8 Countries Where There's a Rush for U.S. Real Estate

Foreign buyers are being lured to U.S. real estate due to what they perceive as bargain prices, economic stability, and a “safe haven for investors,” 24/7 Wall St reports. Interest in US real estate from international buyers in 10 countries has soared since 2009 by 95 percent or more. In nine of those countries, the interest has at least doubled, according to data from RealtyTrac.

“The U.S. real estate market is coming off of a rough patch and entering recovery mode,” says Daren Blomquist, RealtyTrac’s vice president. “International buyers see it as a great time to jump in and catch the U.S. market on the upswing.”

24/7 Wall St compiled data from RealtyTrac to find that the following countries are showing the highest increases in interest in purchasing American homes:

1. Canada
Growth in prospective home buyers: 107.7%
Share of international prospective buyers: 45% (the highest)

2.      United Kingdom
Growth in prospective home buyers: 153.8%
Share of international prospective buyers: 12.1% (2nd highest)

3.      Australia
Growth in prospective home buyers: 121.9%
Share of international prospective buyers: 11% (3rd highest)

4. Hong Kong and China
Growth in prospective home buyers: 254.2%
Share of international prospective buyers: 4.1% (4th highest)

5.      France
Growth in prospective home buyers: 190%
Share of international prospective buyers: 2.8% (6th highest)

6.      Switzerland
Growth in prospective home buyers: 269.7%
Share of international prospective buyers: 2.1% (8th highest)

7.      Italy
Growth in prospective home buyers: 178.4%
Share of international prospective buyers: 1.9% (10th highest)

8.      United Arab Emirates
Growth in prospective home buyers: 352.2%
Share of international prospective buyers: 1.1% (12th highest)

Courtesy: Realtor Magazine

 

5 Mid-Range Remodeling Projects That Offer Biggest ROI

Each year, Remodeling Magazine, in conjunction with REALTOR® Magazine, takes a look at some of the most popular remodeling projects and gauges how well the projects retain their value at resale.

For example, replacing that front door is one of the least expensive remodeling jobs and offers the potential of a 96.6 percent return on investment, the highest ROI of 35 remodeling projects analyzed, according to the 2014 Cost vs. Value Report. Incidentally, front door replacement has topped the Cost vs. Value report since the first survey in 2009.

Here are some mid-range projects that retain their value by the highest rates:

Remodeling Job	Estimated Cost	Estimated Resale Value	Cost recouped
Entry door replacement (steel)	$1,162	$1,122	96.6%
Deck addition (wood)	$9,539	$8,334	87.4%
Attic bedroom	$49,438	$41,656	84.3%
Garage door replacement	$1,534	$1,283	83.7%
Minor kitchen remodel	$18,856	$15,585	82.7%

Courtesy: Melissa Dittmann Tracey, REALTOR® Magazine

FHA’s “Back to Work” Program

There’s good news for home owners who lost their homes in the last 12 months due to foreclosure, short sale, deed-in-lieu or who declared bankruptcy. A new federal program called “Back to Work – Extenuating Circumstances” allows such homeowners to buy a primary home just 12 months later – giving them a second chance at homeownership.

To qualify, the buyer must:

• Meet FHA loan requirements
• Provide documentation showing financial hardship resulting in loss of at least 20% of income for 6 months or more
• Show current employment status
• Have re-established a responsible credit history - a 12 month record of on-time rental housing payments with no delinquencies
• Have a credit score of 640 or more
• Have completed HUD-approved housing counseling

The program runs through September 30, 2016. 

If the foreclosure, short sale, deed-in-lieu occurred 36 months previously, the buyer would be eligible for a new FHA loan without the above requirements, as long as the credit, income and assets are acceptable with the lender.

 

A Brief History of FHA

Congress created the Federal Housing Administration (FHA) in 1934 and in 1965, the FHA became a part of the Department of Housing and Urban Development's (HUD) Office of Housing. When the FHA was created, the housing industry was flat on its back - America was primarily a nation of renters. Only four in 10 households owned homes. Here are some key dates:

• During the 1940s, FHA programs helped finance military housing and homes for returning veterans and their families after the war.
• In the 1950s, 1960s and 1970s, the FHA helped to spark the production of millions of units of privately-owned apartments for elderly, handicapped and lower income Americans. When soaring inflation and energy costs threatened the survival of thousands of private apartment buildings in the 1970s, FHA's emergency financing kept cash-strapped properties afloat.
• In the 1980s, the FHA moved in to steady falling home prices and made it possible for potential homebuyers to get the financing they needed.

By 2001, the nation's homeownership rate had soared to an all time high of 68.1 percent as of the third quarter that year.

The FHA and HUD have insured over 34 million home mortgages and 47,205 multifamily project mortgages since 1934. FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio. In the more than 60 years since the FHA was created, much has changed and Americans are now arguably the best housed people in the world. HUD has helped greatly with that success.

 

 

What is Little Free Library?

An explanation from their website www.littlefreelibrary.org:
It’s a “take a book, return a book” gathering place where neighbors share their favorite literature and stories. In its most basic form, a Little Free Library is a box full of books where anyone may stop by and pick up a book (or two) and bring back another book to share. You can, too!

When a disaster or tragedy happens, heroes appear. In appreciation, we want to remember what they did, who they were, and why their presence in our lives, no matter how short, made a difference.  Legacy Libraries offer us that chance.

