Archive for the 'Real Estate' Category
Today we take a look at Austin real estate blogs.
Known as an artists’ enclave, Austin is a diverse mix of university professors, students, artists, musicians and high-tech workers. The University of Texas is located in the city, but that is not what Austin is best known for. The official slogan of the town is “The Live Music Capital of the World,” and it is a fitting title. The city hosts the wildly popular SXSW Festival. One of the largest music festivals in the United States, SXSW sports more than 1,400 performers playing in more than 80 venues in Austin during four days in March.
In recent years, many in Austin have also adopted the unofficial slogan “Keep Austin Weird,” which refers to the eclectic and liberal lifestyle of many residents, as well as the unofficial campaign to preserve local businesses and resist excessive corporatization. Despite, or maybe because of efforts to keep Austin’s small-town character, real estate is booming. Moving companies are busy in the city and you can see moving trucks trundling along the streets daily.
As with our past real estate blogs, we were looking for sites that allow visitors who are thinking about moving to the city to view real estate offerings and get great real estate advice, while also exploring neighborhoods through local information, such as restaurants listings, the price of utilities and even lists of the best doctors, dentists and veterinarians in town.
So without further ado:
Realtor Eric Bramlett, owner and blogger on Ericbramlett.com, gives those interested in the Austin market some real insight with lots of local real estate news, property listings, information on green building and a very lively comments section.
The website and blog are linked to Bramlett’s One Source Realty (he is co-owner). He has been licensed to sell real estate since 2003 and his experience has given him great knowledge of the city. Green building is huge in Austin and Bramlett is all over it, so if saving the planet is your passion, be sure to visit this blog.
The Sky Realty blog features posts from several of their agents, each explaining what properties they are working with and where they see the market going. You can get some really valuable advice from these veterans.
AroundAustin.com covers almost everything that is going on in the city, not just real estate. Here, you can catch up on restaurant news, great shopping, art fairs, charity events, current affairs and of course, the latest real estate news. With the linked Twitter feed, this blog is really connected to the people of Austin.
Austin Real Estate Eye Blog is run by Ryan Kucera, who updates his readers on the real estate market and the local happenings in the neighborhoods of Austin Balconies and Spicewood. During a visit to this blog you can learn where to get free mulch (seriously), perform a home search and get hard numbers on exactly how much the two neighborhoods have grown in the last couple of years.
The Real Deal, run by local newspaper The Statesman, gives real buzz on private and public real estate deals from all over town. This is the place to go if you are looking to buy a home, or see what shop is opening in that vacant spot downtown. The site specializes in business, commercial, restaurant, hotel and downtown real estate news.
Austin Real Estate Guy blog publishes information on current real estate market conditions in the Austin area, and developments that will affect the market in the future. Blogger Sam Chapman is also a real estate agent with Private Label Reality and posts real estate stories heard around town, personal observations and opinions.
In addition to real estate listings, Discovery Austin offers valuable information to visitors and those new to town. Lists of restaurants, watering holes, places to shop and even who is playing SXSW this year are all at your fingertips.
Austin Texas Real Estate Blog is run by Roselind Hejl, a realtor with Coldwell Banker United. The “About Austin” tab, located on the homepage, has great information for those of you who are looking for more information on the city. Spend some time going through details on neighborhoods, schools, Austin lifestyle and government services, just to name a few.
If you have any Austin real estate blogs that you love, send them to us so we can take a look and possibly include them in a future post.
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We’re back with part two of our Washington D.C. real estate blogs listing.
As with our first post, we searched for sites that catered to visitors looking to relocate to the city, as well as those just wanting to take a peek and get a feel for what’s happening.
These blogs allow a person to explore neighborhoods, view real estate offerings, see the price of utilities and even find a dentist.
So, on to the rest of the list:
Capitol Homes is written by Pat Kennedy, a realtor of 27 years and author of The Irreverent Guide to Real Estate: Buying, Selling and Making Money. This is the place to go for some sound real estate advice, whether buying in D.C. or not.
Kennedy is also a connected source of information when it comes to D.C. real estate trends.
Greater, Greater Washington was created by David Alpert, a man devoted to improving the vitality of Washington, D.C. and walkable neighborhoods in Alexandria, Arlington, Bethesda, College Park, Rockville, Silver Spring and Tysons Corner.
This blog is loaded with insightful information that will take someone who has never been to D.C. on a virtual tour, neighborhood by neighborhood.
Weichert realtor Dewita Soeharjono is behind the Urban Trekker Blog, a good place to find real estate news and trends. The regular Real Estate News Roundups compile links to interesting R.E. news pieces from across the country.
Prince of Petworth was created by Dan Silverman in November 2006 and has since been quoted by a variety of trusted news sources, including The New York Times, the Washington Post and Financial Times.
The blog does a great job of chronicling the happenings in Washington D.C.’s neighborhoods with a particular focus on Petworth, Columbia Heights, Park View, Pleasant Plains, U Street, Mt. Pleasant, Logan Circle, Shaw, Adams Morgan, Dupont Circle, Cleveland Park, Woodley Park, Georgetown, Chinatown/Penn Quarter, H Street, NE and Capitol Hill.
In addition to real estate news and listings, you can find in-depth information on neighborhood happenings, restaurant information and great photos. Best though is the bustling comments section, which gives you a great lay of the land as to who is thinking what in Capitol City.
RealAstute, run by realtors Kevin Shirley and Michael Dillon from Long & Foster real estate, blog about their lives as realtors with hilarious RealtorRant posts, and give readers really valuable information in the Feeling Nosy posts. Perfect for those of you who do not plan on moving this very second, but are still interested in poking around various neighborhoods. The posts also contain lots of current listings that have just come on the market.
So, that’s what we have. If you have any Washington D.C. real estate blogs that you love, send them to us so we can take a look and possibly include them in a future post.
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This week we take a look at the best real estate blogs in our nation’s capitol, Washington D.C. The only problem is there are so many great blogs relating to the city we needed to divide the post in two. Read part one today and you can catch part two on Wednesday.
What’s so great about these blogs? Well, they can help a stranger learn about a city, of course, and they give the reader access to that city’s real estate options, albeit virtually.
Whether you are thinking about moving to a new city or just curious, checking out real estate blogs is a great way to explore neighborhoods, get details on city government, taxes, housing and even prices of staples like utilities.
These blogs can even help you find the best restaurants, doctors and dentists in the area, so if you do make the jump, you will be set up from the very first day.
And Now, Anacostia, run by blogger DG-rad, meticulously details changes in the Anacostia real estate landscape. The neighborhood, located east of the Anacostia River, is a gorgeous and well-known historic area in Washington, D.C.
The site features great pictures of homes for sale, homes under renovation, green building and general neighborhood news. If you are thinking of relocating to this section of D.C., you better visit here to get acquainted.
HomeTryst.com, run by blogger Jesse Kaye for D.C. Building (which specializes in the construction of high-end custom homes and the restoration of historic homes in Virginia), connects buyers and sellers to the heart of the D.C., Virginia and Maryland real estate markets with up-to-date news from on the ground.
You can take a virtual tours of D.C. condos while on the blog, as well as read great articles on how to keep a home from selling (something none of us want), how to talk to a condo board, and what to do if your condo association goes bankrupt. Sound like a lot of condo advice? You’re right. The blog is very condo heavy.
In addition to being a website, BeyondDC is also a non-profit organization owned and operated by J. Daniel Malouff, a professional urban planner who currently works for local government in Northern Virginia.
While you won’t find any real estate listings on the site, you will find buckets of local neighborhood development information, neighborhood news, transit information and maps, and really fantastic photos of D.C. and the surrounding area.
Redfin’s Washington D.C. and Baltimore blog, Sweet Digs, is written by Redfin realtors Tim Ellis and Crissy Hall. They give you the scoop on past sales, good deals, open houses and what’s on the market.
