What is Real Estate

Writen by Mark Nash

Everyone's curious about what's going on in the residential real estate market. More so in spring 2006 market than ever before. All the hype about a real estate bubble has created anxiety about what's hot, not, selling, sitting and the overall tone. Mark Nash author of 1001 Tips for Buying and Selling a Home and regular columnist for RealtyTimes.com shares what he and a network of agents across the country have heard from home buyers, sellers, builders and developers as the spring market reaches it's peak.

-Is there a real estate bubble?

Nash: No, a soft decline in prices is the norm. Houston is on the rise with high demand from Katrina transplants, Seattle is a strong sellers market, Chicago is over last years appreciation and sales volume numbers and the brunt of speculative woes are seen on the coasts, California, Florida and the Washington to New York corridor.

There is no free-fall anywhere. Fear of a bubble is subsiding.

-Are buyers spooked?

Nash: More so than in recent years. Since the negotiating pendulum has swung back in their favor, they take their time and build a strategy before writing an offer. Buyers remorse is on the rise, some buyers are afraid that they are buying at market highs. Sellers need to know that if they aren't priced right, buyers move on, and they have plenty of other options with rising inventories.

-What about Zillow.com and other new online companies?

Nash: Buyers are very savvy with the new wealth of real estate information online and sites like Zillow are popular with home buyers. Zillow had a couple of hiccups at roll-out, but they will grow as a force in the business. The new Internet business models need to figure out the "local" part of residential real estate to gain major market share.

-Will rising interest rates affect buyers decisions?

Nash: They will be able to afford less home with rising rates, so they are more value driven than before. This aspect of the home market has been around a long time, interest rates and home prices are intertwined. Home prices rise with low interest rates and prices fall as rates climb. Remember that supply and demand should be factored in to this equation too, inventory levels are very high in contrast to the go-go days of the past several years.

-What's emerging this spring as a hot new buyer trend?

Nash: Exposed brick in home interiors, old or new. Buyers of all ages are receptive to rehabbed vintage brick exposed walls as well as the use of new brick in new construction. Just a couple of years ago is was difficult to sell a property with exposed brick, it was considered dated. Buyers that are attracted to exposed brick should know that it does have to be sealed properly and it has low insulating values.

-Anything else?

Nash: Crystal or Glass knobs on doors and cabinets. Some builders offered them as a test and buyers have been very receptive to them. They run the design gamut from vintage knock-offs to contemporary , there is a style for every taste.

What's out?

Nash: Spiral staircases. It doesn't matter that they're custom-made from Brazilian cherry, buyers hate them. They're perceived as a floor plan mistake, not kid or pet friendly and a barrier to moving furniture up or down. I've been with buyers that refused to buy a place with a spiral staircase when the rest of the home worked. Buyers couldn't find a place to put in a standard staircase, they're close to becoming obsolete.

-That's it?

Nash: Well, stainless-steel appliances are becoming love-hate. Either they're a must have or a must replace. That's an important change from last year. Buyers have learned first-hand that they require additional cleaning and really don't go visually with every kitchen style, stainless steel with cherry cabinets is out. Buyers are returning to softer kitchen finishes as 2006 continues.

-Any home style predictions?

Nash: Retro 1970's will come back in a big way. Chrome and glass, Lucite, black,white and gray paint themes. I calling it "three-quarter century".

-Any closing thoughts?

Nash: Overall the market is shaping up to be a normal spring market. We haven't seen normal for some years and sellers have been slow to "get it". Flipping properties is on the wane and buyers are looking at housing more as a place to live than a "get-rich-quick" investment.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, Bottom Line Magazine, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor's Weekly, MarketWatch, HGTVpro.com, Miami Herald, MSNBC.com, Smart Money Magazine, The New York Times, Universal Press Syndicate and USA Today. Mark is a contributing writer to http://www.RealtyTimes.com

Writen by Melinda Anderson

Your job as the home seller is to appeal to a home buyer's sense of sight, scent, and value. These practical tips for preparing your home for sale ensure you'll see the best possible return on your investment for the least amount of cash.

