Some experts in the property field have predicted that 2009 will follow a similar pattern and both home owners and buyers shouldn’t expect any significant movement yet.

Recently major UK lenders and estate agents were asked to predict both sales and valuations for 2009. The response was that there was little positive outlook, however most predicted some form of recovery.

As an average, property prices are expected to plunge a further 10-15 percent, however in contrast property sales are expected to increase. This is rather shocking news for most and flows in the face of recent media speculation.

Given the state of the economy not only in the United Kingdom but the World the knock on effect of those associated with the housing market are really feeling the push, particularly building and its associated labour force. This in turn has had a profound effect on the economy and the repercussions will be felt across the board for a long time.

First time buyers are also an area that everyone looks too as an indicator towards the state of the market. Most recently soaring prices had squeezed all but the brave and bold from the marketplace but now the tide is turning slowly and the number of people wanting to buy is rising and mortgage approvals are starting to move in a positive manner.

Generally a full recovery of the UK market is predicted for around 2010, but it remains to be seen if this prediction lives up to its expectation.

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Short Term Interest Rates Exceed Long Term:

Finally for the first time in decades, it is cheaper to lock into a long term mortgage rate. Imagine that – mortgage financing that helps the buyer!

According to the latest results of the Primary Mortgage Market Survey (PMMS) released by Freddie Mac, the 30-year fixed-rate has dropped down to an average of 4.80 percent. Same time last year, the rate was 6.03 percent.

A one-year Treasury-indexed adjustable-rate mortgage (ARMs) averaged at 4.82 percent. Same time last year, the same mortgage was 5.29 percent.

A five-year Treasury-indexed hybrid ARM averaged at 4.85 percent, down from 5.68 percent last year, and the lowest rated since January 2005.

House Prices Rise and Fall

For the months of January and February, house prices rose consecutively. The last time this happened was in April 2007. Then March came along and the median home price declined by 12% from the previous year.

Record Price Cuts:

The famous Bailey Mansion in New York (previously owned by circus owner James Bailey), has dropped in price from $10 million to $6.5 million in less than 6 months.

Washington’s most expensive home listing, Evermay, has dropped its asking price from $49 million to $39 million. This 3.58-acre, 12,000 square foot Georgian Revival estate has been on the market since September.

Probably the largest price reduction for a piece of U.S. real estate, the Greenwich, Conn. mansion formerly owned by the late Leona Helmsley can be had for only $75 million. This is a far cry from the original asking price of $125 million.

Foreclosures See Record Highs:

After seeing foreclosure rates dip in January, they shot up by 44 percent in March, increasing to record high 175,199. Apparently there is still a backlog of unprocessed claims that will be appearing in the next couple of months as lenders scramble to deal with the volume.

Freddie Mac Executive Found Dead:

David B. Kellermann, the acting CEO at Freddie Mac committed suicide, leaving behind his wife and daughter. Sadly, he was only one of the many victims resulting from this global financial crisis.

Jumbo Loans More Plentiful

It appeared jumbo loans had fallen by the wayside, but now lenders are looking at these loans as a new opportunity to make money, and they are definitely making a comeback. Among the many banks offering them, ING has a 30-year fixed rate loan running in the upper 5% range.

The Mortgage Reform Bill

This much awaited bill was introduced in early April in an effort to change the way lenders do business and encourage no frill mortgages with lengthy terms. It’s a shame this bill wasn’t introduced 7 years ago, much of the housing crisis may have been averted.

Incidences of Real Estate Fraud Spikes

Our vulnerable market has created a perfect climate for real estate fraud and other types of scams. Following right on the heels of Bernie Madoff, who was convicted of committing the largest investor fraud by a single person, spring has sprung with a new collection of real estate related “tom foolery”.

In early April twenty-four people in San Diego were charged with racketeering in an elaborate mortgage scheme. In Dallas, the Stanford Financial Group was recently accused of selling certificates of deposit that were never invested, in addition to numerous other fraud allegations. A Twin Cities realtor was recently convicted of mortgage fraud. A Georgia attorney recently pleaded guilty to a $28 million investment fraud scheme.

The seemingly endless flow goes on, touching on every aspect of the real estate and investment industry, from appraisers, to real estate agents, attorneys, investment brokers, mortgage brokers, and bank managers.

