Highlights
Buying a house, condo or other real estate the largest and most complex purchase most Americans will ever make -- remains a huge part of the economy. In 2007, a dismal time for the business, about 6.3 million housing transactions occurred in the United States, according to the Realtor's trade group. But the market has taken a serious body blow in recent years. The National Association of Realtors predicted the sales of existing homes in 2007 would be 10.8 percent below 2006. Sales of new homes were expected to be at the lowest level in a decade. The Internet has made it much easier for a layperson to locate properties that fit their needs and budget. As a result, while about 90 percent of tr...
Buying a house, condo or other real estate the largest and most complex purchase most Americans will ever make -- remains a huge part of the economy. In 2007, a dismal time for the business, about 6.3 million housing transactions occurred in the United States, according to the Realtor's trade group. But the market has taken a serious body blow in recent years. The National Association of Realtors predicted the sales of existing homes in 2007 would be 10.8 percent below 2006. Sales of new homes were expected to be at the lowest level in a decade. The Internet has made it much easier for a layperson to locate properties that fit their needs and budget. As a result, while about 90 percent of transactions involve a real estate agent, the rest were simply buyers and sellers hooking up independently. By-owner sales are popular among many people, in part because it saves on commissions. But even more buyers favor using a real estate agent who has the expertise and time to negotiate the complex processes. It may be obvious that no purchase in your life will ever be as crucial, but the good news is that it does not have to be as intimidating as you think. The single best piece of advice is not to let the big numbers and the jargon unnerve you. Simple, easy-to-understand step-by-step advice and instructions are available in literally hundreds of books in the library, on-line articles and websites (enter the words "real estate tips" and "selling" or "buying" in any search engine). Most give the exact same information although each may have a bit of a bias such as favoring by-owner or using a Realtor. Other significant advice: have patience; this can often be a long process and time usually is on your side. Trust your instincts; if a deal seems too good to be true, there's often a reason. Believe in options; just like buying a used car, there is always another house out there. Buying a home is essentially a lengthy parade of complex decisions, starting with whether this is the right time to be making a transaction. But the websites and books lay out the specific criteria you can use to make an informed judgment call rather than just making a blind guess. For buyers, the process includes finding out precisely how much you can spend on a house without destroying your standard of living; locating financing; identifying a large array of potential homes so you are not focused on one choice; visiting, inspecting and evaluating properties; negotiating a deal, and closing the deal.
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It's Your Money: 3 Ways To Cash In On The Economic Recovery
PIX11.comMany economists, investment pros, and financial experts increasingly think the worst is behind us. Vera Gibbons gave us three big picture ways to benefit: 1) Reinvigorate your career/get a new job! 2) Look into investing more aggressively 3) Stop... -
What To Consider When Buying Foreclosed Property
PIX11.comRealtor Amber Noble-Garland gave tips on buying foreclosed property. Plus she explained what short sale or pre-foreclosures are. For more information, visit www.AmberLovesRealEstate.com. - What is a short sale or pre-foreclosure? *SHORT SALES ARE THE...Tags: Property, Homes, Real Estate, Mortgages, Economy, Business and Finance
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Hedge Fund Manager Eyeballing Minority Stake In Mets
Reuters reporterHedge fund manager David Einhorn is playing ball with the New York Mets and on the verge of buying a minority stake in the cash-strapped Major League Baseball team for $200 million. Einhorn, the manager of Greenlight Capital, is in exclusive talks with...Tags: Major League Baseball, Corporate Crime, Bernard Madoff, Steve Ballmer, David Einhorn
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America's Most Reclusive Heiress Dies in NYC, In Solitude To The Very End
pix11.comNEW YORK (PIX11) -- She tried to live her life in utter secrecy and solitude. But the death in New York this week of one of America’s wealthiest heiresses, at the age of 104, has brought waves of attention to the strange, strange tale of Huguette...Tags: Property, Connecticut, New York, Human Interest, Homes
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'Real Housewives of NJ" Star Ready To Walk Off Show
wpix.comThe "Real Housewives of New Jersey" star who recently filed for bankruptcy is apparently ready to walk off Bravo's hit reality show unless the producers cough up some serious cash. Teresa Giudice, who along with hubby Joe filed for bankruptcy in June, is...Tags: Jersey Shore (tv program), Real Estate Sellers, Television, Television Industry, Bankruptcy
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Trump Offers To Buy Out Investor In NYC Mosque Site
Donald Trump is offering to buy out one of the major investors in the real estate partnership that controls the site near ground zero where a Muslim group wants to build a 13-story Islamic center and mosque.
In a letter released Thursday by Trump's...Tags: Islam, Manhattan (New York City), Donald Trump
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Former 9-Term NY Congressman Stephen Solarz Dies At Age 70
Former New York Congressman Stephen J. Solarz, a foreign affairs expert who in 1986 revealed the extravagance of Philippine first lady Imelda Marcos, including her 3,000 pairs of shoes, died on Monday. He was 70.
Solarz also angered many of his fellow...Tags: George Washington, Colleges and Universities, World War II (1939-1945), Wars and Interventions, Unrest, Conflicts and War
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Cathy Hobbs
Staff reporterEmmy award winning television personality Cathy Hobbs (ASID) is the founder of the interior design firm aphereä based in Williamsburg, Brooklyn and the Co-Host and Executive Producer of Metro Residential, a weekly television real estate and design...Tags: University of Southern California, Colleges and Universities, Maryland, Magazines, Television
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Tips For The 1st-Time Home buyer
Here are some tips for the first time home buyer: Do not let yourself be pressured into signing anything. A legitimate business should always give you time to review a contract before signing. Have your own attorney review all contracts and loan...Tags: New York, Contracts, Homes, New York City, Lawyers
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I have the budget to upgrade my kitchen or bathroom, but not both. Which remodeling project will provide me with the most return for my money?
Staff reporterQ: I have the budget to upgrade my kitchen or bathroom, but not both. Which remodeling project will provide me with the most return for my money? A: Traditionally potential home buyers place a large importance on kitchens and bathrooms. For some... -
Wall Street Crisis: What does it mean to you?
Lawmakers in Washington are still trying to hammer out the details of the $700 billion bailout plan. In reality, it's kind of hard to wrap your brain around the concept of that much money. Even without full comprehension most ordinary Americans are flat...Tags: George Bush, Homes, Washington (U.S. state), Crime, Law and Justice, Real Estate
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Mortgage Fraud Arrests
HAUPPAUGE, N.Y. - A house in North Babylon, another in Lindenhurst, and another posh waterfront home in West Islip were all owned by Louis LaDonna and are now all in foreclosure. He's just one of 27 people arrested over the past two years labeled as scam...Tags: Corporate Crime, Thomas Spota, Crime, Law and Justice, Mortgages, North Babylon
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