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U.S. Population Shifts

April 20, 2013 by Marco Santarelli

People were on the move in 2012 and apparently the most popular place for them to move to was Pittsburgh, PA., according to the 2012 Top US Growth Cities Report recently released by U-Haul International.  The Steel City topped the list of 30 metro areas selected with a 9.04% population growth, based on data collected by U-Haul from over 1.6 million one-way truck rentals during a recent 12 month period.

The cities chosen for the list had more than 5,000 families moving in or out of the area during that time.   “Growth cities were then determined by calculating the percentage of inbound moves vs. outbound moves for each area,” said John Taylor, president of U-Haul International, Inc.   Other cities in the U-Haul top 10 included:
[Read more…]

Filed Under: Economy, Growth Markets, Housing Market, Real Estate Investing Tagged With: Economy, Growth Markets, Housing Market, Migration, Population Shifts, Real Estate Investing

Tennessee Foreclosures Down

April 18, 2013 by Marco Santarelli

In Shelby County, there were 1,030 total foreclosures in the first quarter this year, according to real estate information company Chandler Reports.  That’s down from 1,252 foreclosures during the same period in 2012 – a drop of 17%.  Pull back one year before that, though, and the number of foreclosures had spiked to 1,235 in the first quarter of 2012 compared to 964 in the first quarter of 2011. At this time last year, in other words, the area was in the midst of a 30% gain in foreclosures.  Pointing to the recent drop, some local brokers and Realtors say a combination of forces is at work. There’s been a small improvement in the economy, which helps. Banks also are increasingly pursuing workouts, loan modifications and short sales.

[Read more…]

Filed Under: Growth Markets, Housing Market, Real Estate Investing Tagged With: Foreclosures, Growth Markets, Housing Market, Memphis, Real Estate Investing, Tennessee

Phoenix is Facing a Housing Shortage

April 15, 2013 by Marco Santarelli

A Phoenix home with 95 bids is just one example of a housing market entering a new and unprecedented phase.  Experts at Arizona State University School of Business say Phoenix is headed for a major housing shortage.

Long gone are the days when Phoenix was riddled with available, well-built single-family homes in the wake of the 2008 housing market bust.

Five years after the crash, the desert metro is facing lagging home construction, predictions of population growth and rising land prices, according to real estate experts with ASU.

The end result could be a significant housing shortage in the near future, experts contend.

[Read more…]

Filed Under: Growth Markets, Housing Market, Real Estate Investing Tagged With: Growth Markets, Housing Market, housing shortage, Investment Property, Phoenix, Priority List, Real Estate Investing

Real Estate Licensing Requirements: Things to Know 2023

April 12, 2013 by Marco Santarelli

In a flourishing housing market in the United States, many people are searching for ways to take advantage of this and have set out for a career in real estate. To become a realtor, you will need to obtain a real estate license first.

Initial Details

Just to clear some things up right off the bat, there are a couple of details you will need to know about. There is no such thing as a national real estate license as every state has its license and you will need to go through the entire process for each state if you decide to go through multiple ones.

There are also a couple of different real estate licenses in some states. These will be separate licenses for both salespersons and brokers, so make sure you know exactly which one you are looking for when pursuing a real estate career.

You can also expect a background check for real estate hopefuls including fingerprinting which will require you to likely visit your local police station. This may be paid for or not, depending on the state.

Applying

Each state has set aside its own rules when it comes to a minimum age of application, so as long as you meet that criterion, you can get started. There will also be fees that you need to pay for the application and testing. The amount will vary by state, but it isn’t going to be running in the thousands of dollar range. Expect to pay a few hundred dollars through the process.

Studying

Some people are so good at testing that they can just brush up through some books and get the gist of what the test might contain and do just fine. That might be a way to get through college, but classroom time is required by states to obtain your license.

The number of hours can vary greatly by state. New York, for example, only requires 45 hours of classroom time for license hopefuls. Texas, on the other hand, requires a massive 180 hours in class. States are now starting to offer these classes online, which will add to the convenience factor if you are not able to fit a few hours each weeknight into your schedule. Some community colleges will also offer these classes as an alternative.

The Test

Now that you have spent many hours studying real estate, it’s time to take the exam. Many people do not pass this exam on their first attempt, but that is no reason to be discouraged.

If your classroom leader was able to provide all of the information that you can expect on the test, then everyone in that class should be able to pass just fine as the test is used to show that you have minimal knowledge of the key aspects of real estate.

Although all states have separate licenses, fees, and exams, your first test will be vital in expanding your reach. Now that you have seen what the test looks like, you can also attempt it in another state as there are some differences, but very few of them are minor.

The Next Step

Passing the test allows you to open up to the next step. There is a license fee that will have to be paid and you will need a broker to sponsor you. This is where your people skills will be put to the test.