One of the strongest motivations for “endowing” a Little Free Library is to preserve the memory of someone or something we admire. That’s why Legacy Libraries have such a profound impact – on donors, the communities they serve, and even with people who may not have known the honoree.
Dozens of local Little Free Library stewards and donors have established memorial Libraries.

I had read about the Little Free Library but this is the only one that I’ve seen in Columbia – it’s at the entrance to Riverwalk next to the Gervais Street bridge.

What a terrific idea! The next time I go there, I’m going to take an armful of books.

Have a real estate question? Call me at M 803-348-9922 or email me at vsashikant@gmail.com.
Check out all homes for sale in Columbia and Lexington at www.homesincolumbiasc.net

For... all Real Estate matters!

 

Stories Behind 5 Unfortunately-Named Towns

The names of these municipalities may make for some serious branding issues today, but the history behind them isn't always as sinister as you might think.

1. Hell, Mich. This Michigan town grew up around a grist mill on what is now named Hell Creek. Some say the name comes from a resident overhearing a conversation between German travelers who said, "So schön hell!" which means "So beautifully bright!" Another quotes grist mill owner George Reeves talking about naming the town, saying, "I don't care, you can name it 'Hell' for all I care." Hell draws in a fair amount of tourists due to its name, and businesses are quick to take advantage. There’s even a Damnation University that sells diplomas.
2. Frankenstein, Mo. Only about 30 people live in this tiny Missouri town, located just east of Jefferson City, Mo. It was not named for any stitched-together monster, though. It takes its name from an early citizen named Gottfried Franken, who donated land to erect a church in 1890. The town made national news in 1999 when Twentieth Century Fox staged an airdrop of 25 skydiving “Frankensteins” delivering VHS copies of the 25th anniversary edition of the movie Young Frankenstein.
3. Hell For Certain, Ky. The official name for this area of Kentucky is "Dryhill," for those who are offended at the community's common name. The town was named for nearby Hell for Certain Creek. The story goes that two men who rode their horses down a nearby mountain had the following exchange: One said, "This looks like hell." And the other one said, "Yeah, for certain." The U.S. Postal Service will not use the name (sometimes spelled Hell-Fer-Sartin), but has named post offices Osha, Omarsville, and Kaliopi at different times.
4. Dead Women Crossing, Okla. Dead Women Crossing is an unincorporated community in Custer County. It was named after a murder/suicide/kidnapping that took place in 1905. After Katie DeWitt James filed for divorce, her father saw Katie and her baby daughter off on a train to go stay with a cousin. After he did not hear from her for some time, James' father hired a detective to find her. James was last seen with Fannie Norton, a prostitute she met on the train. Norton denied any wrongdoing, but witnesses saw her go out with James and the baby and come back alone. The baby was recovered alive from a family who said Norton had given her to their young son. Norton then killed herself by drinking poison. James' body was later found near the river, shot through the skull and decapitated. The murder was attributed to Norton, and James' estranged husband Martin Luther James inherited her property and took custody of their daughter. Some speculate he hired Norton to kill his wife. A legend remains that you can hear a woman crying for her baby at a bridge near the spot where the decapitated body was found.
5. Transylvania, La. Dr W L Richards, an early landowner in the area, named this town after Transylvania University, the college he attended in Lexington, Ky. But an honest history of the name didn’t stop spooky legends from growing up around the community. Today, the town has a sense of humor about its name: They’ve painted a bat on their water tower and many gift shops sell Dracula figurines and related merchandise as souvenirs.

From Realtor Magazine

Have a real estate question? Call me at M 803-348-9922 or email me at vsashikant@gmail.com.
Check out all homes for sale in Columbia and Lexington at www.homesincolumbiasc.net

For... all Real Estate matters!

 

Are Vacant Homes a Target for Miscreants?

According to Elizabeth Duke, Federal Reserve Board governor (from Realtor Magazine): ‘Vacant homes pose a major challenge to the housing and economic recovery… and that these can be more than just an eye sore; they can have substantial negative impacts on the surrounding community.’

 

One major negative impact is that these homes are a target of break-ins.

 

Appliances, ceiling fans and HVAC systems are all stolen with impunity. Thieves have even gone into the crawl space to rip off wires, presumably for their copper content!

Lower-priced properties are not the only ones so targeted. Vacant homes in high priced neighborhoods are also being broken into. Last year, in an expensive property in an upscale neighborhood, thieves stole the stainless refrigerator and cooking range. They kicked in the back door, opened the garage and pulled their truck in. Then they took their time dismantling and carting away the appliances.

In one bizarre case, when thieves were taking away the cooking range and refrigerator one night, they were actually stopped by a police car. Obviously, their explanation satisfied the officers, for they drove away and the thieves continued on their way!

There have also been multiple reports of vacant homes being used as meth labs. Apparently, meth producers favor properties in affluent neighborhoods as they are less likely to get caught as opposed to high-crime areas. Meth lab remediation can cost up to $150,000! That is, if it has not been blown up.

You want to sell your house as quickly as possible. But how do you attract buyers, not thieves or meth chemists?

 

Have a real estate question? Call me at M 803-348-9922 or email me at vsashikant@gmail.com.
Check out all homes for sale in Columbia and Lexington at www.homesincolumbiasc.net

 

For... all Real Estate matters!