House Flippers Out, Long Term Investors In
The era of the fast flip appears to be over with real-estate investors taking a more far-ranging look at buying and selling properties. Contrary to the tactics used by investors known as ‘flippers,’ 50 percent of today’s real estate investors plan to hold onto their properties for over five years. Only 11 percent expect to sell within 12 months of purchase and 67.5% say they’re investing for the long term.
The current market seems to be attracting fresh interest from newcomers: 59% told us that they’re new to real estate investing, with 33.5 percent considering their first investment purchase and 8.5 percent in the process of buying and selling their first investment property. Another 17 percent said they just completed their first transaction and plan to make more. Only 36.5 percent have experience in more than one property transaction.
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Move Career Spotlight: Web Developer (Javascript, Ajax)
Interested in working at a fast-paced company that is dialed in to the latest trends in real estate and technology? Look no further than Move, Inc., operator of the No. 1 real estate website REALTOR.com® and real estate destination Move.com.
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Gas Prices Change Housing Demands
It’s not a mystery that high unemployment rates and the recent financial crisis changed the real estate market in the U.S. However, there’s another factor shaking up things in the housing market: gas prices.
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Bill Seeks to Increase Down Payment for FHA-backed Loans
A bill proposing a minimum down payment of 5 percent – an increase from the current 3.5 percent — for FHA-backed loans will be discussed today at the House Committee on Financial Services.
According to the WSJ, this is an effort to require the agency to make safer loans and stabilize its finances, which deteriorated during the housing bust. Loans backed by the FHA comprise almost 18 percent of new loans made in the quarter.
However, down payments will not see the only thing changing if the “FHA-Rural Regulatory Improvement Act of 2011” (PDF) is approved. The size of loans could also increase significantly, reducing limits even to 125 percent of a county’s median home price.
Real Estate Investors Set to Become More Active
Want to know what’s happening in the real estate market? Ask the people who are investing their hard-earned money in the future of real estate. Investors are the biggest story going on in real estate today and they’re about to get bigger.
A survey just released by Move, Inc. suggests that real estate investors will be more active in their local markets by a three-to-one margin compared to typical homebuyers in the next 24 months.
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Sarah Palin’s New Scottsdale AZ Home?
Real estate buzz suggests Sarah Palin may have purchased a former Scottsdale foreclosure for the $1.695 M listing price. The 7,000 plus square foot property, which was featured on REALTOR.com, is located in a neighborhood where 10,000 square foot houses are the norm.
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Home Ownership: U.S. Still Top Destination for Foreign Buyers
Despite the recent economic downturn, the number of purchases in U.S. real estate by foreign buyers increased about $16 billion this year.
According to the latest research by the National Association of Realtors – 2011 Profile of International Home Buying Activity – the American market is still undeniably very attractive to foreign investors for numerous reasons.
Not only did the total residential international sales equaled $82 billion last year (up $66 billion from the previous year), but the average price paid by an international buyer was $315,000 (compared to the national average of $280,000).
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Real Estate Term of the Week: Loan-to-value Ratio
Loan-to-value Ratio (LTV):In a mortgage loan, the amount borrowed relative to the value of the property. An LTV of 80% means that the mortgage loan is for 80% of the value of the property, with the borrower making a 20% down payment.
For more definitions of all things real estate, visit Move.com.
Oprah Says Farewell, but not to the West Loop
Today Oprah says farewell after 25 years of making us laugh, cry and think. The show may be leaving the air but HARPO studios, credited with revitalizing the West Loop, will remain as a production facility for her new OWN Network.
So tourists who were never able to land those coveted tickets, can still have their photo op by that famous crooked “O”.
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Grossest, Dirtiest, Germiest Spots in Your House
According to a new study by the NSF International, The Public Health and Safety Company, the kitchen takes the top spot on the places with the most germs in a home.
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