• Keep in mind, the home you are trying to sell will be the new home for the home buyer.

• Make your home light, bright, airy, and fresh by opening the blinds to let the sunshine in, opening windows in pleasant weather to remove stale odors, and clean, clean, clean! Nothing says home quite like a freshly scrubbed, clean smelling house.

• Remove photographs of family and friends from view so potential home buyers can imagine themselves living in your house.

• Repaint in areas that need it. Many of today's home buyers are busy people without the time it would take to ready a house that needs "some work" before they can move in.

• Eliminate clutter! Your home won't sell quickly if it looks like there's no room to store things. One of the main reasons people move is because they have outgrown their present home.

• Put all pet food and water bowls away during showings. Some people don't feel the same way about Fido and Fluffy as you do.

• You never get a second chance to make a first impression! Don't forget the outside of the house - the curb appeal - the view from the car as you first drive up. Make all potential home buyers want to come inside and take a look around. Make your house their new home.

The extra time and effort you put forth preparing your house for sale can pay off in thousands of extra dollars in your purse or pocket at closing. Appealing to a potential home buyer's senses is key to a successful home sale. It just makes cents!

Melinda Anderson is an Accredited Staging Professional (ASP), Professional Organizer, and owner of Southern Home Organizers in Atlanta, Georgia. Visit http://southernhomeorganizers.com/ for more tips about getting organized, home staging and moving.

Writen by Jeff Morrow

If you are thinking of selling your house through a real estate agent, a Real Estate Listing Agreement will be one of the first documents you sign. A listing agreement is a legally binding contract that identifies the extent of the roles and and responsibilities between you and the agent.

Although a Real Estate listing Agreement can vary from place to place, a common practice among listing agents to use boilerplate, industry standard forms. No matter which agreement you decide to sign, read it carefully or consider hiring a legal representative if you need to. Remember everything on a Real Estate Listing Agreement is negotiable.

Common Real Estate Listing Agreements

There are three common listing agreements or contracts, and the one you sign will determine the level of service, rights and responsibilities that both you and your agent will agree to over a set period of time.

Exclusive Right to Sell Listing Agreement - The Exclusive Right to Sell Agreement is the most common listing contract. The agreement gives the selling agent an exclusive right to list and sell your home for a set period of time. The commission you pay the agency will come at the time of closing and is usually take out of the proceeds from the sale.

• The agreement applies even if you find the buyer yourself.
• In the event that an agency other than the listing agency sells the home, the listing agency typically splits its total commission with the second agency.

Exclusive Agency Agreement - Almost identical to the Exclusive Right to Sell Agreement, the Exclusive Agency agreement allows the seller to retain the right to sell the property without paying a commission if the buyer was not introduced to the property by the agency.

In the event that an agency other than the listing agency sells the home, the listing agency typically splits its total commission with the second agency.

Open Listing Agreement - An open listing agreement gives no single agency exclusive right to sell the property. The seller can sell it himself without paying a commission to anyone and can he can sign the agreement with more than one agency.

If the seller does pay a commission, it's to the selling agency only. No commissions would be shared in an Open Listing scenario.

Common Terms to Consider in Listing Agreements

Term of the Agreement - The term of the agreement sets the amount of time that your agent will represent you and market your home. The longer the agreement generally benefits the agent because it provides more time to find a buyer for your house. In a weak market that may be okay, but in a sellers market, you may not want to commit your self to one agent for an extended period of time. but if homes are selling quickly, you don't want to be committed to one agent for more than a few month. Consider how long home in your area are typically on the market before they close when considering how long to lock yourself into a listing agreement. If the house doesn't' sell with the agreed time, you can always extend the period of time if you are satisfied you're your real estate agent's work to date.

Commission - Commissions are negotiable. The industry standard is usually between 5% to 7%. Some real estate agents or agencies have policies not to negotiate significant reductions in their commission schedules. When interviewing agents compare what services each offers and compare what commissions schedules the agent is willing to work on. A higher commission rate doesn't always mean that the agent will market you house more aggressively or more effectively than a discount commission broker. As the commission rate can save you thousands or tens of thousand of dollars, understand what services your will receive for the amount of money you will pay at closing. Buyer's agent can find out how much commission is offered on your home through the multiple listing service (MLS).

