The 8 Biggest Myths About Rich People

When we see rich people, either in our daily lives or in the media, we have assumptions about them. The monikers of wealth – designers bags, expensive sunglasses and luxury vehicles – usually help us identify the status of that individual and make seemingly logical assumptions about their lifestyles.

The thing is, not every wealthy person is a big spender with an immaculate financial history. In fact, being wealthy doesn't mean you necessarily have any clue how to manage your personal finances. Here are eight stereotypes about rich people and names you know who break the mold.

Read More : http://money.usnews.com/money/blogs/my-money/2014/09/25/the-8-biggest-myths-about-rich-people

SELLER’S ADVICE: SPEND A LITTLE, RAISE THE PRICE A LOT

Your real estate professional is probably advising you to declutter, stage your home, plant new flowers, and make numerous repairs and updates. You may be reluctant to get started because of the costs, but according to home valuation site HomeGain, improvements like these can actually make you more money when you sell your home.
 
Under HomeGain's Tools for Sellers, you can find the Home Sale Maximizer tool, where HomeGain has identified the top 10 home improvements under $1,500.
 

12 Home Improvements That’ll Boost Your Home’s Selling Price

If you’re looking to sell your home quickly and for top dollar, there are some lesser-known words that match the importance of the famous real estate phrase "location, location, location." 

Those all-important words? Curb appeal.

As the saying goes, "You don’t get a second chance to make a first impression." When people drive up and first see your house, you want them to think of it immediately as a home that has been maintained and well cared for.

Read More : http://money.usnews.com/money/personal-finance/articles/2014/09/19/12-home-improvements-thatll-boost-your-homes-selling-price

QUESTIONS ABOUT YOUR HOMEOWNERS ASSOCIATION? THIS BOOK HAS ANSWERS

How much should your condominium association maintain in reserves? Is your association's insurance sufficient to protect unit owners faced with some kind of disaster? What role does the Federal Housing Administration, Fannie Mae or Freddie Mac play when lenders are deciding whether to make you a loan to purchase or refinance a condo unit?

There are no easy answers to these questions. But these and many other issues are discussed in detail in the new online Community Association Fact Book, which provides a lot of useful information for homeowners governed by HOAs.

Read More : http://realtytimes.com/consumeradvice/hoaadvice1/item/30267-20140901-questions-about-your-homeowners-association-this-book-has-answers

WHY IT’S THE RIGHT TIME TO BUY A HOME NOW

So you missed the boat on the summer buying season, huh? If you've got kids in school, you probably think you have to stay put now for another year.

But maybe not.

Here are a few reasons you should buy a house right now.

Inventory is down but so is the buyer pool. That means prices may be coming down.

You may well have less competition for homes right now, especially if you're in the ultra-competitive first-time buyer market. That means your chances of finding a home—and getting it for the right price—are good.

Read More : http://realtytimes.com/consumeradvice/buyersadvice1/item/30317-20140904-why-its-the-right-time-to-buy-a-home-now

The fall could see housing rise

 
Autumn is historically the start of the slow season for home sales, but after a sluggish spring and summer, wrought with still-tight supply and higher costs, the stage may be set for a small rebound in U.S. housing this fall, at least according to a new report from Redfin, a real estate brokerage.
 
More sellers are lowering their price expectations, because the number of homes that sold above list price in July was down nearly 26 percent from a year ago, noted the Redfin report. That is the biggest drop of the year. Lower prices, still-low mortgage rates and increasing supply could push sales higher.
 

U.S. Home Prices Expected to Rise 5.7 Percent in Coming Year

According to CoreLogic's July 2014 CoreLogic Home Price Index (HPI) report, U.S. home prices nationwide, including distressed sales, increased 7.4 percent in July 2014 compared to July 2013. This change represents 29 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 1.2 percent in July 2014 compared to June 2014.

Read More : http://www.worldpropertychannel.com/north-america-residential-news/corelogics-july-2014-corelogic-home-price-index-hpi-us-home-prices-nationwide-july-2014-distressed-sales-reo-sales-sam-khater-8472.php

CHOOSING HARDWOODS FOR FLOORS

 
The rich patina of wood floors adds beauty and elegance to any home.
 
Older homes were once routinely constructed with hardwood floors, but that practice was abandoned in the 1950s, when new technologies made wall-to-wall carpeting available. Builders were able to build more homes faster, for the post-war baby boom, and save money on labor.
 
But today, many homeowners prefer hardwoods to carpet. Hardwoods help give the impression that your home is well-built with quality materials. Hardwoods are easy to maintain and improve with wear, unlike carpet that eventually needs to be replaced.
 

THE BEST ADVICE FOR FIRST-TIME HOME BUYERS

Before you start seriously shopping for a home, there's some groundwork you should do to put yourself in the best position to buy a home.
 
Start early, a couple of months before you talk to a lender or hire a real estate professional.
 
The Fair Credit Reporting Act requires the three nationwide consumer credit report companies, Equifax, Experian, and TransUnion, to provide you with a free copy of your credit report and FICO scores upon request once a year. 
 

How poor credit costs you on homeowners insurance

 
If your home sits by the ocean, atop a fire-prone canyon or even in a not-so-nice neighborhood, you probably know you're paying more for homeowners insurance, but something even closer to home may be driving your monthly payments higher: your personal credit score.
 
Lower credit scores are widely known to impact mortgage availability and rates, but what most home buyers don't know is that they also increase the cost of homeowners insurance.