Less new homes have been sold in the last year or so, due to home buyers finding foreclosed homes more affordable in light of the recent recession. Research in the property market has however established that buyers now prefer 'green' homes to luxury homes with non-green additions.
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<br>Forty nine percent of those looking to buy homes, preferred homes containing devices which aid energy saving such as solar panels over luxury features. Only 31 percent of those interviewed preferred luxury features.
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<br>The neighborhood, in which the new home is located, is also an important consideration. People prefer their new homes to be in areas with low crime rates and in close proximity to their place of work. Only 6% of respondents would be prepared to sacrifice their proximity to shopping malls, whilst 3% of people would sacrifice their proximity to public transportation, such as bus routes.
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<br>Significantly more respondents, compared to previous surveys are prepared to sacrifice personal comfort in order to be able to afford a new home.
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<br>Despite the financial difficulty a new home purchase would bring, 81 percent of people interviewed still want to purchase new homes. After the elections in the US, researchers predict a hike in the property industry.
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<br>Many people are looking to acquire a new home in the years leading up to 2014 and since the recession is over; now is the time to do that.
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<br>It is an amazing feeling when you buy your first home. Buying 'off the plans' is better still as you get to choose from so many options, from designs, to colors, tiles and fixtures.
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<br>Developers that specialize in developing new homes prefer hiring in-house real estate agents which they pay a commission to in order for the agent to represent them. However, with the high volume of new home developments all over the world, real estate agents that sell new developments earn a lower commission on new home sales than on typical home sales. Due to this, some of them pressurize buyers into signing. It is always a good idea to carefully select your own real estate agent who will disclose drawbacks about your new home before you sign anything.
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<br>A developer's agent may be less likely to disclose some of the negative aspects to you.
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<br>Developers often prefer their own lender, as they will keep the developer fully informed of your personal progress. Be sure to find a reputable lender who you feel comfortable with.
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<br>Should you also prefer a 'green' home, enroll a real estate agent who knows much about green and other environmental issues to help secure the ideal green home that will suit you.
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<br>Most green homes are more compact than 'normal' homes, so look around and make sure that you find a green house in the right size for your family.
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<br>Green homes use solar power to generate energy and low flow toilets which save on water. Double paned windows and other building materials are manufactured from materials that are environmentally friendly and don't have negative effects on our environment.
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<br>Invest in your family's future by buying your own residence.
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<br>About the Author: Buying a new house is often a convenient reason for relocation. As such, prospective buyers may be interested in finding a <a href="http://www.fusionhomes.com" rel="nofollow">Guelph home</a> or a <a href="http://www.fusionhomes.com" rel="nofollow">Kitchener new home</a>.
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Monday, January 18, 2010
Mortgage Rates - Are They on the Rise?
The recent crisis in the housing market resulted in millions of people losing their homes because they could not afford the sudden increase in mortgage rate. The Federal Government, recognizing the collapse of the housing market, stepped in and implemented measures to stop the decline and help people stay in their homes. The Federal Reserve took action by reducing interest rates. In 2009, millions of homeowners took advantage of the incentives and refinanced their homes and purchased homes with low mortgage interest rates. The results have been positive leading many people to wonder when mortgage rates will start to rise.
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<br>In December, a few signs have indicated that mortgage rates may be starting to increase. Most experts agree that 2010 will likely see economic recovery which will lead to an increase in these rates. For instance, mortgage rates that were once at about 4% saw an increase of a rate on a 30-year fixed loan to 5.14 percent in December. The cost of variable rate mortgages for homes also increased. Many experts believe that rates may increase to 6 percent in 2010.
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<br>Because of the concerns about rising rates even though the economy is still in recovery, banks and the Federal Reserve still plan on keeping mortgage rates low for some time; at least until the economic recovery is making a more positive impact and the housing market is no longer struggling. If you are considering refinancing a mortgage or buying a home, this may be a good time to take advantage of the low mortgage interest rates. Most experts agree that these low mortgage rates will not last much past the first half of 2010 because they forecast the economy starting to rebound. Many also say that if people wait too long, they miss out on a great mortgage rate.
