Monday, June 25, 2012

What Renters Are Willing to Sacrifice for a Home


With rent actually being more expensive than mortgages right now, many renters are realizing they really can afford to buy a home, since they are already making a monthly payment. 
80% of non-home owners are willing to give up certain luxuries in their life so that they can purchase their dream home, according to Century 21’s Spring Home Buyer/Seller Survey. 
So what are they willing to sacrifice in order to save for purchasing their dream home? The survey finds: 
  • 50% would cut back on dining out. 
  • 49% would trim their shopping for non-essential items, such as clothing, gadgets, and accessories. 
  • 47% would give up luxuries, such as expensive cable packages and trips to the salon. 
  • 39% would cut back on vacations.
  • 10% would contribute less to their 401(k).
Why are these non-home owners so willing to make such sacrifices now? The survey finds that record-low mortgage rates and appealing home prices are making them want to act faster toward home ownership. 
“For those who are currently renting, purchasing a home is especially attractive right now,” says Rick Davidson, president and CEO of Century 21 Real Estate LLC. "In fact, home affordability reached a new all-time high for the first quarter of 2012.”
So while renters are ready to sacrifice to get on the road to home ownership, many express concern that despite their sacrifices they’ll still struggle to get there. Forty-five percent of renters say they will likely be forced to wait to own a home because they cannot qualify for a mortgage or don’t have sufficient funds for a down payment, according to the Century 21 survey. 
Source: Century 21 Real Estate

Friday, June 22, 2012

Denver Outpaces National Appreciation Average


Denver Post: Denver home values increased 2.8 percent to $209,700 in May compared with the same month a year ago, according to the latest report by real estate website Zillow.com.
Denver saw the third largest bump in home values across the country behind Phoenix and Miami-Fort Lauderdale, Fla.
Nationally, home values fell nearly 1 percent to $148,100, the smallest year-over-year decline since October 2007. Compared with April, national values in May rose 0.5 percent, according to the May Zillow Real Estate Market Reports.
“It is promising to see consecutive months of national home value increases, especially during a period in which we’d expected more downward pressure due to foreclosures,” said Zillow chief economist Stan Humphries. “Attention has now shifted to the tug-of-war situation with inventory, where buyers want to buy but sellers don’t want to – or can’t – sell.”
He said this phenomenon is due to negative equity and rational seller behavior at a market bottom and “will make for a more volatile housing recovery than what we initially expected.”
While Denver is outpacing the national average on home values, the city’s rental market lags the country’s growth rate.
Rents in Denver rose 3.6 percent to $1,461 in May. Rents across the country increased 4.6 percent to $1,252.
Roughly six out of every 10,000 homes in the country is being foreclosed, down from 7.2 out of every 10,000 in April, according to Zillow.

Wednesday, June 6, 2012

Top 6 Free Real Estate Apps for You


Here are some ranked lists of the most popular and highest-rated real estate-related mobile apps, including mortgage and foreclosure apps, across several platforms -- including those designed for Android, iPhone, iPad and BlackBerry devices.

The app ratings and rankings were sampled from TopAppCharts.com, Apple's App Store, the Android Market site, and the BlackBerry App World site.

The apps featured in this report include real estate search portals, mortgage calculators, some tools designed specifically for real estate professionals and investors, and photography aids, to make it even easier for you to buy or sell your home!
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1. Zillow Real Estate

Category: Lifestyle
User Rating: 4.3
Number of Ratings: 12,838
Price: Free
Device: Android
Author: Zillow.com
Version: 4.0.53
As the leader in mobile real estate, Zillow provides real estate data and info for all U.S. homes on the free Zillow Android App. See Zestimate; home values, Rent Zestimates, homes for sale, homes for rent, and more. Use Android's voice-search feature, plus built-in GPS technology, to search for homes as you talk, walk or drive through neighborhoods.


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2. REALTOR.com Real Estate Search

Category: Lifestyle
User Rating: 4.2
Number of Ratings: 1,924
Price: Free
Device: Android
Author: Move Inc
Version: 1.5.0
Find the perfect home. Let your fingers do the searching with Area Highlighter.



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3. Trulia Real Estate Search

Category: Lifestyle
User Rating: 4.1
Number of Ratings: 1,243
Price: Free
Device: Android
Author: Trulia
Version: 1.4
Find your next home with Trulia. Search homes for sale and for rent, plus see homes that have recently sold. Perfect for buyers, renters and general lovers of all things real estate, Trulia's app is designed for house hunting on the go.


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4. CraigsList Browser

Category: Lifestyle
User Rating: 3.8
Number of Ratings: 1,480
Price: Free
Device: Android
Author: Atwoodz.com
Version: 1.7
CraigsBrowser has an easy interface, fast navigation, and all the features for browsing Craigslist.


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5. REAL ESTATE 114

Category: Lifestyle
User Rating: 4
Number of Ratings: 1,493
Price: Free
Device: Android
Author: R114
Version: 1.1.15
View apartment prices, price trends and floor plan using the location-based services.


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6. Real Estate by Smarter Agent

Category: Business
User Rating: 3.8
Number of Ratings: 1,750
Price: Free
Device: Android
Author: Smarter Agent
Version: 4.0.0.8
Real Estate by Smarter Agent combines three powerful real estate searches in one easy-to-use app.