DCMud.com is a site for buyers, sellers, developers and anyone who wants to be on the inside track of D.C.’s real estate market. The real estate agents who report regularly on the site have been working with developers for years, so they are able to not only see where the RE market has been, but foresee where that market in going in the near and not-so-near future.
Especially great is the info on developments yet to be built. As the information is boasted to be always accurate, this is a fantastic tool for those who plan on moving to the city.
Okay, there’s plenty more where that came from! Tune in on Wednesday for part two of Washington D.C.’s Best Real Estate Blogs.
In the past, our regional best blogger posts have always been a favorite with all you out there, so we’re bringing them back.
This time we take a look at Miami. Why? Well, for one, we here at Relocation.com are currently holed up in our New York office during the biggest snowstorm of 2010 (so far), so warm-weather anything sounds like a good idea. Second, Miami is humming with real estate news and the blogs are reflecting that.
So what makes a best blog? They need to be able to help a stranger learn about a city, of course, and they need give the reader access to that city’s real estate options, albeit virtually.
We, like you, want to see updated and original neighborhood content, so what better person to write about what is opening and up-and-coming than an in-the-know real estate agent?
A few other criteria we look at:
Market data. People who are relocating want to know average sales prices, sales volumes and days on market. Agents need to give that information to them.
Explanatory articles about real estate, whether the basics or current issues. People looking for a home come from varied backgrounds as far as real estate knowledge, so the agent should attempt to give them information about a variety of real estate issues. For example, blogs about buying a foreclosed home are very useful in this market.
And here are our favorites:
The Blog That Ate Miami
Real estate agent and blogger Maggie Dokic not only has really fantastic dining and entertainment guides, The Blog That Ate Miami has a really robust backlog of helpful articles for both buyers and sellers.
The dining and entertainment guides are reason enough for anyone who is planning a trip or relocation to Miami to visit the blog. Daily updates to the entertainment guide include big and small community-related events; it’s kind of like having your own tour guide take you around the city.
HouseKeys, Buying, Selling, Insuring Your Property
Real estate agents Julie Patel and Paul Owers co-host HouseKeys, a great nuts and bolts blog that covers Florida’s real estate, property insurance and utility industries. Rules and regulations change from state-to-state and city-to-city, so when buying a property in a location new to you, it’s imperative to know local law.
The blog is part of local newspaper, The Sun Sentinel, so you know that the information is accurate and updated regularly. And happily, while the information is cut and dry, the writing style is engaging and informative so you want to read it, not just have to.
Miami City Diggs
Real estate agent Jamey Prezzi hosts Miami City Diggs, a veritable launch pad for the real estate market in Miami. With a hopping comments section, you can start conversations with people who are passionate about all-things-Miami before even thinking about making a call to a moving company.
Fantastic photos, a blogroll that is fun and informative, and lively posts about the Miami market will give you a realistic and real-time look at what is happening in the city.
Miami Condo Investments
Property guru Lucas Lechuga gives us Miami Condo Investments, which has all the information you need on newly-built Miami condos with his amazing Miami Condo Ranking. At a glimpse, you can see a property’s proximity to restaurants, grocery stores, shops and nightlife; the quality of the building as well as quality of the units in the entire condo development; and risk: the number of foreclosures, short-sales and percentage of closings for newer buildings. This recently updated key to the city will help a buyer make the best condo choice possible without ever getting on a plane.
Here are some of our honorable mentions: Eye on Miami, Miami Condo Forum, Miami Real Estate Cafe, Miamism, South Beach Condo Blog and Bosshardt Blog. All these blogs give fantastic overviews of the Miami real estate market and are definitely worth a visit.
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Yay! You’ve finally bought your own property, well almost. After all the looking and haggling and signing and worrying, you’re more than ready to get it done already.
It’s an easy thing to rush the final walkthough of a house or apartment, but don’t. The final walkthrough is the last time you will be able to make a home inspection of the dwelling and have the owner take responsibility for any issues. Once you sign the final papers, you are the owner, and therefore responsible for anything wrong with the home.
Don’t wait until the house is yours before you discover the bathroom’s sink faucets actually flush the toilet.
Outside:
Landscaping issues
Mortar if a brick house
Porch (peeling paint, rotten wood)
Check the gutters
Inside:
Turn on and off every light fixture
Run water and look under sinks for leaks
Test all appliances
Check garage door openers
Open and close all doors
Flush toilets
Inspect ceilings, wall and floors
Run garbage disposal and exhaust fans
Test heating and air conditioning
Open and close windows
Make sure all debris is removed from the home
Confirm components are in good working order for all major systems and appliances
Attic and basements/crawl spaces:
Look for discarded items and potential problem areas
Walls and floors
Check for any damage that may have occurred when the sellers moved or that may not have been obvious when you originally looked at the home.
As you inspect, make a checklist of any issues that still need to be resolved in order to meet the conditions in your contract. Bring this list to the seller’s attention and work out home improvement contractor schedules that are acceptable to you. Preferably, you should get everything squared away before you close. If this doesn’t work out for your timing or circumstances, don’t worry. It is not uncommon for home buyers and home sellers to agree on an amount of money to be held in escrow for repairs/remedies to be completed following property closing.
You can see that a final walkthrough is a very important step that you should not skip or take lightly. Make sure you include a clause in your purchase contract that ensures you have the right to complete this step. Then take the time to exercise that right.
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While co-ops and condos have maintaince fees, houses located in housing developments have homeowners’ association fees. These could be either new homes, or exsisting ones.
The Homeowners’ Association collects the fees, as they are the legal entities created to maintain common areas and enforce deed restrictions. Shortly after you move in, you will receive the Covenants, Conditions & Restrictions (CC&R’s) which should clearly state what needs to be adhered to in order to maintain the quality and value of the properties located within the community.
Restrictions can include parking on street (including your moving truck on moving day), landscaping approval or types of plants allowed, fence restrictions, pool restrictions, erection of basketball hoops or tree houses, storage of boats and RVs, number of pets and age requirements of residents.
If you are looking to buy a home in a community with a HOA, you should request a copy of the CC&R’s; ask about any CC&R’s recorded against the home; find out what the current dues are; find out how often the dues have been raised during the history of the HOA; and determine if there are term limits for the Board, and if Board members have attended training sessions in efficient HOA management.
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Shopping for your first apartment is such and exciting time. In addition to choosing which neighborhood to move to and seeing all that is out on the market, you are invariably confronted with the question: should you go for a condo or a co-op?
The first thing you’ll notice is that condos usually cost more. That’s because buying a condo is more like buying a house. Buyers own their deeds and pay taxes. The good news is the percentage down-payment requirements are smaller and you can sublet condos more readily than co-ops.
Co-op is short for “cooperative housing project,” and you technically don’t own your apartment, as you do with a condominium. Instead, you own shares of the co-op corporation that owns your building. The larger the living unit, the more shares you own in that corporation.
While you’ll pay less money for a co-op you need to keep in mind the board, run by other shareholders, will have a bigger say in almost every facet of living.
As thus, everything that happens in a co-op must be approved. From purchase, when the board checks personal background and finance information, as well as comprehensive employment history and background checks; to any renovation that goes on in the apartment; to subleasing, which in many cases, is not allowed at all. Moreover, co-ops require larger down payments than condos, and those all-encompassing maintenance fees are higher than in condos, although they are tax-deductible.
Finally, selling a co-op can be little harder than selling a condo. Some boards assess a “flip tax” if you resell within a set period, such as one to three years.
So, depending on your financial status, how much money you have for a down payment and how much you want to be part of a group, you can decide for yourself whether you wish to go condo or co-op.