Multiple Listing Service (MLS) - A listing agreement commonly authorizes your agent to post your home in the MLS. There are few reasons why you wouldn't want you home posted to the MLS as it is the single best way for other agents and buyers to find your home. Most MLS listings are picked up by Internet real estate directories that can be searched by consumers.

Regional MLS systems often overlap into popular neighborhood. Understand which MLS systems your agent will list your home and what timeframe it will be listed. Also check to make sure the MLS systems where your home will be listed will also be picked up by the popular Internet search engines. The public does not have access to all the all the data that agents and brokers can access.

Which Agreement Is Best for You? Most agencies offer only the Exclusive Right to Sell agreement. Before getting paid themselves, a good real estate agent spends a great deal of time and money marketing and closing their listings. The Exclusive Right to Sell agreement protects the real estate listing agent's investment when marketing houses. Signing an Exclusive Agency agreement can be tricky because it leaves you the option of selling the house yourself.

In reality, the seller rarely finds the buyer herself. But when it does happen, there is the problem of which party gets the credit. Did the buyer become aware of the house because of the sign out front or an ad on the Internet? Signing an Exclusive Right to Sell solves this problem.

An Open Listing agreement will allow you to sign with many different agencies, but there is little motivation on the part of a listing agent to market the house since a commission is only paid to the selling agent.

Jeff Morrow

Get more real estate house selling advice and tips at We List Homes 4 Less.
Real Estate Listing Agreements - Which one is best for you?

Writen by Troy McKirk

Current trends in real estate make it a buyers market, rather than a sellers market. In just the last several months, the market has slowed enough that sellers are lowering their prices. For those considering relocation to the Miami area, now is the perfect time.

Pre-construction sales were high for several condo projects. Now, however; many of those that were such hot picks are now available. The reason is that investors purchased many of them, hoping for a double-digit increase in value, as was projected. Recent slowdowns are prompting them now to sell, and there are more on the market than buyers to buy, which is the best time for those looking to move to the area, or investors not looking for short-term investment appreciation in prices. Miami-Dade county sales dropped 38 percent in the last quarter of 2005 from 2004. Prices, however, had increased by 29 percent, with the median price for Miami-Dade being $375,900.

The Miami area continues to be a thriving area as far as business and economy. The slowdown seems to be nationwide in the real estate market, not just here in Miami.

Mortgage rates are expected steadily to increase, so now is the perfect time for those considering a move to the sunshine state. Asking prices are down, and availability is almost triple what it was a year ago.

All the reasons people want to live in Miami still apply. It's a great area for business, so employment isn't an issue. It has a large financial market. Thousands of people relocate to Florida each year. Of course, weather plays a part in that. So, tourism dollars bring money to the state as well.

This area will appreciate over time, with the expected growth. Pricing in the Miami area is lower than in other markets, such as LA, New York, or Chicago. This makes Miami attractive to buyers. Economists at Fiserv Case Shiller Weiss predict that the Miami market is going to 'sizzle', while west-coast markets such as LA will 'fizzle'. There is reason to trust their predictions, as they have a great success rate, with only a 2 percent error rate. They forecast Miami to go up 13 percent between 2005 through the first quarter of 2006, making the Miami market one certainly on the rise.

While Miami isn't currently the hot seat for the quick turn around investor, it's still a good bet for those looking at longer-term investments. Recent trends, with the current slowdowns, make the time right to buy.

The current slowdown isn't something that hasn't been seen in the past, even here in Miami. Those investors that want a long-term investment still can't go wrong in Miami.

