10 Tips to Survive the Housing Downturn

The economy is starting to improve but the housing market has yet to show any significant signs of recovery, which has some homeowners nervous.  Home prices are hovering near their recession lows, hit in April 2009, according to the latest Case-Shiller home-price report.  It's a buyer's market and by many projections, it won't shift to a seller's market for a good year or more.  So how do homeowners, who have most of their equity in depressed real estate, slog through until it becomes a seller's market?  Here are 10 tips from real estate moguls who have survived several housing-market downturns.

Answers to 5 Common Questions About Default

Unfortunately, in today's slowly recovering economy, many homeowners continue to find themselves in financial trouble. There are many options available to distressed homeowners -- unfortunately, most people are not aware of what these options are. To help clarify confusion and shed light on optimal homeowner options, real estate finance expert Marian Anthony, answers five questions distressed homeowners often have:

Easy Energy-Saving Ideas for Spring

Spring is finally upon us, which means things will be heating up in no time...including your electric bill.  In today's economy, it's important to reduce expenses wherever possible, especially those costs related to your home. I have seen how seemingly small steps in home maintenance can yield big results in terms of savings. Whenever working with clients, therefore, I make sure to point out the various ways they can save energy. Not only is it good for the environment, it's good for your household budget as well. Here are some great energy-saving ideas to look at this spring:

How to Qualify for a Mortgage in Today's Credit Crunch

There may have never been a better time to buy a home than right now. Earlier this month, interest rates dropped again -- the average contract interest rate for 30-year fixed-rate mortgages decreased to 4.79% from 4.93%, according to loanrateupdate.com -- and there is still plenty of inventory, keeping home prices relatively low in our area. Those positive factors, however, are often offset by tighter lending standards, causing many to shy away from applying for a mortgage. As a Member of the Top 5 in Real Estate Network®, however, I have learned that it really boils down to four main factors that will impact a lender's decision:

• Your ability to make a downpayment - usually between 3% and 20% of the purchase price -- of course, the larger the downpayment, the better your odds of securing the mortgage.
• Two years of steady employment - at the same job or in the same field.
• Good (but not necessarily perfect) credit score - these days, around 660 may do it.
• Monthly income between two and three times the estimated monthly mortgage payment.

I have had many clients, however, who have qualified for a mortgage without completely meeting the above criteria ... so don't rule yourself out too soon. There are several other steps you can take to secure a mortgage, such as these ideas from BusinessWeek:

Top 5 Tips for Tackling Home Improvement Projects

In the do-it-yourself age we live in, many homeowners are ready and willing to take on home-improvement projects themselves. But while you may be ready and willing, the real question is, are you really "able?"
I have access to many great home-improvement resources thanks to being part of the Top 5 in Real Estate Network®. The following advice comes from HGTV's Carter Oosterhouse. Heed these suggestions before you embark on your next project:

Tips for Rebuilding Your Credit After Foreclosure

Many people have weathered through some tough times over the past few years. But now, as things begin to look a little brighter, it's time to consider starting over the right way and with a plan.  Here are some great tips and information on taking the steps to get your credit back on track and once again qualify for a mortgage.

The Cost of Waiting for Prices to Fall

by The KCM Crew on February 11, 2011

Many purchasers have been sitting on the sidelines waiting for home prices to hit bottom. They want to guarantee that they are purchasing at the best possible price. Like them, we also believe that prices still have some room to fall in most markets. However, we disagree that waiting is a good financial decision. The buyer should not be concerned about housing prices. They should be concerned about cost.

The cost of a house is made up of the price AND THE INTEREST RATE they will be paying. Two different pieces of news released yesterday highlight this point.