Picture this: A college student—we’ll call him Larry—of meager means rents his first studio apartment. It is the typical young person’s starter home: cheap TV and cheaper sofa, packing box for coffee table, futon cushion for bed. Does this kid need renter’s insurance? Most people think the coverage is in place to protect the holder’s property in case of theft. Since Larry has nothing, why insure it? What is often missed is that the coverage also protects the holder’s assets in case of mishap.
Say the person living downstairs from Larry has lots of very expensive stuff. Now imagine Larry gets drunk, comes home, runs a bath and passes out. Water overflows from the bathtub and drains into the apartment below. Lots of very expensive stuff is ruined. Renter’s insurance covers the costs and saves Larry from a life of indentured servitude.
What if a pipe bursts in the apartment above Larry and not only is Larry’s stuff totaled, but he needs to find some place to crash until the landlord can fix the mess. Having insurance can mean the difference between couch surfing and staying at a nice hotel with a real bed.
What if Larry wants to impress a girl and has some friends over to help him paint the pad before the big date. Then one of his pals falls off the ladder while painting the ceiling and breaks an arm. Renter’s insurance will usually have liability protection, which means that if someone in the apartment slips and falls, the policy holder is covered for any costs, up to the liability limit. And if Larry’s friend sues him, he’s covered for what they win in a court judgment up to your policy’s limit, along with legal expenses.
So, how much does this cost? Just like any other insurance, the premium depends on a number of factors: location, deductible, insurance company and the need for additional coverage. If you shop around, you’ll probably find a policy for $150 and $300 per year, which will get you about $30,000 to $35,000 worth of coverage for your personal possessions and somewhere between $100,000 and $300,000 worth of liability protection.
Come on, admit it, even if you don’t have much, it’s still worth it to cover yourself with some renter’s insurance, ‘cause you never know, right?
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Could California’s long slide be abating?
According to recent data from Relocation.com, the number of people leaving the state is shrinking compared to the number of people moving to it, a crucial gauge for measuring the state’s rebound from economic calamity.
As recently as 2005, 60.7% of the relocation activity for California was outbound – in other words, for every 2 people who were moving to California, 3 were leaving.
That kind of migration can decimate the local tax base and contribute to a further erosion in the state’s quality of life.
However, that outbound number has been slowly decreasing every year, from 58.6% in 2006 to 54.99% in 2009 year to date.
These numbers are reflected in the Los Angeles data.
We looked at the data for all moves in Los Angeles, including moves made within Los Angeles. We found that outbound Los Angeles moves accounted for 36.4% of all moves in 2009 year to date, down from 43.1% in 2008 (the earliest year for which city data are available).
However, instead of people moving to Los Angeles, we found that more people were making moves within the Los Angeles area, an indication that more people are taking advantage of housing prices to either ‘move up’ to a better home, or move to a better neighborhood.
Most importantly, of course, they’re deciding not to move out of Los Angeles.
The percentage of movers making a move within LA was 25.2% in 2008; it rose to 32.33% in 2009.
Relocation.com utilizes real-time data from people requesting moving services, recording where people are moving from and to. It annually records over 500,000 moving requests in its database.
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Is if having rotting Chinese drywall isn’t bad enough, now beleaguered homeowners are facing the prospect of losing their homeowners insurance policies.
The Wall Street Journal reports that insurance companies are starting to not renew some homeowners policies because of the drywall, which emits sulfide fumes and causes corrosion of electrical wires and plumbing.
While it might seem unduly harsh, the insurers say they shouldn’t be responsible for any damage that results from rotting drywall, and that if policyholders don’t replace the drywall (which can cost a staggering $80,000 to $100,000), their policies won’t be renewed.
“[Drywall] corrosion leads to a likely future claim for a covered peril such as fire or a water leak,” which would be the responsibility of the insurer to repair, said an insurance company spokesman.
Homebuilders who used the drywall in new homes have started allocating funds for homeowners to replace it. As many as 100,000 homes built mostly in 2006 and 2007 may be affected by the drywall, which has been alleged to also cause health problems for homeowners.
The lesson of Chinese drywall really points up the importance of home inspections for people who are undertaking a relocation. It’s not only the things that you can see that are a problem; more often than not, it’s the things you can’t see.
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Being transferred for work, or just accepted a new job in a new town?
Take some negotiating tips from a Microsoft executive who scored a pretty sweet relocation package.
Microsoft business division president Stephen Elop got a cool $4.1 million in relocation expenses for the fiscal year ended June 30. It included the usual goodies (movers, etc.), but also the sweetener that the company would take his Silicon Valley home off his hands if he couldn’t sell it himself.
Such relocation deals, while not uncommon, are becoming rare except for the upper echelons of management. It’s pretty clear why: In today’s housing market, corporations, relocation companies and moving companies that offer this service have lost of ton of money buying employee homes that have plummeted in value.
In fact, more and more employees are simply being handed a lump sum to handle their move, rather than having the company, or an outside firm, arrange it for them. Just too expensive.
And if you’re moving to take a new job, particularly if you don’t have a lot of negotiating power, you might be totally on your own for relocation costs. But depending on your situation — particularly if you don’t have a job currently — you might be completely fine with that.
But back to Microsoft’s Elop, who buy all measures did pretty well. Microsoft said it would buy Elop’s old house at a price equal to the average of three independent appraisals if he were unable to sell the home in a preset time.
If the average appraisal came in below what Elop originally paid and adjusted for home improvement projects, Microsoft agreed to pay the difference. He also was given a “tax gross up” – a reimbursement from Microsoft on any individual income stemming from the real estate sale.
Because the California real estate market tanked, Microsoft ended up owning Elop’s house, later selling it at a price “significantly below” the original purchase price. In addition to the $4.1 million in relocation expenses, the filing says he received a $1.2 million tax gross up.
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It’s the big question — OK, the only question — in real estate: have we hit bottom?
Hard to say for sure, but recent data from a Relocation.com survey, coupled with recent economic data, indicate there’s light at the end of the tunnel. In our September survey, more renters took the plunge to become homeowners. Granted, it was modest: this group increased from 14% to 17% from the previous survey in June.
However, an increase is an increase, and although this group doesn’t get much press, it’s important for the health of our real estate market.
The ‘move up’ crowd gets a lot of attention in the housing market. These are the folks who own currently but are looking to move to a better home or better neighborhood. This group’s been basically frozen because they can’t sell their home, or get enough for their home, to move up to a new home.
That’s created a cascade effect that’s kept much of the market frozen. So if the renters get off the sidelines and start buying homes, which in turn frees up those sellers to buy a new home, that’s a great sign, and one that bears watching.
Other findings:
* 70% of respondents said homes are more affordable today than in recent months.
* 69% indicated they believe the economy is improving
* 19% cite declining home values as a primary reason for this improvement.
* 26% of survey respondents took advantage of these more affordable prices to move to a bigger house or neighborhood, down 24 percentage points from our June survey.
* Moving due to job loss or foreclosure stabilized at 7%.
* There’s been a 16% increase in respondents who said they hired a professional moving company, which may be another indication of an improving economy.
weeks ago I wrote how people who can’t sell their home are starting to mull renting it instead.
If you’re one of those on the opposite side of the equation — you want to rent a home — here’s a quick list of things to look for in a rental home. Even though you’re just renting, you’re still investing in a community, and there are some important things to consider:
• The quality of the neighborhood and area schools as well as school bus routes, schedules and stops. If you have kids, find out if their school schedule fits your own.
• Check crimes rates in the area, as well as the sex offender registry.
• Is the new place convenient for your work, and does it have ready access to services and businesses that you frequent?
Here’s what to check on the house itself:
• Who’s responsible for general maintenance and utility bills, you or the landlord?
• Can you get the landlord easily if there is an emergency? Some homeowners who rent are doing so because they are moving out of state. Check to see if that’s the case.
