Home Ownership no longer wealth builder

Leaving home

Many believe homeownership is no longer a way to build wealth: survey

Jun 22, 2009, 2:09 p.m. EST

"It had been considered the cornerstone of wealth building," said Gail Cunningham, spokeswoman for the NFCC. Homeownership had been a significant tool that most people felt was necessary to prepare for retirement, she said in a phone interview.

By Amy Hoak, MarketWatch

CHICAGO (MarketWatch) -- Nearly half of American adults who participated in a recent survey said they no longer believe that homeownership is a realistic way to build wealth, the National Foundation for Credit Counseling reported on Monday.

The findings, from a recent survey of about 1,000 people, run counter to the long-held perception that a home should be part of a person's financial strategy, the NFCC said.

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The survey was conducted because the organization was curious about future implications of living through the mortgage meltdown, she said. Whether consumers reflect on their own experience or are just "observing the guy in the cubicle next door," conditions have caused many people to change their attitudes about housing, she said.

For now, anyway. According to an annual survey from the NFCC released earlier this year, 57% of adults reported that they were spending less than they were a year ago, Cunningham said. But 45% of those who were spending less said that if their financial situation improved, they would resume their spending habits.

The results released on Monday found that nearly one-third of those polled don't think they will ever be able to afford to buy a home. Forty-two percent of people who have purchased a home -- but no longer own it -- don't think they'll ever be able to afford to buy another. And 31% of those who still own a home don't think they'll ever be able to buy another -- whether it's to upgrade their existing home or buy a vacation home.

According to the survey, 74% of those who have never purchased a home said they could benefit from first-time home buyer education.

"The good news from the survey is that people now seem to grasp that buying a home is a complicated process and admit that they would benefit from education in advance of signing on the dotted line," Cunningham said in a news release.

Amy Hoak is a MarketWatch reporter based in Chicago.

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$8000 Tax Credit stirs up home buyer interest

First Time Home Buyers

...are being nudged closer to taking the plunge towards buying a Maryland Home.

Getting someone to nibble and then bite on the home you're hoping to sell isn't easy. Especially first time buyers, Your offering has to find some way to stand out from the crowd, there are a lot of foreclosures selling at hefty discounts.

Amy Houk from MarketWatch.com says a lived in home could be more appealing than a home that's been boarded up for God knows how long.

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"First-time buyers are skeptical of buying homes that need improvement. Sellers certainly don't need to remodel the kitchen, but they want to make sure that their home showcases very well," said Eric Mangan, a spokesman for ForSaleByOwner.com.

In fact, while nearly half of brokers polled for a Coldwell Banker survey last year found that affordability was the No. 1 concern for first-time buyers, 81% said move-in conditions were very important to these buyers. Only 7% said first-time buyers were looking to purchase fixer-upper homes that they could buy on the cheap and renovate.

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Home Staging if you want to sell it

6 Things You Should Not Have in the Home You Hope to Sell

By : Lee Cameron
1. Implements of Killing

While many people are gun enthusiasts or knife enthusiasts or hunting enthusiasts, many people are not. Many people will not feel comfortable in a home filled with guns and this could have a material effect on their choice to buy yours. While your tastes should not be considered indicative of the entire neighborhood, many people may look at your lovingly tended collection of .357 Magnums and decide that this neighborhood is a little too trigger-happy for them. It's probably not true (we devoutly hope!), but it could affect your home's sale.

2. Hunting/Fishing Trophies

Your collection of 10 point bucks or record-setting salmon may make for exciting dinner-time conversation between you and your friends, but to some buyers they are a collection of murdered Bambis. Take them down and pack them carefully so that they can shine with glory in your next home and not give a prospective buyer the willies.

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3. Pets

This is definitely not a call to get rid of Fluffy or Rover; quite the opposite! While you may not notice the presence of a pet, some non-pet oriented buyers will, even if it stays politely away from them. Unless your home is a working kennel or cattery, having pets around during a walkthrough is pretty much a no-no. Vacuum, vacuum, vacuum and keep an eagle eye out for stray hairs. Get a non-pet owning friend to give your home the "sniff test", as you have become used to the smell of your pet and may not notice a faint odor. Give your kitty or puppy a vacation in a friend's home or a kennel/cattery while your house is being shown and it will reduce the likelihood of someone eschewing your house because a hated member of Canis or Felis is in residence.

4. Sexually Themed... anything

You and your social set may think that your velvet drapes featuring a couple in flagrante delicto are daring and beautiful, but the person touring your home will probably not. As a nod to their sensibilities, exchange your favorite drapes for something a little less artistic. The same goes for your library of erotica and any aides d' amour that you might have as shelf decorations. The hooks in your bedroom ceiling should probably be removed as well, unless you plan to hang a plant or something on there.

5.War Memorabilia

Collections of gas masks and a Nazi uniform doth not a homey home make. Save it for your new home, where your grenade case can shine in all its polished glory. While Mein Kampf is an important historical document, it may not be considered in that light by someone whose family experienced discrimination and death in WWII. Just put it away until you sell or, at least, until the buyer is finished touring the home.

6. Racist/Sexist/Anythingist Items

Aside from the questionable sensibilities of anyone who thinks Ku Klux Klan themed items are great room décor, there is the issue of what your buyers will be impressed by. Many will not buy from you on principle. Even if the item is something that you find funny and inoffensive and don’t take seriously, like a “blonde joke” poster, take it down until you have a new home to put it up in. Author Resource:- Work with an experienced agent for your next Orlando real estate purchase. Ask to view some of the gorgeous luxury homes in Heathrow FL.
Article From Real Estate Pro Articles

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Do You Have $2500? MSN Says That is Enough

Got $2,500? Buy a house

Rock-bottom interest rates and an $8,000 tax credit make a home possible for many first-time buyers -- with no trick mortgages or financial gymnastics required.

Full story

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By Marilyn Lewis

MSN Money

A triple play like this one probably won't happen again in your lifetime:

• Money's cheaper than dirt.

• Home prices have been knocked back to 2003 levels.

• The federal government wants to pay you up to $8,000 for buying a house.

With that tax incentive, average credit and less than $2,500 in savings, it's possible to buy a $150,000 starter home for about $1,000 a month, taxes and insurance included.

"It may be the best time to buy a home that we've seen in this generation -- for everybody but particularly for first-time homebuyers," says Brad Blackwell, a national sales manager for Wells Fargo Home Mortgage. The flood of homes for sale is hard on sellers, but it gives buyers an unusually wide selection, he points out.

It's a memorable moment for responsible buyers who've been waiting to own a home. While the new tax credit is just the kicker some buyers have needed, historically low interest rates take some risk out of buying now. Waiting for lower prices might be a false economy if you lose a great rate. The monthly payments on a $200,000 mortgage at 5% and a $180,000 loan at 6% are about the same.

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