A Lot of Nibbles, Few Catches

Around the country we hear different opinions on the state of the market. It certainly depends on where you live and how well you have implemented a solid marketing plan to gain share during this correction period.

One skill that is proving beyond valuable at this juncture is patience! Buyers are taking this opportunity to ask a lot of questions and make sure the get the right answers. With price reductions around every corner, negotiation is an everyday event.

Agents in all parts of the country, especially those in the high-end market of La Jolla and suburban Philadelphia are always seemingly so close to finalizing a sale before the buyers sees something they perceive to be a better deal.

Home buyers in this market can afford be picky and rightly they should, and helping them make the right decision is simply a matter of time.

Weathering the Storm

There is some significant concerns across numerous markets that more struggles can very well be ahead of the housing and real estate industry. While there has been a recent uptick in home buyer inquiries and interest, closings and transactions are way down.

In addition, in a few cities, like the Orlando real estate market, there has been an increase in foreclosures because some home owners are struggling to cover their monthly payments as their interest only and balloon mortgages are reaching their limit.

Market Stabilization

Is it just the swing toward spring that has brought about an increased buyers interest in purchasing real estate or is it a larger indicator that the market is stabilizing? Perhaps it is a bit of both.

All Hail the Great Flake

Snow returned to the area in a glorious way this past week. No it wasn't so much that we were inudated with so much snow that we were stuck in our homes for days, but just the pleasant surprise of a few inches on a Sunday morning made for a fantastic close to the weekend.

With the mountains on either side of the Shenandoah Valley, Virginia and the snow falling from the Heavens in bundles of big fluffy flakes, it was exciting to see the joy on the kids' faces as they peered outside in anticipation of making the year's first snow man.

And that we did. We improvised in many ways, not having coal and all, but we were delighted when we finally finished and placed a carrot for his nose.

Sled riding, a snow man and snow ball tosses, then don't forget the hot chocolate afterwards. It all made for a great day. Let it snow, let it snow, let it snow!!!

New Partnership

We are pleased to annouce our new partnership with another great online blog, New Jersey Real Estate, NJ Sales at http://newjersey-realestate.blogspot.com/

Vacation Homes: Why Buy

Often you can rent out a second or vaction home. You may be able to recoup much of your costs by renting it out only part of the time. In recreational areas, like La Jolla CA near San Diego, Boca Raton FL or Virginia Beach, often you can rent out a property weekly for a few months and make enough money to pay for its annual costs.

On the other hand, you may be able to write off a protion of your expenses and avoid paying a portion of your income. The tax law on write-offs is constantly changing so make sure you consider an accounting professional for details.

Vacation Homes: Economic Issues

Vacation homes are really quite different from other types of residential real estate properties. However, they do share some of the problems. Let's concentrate on the economic issues.

Vacation homes are expensive, very expensive. Assuming you finance the purchase, you will have an additional set of mortgage payments to make. Plus you'll have a second set of taxes and insurance to pay. Then there are utilities, upkeep, homeowner's dues, fire protection and a number of other concerns.

Basically, from a strictly economic perspective, a second home mostly makes little financial sense. However, finances typically have little to do with the purchase, and at the same there can be great financial upside if you buy the right property at the right time, but realize that's a risk worth consideration.

Next, we'll consider Vacation Homes: Why Buy!