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May 2013

Found 23 blog entries for May 2013. - In a dramatic about-face for the housing market, sellers are now calling the shots.

A survey of more than 2,000 Americans found that 33% of the 365 who were searching for a home have been on the hunt for more than a year and many were willing to make compromises on where they live or the type of home they would buy in order to close the deal, Century 21 Real Estate reported Wednesday.

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When it comes to buying a new home, one of the biggest expenses people worry about is replacing the roof. A new roof is often worth a lot to potential buyers, because it puts their minds at ease about looming future problems.

If you are about to sell, should you replace the roof? That depends on the situation, so the first step is to get a home inspection. The inspector can examine the roof and let you know what may be needed so that you can make an informed choice. Having your own inspection also prepares you for what the buyer’s inspector may recommend.

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797 Views, 0 Comments - U.S. single-family home prices rose in March, racking up their best annual gain in nearly seven years in a further sign that the strengthening housing recovery is providing a source of support for the economy, a closely watched survey showed on Tuesday.

The S&P/Case Shiller composite index of 20 metropolitan areas gained 1.1 percent in March on a seasonally adjusted basis, topping economists' forecasts for a 1 percent rise.

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647 Views, 0 Comments - Home prices in March posted their highest annual gains since 2006.

The S&P/Case-Shiller 20-City Composite index was up 10.9  percent in March from a year ago with all cities tracked by the index registering gains. Month over month, prices increased 1.4 percent.

Phoenix showed the largest annual increase at 22.5 percent followed by San Francisco with 22.2 percent and Las Vegas with 20.6 percent.

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686 Views, 0 Comments - Coping tips for handling the unexpected while selling a home

The Virginia house is sold—next week I head to Florida to make what had been our vacation residence into a primary home.

I was sideswiped by one happy surprise—our house sold in three days—and two awful ones—the sudden, serious illnesses of both my son and my husband.

Don't expect to engage a top estate sale agent.  Don't use online auction sites.  Don't overprice what you own.  Talk to your friends.  Involve your agent.  Re-prioritize.  

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691 Views, 0 Comments - Mortgage rates finally paused their relentless push higher today, holding at unchanged levels compared to yesterday's latest rate sheets on average.  Some lenders were slightly better or worse, but none of them by a wide margin.  Data and events were limited and markets were in holiday mode.  The most relevant market to mortgage rates, MBS, had a volatile day, but the volatility didn't transfer to rate sheets as much as it normally does, likely due to the shortened trading day and 3-day weekend ahead prompting lenders to price more conservatively yesterday.  This would go a long way toward accounting for our observation yesterday that  rate sheets were worse in the morning despite trading levels not being appreciably weaker.


530 Views, 0 Comments - U.S. home resales rose in April to the highest level in nearly 3-1/2 years as surging prices lured sellers back into market, which should support the housing sector and the overall economic recovery.

The National Association of Realtors said on Wednesday existing home sales advanced 0.6 percent to an annual rate of 4.97 million units, the highest level since November 2009.

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713 Views, 0 Comments - Home sales continued to climb in April, according to the latest reading on the housing recovery from an industry trade group.

The National Association of Realtors reported home sales edged up 0.6% to an annual pace of just under 5 million homes. Compared to a year ago, the pace of sales was up nearly 10%.

The pace of sales would have exceeded that level were it not for tight credit and insufficient houses for sale to meet rising demand, the group said.

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Moving can be a costly ordeal. Fortunately, the Internal Revenue Service allows you to deduct certain expenses from your taxes, so long as certain criteria are met.

1) Do You Qualify? you can only deduct if the move is job related.  2) 39 Weeks: you must be employed full time for 39 weeks.  3) 50 Miles Rule: your commute must be 50 miles longer to qualify.  4) Employer Assistance: you can only write off what your employer isn't paying. 5) Self Employment:  you can still qualify if you are self-employed, but you must meet all the requirements.  6) Married Couples:  only one of you have to meet the criteria.  7) Deductible Moving Expenses.

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748 Views, 0 Comments - Consider this one more sign that the housing market is heating up: Appraisers are putting higher values on homes again, allowing for more deals to go through.

During the housing bust, sales were often derailed by low-ball appraisals that fell far shy of a home's selling price.

For example, if a home cost $500,000 and required a 20% down payment of $100,000, the buyer would need to finance $400,000. But if the appraiser valued the home at $450,000, the buyer would only be eligible for a $360,000 loan -- making the home too costly for some buyers.

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