• Do a background check on the homeowner just as they’d do one on you, say experts — you’ll never know what secrets may be in their financial closet. You don’t want the house to get foreclosed on, leaving you having to find a new place. Make sure whoever you’re renting from is current on their mortgage — and looks set to stay current.
• Check for environmental hazards like lead paint, asbestos and mold, particularly older homes. Don’t assume that the landlord has done those checks for you. And don’t assume any defects you see in the house will be fixed in the months ahead — make the fixes a condition of your signing the lease.
• Go over the lease carefully, particularly the section about breaking your lease. Also, be sure to check out renters insurance — your landlord’s insurance won’t cover you for most things.
People mulling a relocation, whether it’s for a new job or to moving to a place with better job opportunities, face a dilemma — sell their home at a loss, or not move.
That’s bad. This nation needs for people to go to where they can find fruitful employment — that’s good on an individual level, and for the economy as a whole.
I’ve written about some signs that more people are willing to bite the bullet, sell their home and relocate for work.
And now there’s an indication of a willingness to take a different step to facilitate a relocation: The Wall Street Journal has an interesting article about how more homeowners are willing to rent out their home. Even if the rent they’ll make is less than the mortgage, they hope that home prices will rebound enough in the longer term to offset those rental home costs.
Renting out a home is not an inexpensive affair.
If you’re using a property management firm to oversee the property, you’ll pay them a fee from 3% to 12%, and you’ll pay more to insure the place (about 25% higher than a homeowners policy). You’ll also still have the costs of upkeep, and the rental income can affect your tax situation.
However, more are willing to take on those expenses to get on with relocating their lives.
And it’s great for renters — they now have more options beyond just an apartment.
(Read more in Relocation.com’s rental home section.)
I wrote a few months about Richard Florida’s assertion that Western cities that in the past have enjoyed huge influxes of folks from the ‘Rust Belt’ face significant challenges in this recession.
We’re starting to see just how significant.
An article in the New York Times points out some startling statistics for 2001-2007.
“About 20 percent of private industry growth in the United States was tied to real estate and construction. In the Phoenix area, almost 36 percent of growth in the private economy during that period — more than $34 billion worth — came from real estate and construction.”
I’m sure these areas have always had higher proportions of their economy tied to construction and real estate. However, it shows the danger in that overreliance, and it shows that these areas, more than most, will have a hard time digging out from the aftermath of this recession.
A recent survey we commissioned has found some optimism for the real estate and relocation biz: 50 percent of people who recently moved did so to improve their living situation, whether to move into a bigger home or move to a better neighborhood. It’s quite a change from a similar Relocation.com survey in March 2009, which found the recession played a much larger role in the relocation decision.
As the primary reason for moving, No. 1 on the list was to live in a bigger/better home (26 percent), followed by living in a better neighborhood or area (24 percent); to be closer to family/friends (12 percent); living in an area with a lower cost of living (9 percent); or a move that was sparked by a change in marital status (6 percent). Moving because of school, job loss, retirement or foreclosure each garnered 3 percent or less.
The change between the March and July surveys could indicate that consumer attitudes are shifting. With more people taking advantage of favorable real estate deals and falling rents, even as the recession continues to pinch most Americans, they suggest a boost in consumer confidence.
While finances still factor into relocation decisions, the survey indicates that fewer people were feeling the need to move due to job losses, foreclosures or downsizing to cut costs. The people who looked to improve their living situation were a mix of those buying a home or renting that were seeking to take advantage of lower rents and home prices to move smart.
Government incentives to buy a home, coupled with market forces lowering housing prices, have helped boost home sales in recent months.
The overall slowing of demand for housing has also produced lower rents in many major metropolitan areas, benefitting renters. Of the people who indicated they were looking to improve their housing situation in the survey, 54 percent were renters who moved into a new rental.
Nearly 42 percent were people buying a home or planning buy one: either renters who became homeowners (15 percent), homeowners who moved to a new home (16 percent), or homeowners who moved into a temporary rental as they continued their search for a home to buy (11 percent).
A similar survey in March found that people were more likely to list symptoms of the economic downturn as reasons for their move: 41 percent said that the recession had a moderate to strong influence on their decision to relocate.
Family reasons also played a larger role in the earlier survey: 23 percent said their primary motivation was moving closer to family or friends, while 13 percent cited looking for work or starting a new job. Only 14 percent listed moving to a bigger home or moving to a better neighborhood as a reason for their move.
One of the biggest hang-ups in the housing market is sellers’ stubborn refusal to lower the sales price of their home. We’re seeing some flexibility on this – thanks for the rash of bank-owned properties in certain communities — but not nearly enough to get us to a sustainable bottom.
That could be changing, as a couple of recent studies point out, marking a key psychological turning point in the housing crisis.
The first was a Boston Fed study that found most people, when it comes to a relocation decision, are disproportionately influenced by the price of their home. If they won’t get as much as they think it’s worth, they’re less likely to move, regardless of the opportunity they’re passing up. Housing prices, more than anything else, influence moving rates.
And now, just a few weeks later, comes a survey from Challenger, Gray & Christmas Inc., that finds that 18.2% of the folks who took a new job in the first quarter did so by relocating.
That’s up from 14.3% in the previous quarter, and 11.4% in the second quarter of 2008.
In fact, it’s the highest job-seeker relocation rate since the second quarter of 2006, when it was also 18.2%. (By contrast, the relocation rate was a whopping 42% in 1986 — it fell under 20% in 2001 and has stayed there since.)
So what’s the significance in this rising relocation rate?
People are finally, finally, willing to acknowledge the inevitable economics and cut the price on their home — and cut it to a price that will compete with foreclosures and appeal to all the folks out there who are looking for a bargain.
The stubborn homeseller mentality — that I won’t sell for less than I paid for it, or not as big a gain I could have had a couple years ago — is loosening, which means house prices will be priced more realistically. This will help the market find the natural bottom.
Lower homes prices + less risk of further price drops = consumers who will be more comfortable buying a home.
And once homes start moving again (as we’re seeing in communities like Phoenix that have been hard-hit by the housing bust), we’ll all have less of that sinking feeling that our homes might be worth less than a Happy Meal.
As that lousy feeling gets replaced by more confidence, we’ll be more confident in making purchases that maybe we didn’t before as we watched our home values drop. That will benefit the economy as a whole.
A friend the other day was lamenting to me that his house was off $10,000 from where he bought it 5 years ago.
My answer, which he probably didn’t appreciate for its succinctness, was “So what?”
He plans on living there for another 20 years. He would have paid out far more in rent than he would have buying and paying for upkeep on his own. He’s ahead now, and he’ll be far ahead in 20 years.
Still, he and millions of others clung to the good old days of 2006, when our home prices were less realistic than the sweet-nothings that mortgage brokers were whispering in their client’s ears in 2001-2005.
As soon as we get beyond the opiate of 2005 housing prices, the sooner our economy will recover.
Few cities take their real estate more seriously than San Francisco, so I figured I’d come across some outstanding real estate agent blogs when I poked around the offerings there from local agents.
I wasn’t disappointed.
I’m doing a virtual tour of real estate agent blogs nationwide, looking to see who’s doing the best job of building blogs that are useful for people who are thinking of relocating to that area.
Real estate agent blogs can be useful to learn more about a city, of course, but they’re even more useful when looking at particular neighborhoods in that city — these blogs tend to be micro-focused on neighborhoods that an agent serves.
It can be hard to find solid neighborhood content, other than the same old tired data you’ll find repeated on a lot of neighborhood Websites that aggregate this information. A good real estate agent blog can tell you a lot about a community.
A few other criteria we look at:
Market data. People who are relocating want to know average sales prices, sales volumes, days on market, etc. Agents need to give it to them.
