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In attempting to identify bubbles before they burst, economists have developed a number of financial ratios and economic indicators that can be used to evaluate whether homes in a given area are fairly valued. By comparing current levels to previous levels that have proven unsustainable in the past (i.e. led to or at least accompanied crashes), one can make an educated guess as to whether a given real...
Sometimes one of the selling points a seller gives me about their home is "the neighbours are great." It's something that many of us take for granted and don't pay attention to when we buy a home. It most definitely can blight the enjoyment of your home when you realize that you are in the wrong neighbourhood or living next door to a disruptive or nosey neighbour. There is not much you can do about it once...
Don’t be afraid of multiple offers. You still have some control. There are a few things that can happen if you get into competition. The seller can accept your offer and you will have bought a house. Or the seller can accept someone else’s offer and you need to keep looking. Or the seller can work with your offer, and sign it back to you with a counter-offer that you can accept or decline, and...
Ask price, also called offer price, offer, asking price, or simply ask, is the price a seller states she or he will accept for a good. The seller may qualify the stated asking price as firm or negotiable. Firm means the seller is saying he or she will not change the price. Negotiable means the seller is inviting the potential buyer to attempt to convince the seller to lower the price. In bid and ask, the...
Balloon payment mortgage is a mortgage which does not fully amortize over the term of the note, thus leaving a balance due at maturity. The final payment is called a balloon payment because of its large size. Balloon payment mortgages are more common in commercial real estate than in residential real estate. A balloon payment mortgage may have a fixed or a floating interest rate. The most common way of...
It’s not hard to find a 50-something asking the question, “Am I too old to buy a home?” The answer is, absolutely not. A couple of decades ago, the assumption was that everybody retired around age 60 or 65, but today, three out of four Americans plan to work past retirement age. In other words, at 50, you probably still have many working years left, and that means income to put towards a home. That...
First of all, have your credit checked. Homebuyers to have their credit checked six months before buying a place to make sure their FICO score is where it needs to be. Know what you can afford. Realtors insist that prospective homebuyers “contact a lender and be pre-approved so they know the price of the house they can afford and won’t be disappointed that they can’t go into the price range they were...
Although you may feel ready to get out on your own, make sure your finances are in order before you take the leap. Take a look at some rental listings in the areas in which you are interested in living and get an idea of how much you'll have to pay to live there. If you are already making payments on a car, credit card or student loan, be sure to include these amounts in your expenses list. Gas for your...
There are a many benefits to owning your own condo - chief among them the fact that you actually own your own condo! However, along with the benefits, there can be unforeseen hassles. For example, a condo can be more than a financial commitment; it's a social commitment as well. In this article we'll examine these considerations to make sure that your new condo life is a great one. If you are thinking...