Life Expectancy of Your Household
Only two years ago, many buyers purchased homes without much thought about how old it was or whether it had major upgrades recently. Prices were increasing so quickly, they simply assumed that there always would be enough equity to borrow against if the roof started leaking or the bathroom needed some tweaking.
Now that the market has slowed, consumers have become more value-conscious, and a new survey released by the National Association of Home Builders showing the life expectancy of nearly everything in a home, from closet systems to copper wiring, is especially timely.
Last summer, the trade group asked dozens of manufacturers and researchers to estimate how long the various components of a house would last. And at least when it comes to some of the major elements of a home, like foundations, exterior doors, drywall, plaster, pipes, basements and framing, the results are reassuring — these elements all last at least 50 years.
But other parts of the home have a much shorter lifespan.
What is your opinion about the life expectancy of the items in your house? Leave us your comment below.
How to Fend Off a Foreclosure
Homeowners behind in their mortgage payments can get help from lenders eager to get bad loans off the books.
As the sub-prime mortgage meltdown sends delinquencies soaring, up to 1.2 million homeowners could lose their homes this year. But in some cases, that doesn't have to happen.
Indeed, lenders have said repeatedly that they don't want to foreclose on homes. They generally don't make money by taking over a delinquent owner's property, so it's a losing proposition that they consider to be a last resort.
Just what are lenders prepared to do to ease the difficulties of mortgage borrowers? The help they generally offer falls into two categories: Steps that will help borrowers keep their homes and ones that will not.
Get the details here…
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Rising Consumer Confidence Boosts the Market
If you're like most Americans, you're more satisfied with your job and economic situation now than you were six months ago. You're also more likely to buy a house, according to analysts who say that rising consumer confidence is painting a rosier picture for the real estate industry in 2007.
"Being secure about your financial future and having confidence is what it really takes to make a commitment on a big-ticket purchase," says Walter Maloney, a spokesman for the National Association of Realtors. "People want to feel good about the future — about their own personal situation — before they make that kind of a commitment."
A couple of surveys are designed specifically to measure the amount of confidence consumers have in the economy at any given time. One such survey, the Consumer Confidence Index, which surveys 5,000 households monthly, found that consumers were more satisfied with their economic situations at the beginning of 2007 than they were in 2006.
Read the complete story here…
What is your opinion about the state of the real estate industry in 2007? Leave us your comment below.
Cheap Home Insurance
Most every homeowner agrees that a reliable home insurance policy is a priority. We present a few ways on how to obtain sufficient homeowner's insurance without spending a fortune.
1. It always pays to spend some time shopping around. The easiest way is to access the Internet and check different rates of homeowner's insurance companies. For best results, you should compare the insurance quotes of at least three different insurance companies.
2. Some companies offer a discount of 30-45 % if you purchase a policy online.
3. One can benefit from discounts if he/she purchases a house and contents insurance policy. Insuring a house and a car by the same insurer may substantially lower your insurance rate.
4. A homebuyer should be aware of the replacement values of the home. It is advisable to obtain replacement value coverage.
5. Keep in mind the inflation rate when the time comes to renew your insurance policy. Many insurance companies automatically adjust your coverage to allow for inflation. Check with your insurance policy to be sure.
What is your opinion about the article? Leave us a comment below.
Spring Mortgage Guide
Spring time is upon us now. That means homebuyers are awakening from their winter slumber.
As home buying season nears, here's how to navigate the changing mortgage market.
Are there any questions you have about the mortgage market? Leave us a comment or question below and we'll be sure to get back to you with answers.
