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Home sales in June went up a staggering eleven percent, which is the highest rise in home sales in nearly a decade. What caused this dramatic turn of event? Economists believe it is a combination of bargain prices and low interest rates. This is also a very good sign that recovery is on the way. However, even the most fervent optimists don’t believe this news constitutes the end of the housing crisis. It does have immediate ramifications though. The sharp rise will certainly boost consumer confidence and will increase the chances of homes being sold in certain areas that have seen sharp rises.

While this news is certainly good, what does it mean for local markets who didn’t have this level of success or even saw losses in the month of June? Upon finding this report, many were left thinking, how did the housing market do so well nationally, when locally it’s not so good? The answer to that question is complicated because markets rise and fall seasonally in certain places. For instance, Florida markets did not do well, nor do the usually do well in the summer months when the heat is unbearable and people are vacationing elsewhere. The good news is that broad recovery of the real estate market is a strong sign that things are getting better. This news is certainly not the “silver bullet” that is going to save the real estate market but it is good news.

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So many articles written in this blog are focused on buying a home, so I felt like mixing things up and writing an article about keeping a home. Everyone makes mistakes, the way to prevent disaster is to make sure those mistakes are small and of little consequence. To avoid these mistakes there are a few things you should do and more importantly a few things you should not do. Buying a home is the biggest investment the average person makes, so homebuyers should make sure it’s not also the biggest financial mistake made.

Choosing a good real estate agent is a vital step in protecting you form major mistakes. Not all realtors are created equal, so you should be prepared to ask the realtor hard questions to determine if they are truly good at their job. Getting a bad realtor can result in a litany of bad advice that eventually leads to getting a home you can’t afford or worse – you don’t want.

Never to zero when paying off the closing costs of a home purchase. If you have to take everything out of your savings to pay for a home, you become vulnerable to financial disaster. Always have extra money for unexpected costs like job loss or sudden increase in expenses. Finally, never buy the most expensive home you’re qualified to buy. We know it’s the nicest you’ve seen but that doesn’t mean you’ll be happy in the home. Purchase a home that is well within your financial picture and lets you have a little extra after paying your mortgage to save or reinvest.

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It was inevitable, with the advancement of web-based business the home buying process has moved more and more toward the internet. I’m sure most people think a buyer would have to be absolutely bonkers to buy a home online, but the trend is growing and the internet has already proved itself as a worthy tool for real estate. Here are the advantages and disadvantages of buying real estate online.

Advantages for buying real estate online are abundant but not complete. Most people use the internet to search for available real estate and get an idea of what they are looking for. As a browsing tool, nothing beats the internet when it comes to finding real estate. But, when buyers get to a certain point, they switch the transaction from the web to a sit down meeting to discuss contracts. The internet allows buyers to pick a certain area and be able to access information about every property available in that area. The internet allows buyers to search through more listings than ever before and thus arms them with the ability to make informed decisions on home purchasing.

Disadvantages to online home buying are that the information provided is sometimes incomplete. The information provided about a home is often given by the person selling the home, which makes it difficult to filter bias and get all the information needed. Pictures can be deceiving because the seller could have a great picture of a property mediocre property or a mediocre picture of a great property. The best method for evaluating a home is still to be there in person and be able to ask questions.

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Most people know that buying a home comes with more costs than just a down payment and mortgage, but what exactly are those payments and how much more will they bring up the total cost. Not considering what a home will cost over the long run, insurance, maintenance and renovation, the initial cost of a home can include down payment, cost of inspections, credit check and other negotiated costs. These costs are referred to by real estate professionals and sellers as closing costs.

The largest cost accrued by the buyer is the down payment. Depending on the lender your down payment can range between five-percent and twenty-percent of the total cost of a home. It’s better to put down a greater amount of money on the down payment because it reduces the amount of money you owe over the long term. If a prospective buyer wants a home inspected before purchasing it, the cost of inspection is the responsibility of the buyer unless other arrangement are made. A small fee is also charged for a credit inspection that approves a buyer to purchase a home. As negotiations for a home progress, different charges can be assigned to either the buyer or seller depending on the terms of the deal. The final closing cost can contain a variety of charges, which is why having a real estate professional there to protect your interests is the safest way to buy a home.

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Over 90-percent of real estate professionals in the country own real estate. Realtors are also inclined to give the advice that people should buy real estate rather than rent it. The benefit of buying real estate is evident, even to the more avid of opposed. But still, some insist on not buying real estate. Though, the majority of realtors would consider these people misinformed, there are some benefits to not buying real estate. Here’s a quick look at the other side of real estate and how renting sometimes can be better than buying.

The most obvious reason for renting is that it’s cheaper. This simple fact makes the rental market incredibly profitable. But, if you get stuck renting for five-to-ten years, you may find yourself right where you started. Therefore renting is only a good idea, if it is part of a temporary plan. Renting is a good idea when a person doesn’t have enough money to put a down payment on a home or needs to work on their credit. Renting for a short period of time can help save up the money and fix any credit problems. Renting is also good for people who aren’t sure what they are looking for in a home and neighborhood. It gives the person trial periods in different homes and neighborhoods to see where they eventually want to live - long term.

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