Explanatory articles about real estate, whether the basics or current issues. People looking for a home come from varied backgrounds as far as real estate knowledge, so the agent should attempt to give them information about a variety of real estate issues. For example, blogs about buying a foreclosed home are very useful in this market.
So with that, here are the top real estate agent blogs in San Francisco:
The Front Steps
The Front Steps from Alex Clark is a great guide to San Francisco real estate, including market observations, interesting tidbits on the city itself, nice photography and a snarky style that makes for interesting reading.
This is definitely not your typical real estate agent blog – and we can be thankful for that.
Sometimes agents can take the blog thing a little too seriously and never dare show a little leg when writing. Clark has no problem with that. His walkabout category is a particularly fun and insightful read.
Lively comments section as well. It’s the kind of blog I’d read just to see what’s going on San Francisco real estate wise, even if I wasn’t moving there.
The Marin Real Estate Guide
The Marin Real Estate Guide from Ginger Wilcox is a solid entry point for anyone who’s looking at real estate in tony Marin County. Her Marin Neighborhood breakdown is helpful for folks who don’t know the area, and her market reports page is useful for someone who wants to check in occasionally to see how the market is doing.
Bonus points for solid design – not something you always find on real estate agent blogs, lamentably. (So many sites have good content but lousy design. Agents: spend a few bucks to keep people from feeling like they’re transported back to the late ’90s when they hit your site.)
Wilcox excels in explanatory articles, like this recent translation of a Fed statement and its effect on mortgages.
Absolutely Foster City Blog
Absolutely Foster City Blog from Jim Minkey gives you a nice feel for the community, with a great mix of local events including contests, local school ratings and discussions about local events. Again, consumers looking to move to your community want to get an idea of your community is about. A Christmas lights contest might seem goofy, but hey, it gives you an idea of the community spirit.
I like this little insight into real estate agent life, as Minkey recounts a debate he had with an overheated homebuyer.
Blogs are about personality, and Minkey’s has loads.
Living Well in San Mateo
Living Well in San Mateo from Raymond Stoklosa, Rebecca Williamson, and Chris Williamson does a nice job breaking down the local neighborhoods in San Mateo (like Hallmark), as well as some real estate basics stuff for novice homebuyers or just homebuyers who could need some brushups about current real estate issues, including this post on questions to ask when buying a short sale.
The White Oaks Blog
The White Oaks Blog (www.whiteoaksblog.com) from Chuck Gillooley focuses on the White Oaks neighborhood of San Carlos. In addition to the usual postings on market data and interesting properties for sale, Gillooley takes a particularly close look at issues affecting the community, especially the schools. He also does a very nice job writing about local community issues, as well as issues affecting the real estate market, like this post on home appraisals not meshing with sales prices, and the effect it can have on the transaction.
San Mateo Real Estate Blog
Vicki Moore’s “Official” San Mateo Real Estate Blog is an interesting, newspaperish-feel that does a good job in covering all things real estate (though we’re unsure how it attained its ‘official’ status, but let’s not quibble). This is a nice post on Pedro Point.
Marin Real Estate Blog
Marin Real Estate Blog from Mark Lomas offers good and frequent updates on market conditions, as well as some reports on goings-on in the community.
Read about the best blogs in:
Chicago
Los Angeles
Minneapolis/St. Paul
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So here’s a special kind of torture: Research Los Angeles real estate blogs from a dreary office in chilly, rainy New York.
All these blogs feature the things that make Los Angeles so special: sunny skies; beautiful, happy people; palm trees swaying in soft, ocean breezes. In New York we have cloudy skies; surly people; still-yet-to-bloom saplings nearly bent to the ground by hurricane-force winds off the Hudson.
So I enjoyed losing myself for awhile in these blogs.
As readers of this feature know, I’m doing a virtual transverse of our nation’s largest cities to find real estate blogs that are helpful for people looking to move to a particular community. I’ve looked at Minneapolis and Chicago thus far.
For people who are moving, these blogs are a great way to learn about neighborhoods, learn about real estate in those neighborhoods, and maybe even find a real estate agent who knows their assessments from their elbow (and is a likeable person, to boot).
I try to avoid blogs that are just a series of listings, and posts shouting ‘Now’s a great time to buy a home!’ (I assume that if people are on the blog, they’re ready to buy — and if they’re not, the plaintive cries of a real estate agent won’t convince them to do so).
So that said, here’s the best of the best that I found in the LA area.
San Fernando Valley Real Estate Blog
Judy Graff’s San Fernando Valley Real Estate Blog is really good. A nice mix of humorous pieces about real estate life, tidbits about the communities she serves, and analysis of the current housing market.
She even gets a bit snarky. This post rips overpriced homes near freeway off-ramps, and this one recounts a nightmare home showing (hint: naked guy!).
Judy’s blog gives me a very good idea of what kind of agent she is: open, honest, knowledgeable and funny. Not a bad combination for someone who’s trying to find me a home — and look out for my interests when buying it.
Pasadena Views
Pasadena Views from Irina Netchaev provides a good snapshot of the Pasadena area, with a nice mix of information about the area and its amenities — it even has restaurant reviews. This post on walking areas in Pasadena is a good example of a real estate agent who’s plugged into the community.
There are also market reports on Pasadena housing, and information about mortgages, including this humorous post comparing some mortgage brokers with the stingy “Soup Nazi” of Seinfeld fame. Anybody who likes Seinfeld is an agent I could work with…
Beach City Real Estate Info
OK, deep breath before pronouncing the next blog: Beach City Real Estate Info. Rolls off the tongue, eh?
Good blog, though. It focuses on Manhattan Beach and Redondo Breach, and the pictures on the homepage make me pine for sun and palm trees, preferrably together and even more preferrably with a fruity drink adorned with a little umbrella.
But back to the real estate. This blog has a thorough listing of homes for sale in the area and other market data for the would-be buyer. There are also posts that are helpful to first-time buyers. This analysis is helpful for people looking to buy in the area.
Malibu Real Estate Blog
Malibu Real Estate Blog from Michael Gardner has a homepage that makes me even more depressed to look out my window at a dark, soul-less monolith (aka, the Goldman Sachs building).
To drive myself further into depression, I tralloped over to a post about what to look for in a Malibu beach home. It’s a nice source of information about beach property in Malibu, and I’m figuring if anyone wants to live in Malibu they should aim for the beach and not with the Malibu low-lifes who reside inland.
This is an interesting article about how beach depth can affect the value of the property. In my case, it’s the difference between “There’s no way you can afford this,” and “There’s no way in hell you can afford this.”
Still, this is a nice site if you’re interested in moving to Malibu, or just interested in dreaming about moving there.
Um, the latter for me.
Red Square Homes Blog
The RedSquare Homes Blog focuses on Manhattan, Hermosa and Redondo beaches (random new theory: life can’t suck if your town has the word “beach” in it).
Red Square has an array of listings and occasional posts on homebuying tips, including this one on what to look for when checking out agents’ Websites.
Phyllis’ LA Real Estate Blog
Phyllis’ LA Real Estate Blog is an eclectic mix of just about everything and everywhere in Los Angeles: market reports, tidbits about the community she serves, humorous observations about life in general, and tips for both home buyers and sellers.
Long Beach Real Estate
Laurie Manny’s Long Beach Real Estate offers market reports on the Long Beach real estate mark, along with things to do in Long Beach, tips for home sellers and homebuyers, and other notes about Long Beach communities.
I thought this post offered a pretty exhaustive overview of things to do and see in Long Beach — it’s geared for Valentine’s Day, but I think it’s useful year-round, for both residents and nonresidents alike.
Up2Date Real Estate
Deena and Doug Willis’ Up2DateRealestate is focused on Pasdena and is heavy on market report,s which it covers exhaustively, and features an active community of people who comment on posts. This is a particularly good (and smart) post on homes for under $400,000 and the kinds of repairs and costs you might face.