In such a popular area as Miami there will naturally be a shortage of suitable lots for new condo developments, and the Miami condo market is now stretching into older neighborhoods and has reached the suburbs. Downtown Miami has seen a lot of new development recently. Further expansion down Miami Beach is another extremely lucrative business for Miami Real Estate developers. Many of the condos are sold in pre-construction, with prices going up within a few months of purchase, making it very lucrative for the seller. This had short-term investors standing in line buying them, now, they are trying to unload quickly, and that can only be a good thing for the buyer.

Troy McKirk
Miami Real Estate Agent

Real estate expert in South Florida area with 7 years experience.

Writen by Wolf Krammel

Getting ready to sell your home can be one of the most stressful areas of the real estate experience, but it does not have to be. Keeping in mind some key advice will help you get your house looking top shape from the inside and out. Throughout the process, the best way to go through your to-do list is to accept the fact that you can only do one thing at a time. With this perspective, all of the pieces will fall into just the right places.

Getting your house decluttered will help you clear your own mind and get you ready for the prospective buyers to start coming. The best way to get organized is to try to see your house through new eyes. When you pretend like you are the one who is considering buying your home, you can better see the areas which need improvement. Take a clipboard and pen with you as you survey from the outside to the inside. Write down everything which disturbs your eye for even a moment. Chances are that if you notice something that does not look right, your potential buyers will, too. You will probably want to share this list with your real estate agent and go through this process more than once, so you don't miss anything.

Now that you have an idea of what needs to be improved, cleaned or changed, you can start knocking them off the list one by one. Get the outside, "curb appeal," taken care of first. This will help your house attract attention right away even if the signs haven't gone up yet. Seeing your house looking its best on the outside will also give you the courage to tackle the inside.

Each room should contain as little clutter as possible. Get a bunch of clear plastic bins and start filling them up with all of those extra knick-knacks. Remember that buyers want to picture their belongings in your house. If your stuff is in the way, then they can't form a mental picture as easily. To properly declutter, you have to start detaching yourself from your home. Make the rooms look as large as possible by removing extra furniture, books, objects and wall hangings. Set aside some time to repaint colorful rooms a soothing beige, cream or linen. This will make the rooms look even bigger and give the buyers more breathing room.

Any decorative object which you leave in a room should be used as a tool to attract the buyer to a special feature. Place an interesting candle holder in the fire place, or a few small plants on the mantle. Draw the eyes to windows with lamps and neat end tables.

Despite all your efforts, be mentally and emotionally prepared to hear your agent tell you that you still need major improvements if you want to get the price you had in mind. Consider it a good thing that the professional agent you hired is being completely honest with you. You want to have a real estate agent who knows what and when things need to be done. Talk to anyone you can about the good agents they have had in the past. Get a feel for the agent's strengths by asking them as many questions as you can before committing to a contract. If you have trouble getting a hold of them right from the beginning, then that is your first sign that they may not have the time or capacity to give you the proper amount of attention.

Your agent should thoroughly discuss the marketing plan for selling your home. Deciding on the price will be one of the most important aspects of this plan. Depending on your home and the time of year, there will be several approaches to combining the need to sell with the need to get the right price. For example, if you live in a desirable neighborhood, you may be able to go a little higher than you thought, but may not want to if there are many nearby homes for sale at the same time. Trust that your agent will inevitably come up with the right strategy, but be outspoken about your opinion. Although you aren't the professional, it's always possible that you will have an angle that your agent didn't consider.

When you are going through the real estate process, there will always be plenty of people with tips, ideas and advice. All the input can occasionally do more harm than good, so take everything in as much stride as you can. Just make sure that your agent keeps you in the loop through the whole process and make your home as appealing as much as possible. With a clean house and a clear strategy, you should be able to sell your home much more quickly and easily than you thought.

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Writen by Clint Hunter

There are condos for sale all over the United States. Their prices vary as much as their locations (from inexpensive to very expensive). Some people use condos for vacations, while others live in their condo year round. In many cases you have to do less yard work than living in a home. You don't have neighbors surrounding you, like an apartment. You will probably have to pay a homeowners' association fee, which you wouldn't have to in some apartments, or if you had your own home (depending on where your home is located). Condos are also a great investment idea because they are popular as vacation rentals.

