Property Solutions

Pending residential sales fall within the Us of a for fourth month in a row

Posted on September 30, 2013 at 6:11 pm

Image Pending home sales within the Usa declined for the fourth consecutive month in September, in keeping with the most recent data from the National Association of Realtors.

The Pending Home Sales Index, a forward looking indicator in accordance with contract signings, fell 5.6% to 101.6 in September from a downwardly revised 107.6 in August, and is 1.2% below September 2012 when it was 102.8.

It signifies that the index is on the lowest level since December 2012 when it was 101.3 and Lawrence Yun, NAR chief economist said it’s a results of higher mortgage rates of interest and better home prices curbing buying power but concerns over the govt. shutdown also played a job.
 
‘Declining housing affordability conditions are likely accountable for the majority of reduced contract activity. As well, government and contract workers were at the sidelines with growing insecurity over lawmakers’ inability to agree on the cheap. A broader hit on consumer confidence from general uncertainty also curbs major expenditures comparable to home purchases,’ he explained.

He stated that it is the 1st time in 29 months that pending home sales weren’t above year ago levels. ‘This tells us to expect lower home sales for the fourth quarter, with a flat trend going into 2014. Nonetheless, ongoing inventory shortages will continue to boost home prices, though at a slower single digit growth rate next year,’ he added.

The PHSI within the Northeast dropped 9.6% to 76.7 in September, and is 6.4% below a year ago. Within the Midwest the index fell 8.3% to 102.3 but is 5.7% higher than September 2012. Pending home sales within the South slipped 0.4% to an index of 116.2 but are 2% above a year ago. The index within the West dropped 9% to 97.3 and is 9.8% under September 2012.

Yun said that total existing home sales this year would be 10% higher than 2012, reaching greater than 5.1 million, and are inclined to hold even in 2014.

The national median existing home price is anticipated to rise 11 to 11.5% for all of 2013, but moderate to a 5 to six% gain in 2014.

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Posted in Property Solutions

Fewer properties within the US bought by foreign buyers but levels still high, latest data shows

Posted on September 30, 2013 at 5:13 pm

Image Property sales within the Usa to international buyers have declined within the last year, but are at their second highest level lately and amount to over 6% of total existing home sales in value, new figures show.

The data from the National Association of Realtors shows that interest in US properties continues to grow, signalling that America remains regarded by international buyers as a great spot to possess property.
 
The survey, which asked real estate agents to report their international business activity in the US for the one year to the top of March 2013, showed that total international sales were $68.2 billion, down approximately $14 billion from the former year.
The decline is attributed to several temporary factors, including economic slowdowns in a lot of major foreign economies, tighter US credit standards and unfavourable exchange rates.

Of total international transactions, $34.8 billion or 51%, were attributed to foreign buyers with permanent residences outside america and $33.4 billion or 49%, were attributed to buyers who’re recent immigrants or temporary visa holders residing for greater than six months within the US.

‘Foreign buyers are experiencing hurdles not just abroad, but in addition here within the US in terms of purchasing property. Difficult economic conditions, particularly in Europe, have impacted foreign buyers, but several factors inside the US have also affected their purchasing power here,’ said NAR president Gary Thomas.

‘Tight credit standards have made financing challenging for immigrants, and coffee housing inventories have made finding a home difficult. However, none of those factors look like permanent,’ he added.

Foreign buyers continue to have a considerable interest in US properties. Over a five year timeframe greater than 70% of real estate agents reported a relentless or increasing level within the variety of international clients contacting them.

‘Realtors provide international buyers with a major advantage when purchasing property within the US. People who have earned NAR’s Certified International Property Specialist designation have received specialised training and are ready to service the international market,’ explained Thomas.

Some 27% of real estate agents reported having worked with international clients this year. In addition they reported that crucial factors influencing international clients’ purchases were that the united states is viewed as a fascinating location and that the genuine estate market is considered a profitable investment.

