The Real Estate Journal had an interesting article on a recap about the real-estate markets across the nation.

Using the right words
The Los Angeles Times feels you should use the right words to quickly find a buyer.  According to the newspaper, one study found that ads with "curb appeal" are more effective than those pitching value or price.  "Beautiful" homes sold 15% faster and for 5% more than properties described as being a "good value," which on average, sold for 5% less.  Avoid using words like "Motivated," but instead use "Move-in condition," "landscaping" and "gourmet," the article says.

It shouldn’t come as a surprise that many buyers don’t see the market as being negative, especially with the glut of homes available.  They are looking for that special deal.  Some might even think we’ve bottomed out and that the fruit are ripe for picking.  As I have said before, there has never been a better time to sell.

Best and worst market
CNNMoney.com ranked 100 best and worst real-estate markets in the U.S..  They believe 36 of the largest real-estate markets in the U.S. will see price declines next years, as well as 37 will see price drops in 2008.  The worst market is Stockton, Calif., where they expect homes to decrease 7.1% in 2007 and an additional 5.3% in 2008 but the best market is McAllen-Mission, Texas (located in Texas’s Rio Grande Valley), where home prices are forecasted to increase by 8.5% in 2007 and 9.8% in 2008.  Hum, something to watch for.  I’ve never been crazy about predictions anyway.

New England is hard hit
WSe haven’t had it bad at all, so far but from Maine to Connecticut, the housing slump was felt more than any other region.  Case in point, from 1995 to 2004, inflation-adjusted home prices in the region rose 73% versus 44% for the rest of the country.  It is the pendulum swing.

New-home prices in Sacramento
The median price there for a new home fell 14.6% to $395,250 in November from the same period the year before.  Even notoriously expensive San Francisco’s median price dropped 4.2% to $345,000 in November from November 2005.

These are some chilling numbers but overall, California has done considerably better than most other states.  One thing to watch out, the pendulum swing and what goes up with force comes can come down with equal force.  The obvious pendulum swing is the backlash we are going through right now after three to four years of exuberant price climbs, wild over-betting and an outright crazy market that has cooled.  And the other piece of wisdom we must be aware of are that states that saw their prices dramatically spiral are the ones most likely to get hit.

Click here for the original article.

NAR wrote an interesting article on questions you should ask before you buy into a condo.  First and foremost, you or your agent should contact the condo board or management company.

   1. What percentage of units is owner-occupied? What percentage is tenant-occupied?
   2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place?
   3. How much does the association keep in reserve? How is that money being invested?
   4. Are association assessments keeping pace with the annual rate of inflation?
   5. What does and doesn’t assessment cover — common are maintenance (CAM), rec facilities, trash, snow removal?
   6. What special assessments have been mandated in the past five years?
   7. How much turnover occurs in the building?
   8. Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can be depleted quickly.
   9. Is the developer reputable?
  10. Are multiple associations involved in the property?

Over at Urban Trekker, Dewita also posted on this and adds a few comments.

I love websites like Seat Guru.  This is what the web is about, convenient, intelligent service.

Seat Guru, for us seat locater fanatics, is where one goes in order to determine what seat we would like for our long trips.  This site is great.  You can chose from most major airlines: "for detailed seat map graphics, in-depth seat specific comments on seats with limited recline, reduced legroom, mis-aligned windows.  Color-coding to help identify superior and substandard seats.  In-seat power port locations.  Galley, lavatory, Exit Row and closet locations."!

If you travel a lot or far, you know how crucial it is to find that perfect seat as far away from people who use you back as a way to lift themselves from their seat behind or the casual aisle stroller who feels the need to use your seat for stability walking you from your slumber.  Pure frustration on my part.

This site is loaded with intelligent information, which type of multimedia will you have, does your seat have an electrical outlet for your laptop, what kind of food, children accommodation and Internet capacity.

Let me know your thoughts.

Happy Christmas and Merry Holidays! 

These are the two monsters I am proud to call Niece and Nephew.

It seems the housing slump is effecting consumer spending, according to new Federal Reserve data.  In the third quarter homeowners had $10.9 trillion in equity stored up in their properties.  It hasn’t changed from the previous quarter but was down almost 3% from the same period last year.  Home equity is the difference between a home’s value and the amount owed on its mortgage.  It is falling since last year.

Home sales are worrying some economists if the housing market continues to drop in house prices, it could lower home equity.

The stock market, on the other hand has reacted better and could help the overall picture.   

Most of the information was taken from Calculated Risk and the Real Estate Journal.

It’s been a while since I posted them but fresh from CAR, here are the numbers:

Calif. median home price – October 06: $548,680 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region October 06: Santa Barbara So. Coast $1,115,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region October 06: High Desert $328,650 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index – Third Quarter 06: 24 percent
(Source: C.A.R.)
Mortgage rates – week ending 12/14:
30-yr. fixed: 6.12%; Fees/points: 0.4%
15-yr. fixed: 5.86%; Fees/points: 0.5%
1-yr. adjustable: 5.45%; Fees/points: 0.8% (Source: Freddie Mac)