Buying a Home in the City Versus the Suburbs

Are you trying to determine where to purchase your next home? Maybe you are planning to move to a big city, but you aren’t sure whether you should live in the city or if you should live in the suburbs. When deciding which is the best choice for you, you need to consider the pros and cons of city living versus living in suburbia. That way, you can make a choice that will make you happy.

Considering the Cost of the Home

One of the first things you will notice when you start shopping for homes in the city versus homes in the suburbs is that you will be able to purchase a much larger home for less money if you choose a home located outside of the city. In fact, it is possible to save hundreds of thousands of dollars if you purchase the same sized home in the suburbs as you would purchase in the city.

Considering the Cost of Commuting

While you can certainly save a significant amount of money by purchasing a home in the suburbs rather than purchasing a home in the city, you also have to consider the cost of commuting. With gas prices continually increasing, simply paying for the extra gas each week in order to drive back and forth to work can quickly offset the money you are saving. In addition, when you commute to the city, you have to pay other expenses associated with maintaining a vehicle. This means your insurance rates may be higher and you may have to purchase a vehicle more frequently. In fact, if you lived in the city, you may not have to purchase a car at all.

Considering the Neighborhood

Some people simply feel safer living in the suburbs rather than in the city. Some cities have a bad reputation for being unsafe and for being high in crime. While this isn’t necessarily the case, the peace of mind and the sense of neighborhood provided by suburban homes may be a big draw for living outside of the city.

Considering the Value of Your Time

While it may cost less money to live outside of the city, commuting to the suburbs may cost you a significant amount of time. If you have a family, the time away from your children and your spouse may not be worth the money you save when living in the burbs.

When deciding whether you want to live in the suburbs or in the city, you need to decide what is important to you and to assess the pros and cons of each. That way, you can make the choice that is best for you.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Understanding Condo Flipping

Have you heard about people who make money by purchasing condominiums and then selling them without ever moving in? If so, you have probably heard that these same people are making a whole lot of money with this practice. While it is possible to make a good profit from “flipping” condominiums in this way, the practice isn’t as common as you might think.

What is Condo Flipping?

When you flip a piece of property, whether it is condo or any other type of property, you purchase the property and then sell it without actually living in the home. In some cases, you may have to make repairs to the property before you sell it. In other cases, you may simply purchase the property on speculation that the value will increase rapidly. Once the value does increase, you turn around and sell the property for a profit.

When it comes to condos, some investors purchase the condo while it is still being built. Then, once it is completed, they sell it to someone that is actually interested in living in the condo. Of course, there are risks associated with this type of investment. After all, there is always the chance that the condo won’t be valued as highly by the public as the investor thinks it will be. As a result, he or she may actually lose money in the process. If the investor carefully researchers the neighborhood in which the condo is being built as well as the reputation of the developer, however, these investments are generally profitable.

How Often Does this Really Happen?

If you watch late night infomercials or listen to slick salesmen, you might get the impression that condo flipping happens all of time. According to researchers, only about 10 to 15% of condos are purchased and the resold within six months from the purchase. When it comes to those that are under construction, a larger percentage of condos may be flipped. Depending upon the location, as many as 33% of these condos may be purchased and then resold after construction is complete. It should be noted, however, that many of these condos are purchased by a small group of investors, with each investor purchasing multiple condos.

Although condo flipping isn’t considered to be a particularly common practice, there are certain times when it does become more regular. These peaks usually occur when the market is particularly hot or when the economy is very stable. Condo flipping can also occur when the economy is in turmoil as owners try to get rid of a condo they can no longer afford. Between the years of 1979 and 1981, for example, approximately 45% of condos were flipped in the Vancouver area in Canada when the market experienced a major meltdown.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Is Spring the Best Time to Buy and Sell a Home?

There are many myths surrounding real estate when it comes to when it is a good time to sell and when it is a good time to buy. Perhaps the most popular of these myths is the notion that the best time to buy and to sell a home is during the springtime. But, is there really any truth to this myth?

Why Do People Think Spring is the Best Time to Buy and Sell?

There are a number of reasons why people tend to think that spring is the best time to buy and to sell a home. One of these is simply because the weather is warmer and it seems logical that people would be anxious to start house hunting once the snow has thawed. It also seems logical that the springtime would be a good time to sell a home because it offers great opportunities for creating great curb appeal. After all, when the flowers start blooming and brightening your landscape, your home will certainly seem more appealing to potential buyers.

What is Really the Best Time to Buy and Sell a Home?

The reality is that spring does tend to be the most popular month in terms of house sales. In fact, an analysis of sales records of homes does show that the busiest months for closing on house deals are those months that range from March through June. Keep in mind, however, that closings generally take place about 60 days after an offer on a home has been made and accepted. Therefore, this data would indicate that the most active months for selling a home are actually January through March.

It is important to note, however, that having a high number of closings in the springtime does not necessarily mean it is the best time for you to purchase a home. At the same time it does indicate that late winter and early spring may be a good time for you to put a house on the market. After all, if more people are buying during that time of the year, you will have a larger market of potential buyers looking at your home. As a result, you will have a greater chance of selling your home at the price you want.

Nonetheless, choosing the best time to buy and to sell a home really doesn’t have anything to do with the weather. Rather, dips and peaks in the economy are what really determine when it is best to buy and to sell. With the economy in its current condition, for example, it is the perfect time to buy if you are able. When it comes to choosing among seasons, however, you should simply choose the time of year that best suits you.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

For Sale By Owner Real Estate Trends - April 2008

Most Popular*

Top Cities 1. Chicago, IL 2. Miami, FL 3. Virginia Beach, VA 4. Philadelphia, PA 5. Louisville, KY 6. Houston, TX 7. Fort Lauderdale, FL 8. Raleigh, NC 9. Kansas City, MO 10. Lexington, KY Top States 1. Florida 2. Texas 3. North Carolina 4. Georgia 5. New York 6. Illinois 7. Pennsylvania 8. Virginia 9. New Jersey 10. Kentucky Most Viewed Properties 1. Log Cabin - $219,000 - Towanda, PA 2. Condo/Townhome - $369,000 - Wildwood, NJ 3. Log Cabin - $195,800 - Cuba, NY 4. Duplex/Triplex - $220,000 - Louisville, KY 5. Duplex/Triplex - $329,900 - Philadelphia, PA 6. Duplex/Triplex - $128,000 - Denton, TX 7. Single Family - $459,900 - Chicago, IL 8. Cabin/Home - $450,000 - McVeytown, PA 9. Single Family - $487,000 - LaFayette, LA 10. Condo/Townhome - $183,500 - Brandon, FL *Based on property views on ByOwnerMLS.com in April 2008.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.