Homeowners' Association: Living in a condominium is a great idea if you are sick of yard work. This is because condos have little or no yards, and the small amount of yard you do have will be taken care of by someone from the homeowners' association. If you are looking at condos for sale, you should realize that if your condo is in a neighborhood of condos, that you will probably be required to belong to a homeowners association. The homeowners' association pays the person who keeps up all of the yards. They also fix anything that goes wrong with your condo, including electrical, sewage, heating, and other problems. While all of that is great, you do have to pay a monthly homeowners association fee, which is probably not less than $100. If you run into problems with your homeowners' association, there are lawyers that specialize in condominium litigation.

Your neighborhood: Some condos are located next to golf courses. Others have swimming pools, weight training facilities, miniature golf, recreation centers, and game rooms. The accessories that come with the condo may determine the age of people that live in the neighborhood. If you are interested in being around people that are your age, simply ask the manager of the condos what age the people who live in the neighborhood are.

Benefits of staying in a condo on your vacation: While there are many condos for sale, there are also condos for rent. Since many people use their condo as a second home, or vacation home, there are condos in great vacation spots that can be rented for a week or longer. Renting a condo has some benefits that a hotel doesn't: condos come with a kitchen, washer and dryer, and more space than a hotel room.

Renting out a condo: After you have purchased your own condo, you may want to look for other condos for sale in the area, purchase them, and rent them out. This is one good way you can invest your money. Sometimes condos are attached, forming a duplex. You may purchase the duplex condo, and rent out half of it. If your condo is in a vacation area, you can choose to rent it out week-by-week, or you can rent it out permanently.

One thing to remember if you rent out a property: you may have to pay an income tax. You will also have to pay property tax, and for someone to clean out the condo after each renter, unless you choose to do it yourself. Figure this into any amount that you charge for rent.

Inside Everett Real Estate is a network entirely devoted to real estate information. The entire Inside Real Estate network has more than 100,000 pages of real estate for cities allover the United States. Inside Real Estate covers several topics from the basic "how to's" of real estate to city-specific real estate information.

Writen by Sakhi Jan

What is meant by foreclosure?

Literally speaking, a foreclosure is referring to as loss of ownership from a property when a loan is not duly repaid. For one reason the terms and conditions have to be strict. You may ask why? Countering which I may ask that what would happen when I miss my mortgage payments? In this case Foreclosure may occur. By this legal procedure your lender can use to take over your home. In this case you must move out of your house.

How can foreclosure be a risky business and how may I avoid it?

All I should say on this part is that it is a real time threat for those who are defaulters. If you have not paid off all your dues, taxes or any other sort of debts within given time frame that does necessarily mean that you are on top of the list. The simplest way of avoiding is to keep your self a non-defaulter.

How foreclosure does accommodate in real estate?

Another scenario of Foreclosure is that given your property is worth less than the total amount you own, your mortgage loan will result in deficiency of judgment which would ultimately result in selling out your property at cheaper prices. So it is better if you are paying off all your dues inside allotted time period to avoid being included in the foreclosure listings.

Is there any way out; once being included in the foreclosure listings?

Once you are into it, the only way out of such situation is that you should keep all your letters and legal documents those have been signed between you and your landlord to counter any illegitimate claims by the owner.

What are the margins and flexibilities of foreclosure?

The margins of Foreclosure are beyond buying and selling. The scope at which it is growing is worrisome in one sense of the word and awesome in the very best sense of the word. Since it is being fluently practiced in institutional system where recovering debts and taxes is a big deal, this is the reason why it is not widely appreciated by defaulters. It is like once a bank is in listings; it will then be given a suitable time period to pay off all its dues failing which means government will have all the rights of an ownership of the said bank. The authority of an individual over his home or a group of people over an institution is no more legitimate once the home or the institution is held for listings.

Is foreclosure legitimate or an illegitimate business?

To answer this, I would say that those who are sincere in dealings would always recommend it over those who don't believe in fair dealings. The ethical aspect of the said system should never be ignored while criticizing the proposed system.