Palos Verdes Lifestyle
Norma Toering’s Palos Verdes Lifestyle is a good source of information about Palos Verdes, and also a source of tips for homebuyers and market stats about the area.
Terra Firma
Terra Firma from Christopher Hain is a great place to find the market data about communitites you’re considering. (BTW, I just learned this: Terra Firma translated is “Firm Terra.”) It’s written well and has an insidery feel that helps you trust that the author knows of what he speaks.
The analysis of trends is also top-rate — check out this post on foreclosures.
Other stuff to amaze and excite you in the Relocation.com Blog:
The Best Real Estate Blogs in Minneapolis/St. Paul
The Best Real Estate Blogs in Chicago
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Want to look stupid, be humbled, and get proven wrong, all with one prediction?
Call a bottom in the housing market.
Nothing has humbled more people than trying to figure out when our great housing skid has come to an end: would-be homebuyers, beleagured real estate agents, those perennial optimists at the National Association of Realtors.
These would-be Nostradami roll out statistic after statistic in a vain attempt to identify housing’s floor. But the floor keeps sinking.
Unfortunately, the folks who rely on statistics are missing the point. This is an unprecedented time in our history, so we have no statistical cues that tell us we’ve hit bottom (except for real housing prices, but come on, that’s too obvious, eh?)
Statistics won’t tell you the bottom – psychology will. If you’re looking to buy a home — whether as an investment or an abode — look for these subtle signs that prices might have reached their nadir.
1. No More Predictions
After a while, people will grow tired of housing-bottom predictions — both of hearing them, and making them.
At a certain point, people will grow weary as prices keep dropping. They will even get depressed. Not only can’t they see a bottom, they can’t imagine a bottom ever getting here.
And that’s when we’ll have a bottom. Just like stocks, the market likes to beat you to a pulp, until you can no longer see light at the end of the tunnel before turning around.
Watch for dread and despair that housing will even stop dropping. Unfortunately, we’re not there yet.
2. Rent Equivalency
In the bubble days, most of us bought the muttered mantras about real estate: ‘Buy as much home as you can afford,’ ‘house prices always rise,’ ‘why throw your money away on rent?’ etc.
All proven to be really, really wrong. Painfully, painfully wrong.
People now understand that while their house might be a good way to build equity, it can be a pretty lousy investment in the short term. Maybe even the longerish term.
Affordability is now the key metric: If the costs of homeownership are less than renting, and you can afford those costs and you plan to stay put for 10 years or so, owning a home is probably for you.
Remember those cocktail parties where people used to brag about the value of their homes rising 25% a year? Those same parties where they’re now drinking Coors Lite instead of Dom Perignon?
When you hear more conversations about what people would pay in rent vs. the costs of owning their home (or of buying a home), that’s another psychological sign that we’re nearing a bottom.
3. You Want Out!
Maybe you’re still ‘up’ on your home investment and you want to protect any equity you have. Maybe you’re underwater and don’t want to sink further.
When we get to the point where people really start panicking about the values of their homes, where they’re considering moving because the thought of their bad investment outweighs the love of their shrubbery or backyard patio, that’s another sign that we might be just about there.
Just like people usually sell their stocks at the lows and buy the highs, look for similar sentiment in others (and in yourself) to help you tell when we’ve might have hit rock bottom.
You might just be your own best contrary indicator.
Tim Johnson — Relocation.com
Even if you’re happy where you’re living now, the current economic recession should force you to think about where you choose to call home.
Why?
Because history shows that major upheavals in our country spark huge demographic and economic shifts.
The Depression in the 1930s sparked an exodus from rural states to large cities; the 1970s recession saw huge population shifts from the Northeast to the Southwest.
Many people who didn’t make these shifts ended up in a region that remained economically handicapped for years.
So what areas of our country will be the winners — and losers — a decade from now?
If you work in real estate – or if you just care intently about your own personal financial well-being — you should be asking yourself that question.
I read an interesting theory in a recent edition of Atlantic Monthly. The author, Richard Florida, argues that many part of the U.S. have been stunted economically because of their overrealiance on ‘false’ drivers of growth — in particular, Southwest cities like Phoenix and Las Vegas.
“Although these places drew tourists, retirees, and some industry — firms seeking bigger footprints at lower costs — much of the cities’ development came from, well, development itself,” he writes.
Florida argues that these areas will be feeling the hangover effects for years.
”At a minimum, these places will take a long, long time to regain the ground they’ve recently lost in local wealth and housing values. It’s not unthinkable that some of them could be in for an extended period of further decline.”
Which areas will thrive?
Florida makes the case for population density as a driver of growth. Having people living in ’close proximity,’ Florida argues, tends to generate more ideas, which get formulated into business plans and help spark economic activity.
This self-regenerating creativity feeds on itself, particularly in an economy that depends more on information than manufacturing things.
“[The economy] depends on generating and transporting ideas. The places that thrive today are those with the highest velocity of ideas, the highest density of talented and creative people, the highest rate of metabolism. Velocity and density are not words that many people use when describing the suburbs. The economy is driven by key urban areas; a different geography is required.”
The result of all this? The big — and dense — cities like New York and Chicago will maintain their economic vitality. Cities characterized by suburban sprawl — and its attendent waste of resources — will suffer.
Where does your community fit in this sort of analysis? What communities do you see in the future that will help support you and your livelihood? Would it affect your moving or relocation decisions?
I know it will affect mine.
Tim Johnson — Relocation.com
Although you’d be hard-pressed to name any region of the country that hasn’t had the recession sink its teeth into its hide, Texas has clearly been able to steer clear of the sharpest fangs. 
According to our data, Texas enjoys a health demand from people who are relocating or looking to relocate.
In particular, the cities of Austin and San Antonio are popular on a per-capita basis.
Our statistics look at where people are moving from, and where they’re moving to. We collect the data from consumers who request moving services from moving companies in our network.
Looking at Relocation.com data collected from 2007, 2008 and 2009, of all moving requests that involve Texas, 62% of those requests were people who expressed a desire to move to Texas; 38% were people who were looking to leave the State. To put this into some perspective: of moving requests involving Michigan in 2008, 71% were people looking to leave the state; just 29% were people looking to move to Michigan.
Texas cities also show admirable strength, particularly Austin. Its per-capita ratio is nearly twice that of the next city on the list, San Antonio. Most large Texas cities showed a great deal of demand for people to move to those cities. For this measure, we looked at interstate moves, as well as intrastate moves that do not include moves within that city’s MSA — we weren’t interested in someone who was simply moving from one side of town to the other.
The results: Austin: 60% of moving requests involved people wanting to move TO Austin; 40% involved people who wanted to move out of Austin.
San Antonio: 57% and 43% respectively;
Dallas/Fort Worth: 56% and 44%
Houston: 54% and 46%
The only city that bucked this trend was El Paso. Of all moves involving El Paso, 55% were people looking to leave El Paso; 45% were people looking to move to El Paso.
Other Relocation.com stats:
Tennessee Moving: Sign Me Up for the Volunteer State
Montana Moving: More Opt for Big Sky
Relocation.com’s 2008 Relocation Survey
Minneapolis/St. Paul gets a bad rap for the cold.
Sure, Minnesotans do welcome spring with the ritual ‘Counting of the Fingers’ to account for any digits lost to frostbite the previous winter. But really, it’s a lovely place. I should know — I lived there for 10 years.
So as I put together my best real estate blog list for the Twin Cities, I had more than a passing acquaintenance with the neighborhoods, which can be a bit of a negative.
Why?
Because I like to look at these blogs the same way you do: As someone moving to a new city who wants to learn about the local community, learn more about the local real estate market, and maybe even find a real estate agent — but without getting buried in a blizzard of listings and a bunch of ‘Now’s a Great Time to Buy!’ come-ons.