<br>
<br>In the last few months, there has been an increased demand for homes. This is due to Government tax incentives for first-time buyers and the Federal Reserve efforts to keep interest rates low by buying up mortgage-securities. Because of the demand and the Government carefully watching for a housing recovery, it is expected that the Fed will stop purchasing mortgage bonds within about three months. The result will be a rise in interest rates. As a result, this may be the best time to lock in a low interest rate mortgage.
<br>
<br>Another indicator of whether mortgage rates will rise is bank lending. In previous months, banks have been more restrictive with their lending practices which have made it more difficult for people to acquire a mortgage. As the economy recovers, banks are expected to loosen their lending standards, making it easier for people to get loans. This will likely cause an increase in mortgage rates. Lending is currently still rigid, which is one reason why rates for a 30-year home loan recently declined. The average rate on a 30-year fixed mortgage was recently 5.09, down from 5.14 percent a week earlier.
<br>
<br>A strong economic recovery is essential to getting the housing market back on track. Because most financial forecasters expect only a few more months of low mortgage rates, this may be the best time to take advantage of these low rates and refinance your mortgage or purchase a new home.
<br>
<br>About the Author: Obtaining the <a href="http://www.meridiancu.ca/" rel="nofollow">best mortgage rates</a> can be an important competitive advantage in the housing market. Another important factor to consider is finding the <a href="http://www.meridiancu.ca/misc/rates.htm" rel="nofollow">best GIC rates</a>, which may help you in securing a stronger purchase or sale of your home.
<br>
<br>
<br>In December, a few signs have indicated that mortgage rates may be starting to increase. Most experts agree that 2010 will likely see economic recovery which will lead to an increase in these rates. For instance, mortgage rates that were once at about 4% saw an increase of a rate on a 30-year fixed loan to 5.14 percent in December. The cost of variable rate mortgages for homes also increased. Many experts believe that rates may increase to 6 percent in 2010.
<br>
<br>Because of the concerns about rising rates even though the economy is still in recovery, banks and the Federal Reserve still plan on keeping mortgage rates low for some time; at least until the economic recovery is making a more positive impact and the housing market is no longer struggling. If you are considering refinancing a mortgage or buying a home, this may be a good time to take advantage of the low mortgage interest rates. Most experts agree that these low mortgage rates will not last much past the first half of 2010 because they forecast the economy starting to rebound. Many also say that if people wait too long, they miss out on a great mortgage rate.
<br>
<br>In the last few months, there has been an increased demand for homes. This is due to Government tax incentives for first-time buyers and the Federal Reserve efforts to keep interest rates low by buying up mortgage-securities. Because of the demand and the Government carefully watching for a housing recovery, it is expected that the Fed will stop purchasing mortgage bonds within about three months. The result will be a rise in interest rates. As a result, this may be the best time to lock in a low interest rate mortgage.
<br>
<br>Another indicator of whether mortgage rates will rise is bank lending. In previous months, banks have been more restrictive with their lending practices which have made it more difficult for people to acquire a mortgage. As the economy recovers, banks are expected to loosen their lending standards, making it easier for people to get loans. This will likely cause an increase in mortgage rates. Lending is currently still rigid, which is one reason why rates for a 30-year home loan recently declined. The average rate on a 30-year fixed mortgage was recently 5.09, down from 5.14 percent a week earlier.
<br>
<br>A strong economic recovery is essential to getting the housing market back on track. Because most financial forecasters expect only a few more months of low mortgage rates, this may be the best time to take advantage of these low rates and refinance your mortgage or purchase a new home.
<br>
<br>About the Author: Obtaining the <a href="http://www.meridiancu.ca/" rel="nofollow">best mortgage rates</a> can be an important competitive advantage in the housing market. Another important factor to consider is finding the <a href="http://www.meridiancu.ca/misc/rates.htm" rel="nofollow">best GIC rates</a>, which may help you in securing a stronger purchase or sale of your home.
<br>
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