SavvySugar

Edward Cullen's Twilight House: Guess How Much?

SavvySugar — Fri, 20 Nov 2009 08:30:14 -0800

In case you're one of the few who hasn't been counting down to New Moon's official release, the much-anticipated flick hits theaters today! All the Sugar gals have fully embraced the Twilight buzz, and are in the company of . . . CNN Money? Yes, the publication ran a real estate story about the Cullen family's house which, in reality, is up for sale by a local owner who is "looking for a change of pace."

Can you guess the asking price for the the now famous, five-bedroom, four-bath West Vancouver estate?

Take the quiz

What to Know About the Extended Homebuyers Tax Credit

SavvySugar — Mon, 09 Nov 2009 06:00:09 -0800

Stimulating the economy is the motivation behind many discussions and decisions coming from the White House these days. The original $8,000 first-time homebuyers credit was developed with economic improvement in mind, and the measure's popularity led to President Obama signing an extension and expansion of the credit on Friday.

The tax credit was scheduled to expire on Dec. 1, but the new version comes with a later date and widens the range of those eligible to claim the credit. Learn more about the new tax credit when you read more.

Homebuyers must sign a contract before April 30 and close on the home by June 30.
The previous credit was limited to first-time buyers or buyers who haven't owned a home in the past three years. The new version has been expanded to include those who have owned a home for five out of the past eight years and want to buy a new one.
First-time homebuyers are still eligible to receive the $8,000, while existing homeowners can qualify for a $6,500 tax credit.
The income limits have been significantly raised. With the previous credit, single people making more than $75,000 or couples earning more than $150,000 didn't qualify for the full credit. Under the new version, single buyers can earn up to $125,000 while a married couple can earn $225,000 and still get the full credit.

Are you hoping to take advantage of the extended homebuyers tax credit?

Cost of 4-Bedroom Homes in the Most and Least Pricey Cities

SavvySugar — Mon, 28 Sep 2009 04:32:16 -0700

Homes are one category where you cannot judge the cost by its cover. Housing prices vary wildly depending on geography - the same chunk of change can buy a 1,000 square-foot condo in one part of the country or a 5,200 spacious home in another area.

The 2009 Coldwell Banker Home Price Comparison Index was released this week, and it's an "apples-to-apples" comparison of the prices around the nation for 2,200-square-foot, four-bedroom, two-and-one-half bath, single-family homes. See a side-by-side cost comparison of the 10 most and least affordable cities below.

Location	Price	Location	Price
La Jolla, CA	$2,125,000	Grayling, MI	$112,675
Beverly Hills, CA	$1,981,750	Akron, OH	$121,885
Greenwich, CT	$1,519,250	Fayetteville, NC	$130,875
Palo Alto, CA	$1,489,726	Canton, OH	$131,867
Santa Monica, CA	$1,460,912	Detroit, MI	$132,000

See five more comparisons when you read more.

Location	Price	Location	Price
San Francisco, CA	$1,363,250	Arlington, TX	$138,775
Boston, MA	$1,337,578	Macon, GA	$139,007
Newport Beach, CA	$1,315,505	Eau Claire, WI	$141,270
Palos Verdes, CA	$1,237,041	Port Charlotte, FL	$142,750
San Mateo, CA	$1,090,000	Wichita, KS	$144,625

7 Guidelines For First-Time Home Buyers

SavvySugar — Tue, 15 Sep 2009 04:30:22 -0700

Just about a year ago, our financial system as we knew it was collapsing - Wall Street was in shambles. Things kept getting worse in pretty much every corner of the economy, and we're still trying to figure out whether or not the country has reached a state of recovery. The housing market has been particularly tumultuous, but many new buyers are taking advantage of lower home prices and finding themselves in escrow for the first time.

Home-buying is a different game than it used to be, so The New York Times' Ron Lieber gathered a list of seven suggestions for navigating the new housing economy.

Start with the basics. Lieber lays the foundation for conservatively getting into the market and says, "Put 20 percent down, so you have less of a chance of owing more than your home is worth if prices fall again. Get a fixed-rate mortgage, so the biggest part of your monthly housing bill remains stable." On top of that, he recommends spending no more than about 35 percent of your pretax income on mortgage, property tax and home insurance payments.
Consider your income. Income overconfidence may have had something to do with the mortgage mess, but Princeton economics professor Harvey S. Rosen thinks “People can, on average, make reasonably good predictions of their future incomes and act on them in sensible ways by buying bigger houses."
Bow to unknowns. Financial planner Bobbie D. Munroe encourages her clients, especially the younger ones, to model their budget in three ways: with both spouses working full time, one working part time, and one staying at home for a few years (and maybe even practicing living on one income).

See the four more guidelines when you read more.

