Real Estate

Realtors Seeing a Buyer’s Market for Condos

By J Harris

According to the National Association of Realtors, the flourishing condominium market is no longer an advantage for sellers. It has become a buyer’s market across the United States amidst declining sales and median prices. By year end June 2006, realtors have seen the supply of existing condos for sale increasing by almost two-thirds and sales falling by almost 15 percent across the nation. With investors making up about a third of condo ownership, it is expected that more condominiums will be put up for sale this year. According to the National Association of Home Builders, realtors also can expect an influx of new condo development over the next two years and increasing conversions of rental apartments to condos, adding to the over-availability in the condominium markets.

During the past real estate bubble, condos have appreciated at a faster rate than single-family homes, especially in high-cost metro markets with rapidly rising prices. Even last year ending June 2006, the national median price rose by nearly 14 percent. Realtors only expect an increase of three-to-four percent this year, as compared to six percent for single-family homes.

Currently, the national median price for a condo is $226,900, as compared to a single-family home at $231,500. This makes buying a condominium much more attractive, especially for empty nesters and young families. The realtor outlook for condo prices does vary by region. The Midwest is the best location with only a one-percent sales drop last year and a third of a percent drop in prices — this is within the Chicago and Minneapolis/St. Paul markets. Realtors would expect smaller Midwestern cities to be even better.

Realtors in the western part of the U.S. saw the biggest hit in the condominium market. Sales there last year were down by 21 percent, and there was an 11 percent drop in prices.

For August in the San Diego, Carlsbad and San Marcos area, the median condo price was $373,800, as compared to last year’s price during August of $387,100. Realtors saw August sales decrease by 3.4 percent, as compared to an increase of 5.5 percent last year at this time.

With the onslaught of retiring baby-boomers, the condo market may see an upswing during the next five-to-ten years. The downside for some markets is that the increasing amount of natural disasters, such as hurricanes, may change the migratory pattern towards safer weather states.

Sellers

A declining condo market does not mean an owner cannot sell at this time. Realtors advise sellers to price the unit appropriately — more affordable condos still are selling well. Make it stand out over your competition by removing clutter and staging it well. Some sellers are throwing in amenities, such flat-screen televisions and state-of-the-art audio systems. Some are offering bonuses as incentives to the realtors who make the sales, motivating an increase in the number of showings. Realtors advise sellers to be prepared to negotiate with buyers and not to automatically turn down reasonable offers.

Buyers

Realtors see this as a good time to buy if you plan to own the property for at least three-to-five years. Realtors do advise that you look for condos that will hold their value over time for a better resale value. Look for units with a great view; close to downtown or shopping areas for lower gas usage; easy access to parking, public transportation, necessities and amenities; an elevator and spacious floor plans; garage parking in cold climates; and a doorman or concierge if in a luxury market. Realtors also advise that you take your time shopping for the right condominium. Visit the units you like more than once and drive a hard bargain.

John Harris is an expert researcher and writer on real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more information please visit Homes for Sale in Oceanside [http://www.twtrealestate.com/oceanside-homes.html]

Article Source: http://EzineArticles.com/?expert=J_Harris
http://EzineArticles.com/?Realtors-Seeing-a-Buyers-Market-for-Condos&id=372085

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Real Estate

Real Estate Information

These are a couple of my newsletters that have a ton of valuable information. Go check them out.

Foreclosure Market Trends Newsletter
http://www.realtytrac.com/MarketTrends/NewsLetter.aspx?guid=131bd355-1b69-4bd1-99cd-2f0c9a936810

Real Estate Cyber Space Tips
http://www.REcyber.com/cybertips/r11627

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Real Estate

Relocating to Minnesota – Twin Cities Real Estate

If you are looking for a great place to relocate, you’ll find that relocating to Minnesota is an excellent option today. Whether you are from California, New York, Mississippi, Texas, or even Ohio, you’ll find that Minnesota is a wonderful place to move. There are a variety of reasons that moving to areas in Minnesota, such as Minneapolis Minnesota or even St. Paul, is a great idea. You’ll find that this state has much to offer you. Of course before you decide that this is the right place for you, it’s important that you take a look at the general benefits of relocating to Minnesota and at the real estate market in the state as well.

General Benefits of Relocating to Minnesota

If you’re considering Minneapolis, Minnesota or another city in the beautiful state of Minnesota, you’ll find that there are many general benefits to relocating to Minnesota. Here is a closer look at some of the excellent general benefits you’ll enjoy when you decide to move to this state.

• Benefit #1 – Excellent Schools with Great Performance – First of all, you’ll find that Minnesota has excellent schools with great performance. In fact, many of the schools in the Minneapolis area actually score very highly when it comes to the No Child Left Behind guidelines. If you happen to have children, more than likely great schooling is a high priority for you, so excellent schools are definitely a drawing point.

• Benefit #2 – Easy Commutes to Work – You’ll find that most Minnesota homes are actually located so that you have a reasonable and easy commute to work. This is an important consideration for working families, especially with the recent hikes in gas prices.

• Benefit #3 – Reasonable Taxes – Taxes on real estate in the area are fairly reasonable as well. In some places across the country, real estate taxes are skyrocketing, but the taxes in many locations are quite low within the state of Minnesota.

• Benefit #4 – Great Jobs Available – Jobs in Minnesota are plentiful, which is another great benefit to relocating to this area. There are many great jobs that are available and with the growth in the job market, many families are finding that this area is a great place to relocate to. Especially in the St. Paul and Minneapolis areas, you’ll notice that there are excellent jobs that are available, which is definitely a top drawing point.

• Benefit #5 – Cost of Living is Relatively Low – Compared to many other regions in the United States, you’ll find that the cost of living is relatively low. Although prices have been driven up due to increases in gas prices and the real estate market troubles recently, you’ll find that comparatively the cost of living is lower than many other places around the country today.

The Real Estate Market

No doubt you are interested in the real estate market as well if you plan on relocating to Minnesota. Whether you are planning to buy in a rural area or you are interested in twin cities real estate, there are some things that you need to know about the market before you make your decision about the relocation. Let’s take a look at the real estate market and how it’s looking for families that want to relocate to the area.

• Real Estate is Going for Low Prices – First of all, you’ll find that real estate is going for low prices right now. In fact, you’ll find that twin cities real estate is down and homes are going for very low prices. Although this is not necessarily a good thing for those who are selling, it’s great for you if you want to relocate to this area and find Minnesota homes for a great price. The low prices definitely are attractive if you are considering a relocation to the Minnesota area.

• Many Types of Real Estate Available – You’ll also find that there are a variety of different types of real estate available that you can choose from if you move into the area. You can purchase nice single family Minnesota homes, but they are not your only option. You’ll find that condominiums, apartments, and even town homes in the area are excellent choices as well.

• Mortgage Rates are Low – Right now the mortgage rates in the area are low, making it a great time to purchase Minnesota homes. This means that not only will you be able to find a great deal on your home in the area, but you’ll also be able to find great rates on the mortgage that you need as well.

As you can see, there are definitely a variety of great benefits to relocating to Minnesota. If you are looking for quality schools, great jobs, reasonable real estate prices, and low rate mortgages, then Minnesota may be a great place for you to move in the near future. Take the time to find out more about the real estate options that are available to you today.

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