But still, I will put on my journalistic-objective glasses and chip away.
One of the best sites I came across is the St. Paul Real Estate Blog from Theresa Boardman, who’s greatly revered in real estate social media circles as someone who’s very smart about blogging and all social media.
The praise is well deserved: St. Paul Real Estate Blog is a great mix of real estate news, tidbits about the community and about events like the Winter Carnival, as well as some personal insights and photos from the author, but not so much as to make you feel like your aunt is showing you her favorite scrapbook. Boardman’s also got some nice photobooks of the Twin Cities area — the photography here is a big plus and gives you more insight into the community than a simple narrative could.
Big bonus: it’s pretty amusing. She told of a recent showing of a bank-owned property where she was asked to bring her own screwdriver to pry the plywood off the door. And I don’t know if she was being funny when she wrote this, but it still was:
“I took [this photo] in Mears Park downtown last summer before it got so cold that I can’t take pictures without freezing my camera off.”
Yep, she said “summer” and “freezing” in the same sentence. Welcome to St. Paul!
Homes MSP Real Estate Blog.com is another good site with a nice feature on neighborhoods and listings in those neighborhood.
It’s written by Sharlene Hensrud (a solid Nordic name, the type of which you’ll encounter often in Minneapolis/St. Paul).
There’s a good deal of information for first-time buyers, and she also has posts from a home inspector, lender, home-stager and a transitions coach. A well-rounded approach to your entire relocation process.
It’s written well and organized well, to boot, so as a consumer, there’s no wasted time trying to find content that’s useful.
Barker and Hedges sounds like a cheap pack of smokes, but it’s actually a real estate shop that has a very nice blog, Barker and Hedges Real Estate Blog. I came across this late in my search, and I’m glad I did.
It looks fabulous, with a great design and nice photos, and the content is incredibly useful to people looking at relocating to the Cities. Take this post — Twin Cities Blog Round-up. This kind of thing is de rigeur for most blogs (and yeah, I do it as well).
But it’s also good — well written with really interesting links about the Twin Cities that a newcomer would find very engaging and useful (that word again, useful). The writer clearly put a decent amount of research into it.
Other posts are also interesting, including extensive profiles of communities around the Twin Cities. Just one note to Barker, or Hedges, or whomever: throw some pics or maps in there. You’re punishing your writer — not to mention your readers — with having to produce so much text for something that can be best described with pictures.
Jennifer Kirby over at Minneapolis Real Estate Blog does a nice job giving you a virtual tour of Minneapolis – she deals more with higher-end property. Her site still contains a wealth of information for people looking to buy and sell. She has a gift for writing and a knack for identifying all sorts of topics that come up when people enter the real estate game.
Also check out her blog Minneapolis Luxury Real Estate Blog. Busy busy is Miss Kirby.
Scott Ficek’s Minnesota Investment Property Blog is geared more to the real estate investor, but it’s still an interesting read for would-be homeowners and do-it-yourselfers, and anyone who has renters. He has a great feature called Stupid Property Repairs, many of which I’ve tried myself and can verify that yes, indeed, they are stupid, and often painful.
If you’re interested in the north metro area (don’t fret about the ‘north’ part, the south metro is nearly as damn cold as the north), check out Theresa Eckholm’s MN Real Estate Update Blog.
It’s definitely worth a look if you’re considering the northern part of the Twin Cities area, with some particularly good insight into areas of the market like foreclosed lakeshore properties, which might appeal to second-home buyers looking for a bargain.
Finally, while not a real estate blog, it’s one of the best darn mortgage blogs you’ll find anywhere on the Web: Alex Stenback’s Behind the Mortgage. He makes mortgages come alive. Or at least doesn’t induce one into a coma. Let’s take what we can get.
There you have it. And I know I missed some fine blogs — I’m just one guy.
So help me out. If I missed a fine Website, instead of emailing me with your indignity, leave a comment here (with some indignity), or tell me about some other blogs that you like.
Tim Johnson — Editor, Relocation.com
Related article: The Best Chicago Real Estate Blogs
One of the best ways to get a taste of a neighborhood you’re looking at is to look at some blogs from real estate professionals in the area.
Real estate agents are getting savvy about using the blog to talk to you – people who are interested in moving to their community — about the community. At their very best, these blogs are like local newspapers, without the obituaries or scintillating reports from the local public utilities commission.
Of course, the agents would LOVE to eventually represent you in a sale, but they also know that if they’re too salesy in their blog reports, you’ll bolt. The hope is that if you like the blog and find it a valuable resource for learning about a neighborhood, then you’ll like the agent as well and maybe want to talk business.
So we’re going city by city to find the best real estate blogs. I try to find sites that have a low sales quotient, and give you a good insight into the community that agent represents. The more ‘insidery’ the better.
First up: Let’s look at Chicago and the best blogs in the Windy City (in no particular order).
Robert Darrow’s Your Windy City Guide excels in all the types of information that’s important to new residents: some numbers and analysis of local real estate market with some good insight for buyers, and with just the right amount of local color – interesting stories and great pics.
He also does a very nice job of discussing a variety of neighborhoods and then making it easy for you to search them with precise tagging (that’s not something you’ll find on all of the Chicago blogs).
Definitely worth your time if you’re looking to move and buy in Chicagoland.
Fran Bailey’s Chicago Metro Real Estate is also first-rate, and she has some good war stories from the Chicago real estate biz — personal stories like these help you get a feel for a real estate agent’s personality and knowledge.
As you read these blogs, think about whether you could mesh with them as you go about your real estate hunt. I’ll ignore the post on ‘5 Good Reasons to Buy a Home now’ — agents, please avoid the obvious pitches on buying a home; if I’m on your site, just assume I’m already pretty serious about buying a home.
However, bonus points for her post on finding Chicago rentals, a classy post that shows she wants to help people moving to Chicago, not pitch her listings.
Chicago Real Estate Local from Eric Rojas offers a really good insight into life in Chicago with a good overview of the types of property in Chicago and some amusing insights on properties and neighborhoods, as well as discussion of the overall real estate market in Chicago and in particular neighborhoods. It’s the kind of stuff that gives you a feel for the city and some insight into where you might be looking to live.
Chitownliving.com is also a good blog about life in Chicago. Check out its neighborhood lists for some good insight into various Chicago neighborhoods. The Real Estate Lounge Chicago is good, but I’d like to see more information about neighborhoods in there.
Jennifer Ames’ Live and Play in Chicago is probably the best-looking blog in this group, and has a lot of good information on neighborhoods on the north side of Chicago if that’s an area you’re interested in. Definately should be on the list of blogs to check out if you’re interested in Chicago.
Closing on Real Estate is more about the financial side of the equation, but the lawyer-author does a really nice job of focusing on issues that a first-time buyer might face. Here’s an example:
“I represented a buyer earlier this week at a closing and we used this to sock away $5k just in case there’s a special assessment in the next six months. In my particular situation a review of condo board minutes over the last year suggested a couple big projects may be happening soon so I just wanted to protect my client. But in a soft real estate market, why not use this as the default position on the Buyer’s side. Protect your client for another year.”
This is good stuff to know if YOUR real estate agent isn’t thinking about stuff like this. Bonus points for not using legalese like ‘pursuant.’
Finally, Arc Chicago isn’t a real estate site, but it’s an interesting compendium of real estate architecture in Chicago and some of the interesting architecture by neighborhood. Not that you should pick your new neighborhood by the archicture, but it could be a factor.
Any I missed? Of course there is! So why not help out our community and leave some other Websites that are worth a perusal?
– Tim Johnson, Relocation.com Editor
Suzanne Grace is a licensed real estate agent in Thousand Oaks, Calif.
