Category: General

Is There Any Escape From Them?

If you bought a home before the recent surge in real estate prices, you likely saw your home equity go up quite a bit. And you’ve likely been the recipient of “Sell your house to us” solicitations, and maybe even tempted to sell at these fabulous property values.

Meanwhile, many people are wondering why they have been left out. With the cost of homes so high, many working people feel that homeownership may just never happen.

And those who do own, and want to put their homes on the market, might well have second thoughts. Without remarkable wealth, who could buy back into this market? The idea of just renting somewhere “until the market cools” is looking like a fantasy.

Continue reading “OMG These Unbearable Housing Costs”

Anticipate and Outsmart Hackers

During Thanksgiving week 2021, a buyer wired the requested $78,430 to close on a home in Millinocket, Maine. It was a case of real estate wire transfer fraud. Bank of America told its customer, the hopeful home buyer, that it would return $9,000 of the diverted funds. The rest of the money could not be recovered.

Another hopeful home buyer — this one in in Sioux Falls, South Dakota — responded to a fake title company’s email and wound up losing a $47,000 down payment. In January 2022, the Sioux Falls Police sent out a warning alert about the scam.

And in Colorado, a hopeful buyer wired $80,000 — also on the instructions of a fake title company. In this case, the funds were recovered.

These are just three recent cases among many. Buyers can avert these catastrophes. Read on to know the precautions to take.

Continue reading “Buying A Home? Read This Well Before Closing.”

Some big banks and major corporations are asking their employees to come back to their offices. But many of these employees will only work in office buildings for part of the week.

Remote work is changing how people get things done. We now know this is a long-term dynamic, transforming even the most traditional workforces. And this raises questions about how cities and towns can move from the past to the future.

This year and beyond, some downtown office spaces will be repurposed to meet other needs. Housing is one of those needs.

Continue reading “Remote Work Is Freeing Up Office Space. Can Old Office Buildings Become Housing?”

As the Supply Chain Saga Continues…

We’re a few weeks into 2022 now. Building materials are still backed up in supply chains. For many home developers, building projects have lagged.

Pauses in processing, followed by delayed production schedules, were among the immediate effects of the pandemic. In 2021, the vast majority of building companies struggled with supply delays. Even though analysts have predicted that the clogs will start to clear in mid-2022, the demand has been building up for a long time.

It’s a hurry-up-and-wait situation for construction firms. Out-of-stock selections can mean having buyers move in before houses are finished. A widely noted piece on new owners having to move into unfinished homes appeared in The Wall Street Journal in January 2022.

Continue reading “Buyers Are Moving Into Unfinished Homes”

Homes are pricey out there, no question. But rentals are pricier still. Recent research shows that buying a median-priced home is often more affordable than renting a comparable home. These findings apply to most markets across the country.

Continue reading “Owning a Home Today Is More Affordable Than Paying Rent”

Know Your Condo Insurance

Condo insurance is a necessity. As a condo buyer, you’ll get a condo insurance policy, and the payments will likely be pulled from the escrow account established for your mortgage account. This way, the value of the real estate (and your lender’s stake in it) asset is covered against damage. Your homeowners’ association (HOA) may require a copy of each unit owner’s insurance to keep on file in the condo office as well.

It’s easy enough to get a standard HO-6 (condo) policy from any major company. Still, it’s good to know what you’re actually getting, and what else is available. Here are some points to consider.

Continue reading “The Master Policy Versus Individual Homeowner’s Coverage”

Amid unexpected challenges, technology has found ways to help us get things done. Some tech advancements, barely imaginable a few years ago, are making themselves indispensable. And while pre-pandemic homebuying was filled with in-person meetings and tours, apps and gadgets are folding much of the process into digital experiences.

For professionals in the field, repetitive tasks are now automated. Even a property appraisal can be carried out virtually. Everything is about to become more integrated. Online home touring is meshing into home shopping. This adaptation process has brought real estate into a new era.

Let’s take a virtual tour of this landscape in 2022.

Continue reading “Today’s Game-Changing Real Estate Tech”

Five Trends and Themes to Watch in 2022

Rental demand is high. It’s expected to keep rising in 2022. If you’re thinking of investing in real estate now, you’re coming in at a propitious time — yet you’ll have a lot on your radar.

Here are five big topics for investor-owners now.

Continue reading “Investing in Real Estate?”

Planning for the Unthinkable

Kindness is magic, it’s said. And one of the most important examples of kindness is demonstrated by the person who backs someone else’s mortgage with no expectation of personal benefit. No one wants to imagine the death of a hero. But it’s important to look ahead and prepare for the most serious difficulties when major financial decisions are made.

Continue reading “When a Co-Signer on the Mortgage Dies”

Avoid Common Real Estate Document Mistakes

Creating a legal document? Congratulations! And don’t hurry. Attention to punctuation, grammar, and formatting can make a serious difference, both in asset ownership and in estate planning. Checking a legal instrument carefully is essential.

Continue reading “Can a Deed’s Punctuation Change How Your Home Is Owned?”