Early Show, Bloomberg TV, Dow Jones MarketWatch, Universal Press Syndicate. 1001 Tips is Mr. Nash's fourth real estate book. His tips for consumers are drawn from real world experience as a broker in Chicago.
Investing In Real Estate Investors
With the never-ending changes in our Real Estate Markets real estate professionals are starting to pay attention to the sound of new commission streams of income. Some realtors have either shied away or ran-away from such terms as "Cap Rate," & "Cash-on-Cash Returns.
Hiring A Contractor - 10 Mistakes To Avoid
A very smart attorney I know paid $7,000 for a roof repair, only to have the roof leak the next time it rained. The contractor stalled, made excuses, but never did a thing about it.
How to Buy Fixers for Profit
Do you dream of becoming a multi-millionaire real estate investor? Here's how to get started: find a bargain "fixer-upper" owned by a worried seller. The hardest house for a homeowner to sell is a "doghouse," "dump," or "fixer-upper.
Howard Stern is Hot in Real Estate
Howard Stern has over 20 property related files in Queens, 27 in Brooklyn and 1 in Manhattan. The files include mortgages, releases or satisfaction pieces, liens and powers of attorney.
Buying Your First Investment Property
"Begin With The End In Mind"I first heard the phrase "Begin with the end in mind" in a Steven Covey book called "The 7 Habits of Highly Effective People". This expression makes a lot of sense because the fact is, you can't get where you're going, unless you know where you want to go.
Do You Have the Correct Home Buyer Mindset to be Buying a Home?
By learning what you need to know and preparing how to purchase a home ahead of time, you will be less likely to become so enamored with a particular property that you fall into the traps and the pitfalls that are so often the result of IDM, or Irrational Decision Making.Do not allow your emotions to come before sound and rational reasoning when making the decision to purchase a home.
Finance Your Real Estate Investment Properties
Unlike traditional residential real estate mortgages, real estate investment financing is way more creative and offers more options than you think. The golden rule in real estate investment is OPM (Other People's Money).
Real Estate Investing - FSBOs vs. Agent Listings?
Many would-be real estate investing professionals face discouragement because of the assumption that acquisitions require deep-pockets. Some even believe the myth that nothing-down purchases are impossible.
Real Estate Wealth Protection Through Short Sales
Is a sharp correction in store for the real estate market?Fannie Mae, the largest buyer of mortgages in the US, is worried. They recently warned that the probability of a housing bust has risen sharply in certain parts of the country.
Real Estate Investing: America Rents
Most people in America rent a personal dwelling!Just think how many families rent a house or an apartment, a duplex or a condo.Yet, nobody prefers renting.
Buying Foreclosures - Knowing Why Helps You Buy
One big potential deal-killer in buying foreclosures is the homeowner. If the homeowner does not trust you, buying their home (even at a foreclosure auction) can become a greater challenge.
Cant Rent a Work Zone
So you've picked up your first (or third, or tenth) income property, and it's a real fixer-upper. You've got a great team of contractors, and you know what they need to do and how much time and money it's going to cost to make it happen.
Choosing a Reputable Real Estate Appraiser
When you are considering purchasing a property; either for investment or personal use you will need to hire a real estate appraiser. If you are financing the purchase through your credit union or another financial institution will most likely be required to hire a real estate appraiser to perform an appraisal on the property.
5 Steps To Choose the Best Cincinnati Realtor
Excluding some professional real estate agents buying a house is a lifetime decision for most people. Whenever a person is decided about purchasing a house he is ready to invest a hefty amount of his lifetime savings for acquiring the house.
Successful Real Estate Investing
One of the best roads to wealth in America has always been the acclimation and development of good, solid, income-producing real estate. Real estate ownership is one of the best ways to achieve financial independence for the average person.
Dont Get Stuck Having To Deal With The Sellers Household Hazardous Wastes - After You Move In!
I have a confession to make!I was just outside with Frankie (my dog) and noticed I still had an old car battery sitting by the foundation, at the rear of my house.Yes, I'll admit it's not right, and quite environmentally insensitive for me to have it there.
How to Sell Your House For Full Price
Many people believe that a real estate broker is needed to sell their house. So they post it with a broker who may or may not sell it and if they do charge exorbitant fees.
Saving for a Home
So you want to buy a home? This is a big step for anyone, and there are many factors to consider, not the least of these is how to get the money for a home. Sure there are loans available for home purchase, but you must have cash on hand to cover expenses such as fees and closing costs that might not be able to be covered by a loan.
Mancos Real Estate
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Real Estate Investing In Belize
Any trip to Belize starts fantasies of owning a beach villa, or a jungle resort. There are a lot of North Americans in this English speaking, former English colony.
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