You will have to market yourself to these brokers and prove you have the education and the ability to succeed in the real estate world. No one has ever said that real estate is the easiest profession to get into, but if you have the knowledge and charisma to succeed, there is a lot to be made.

Filed Under: Real Estate, Real Estate Investing, Selling Real Estate Tagged With: How to Get a Real Estate License

Zombie Foreclosures

April 10, 2013 by Marco Santarelli

Hundreds of thousands of homes in the US are now labeled as “zombie” foreclosures. That's when the owner of a foreclosed home leaves only to find out years later that he or she still legally owns the home and is on the hook for property taxes and other fees. Such cases occur in more than a third of foreclosures, industry figures show.

Although it's hard to quantify exactly how many homes fall into the category, real estate information company RealtyTrac says that, in the first three months of the year, roughly 302,000 homes qualified as “zombie” properties because the owner has moved out, but the bank has not yet taken possession.

[Read more…]

Filed Under: Economy, Foreclosures, Housing Market Tagged With: Foreclosures, Housing Market, Real Estate Market

Why the "Buy & Hold" Strategy is Best

April 8, 2013 by Marco Santarelli

The Buy and Hold methodology, as it is applicable to property, is and always has been the cause for making more millionaires than any other method.  The main reason is really because it lets you develop equity through appreciation over a period of time.  There are numerous short-term techniques like lease-options, wholesaling, and flipping that can create some cash, but in no way will it improve your long-term net worth.

[Read more…]

Filed Under: Real Estate Investing Tagged With: Building Wealth, buy and hold, Buy and Hold Strategy, Inflation Hedge, Perennial, Podcast, Real Estate Investing

Why It's Still Hard To Get A Mortgage

April 4, 2013 by Marco Santarelli

The housing market may be coming back, but a growing number of policy makers have expressed concerns recently that it’s still too hard to get a mortgage.

Federal Reserve governor Elizabeth Duke outlined some of these concerns and their causes in a speech last month. She was quick to note — as is anyone else who has sounded similar alarms — that she doesn’t want the market to return to the go-go days of 2005 or 2006 when anyone who could fog a mirror could get a loan. “But I also don’t think it would be a good idea to go back to the quite restrictive credit conditions of the early 1980s,” she said in the speech to mortgage bankers.

[Read more…]

Filed Under: Financing, Real Estate Investing Tagged With: Financing, Mortgage Loans, Real Estate Investing

Real Estate Market Trends for 2013

March 26, 2013 by Marco Santarelli

The first quarter of 2013 is almost over and so far, a few trends have emerged in real estate.  These trends are not set in stone, nor can we be sure that they will continue on the same trajectories throughout the rest of the year.  As with any other major part of the economy, much of real estate depends on external factors such as employment, interest rates, and general economic conditions.

With that being said, the first quarter of 2013 has established a few trends in the national market that extend into regional and local markets and could point to broader movement throughout the rest of the year.

[Read more…]

Filed Under: Economy, Housing Market, Real Estate Investing Tagged With: Housing Market, Real Estate Investing, Real Estate Market, Real Estate Market Trends, Real Estate Trends

The U.S. Real Estate Market is Back! [infographic]

March 25, 2013 by Marco Santarelli

As we all know, America's housing market has been in a slump for many years.  Years of negative news made home buyers and real estate investors nervous about the future of the U.S. housing market.  However, the following infographic should bring optimism back to most people.

This infographic reports the opinions of real estate professionals, and their predictions look extremely promising!  Most feel positive about the direction the economy and the real estate market is headed.  If the trend continues, which it is expected to do, then this would be a great time to be investing in real estate.

[Read more…]

Filed Under: Economy, Housing Market, Real Estate Investing Tagged With: Housing Market, Infographic, Real Estate Investing, Real Estate Market, US economy, USA Housing Market, USA Real Estate

Real Estate Investment Outlook for 2013

March 18, 2013 by Marco Santarelli

For a good number of real estate professionals, 2012 wasn't a great year. We were still on a downward spiral towards the bottom of the real estate market. This wasn't exciting news for real estate investors looking to make profitable deals investing in real estate. But as we move deeper into 2013, it's becoming abundantly clear that the tide is turning.

In previous years, buyers were getting used to having the upper hand. The market was like a poker game with the buyer being in possession of all the chips. Sellers are now in a position to reclaim not only the chips, but the pot as well. We are moving into a seller's market where the seller, not the buyer, will have the unfair advantage. Opportunity is knocking and it's been a long time since investors were able to capitalize on current and future market conditions.

[Read more…]

Filed Under: Economy, Financing, Housing Market, Real Estate Investing Tagged With: Housing Market, Real Estate Economics, Real Estate Investing, Real Estate Market, Real Estate Wealth

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