Ever bought something special and later realized you didn’t really need it or like it after all? It might be something as small as a new handbag or as big as an over-the-top power tool. Usually, returning it is as simple as boxing it back up, locating the receipt, and taking it back to the store for a full refund.

But unlike store merchandise or a car, you can’t ‘try before you buy’ a home, which makes your decision to buy or not buy even more stressful. Not only is a home the largest investment you’ll probably ever make, it’s also where you’ll lay your head at night, spend years of your life, and make memories.

We’ve entered a busier real estate market, with competitive bidding and limited inventory. In the hype of the hot new listing, and knowing there are other buyers zeroing in on the same property, you might feel compelled to go the extra mile to “win” the home. And then, it’s quite possible that, within hours or days of getting into contract, you may start to feel buyer’s remorse. Once you’ve had some time to ‘cool off,’ you realize the home may not be the best one for you or that there are issues you overlooked previously. You want to pull out of the contract.

Read More: http://www.zillowblog.com/2013-05-17/how-to-avoid-home-buyers-remorse-in-real-estate/

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In most parts of the country, the housing market is good (or great!) for buyers right now – interest rates are bizarrely low, lots of inventory means lots to choose from, and the cost of renting has increased in a lot of markets.

But just because the market’s good doesn’t mean it’s the right time for everyone to buy. The decision whether to buy a home is a very personal one; you need to carefully examine your own situation to determine whether it’s right for you.

So, what are the questions you need to answer in deciding whether you’re ready to buy?

Read More: http://www.businessinsider.com/5-questions-to-ask-yourself-before-buying-a-home-2013-4

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Home prices in 150 U.S. cities saw their biggest year-over-year gains in over seven years in the first quarter of 2013, but affordability still remains high in most markets, the National Association of Realtors said Thursday.

The national median price for an existing, single-family house was $176,600 in the first quarter, up 11.3% from the first quarter of 2012, the trade group reported. That was the biggest year-over year gain since the end of 2005. NAR examined closings in 150 metro areas, and found that median sale prices rose in 133 of them, while 17 saw declines.

The biggest gains in home prices were in boom-bust markets that were hard-hit by the housing crisis, depressed Midwestern towns and markets in California benefitting from robust job growth. Akron, Ohio, saw prices rise 32.7% to $108,300, the widest median price increase in the country. It was followed by the San Francisco Bay area, where prices rose 32.6%; Reno-Sparks, Nev. (32.1%); the Silicon Valley area surrounding San Jose (31.7%); Atlanta (31.1%); and Phoenix (30.1%). Read More…

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The numbers just keep going up. Home prices are defying gravity and expectations, which has some asking exactly how real they are and what is driving them. The answers lie, again, in the numbers, which vary depending on what particular report you choose.

Home prices nationally, including sales of distressed properties, rose 10.5 percent in March from a year ago, according to a new report from CoreLogic.

(Read More: Map: Tracking the US Real Estate Recovery)

That report is based on repeat sales of homes over time. Another widely-watched report, the S&P/Case-Shiller Home Price Index shows home prices were up 9.3 percent in February in the top twenty markets.

Read More: http://www.cnbc.com/id/100715894

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Good news for homeowners – your house is appreciating in value!  The housing bubble (and bust) is over and prices are now poised to appreciate with the inflation rate, as they should.

Bubbles occur in all asset classes and housing is no exception as Figure 1 illustrates. The average U.S. home price doubled in value on an inflation-adjusted basis from 2000 to 2006. The housing bust only took a few years to bring home values back to their long-term average.

Figure 1: Average US Home Price Index after Inflation

Read More…

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Homeowners who endured years of declining home values will discover that the game has changed in their favor.

With low mortgage rates and home prices gaining momentum, an increasing number of buyers are expected to shop for homes this spring. The good news for sellers: The inventory of homes for sale is shrinking, so they have less competition and more control of the situation.

Loan mods: As more distressed homeowners regain equity in coming months, many with high-interest loans will be able to refinance and perhaps cash out some equity. If you fell behind on your mortgage payments, you might get a second chance to modify your loan.

Read More: http://www.businessinsider.com/spring-housing-and-mortgage-trends-2013-4

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The real-estate recovery is now in full effect in most areas, and that means more of you are hopping off the fence to buy or list a home.  Do you know what you're in for?

The housing market is a different place than it was just six months ago, with new issues, rules and opportunities — even for those who are planning on staying in their house for a while. In this slide show, MSN Real Estate will fill you in on eight ways the housing market has shifted since last spring's peak selling season and what these changes mean for you: the buyer or seller.  Read More…

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Remember all those outdoor fixup projects you put off last winter, waiting for the warm summer months? Well, summer's here and it's time to think about getting some repairs in while the temperatures are still agreeable. Keeping your home in tip-top shape not only adds to its curb appeal but it saves you money as you ward off more expensive fixes down the road.

But look at it this way: Spend a couple of weekends outside, basking in the beautiful weather, and make sure your home looks fantastic while you can still enjoy its charms. Soon enough, it will be time to pack it up and head inside. Read More…

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“They just don’t make ‘em like they used to.”

We’re all familiar with this phrase, often uttered by people lamenting the lack of quality and durability of new things, whether it be a car, a set of tools, a kitchen appliance or even a home.

When it comes to homes that are more than 50 years old, this phrase has a double meaning, which could be good or bad — depending on what’s important to you.

A client recently closed on an adorable bungalow built in the 1920s in the heart of Fort Lauderdale. In South Florida, it doesn’t get much older than that. The house was love at first sight, from the Dade County Pine construction — a virtually extinct wood that is highly durable and resistant to wood-destroying creepy crawlers — to the fireplace, lush tropical yard and plaque from the historical society recognizing the home’s historical significance (but not designating it as a historical place, an important distinction).

Read More: http://www.foxbusiness.com/personal-finance/2013/04/22/is-owning-old-right-for/

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This is not legal advice, and you should not rely upon it.  For legal advice, consult an attorney, not a blog.

In today’s low-interest-rate, low-inventory, recovering-from-the-bubble housing market, there are more buyers than there are sellers.  This leads to routine instances of multiple offers, where only one buyer will get the home under contract and the rest will be disappointed.  So if  you’re looking to buy, you need to be thinking about how to handle this likely scenario when you find “the one.”  You want to be the sole winner, not one of the several losers.

There are many ways to enhance an offer, many of which are discussed in the link above.  However, these are generally “ham-fisted” attempts to strengthen the offer that are routinely employed by real estate agents and that really are not that effective.  For example, putting down a large amount of earnest money certainly doesn’t hurt, but (a) the seller wants to sell, not keep the earnest money, and (b) presumably your competitors will bump up their earnest money as well.  Accordingly, increasing the earnest money is not a particularly effective way of strengthening your offer. Read More…

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