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North Bay Village first came into being when it was built up from the waters of Biscayne Bay in the 1940s. Together with Treasure Island and Harbor Island, the community was incorporated as a village and became the haven of many snow birds who flocked to the area every winter to escape the brutal cold of the North. Many of these snow birds eventually decided to make the area their permanent year round home because they loved the quaint lifestyle plus the benefits of being surrounded by Biscayne Bay on one side and the Atlantic Ocean on the other. If you are looking for prime beach front property that is affordable and yet still has a hint of luxury that you crave, North Bay Village has plenty of real estate offerings for you to choose from.

The village is very popular in terms of restaurants and retail options. If you are looking to dine in style or dine casually, there are plenty of options to choose from. If shopping is your thing, you are located near all of the best shopping that the Miami Dade area has to offer. If living in the sun year round is appealing to you, North Bay Village offers you year round sunshine and access to great beaches and water sports.

In terms of real estate offerings, you will see many single family homes on the market in addition to many condominium developments that offer you ocean views as well as breathtaking vistas of the Miami skyline. There are many quality developments for you to choose from including Blue Bay, Cielo by the Bay, The Bridgewater and The Lexi. If you are looking for a quaint living experience that still has a touch of class and elegance, North Bay Village may be just what you are looking for in terms of lifestyle and real estate value.

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Big names from Sports world:
Sheikh Mohammed bin Rashid Al Maktoum presented a whole island (in “The World”) to Michael Schumacher at his retirement, probably one of the most expensive publicly known gifts to an individual in recent times. Schumacher involvement doesn’t end there; we have got a whole Michael Schumacher Business Avenue at Business Bay as well. Similarly Boris Becker has a 19-storey building named after him. ACI Real Estate recently launched “Boris Becker tower” in the same district. Talking of tennis celebrities, everybody knows the famous friendly match played between Roger Federer and Andre Agassi at the helipad of Burj Al Arab hotel. Then we have “Tiger Woods Dubai”, a golf resort designed by non other than Tiger Woods himself. David Beckham represents the football stars at Dubai, who owns a luxurious Villa at Palm Jumeirah (though for the time being, his in-laws are more likely to occupy it).

Showbiz Biggies:
Dubai government is trying to make Dubai the prime destination for tourists, and what better way to attract people all around the world than bunching up some of the most famous showbiz names in Dubai, one way or another. Brad Pitt, Angelina Jolie, Hillary Swank, Kylie Minogue, Giorgio Armani, Carlos Santana, Shah Rukh; the names are big enough to pull crowds on their own. One of the hottest couple in Hollywood (at least among those, who are still together) Angelina Jolie and Brad Pitt have reportedly bought an island in “the world” Hillay Swank and Shah Rukh Khan are endorsing some property developments (While SRK owns an address in Palm Jumeriah as well). More than 2000 celebrities from all over the world flocked to Dubai for a grand opening ceremony of Hotel Atlantis, where Kylie Minogue and Michael Jackson performed.

With so many celebrities, VIPs and super starts showing up at Dubai, Dubai will soon become an ideal spot for investors, businessmen and tourists alike (oh and paparazzo’s as well).

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The buyers of the homes in Washington Park are classified as cool hunters, empty nesters, investors, out-of-towners, and bloomers. Cool hunters are those who thought living in a loft in downtown Denver was a good idea, but who found themselves running with their dog, throwing their frisbees, or playing volleyball in Washington Park. Bloomers are the young families that already live in the neighborhood and, because of growing families, need more space.

These 5-buyer groups have lots to choose from for their purchases. There are homes in the neighborhood that did not have the required maintenance over the decades. There are those that were maintained, but were not remodeled. Then there are the original structures that have been updated with new mechanical, roofs, windows, and kitchens and baths. Many homes have been expanded up and out, while the new structures occupy the space of many of the not maintained homes.

Price appreciation has been strong in Washington Park Real Estate over the last 13 years. However, the first quarter of 2009 saw significant changes in several respects. First, the mix of homes sold has shifted. The growth segment is no longer new builds, but now the larger bungalows. The prices have fallen when compared to the same period last year, and the time it takes to sell a home in Washington Park has grown to over 130 days.

Even though the neighborhood is no longer immune from the national economic forces, it is still a great place to live with a promising future. It is a perfect example of a great urban outdoors neighborhood, full of people of all ages, many nationalities, and eclectic interests.

