Queercents

This past year has been historically dismal for the real estate industry, but within the rough patch there are some rare investment gems. The sagging sector has driven home prices downward and has been fueled by tight credit and an unprecedented volume of foreclosures in all categories of property. But that also means that shopping for a home in places where they have been typically overpriced and the inventories are usually skimpy has suddenly become much more satisfying and profitable. The flip side of all the bad news, in other words, is that some of the most desirable and popular vacation and retirement destinations in the USA are now temporarily available at fire sale prices.

Some prefer a hideaway in the mountains while others want to vacation with their toes in the sand of a tropical beach. Corporate buyers may be looking for a golf course community condo to use for business retreats, while individuals may like an urban loft or studio to use during weekends on the town in the big city. Whatever the preferences may be - and whether the property will serve as a business retreat condo with a convenient tax deduction or a permanent primary residence for an active Baby Boomer retirement - listings are everywhere in all price ranges. The inventory choices are ample and the menu of architectural styles and amenities is vast because of the prolonged real estate recession. Read the rest of this entry »

To buy while others are selling has long been celebrated as a savvy way to shop. But these days it is also possible to buy without hardly any competition from other bargain hunters, which makes it even easier to make a wise and lucrative investment.

The way to do it is to purchase a condo during the current “off season.” We are already middle of one of the most lopsided buyer’s markets in decades, and those who shop during the traditionally slow winter months this year can amplify their chances of getting a great deal on a condo.

Here are a few tips for purchasing a condominium this winter, while others are hunkered down waiting for springtime to come.

Line Up the Mortgage Financing Early
Especially these days financing is critical, so speak to a mortgage lender ahead of time and get a letter stating that you have been pre-qualified or pre-approved for a loan. Sellers are eager to find able buyers, and will often make valuable concessions or throw in perks for those who demonstrate that they have funds and can close a deal without any delays or disappointments related to banks and mortgage companies. Read the rest of this entry »

Reverse mortgages - which are a specialized type of home equity loan available to Americans age 62 or older - offer the homeowner a chance to get paid by the mortgage company, instead of the other way around.

A reverse mortgage is a great tool for those who have paid off a home or have a large amount of accumulated equity, because it affords an opportunity to tap into that cash value without having to sell the home or move elsewhere. And thanks to recent changes in the rules and regulations regarding reverse mortgages, they are safer and more affordable than ever before, making them extremely popular with the huge demographic of retiring “Baby Boomers.”

Meanwhile younger Americans - or those on the cusp of the boomer generation - may have parents or grandparents who are senior citizens. As they help those relatives figure out how to plan for their financial futures many will turn to the reverse mortgage as a convenient solution.

Here’s an overview of how the reverse mortgage works: Read the rest of this entry »

For two years the political election campaign dragged on - often through slug mud - as the real estate market simultaneously continued its record-breaking fall. But with the pivotal elections behind us the nation’s housing and mortgage situation may be primed for improvement.

One plan that Obama talked about during his campaign was a proposal to place a moratorium on foreclosures. While this may only offer temporary relief, it is certainly a welcome reprieve to those homeowners who face imminent loss of their homes, and it will also help to shore up home prices across the board. The foreclosure freeze is not a new idea, and a 90-day freeze on foreclosures was recently called for by California Governor Arnold Schwarzenegger - a Republican - who insists that lenders who participate in the freeze will be rewarded and that homeowners will see direct benefits.

But perhaps a more sustainable approach - and one that helps both homeowners and lenders - is to rework the fundamental terms and rates of mortgages through various loan modification strategies. Under the new White House administration there will likely be some powerful moves in this direction. Read the rest of this entry »