Real Estate Press Releases

Homes Overseas Announces New Property Buying Guide for France

Homes Overseas Announces New Property Buying Guide for France
Homes Overseas, the leading overseas property experts have added a property buying guide to their online article archive, titled as 'Bargain Properties in France'. The guide primarily highlights the possible economical property deals in the region.The full write-up can be viewed at:
http://www.homesoverseas.co.uk/articles/bargain-properties-in-france/17017

The guide titled ‘Bargain Properties in France’ sheds light upon the affordable property deals in the area and thus commences by apprising the investors of the fact that there are bargain properties available for purchase. The section following the introduction begins by highlighting the accessibility options from the UK to Biarritz and Pau. Landscaping details, the picturesque surroundings and scenic environs are also penned here. Along with the stated, the property price ranges for the region is also elaborated upon. A quick comparison with the interiors and possible economic substitutes is spelled out, along with an approximate overview of renovation costs is included in this part of the write up.

The next section focuses upon Lozère, the French department voted as the ideal retirement destination. But this is not the prime reason for the guide to cover the region; the details are presented to primarily highlight the abundant property purchase choices, especially in the low price category.

Details about the Charente area comprise the last section of the detailed guide. The region is gaining popularity among property investors, for reasons which are adequately highlighted in the article: the available options, current property scenario, average costing and the possible property market picture in times to come, is elaborated upon in this section. For more information on property for sale in France, visit http://www.homesoverseas.co.uk/property-for-sale-in-france/1002

About Homes Overseas
Homes Overseas is the world’s leading international property magazine since 1965, providing advice and information for people buying property overseas as an investment or a holiday home. Homes Overseas magazine is published monthly and is available on subscription and from leading newsagents. For more details on Homes Overseas visit http://www.homesoverseas.co.uk 

NAR Home Buyer and Seller Survey Shows Rise in First-Time Buyers, Long-Term Plans

ORLANDO, Fla., Nov. 8

The 2008 National Association of Realtors(R) Profile of Home Buyers and Sellers is the latest in a series of large national NAR surveys evaluating demographics, marketing, preferences and experiences of home buyers and sellers.

Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it's a trend he expects to grow. "First-time buyers are much more flexible in entering the market because they aren't concerned about selling an existing home," he said. "Given low home prices, plentiful supply and affordable interest rates, it's been an optimal time for entry-level buyers with a long-term view.

"Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves -- that, in turn, should free more existing owners to make a trade in 2009."

The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year's survey and 36 percent in 2006. "Although modest, this is a meaningful gain for the 12-month period ending at the close of June, and more recent independent data show a stronger uptrend in first-time buyers who are helping to reduce excess inventory," Yun said.*

According to the NAR study, the median age of first-time buyers was 30, down from 31 in 2007, and the median income was $60,600. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007.

The median downpayment by first-time buyers was 4 percent, up from 2 percent in 2007; the number purchasing with no money down fell from 45 percent in 2007 to 34 percent in the current survey. "The study covers transactions through the middle of 2008, so we can assume the downpayment numbers have shifted recently because credit tightened and no-downpayment loans all but disappeared around the close of the survey," Yun explained.

Of first-time buyers who made a downpayment, 69 percent used savings and 26 percent received a gift from a friend or relative, typically from their parents. Another 7 percent received a loan from a relative or friend, while 16 percent tapped into a 401(k) fund, stocks or bonds. Ninety-two percent chose a fixed-rate mortgage.

NAR 2008 President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said consumers rely heavily on the expertise of real estate agents to navigate the market. "This is the biggest transaction most people are ever involved in, so the qualities they're looking for in a real estate agent include reputation, honesty, integrity and knowledge of the market," he said. "Both buyers and sellers want agents to provide context, advice and know-how. The vast majority would use their agent again or recommend their agent to others."

Only 1 percent of sellers chose an agent based on his or her commission. Forty-six percent report the real estate agent initiated a discussion of compensation, while 24 percent of sellers brought up the topic and the agent was willing to negotiate the commission or fee. Thirteen percent of sellers did not know commissions and fees are negotiable.

Nearly nine out of 10 home buyers and sellers would definitely or probably use the same agent again or recommend him or her to others, consistent with the 2007 findings. The survey shows that 81 percent of home buyers and 84 percent sellers used a real estate professional, comparable to 2007.

Thirty-eight percent of sellers found their agent as a result of a referral, while 26 percent used the agent in a previous home purchase. Similarly, 43 percent of buyers relied on referrals to find an agent, while 18 percent of repeat buyers used an agent from a previous transaction.

The percentage of buyers who purchased a home in foreclosure jumped to 6 percent of transactions in the 2008 survey from 1 percent in 2007. Another 38 percent of buyers considered purchasing of a home in foreclosure but did not, primarily because they could not find the right home.

Commuting costs factored greatly in neighborhood selection, with 41 percent of buyers saying they were very important and another 39 percent saying transportation costs were somewhat important. "Since fuel costs began rising in the latter part of the survey period, it's reasonable to assume they've become even more important to home buyers since," Yun said. "We've heard from our members that commuting costs are playing a bigger role in buyers' decisions."

Environmentally friendly features also were important, cited by 90 percent of buyers. Heating and cooling costs were of primary importance, followed by energy efficient appliances and energy efficient lighting.

Buyers searched a median of 10 weeks and viewed 10 homes. Of buyers who used an agent, 61 percent chose a buyer's representative. Nearly nine out of 10 consider their home a good investment, and almost half see it as a better investment than stocks. Fifteen percent of buyers own two or more homes.

The typical repeat buyer was 47 years old, earned $88,200, purchased a home costing $236,000 and plans to stay in that home for 10 years. Repeat buyers made a median downpayment of 15 percent, but 10 percent paid cash for their property.

The median age of home sellers was 47; income was $91,000. Three-quarters were married couples, had been in their home for six years and moved a median distance of 19 miles. Their home was on the market for eight weeks; 5 percent of sellers who also purchased a home reported selling their home in a short sale.