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1. Sellers love them. I learned this lesson firsthand after a recent listing. During my listing presentation, I gave my clients about 50 pieces of paper along with about two dozen reasons why they should work with me, one of which was that I would create a single property website for their listings. After I won the listing, I assumed they just skimmed everything and didn’t think the single property website was even that important to them. At the time, I was working with a new single property website provider (who charged about $700 for photos and the site, by the way), and she didn’t get the site live for several days after my listing started. Guess what the sellers asked me several times right after their listing started? That’s right, it was “where is our single property website?”. It was the first thing they looked for, and obviously was an important factor in their decision to work with me and a major reason I won the listing.

2. Potential buyers love them. Ask any candid real estate agent about the purpose of an open house, and they’ll tell you its to generate more buyer and seller clients for themselves. Top agents know that a professionally run open house (multiple signs, spotlessly clean, nice brochures/ table display, even refreshments) leaves a good impression on buyers and neighbors/ sellers that visit. Top agents also know that most people pick the agent who left the best impression on them. The exact same logic applies online: Top agents go the extra mile and leave great impressions on all buyers who visit their online listings. If you were a buyer looking online, would you consider working with an agent with average online marketing or one who stands out with professional marketing?

3. Potential Sellers love them. Just like with open houses, buyers aren’t the only ones viewing your listings. Curious neighbors (curious because they’re considering selling!) look at for sale properties in their neighborhood online too. These potential sellers are viewing your marketing with an even more critical eye, because it’s what they can expect if they pick you. Again, if you were selling, how would you differentiate who the best agent is? It’s all about standing out from the crowd.

4. They’re ridiculously inexpensive. Single property websites range from $10-$50 flat cost per listing. Unlike online or offline ads, there’s no monthly costs and they last for a whole year. Even better, some companies such as http://mysinglepropertywebsites.com let you set up a preview version that you can bring in to your listing presentation for free; you only pay if you win the listing! Or you can create a blog and set up your own property site from a blog company such as www.wordpress.com. When you think of the return from one extra sale, the return on investment is dramatic.

5. They’re ridiculously easy. Most real estate agents groan at the thought of entering a new listing into their local MLS. There’s sometimes hundreds of fields, things have to be entered in a very specific way, and the MLS can be downright cranky sometimes and erase it all because you missed a field! The newest generation of single property sites are designed with the customer in mind, and can usually be done in less than five minutes.

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The Las Vegas real estate market is beginning to take off again and the prices and incentives are truly incredible. These resale home prices are at reasonable prices and mortgage rates have been lowered as far as 3.9%! There are plenty of new homes for sale at great prices, but the price can’t compare to these previously owned homes.

Probably the biggest perk when buying a previously owned home is that buyers can find out about the community they are moving into, before they move in. They are moving into an established neighborhood and have the ability to see statistic as far as crime and medium income. They can also speak with the seller but may not get accurate information. Home buyers can find out about the communities HOA rules and if the home is old enough they could purchase a phone that has no HOA.

When purchasing a previously owned home you are going to really want to have a home inspector take a look at the home. You want to trust the seller but having an inspector will find items that the home owner didn’t know were issues then you can have the seller take off these issues from the price or have them fixed before you move into the home. Just because a home has great curb appeal doesn’t mean that the inner workings of the home such as plumbing and the air conditioning are functioning properly.

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The affluent recognize that a properties value will increase over time, and can cut their taxable income. But there is a huge racial and socioeconomic breach that has been slow to change. The number of minorities who own homes has increased slowly over the past few years. Nevertheless 74 percent of whites owned homes in 2006, compared with 42.8 percent of African Americans, and 48 percent of Hispanics. Homes are simply not in reach of a large part of this population. In California in 2007, the average monthly mortgage payment on new homes sold to first-time homebuyers was over $2600. This does does not make homes affordable for the average earner, minority or not.

If we do make homes affordable for most, what’s the goal?

These numbers are what caused President Bush to proclaim June the National Homeownership Month. He announced a goal of increasing the amount of minority owners of homes to 6 million by 2012. This will be problematic. Despite the current buyer’s market, the price of starter homes is continuing to rise at a time when mortgage lending criteria have tightened significantly.

The stricter standards are a result of both the US Congress and the National Association of Realtors pushing for stricter regulating on the mortgage lending industry. An increase in foreclosed homes in both 2004 through 2007 is attributed to mortgage lenders approving loans to borrowers who clearly didn’t have the money to support them. Plus, the MBA (Mortgage Bankers Association) reports that up to $1.8 trillion in ARM’s will receive increases in their interest rates this year. While many borrowers will just refinance their homes through the making homes affordable program, the stronger regulations mean that many of those who need to refinance will not be able to unless they do take advantage of the making homes affordable program and even then most will be in dangerous financial trouble. Millions will face foreclosure of their homes.