Canadians were the most important group of international buyers at 23% followed by Chinese at 12%, Mexicans at 8%, Indians at 5% and British buyers at 5%. These five countries accounted for roughly 53% of transactions, with Canada and China the fastest growing source of buyers through the years.

Canadian buyers were reported to buy properties with an average price of $183,000, with most people purchased in Florida, Arizona and California. Chinese buyers tended to buy property inside the upper price ranges with an average price of $425,000 and usually in California. Some 62% of Mexican buyers purchased property in California and Texas, with an average price of $156,250.

International buyers are inclined to cluster in specific locations according to countries of origin, in addition to several other factors. ‘Many factors influence foreign buyers’ decisions on where to buy within the US however the most crucial are proximity to home country, presence of relatives and friends, availability of job and education opportunities, and the climate,’ said Thomas.

‘International buyers also differ at the sort of desired property. Some are trying to find trophy properties while others have an interest in modest vacation homes,’ he added.

Florida had the biggest variety of international buyers at 23% followed by California at 17%, Arizona and Texas both at 9%, and Ny at 3%.
About half foreign buyers preferred to buy in a suburban area, while 1 / 4 preferred a more central city or urban area. A majority purchased a detached single family home and 63% paid cash.

Based at the reported international transactions, the mean and median prices of purchases were higher in comparison to buy prices of domestic buyers. For the twelve months ending March 2013 the median international home price was $275,862 and for domestic buyers it was $179,867.

The sorts of homes purchased by international buyers frequently tended to be different from the kinds of houses purchased by domestic buyers. International buyers usually tend to be substantially wealthier and seeking out a property in a specialised niche.

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Posted in Property Solutions

Family set to purchase bigger home way to Help to purchase

Posted on September 28, 2013 at 9:12 am

Image One family has explained how the united kingdom government’s flagship Help to purchase scheme helps them to shop a larger home that they wouldn’t otherwise were capable of afford.

Ken Wanless, Sophie Heath and their young son Joshua are moving from Reading to a brand new five bedroom house, that is still under construction, at DeVessey Village in Greylees near Sleaford in Lincolnshire, resulting from its good transport links and idyllic location.

Ken, 31, a Sales Director for a software company, said it offers them a closer work and life balance. ‘I’ll be ready to commute, make money working from home in my very own study, opt for walks inside the countryside with the youngsters and revel in being portion of a thriving community,’ he explained.

Stay at home mum Sophie, also 31, spoke of that with another baby at the way they needed extra space. ‘We desired to buy somewhere bigger. We’ve got friends inside the area, the local schools are great and we’ve been seeking to escape from the hustle and bustle and embrace the outdoor life, so it is the perfect place,’ she said.

‘Help to purchase have been an absolute godsend because it enabled our money to move that little bit further. I’d recommend it to anyone who’s wanting to buy a house,’ her husband added.

 Their new home is the most important to this point to be bought using the government’s Help to purchase scheme in David Wilson Homes’ North Midlands region.

Jan Ruston, sales director for David Wilson North Midlands, said that it shows that Help to shop for is not only for first time buyers and the way it usually is utilized by people desirous to take that next step at the property ladder.

With the assistance to purchase scheme new home buyers can buy a David Wilson home as much as the cost of £600,000, with just a 5% deposit, a 75% mortgage and a central authority funded equity loan of 20%.

DeVessey Village on Hampden Way is a development of 3, four and five bedroom homes surrounded by woodland situated off the A15 under half an hour’s drive from Grantham and Lincoln.

There is a community orchard and peaceful walks and cycleways along the nearby River Slea with prices starting at £222,200.

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Posted in Property Solutions

Homeowners in Cyprus facing higher property taxes

Posted on September 28, 2013 at 8:44 am

Image The bailout agreed for Cyprus is likely to be excellent news for homeowners who don’t have title deeds however it does mean the folk pays higher annual real estate taxes.

Under the bailout terms agreed with the ecu Union and the International Monetary Fund the Land Registry must get closer the big backlog of title deeds.

The backlog dates back decades and the total system was mired in controversy as unscrupulous developers didn’t give owners their deeds and sold them directly to lenders in order that they could raise money for his or her next project.