Map out expenses. Financial planner Dennis G. Stearns "estimates that owners of a newer home that do some work for themselves but contract major work out to others will pay 3.6 percent of the original purchase price annually for maintenance and 4.5 percent if it’s an older home."
Buy best (or cheapest). Financial planner Michael Kalscheur "suggests buying the dream house you covet (if you can afford it) or an inexpensive starter house but not anything in the middle." He reasons that buying the entry-level home instead of the second place home will allow you to save enough money to buy what you really want down the road.
Stretch the house. Stretching out your tenure in a home by making periodic upgrades might be more sensible than ever moving from that first home.
The eight-hour rule. Lieber advises, "If an impending loan has you stretching for the Ambien, it’s a pretty good sign that the loan is a bit of a stretch as well." In other words, sleep on it before making any decisions.

90210 Is Not the Priciest Zip Code

SavvySugar — Sun, 30 Aug 2009 05:30:53 -0700

There aren't any classic TV shows following a group of loaded teens in Fisher Island, FL, but there are 475 well-off residents who call it home. The small community is famous for its Vanderbilt mansion and is full of sprawling homes that command a median sale price of $3.85 million. According to Forbes, Fisher Island (33109) is the priciest zip code in the US. See the 10 most expensive zip codes when you read more.

Fisher Island, FL (33109)
Alpine, NJ (07620)
Mill Neck, NY (11765)
Newport Coast, CA (92657)
Water Mill, NY (11976)
Atherton, CA (94027)
Santa Barbara, CA (93108)
Wainscott, NY (11975)
Rancho Santa Fe, CA (92067)
Beverly Hills, CA (90210)

Where It Costs Less to Own Than Rent

SavvySugar — Thu, 27 Aug 2009 10:30:26 -0700

We got some good economic news during the past week with announcements that July's new and existing home sales jumped significantly, beating analysts expectations. While buying a home isn't the best choice for everyone and not every American considers home ownership part of the dream, lower prices have made it an option for more people who want it.

Because the market has sunk deeply in certain areas, owning a home can cost nearly the same as renting. BusinessWeek and research firm Reis discovered that it actually costs less to own than rent in Detroit and Pittsburgh, and they found 20 other metros where renting costs almost the same as buying. It doesn't look like they took into account the added maintenance expense that comes with home ownership, so keep that in mind when perusing the results.

The Skinniest House in NYC: Guess How Much?

SavvySugar — Thu, 27 Aug 2009 06:30:42 -0700

Located at 75 1/2 Bedford St. in Greenwich Village, the narrowest house in NYC is 9 1/2 feet wide and 42 feet long (it's the center home, pictured left). The three-story, 990-square-foot house, once occupied by anthropologist Margaret Mead and poet Edna St. Vincent Millay, is now on the market. Can you guess how much the owners are asking for the skinniest house in NYC?

Take the quiz

Are You Hoping to Take Advantage of the Homebuyer's Credit?

SavvySugar — Mon, 24 Aug 2009 12:00:38 -0700

First-time buyers hoping to take advantage of the homebuyer's credit are feeling the pressure to find a place soon. Eligibility for the tax credit states that the deal must be done before Dec. 1, and that deadline is creeping up quickly. Are you hoping to get the $8,000 credit?

The 10 Strongest US Real Estate Markets

SavvySugar — Mon, 17 Aug 2009 04:30:31 -0700

Bubble-induced regret has a lot of Americans kicking themselves over buying property at the wrong time. Some places managed to avoid the bubble trap and now have strong housing markets relative to the greater real estate picture.

BusinessWeek and Zillow.com ranked metro areas based on the number of single-family homes with increased values in the second quarter compared to the same period last year. They used the findings to determine the strongest housing markets in the country, and below are the top 10.

Boulder, CO
Spartanburg, SC
New Orleans, LA
Binghamton, NY
Fayetteville, NC
Pittsburgh, PA
Little Rock, AK
Gainesville, GA
Burlington, NC
Oklahoma City, OK

Gone Are the Days of the McMansion?

SavvySugar — Fri, 14 Aug 2009 04:30:24 -0700

US home foreclosures are still occurring at record rates. July's foreclosures were up seven percent from June and 32 percent from a year earlier - one in every 355 households with a loan got a foreclosure filing. The jump can be partly attributed to the rising unemployment rate as people lack wages to pay their mortgages.

The good news is that new homes being built are seven percent smaller (about the size of one average-sized room) than homes built in the last 15 years. Hopefully, the downsizing means some people are smartening up and not biting off more than they can chew.

Sarah Susanka, author of the book The Not So Big House, commented, "As more and more people build or remodel homes that satisfy in quality rather than quantity, there will be a huge shift in what we perceive as desirable." What do you think - will there be a permanent shift to more modest homes?