The Plan?

In addition to tougher mortgage lending guidelines to protect borrowers from losing their homes, other measures are required. Freddie Mac and Fannie Mae, both government owned mortgage groups, will buy some outstanding subprime mortgage loans in order to help homeowners refinance and save their homes. The Federal Reserve is presently maintaining interest rates level. This makes conventional mortgages more appealing. There are many government-sponsored programs to help minority groups buy their first homes. The ability of the lower economic sector of Americans to buy their first homes will impact the rest of the real estate market in a tremendously bad way as seen in the real estate crash of 2008-2009.

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To address the personal financing skid, and to help gather funds during these trying times, many of us have started considering selling our homes. It might appear drastic, but studies show it’s a high risk high reward scheme that actually has a very good success batting average, especially if you let experts move your property for you. Here’s why:

Selling the house can be an investment: Yes you’ll be losing a property and you can be living in a smaller apartment but the extra money you get can be used to set up SMEs (small and medium enterprises) which is exactly the best thing one can possibly do in a hiccupping economy.

Selling the house can be your cash cow before the next job: If you’re one of the millions who have lost their jobs, having a house but wallowing in despair will only widen the gap between your current joblessness and your next job. Sell your house and help prepare yourself in the job hunting venture.

Selling the house can be your life-vest: It’s very easy to get sucked into the depressing financial conditions engulfing almost everyone nowadays. Selling the house will give you that extra flexibility and breathing room to make sure you live on to fight another day.

These are just three of the simplest reasons why you should go on ahead with that plan of yours to sell your house. Of course there are countless more, but at the end of the day it’s just a question of what you value more – material things or a better chance for a more solid future.

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Avoiding the proverbial remodeling nightmare involves hiring the right home remodeling company in Arizona. With the most qualified and reputable contractor, your project will get off to a good start. And, chances are high you will be satisfied with the end result. Unfortunately, remodeling scams abound and the industry has some dings on its reputation because of these unscrupulous companies. And, negative remodeling outcomes seem to increase when the economy is on the skids. When money is tight and people are out of work, home improvement projects represent a target for unethical contractors. Therefore, homeowners must protect themselves from becoming a remodeling victim. With some research, you can easily find the best home remodeling company in Arizona. The cream will definitely rise to the top if you take the proper steps at the start of your project. Warning Signs When Selecting a Home Remodeling Company in Arizona Selecting a remodeling contractor is the most important step in your project. The contractor you choose can make or break your project’s success. The following red flags should cause concern when deciding on a home remodeling company in Arizona.

• Be careful of contractors asking for full payment upfront. Even if they say the funds will be deposited in an escrow account, don’t do it! Instead, work with a contractor who spells out payments in the project agreement. Payments should be made at project completion points spelled out in the contract.

• Don’t work with contractors who aren’t licensed…period! Even if the price is hard to pass up, there’s a good chance you’ll pay more in the long run. Proper licensing ensures a home remodeling company in Arizona meets certain qualification criteria. You want to make sure everything in your project is done to code and using best industry practices. How to Find an Honest Home Remodeling Company in Arizona Although unethical contractors do exist, homeowners have an obligation to do everything they can to avoid working with the bad companies. It may take a little more work and sometimes you won’t get the work done at an “unbelievably low price,” but you’ll likely end up way ahead of the curve. The following tips can help you weed through the bad contractors and narrow your choice to only the best qualified home remodeling company in Arizona.

• Take the time to learn everything you can about your project. Know exactly what’s required to accomplish what you want to do. With the right knowledge, you can more easily spot a contractor that may be trying to “pull the wool over your eyes.”

• Don’t limit your research of a home remodeling company in Arizona to checking licenses and a few references. Dig deeper into a contractor’s qualifications. Look at the work they’ve done in person, if possible. Evaluate how many projects they’ve done, how long they’ve been in business and whether they’ve earned recognition from objective sources

• Remember trust is not something automatically given to a contractor until they don’t deserve it. Instead, it’s earned. So, be careful with your selection and managing of any contractor until they’ve thoroughly earned your trust! As some of us may have learned the hard way, both good and bad contractors work within the industry. We’ve all heard the heart-breaking tales of remodeling projects gone astray and homeowners being ripped off. With some extra effort, you can make sure to select an honest, ethical home remodeling company in Arizona.