Foreclosures are the bane of any home-seller trying to sell their home. We’ll give you some tips on how to cope if your home is competing with one.
1. Know Your Enemy Most banks are very eager to sell, so they’re creating an underpriced competitor - you’ll need to be just as aggressive.
First off, find out if your neighborhood has some foreclosed properties, and wait until they are sold before listing your home (if that’s possible).
Second, figure out how to price it. When determining comparisons, appraisers no longer care if the home next to yours sold as a foreclosure — a comp is a comp is a comp! The risk factor when buying a foreclosure is no longer considered as high.
Either way, the buyer will be able to do their due diligence, and they contractually have the time to have inspectors view the property; in the event there is something wrong with the home, making the purchase risky, the buyer can still back out of the deal.
So you need to price competitively with foreclosures. And even then, you might need to go the extra mile. Buyers are very cautious about overpaying. Once you choose the price at which to list your home, keep in mind that you will need some flexibility.
As a real estate agent, I work with the comparables of sold homes to help set the price of your home. However, all it takes is a neighbor to significantly drop their price or for a foreclosure to come on the market and the comparables have now changed.
2. Stay Put Buyers appreciate a home that is well taken care of and loved. A vacant home typically feels cold and empty while one that is still occupied has a warm, cozy feel, attracting more buyers. This gives you a leg-up over foreclosures - and it’s something to play to the hilt when preparing your home for showing.
3. Keep It Neat Be sure your home is always presentable. With so many foreclosures on the market today, buyers are seeing homes at their worst. If your home is presented in a neat and clean way, it will attract more positive attention – particularly against that cold foreclosed home down the street.
4. You did what to your home? Homeowners always update, upgrade and remodel their homes according to their own personal taste. It’s easier to sell a home if the decor and paint colors are neutral, allowing the buyer to visualize their own style in the home.
You also have a leg up on foreclosures here – they don’t come with disclosures. If the kitchen was upgraded, there is no way to know when it was done or how – although some cities do require permits for this, there are many others that do not. Keeping updated records, photos, and permits handy for your buyer to review will make them feel much more confident about buying your home.
5. Get real about price Buyers today are also watching the days on market and tend to be much more aggressive in their bargaining and negotiating if a home appears to be sitting for any length of time. Don’t be insulted by a low offer; work with that buyer and see if you can meet them halfway on price and terms.
When I look at my assets these days — and it’s a quick look, trust me, I think I can look directly at the sun longer — I don’t even consider the value of my home.
Why not? Because I don’t even see it as part of my investment mix. Sure, when I sell, I hope I see a gain. But when I bought the home a couple years ago (yep, I nailed the top of the market, please keep your comments to yourself….) I looked at it as a pure financial decision: over the course of 10 years, even if we lost money on the house, would we pay more in rent, or pay more for the mortgage?
Unless I’m forced to load up the jalopy and head out West ‘Grapes of Wrath’ style, I think the answer is that I’d pay more in rent.
The thing is, I’m just not good at timing the market. Even with stocks, I buy high, sell low. That’s why I put my investing on auto-pilot and make regular investments, and do the same with selling positions that run a little hot.
I try to have the same clear-eyed view when considering housing. I knew the market was overheated and likely to come down, but I didn’t know when. And with a new Johnson on the way, I knew I needed more space. Going from a one-bedroom to a two-bedroom in New York is shockingly expensive, and doing the math, buying instead of renting made more sense (as did moving to the suburbs from the City).
So when I hear the debate about whether now’s a good time to buy a house, I think the same thing:
If you can afford it, preferrably keeping real estate costs to less than 30% of your take-home pay (yes, take-home).
and
If you would pay less on housing costs over 10 years than you would pay in rent,
Then buying a home might be for you.
This blog post was written by Suzanne Grace, a real estate agent in Thousand Oaks, Calif., and a contributor to Relocation.com.
The drumbeat of negative news just seems to keep rolling on for the real estate market.
But does that mean you shouldn’t try to sell your home? This blog post will take you through the issues to consider when mulling over whether to wade back into the game.
And I’ll tell you why, at least in the community where I’m a real estate agent, it makes sense to wait 6 months before putting your home up for sale — and why you might want to consider it for where you live too.
1. How much equity do you have? If you bought prior to 2003, chances are you have some pretty decent equity in your home. But if you bought between 2004-2006, and used a 100% financing option, chances are you don’t.
So pre-2003 buyers who have a decent amount of equity might find it beneficial to sell if you have good reasons for needing to do so.
2. Why are you selling? If you can no longer afford the payment, it may not be in your best interests to sell. Many banks are now working with homeowners to modify their loans, essentially lowering their monthly payments to an affordable level.
While I cannot advise going one way or the other (we’re still early in figuring out how the loan modification program will work), it beats foreclosure. And if you are selling for a reason beyond your control such as a divorce, you may want to meet with your CPA to determine the tax benefits of buying out your partner, or see if you can come to an agreement that allows you to sell later.
There is nothing worse than being forced to sell in a downward-trending market.
3. Where do you plan to move? If you are staying in the area and plan to rent, you might be paying the same if not more than you are currently paying for your mortgage, particularly when taking into account the tax benefits of owning. Rents have increased over the last year to keep pace with demand as people leave foreclosed homes.
4. Are you trading up? If you are selling because you want a larger home, whatever you ‘lose’ on your current home will be realized in the gain of your new home, which has also taken a dive in price.
Wait Six Months?
Whether you sell now or later depends on where you live, of course, but I think my community of Thousand Oaks, Calif., is instructive about what much of the country might be seeing in the next six months.
Thousand Oaks has certainly seen its share of foreclosures, and an average 30% decline in home values. However, homes ARE selling. If you price your home aggressively (ie, at the same level as any bank-owned properties in your area), it will sell - and in most cases it sells within a week.
In fact, we are actually seeing a housing shortage in some areas – yes, a shortage. (Sounds strange in this market doesn’t it?)
However, maybe it’s not so strange.
Six months ago we saw a pre-foreclosure list of approximately 50 pages; today that list is down to 15 pages. I expect that within 6 months, it will be even more beneficial for a seller with equity to sell – we will be entering the peak season, the foreclosure rate will have dropped significantly (if the Stimulus Plan rolled out this month takes effect as planned), and the market will have settled after the changes the election brought forward as well as the Homeowner Stability Plan will have been given a chance to take effect.
The bottom line is this: While only you can decide whether it’s the right time to sell, President Obama’s $75 billion Homeowner Affordability and Stability Plan will help struggling homeowners by providing incentives to lenders, servicers, mortgage holders and borrowers to help modify mortgage loans.
This will definitely keep foreclosures off the market, decreasing the number of homes available – and the lower inventory may actually help bring the price of homes back up.
When you move, everyone tells you to get rid of stuff, but it’s easier said than done.
There are the usual ways – try to sell stuff on eBay or Craigslist, or hold a garage sale to hopefully make some cash.
However, most people when they’re moving just don’t have the time (or energy) to organize a sale of their stuff. So most of it just gets throw away. (I love when people say, ‘Just hold a garage sale! There’s really no ‘just’ about it.)
Whatever you do, the end result for a lot of stuff you have is the dump – you’ll need to throw away a lot of stuff.
Here’s a tip to making it easier. Many people will be rent a dumpster if the job is huge. It ain’t cheap. And the neighbors might not like it. In fact, some homeowners associations won’t even allow it. And you could lose a kid or two in there.
The solution: rent a truck. Keep all the stuff to throw away in a garage or in a room, and when you want to haul it away, toss it into the rental truck and away to the dump! If you’re renting it for the day, you’ll probably have time to do other chores associated with your move, and if you’re moving yourself, you can just keep the truck to move all the stuff that you want in your new home.
Need ideas on how to reduce the junk quotient in your life? Check out this article on prioritizing the things you want to throw away.