It has led to tens of thousands of individuals not officially owning their properties and although the Cypriot government has promised to tackle the placement progress have been slow.

Now as portion of the bailout terms some 60,000 title deeds should be issued within the next 18 months. Staff on the Land Registry were issuing around a 1,000 title deeds a month but they may be being told to step up the output. They are going to must produce at the very least 3,000 a month to fulfill the deadline.

A Land Registry spokesman said that staff have volunteered to work on Saturdays to work towards meeting the objective. In the event that they fail then the bailout deal might be in jeopardy.

They also are having to re-evaluate properties in order that a brand new Immovable Property Tax might possibly be properly applied. The once a year property tax will still be according to the worth of a property at the 01 January 1980 but many house owners never paid any as their property was not registered and that’s now having to be rectified.

The Land Registry said that these tasks are taking priority and some other work, corresponding to the sale of property, may be slow. It signifies that anyone buying a property could face a hefty watch for the land registry documents to come back through.
MPs have voted throughout the new tax with a view to see every owner paying at least €75 with increments rising in line with the price of the valuables.

Another problem pertains to building permits. It’s far estimated that during some places corresponding to Limassol, Nicosia, and Larnaca houses worth millions of euros has been built which haven’t got building permits. Presently, these are registered as building plots or agricultural land.

The new bill also penalises registered owners of property who fail to pay their Immovable Property Tax by the tip of September every year. Originally the penalty was set at 20% at the tax due but this has now been reduced to ten% with a ten% reduction if the tax owed is paid 30 days or more before the deadline.

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Posted in Property Solutions

Flats to rent in Kettering – Find the right one for you

Posted on September 27, 2013 at 8:46 am

Kettering is situated at about 81 miles from London. It is famous for its boot and shoe industry. The introduction of railways in the nineteenth century induced several other industries like clothing and engineering in the region. Today, due to its central location and transportation links, service and distribution industries have become the frontline of its economy. Kettering’s unemployment rate is lowest in the UK and more than 80% of its adult population is already into full time employment. If you are looking for flats to rent in Kettering, the best option for you is to go online where you will find varied options of all types and all budgets.

With an upsurge in jobs and recruitment opportunities in Kettering, relocation to this pleasant town has increased in recent years. Many professionals, whether residing alone or with family, look for rental flats in Kettering on regular basis. Because of the relatively higher prices of property, it is always cheaper to rent a flat instead of buying one. Although there is a varied range of residential flats to rent in Kettering, finding the one that is just right for you can be a tedious task. It’s quite obvious that when you consider a rented flat, you look for everything; you want a good location, amenities, transport facilities, marketing options and much more. Yet, you want to get everything in your budget.

Newcomers looking for flats to rent in Kettering have a number of options in Bath Road, King Street, Lower Street, Wellington Street, Heritage Court, St. Anthonys Road etc. It is a wise decision to take professional help in this regard. If you want to increase your reach to the entire Kettering locality and consider plenty of options before moving in, search online. Numerous websites offer exciting options. Select a letting agent who is a member of ARLA (Association of Residential Letting Agents). This will ensure that you get the best service and professional standards while renting a property.

If you want to be continually updated with latest flats to rent in Kettering, register with a renowned letting website offering services at Kettering. Doing so, you will get the desired information right into your inbox, and you can grab the opportunity once you find the most suitable deal. Finding the right property quickly is your prime concern, next comes dealing. Once you find a suitable property, securing the property to rent is required. Your landlord would be keen to make sure that you are a suitable tenant and would pay the rent on time. For this, you would be required to fill in an online application form regarding your expectations and prior experiences. You may be asked to provide some references in case you are into a new job.

When you apply for flats to rent in Kettering, you should be prepared with some of the documents that may be required while finalising the tenancy agreement. Documents regarding references from your previous landlords, a credit check, bank account details and details of your employment may be asked. If you are into a new job and do not possess any prior experience with a landlord, you can give reference of your employer for consideration.

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