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18November

Holiday Travel on a Budget

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Thanksgiving is almost a week away and Christmas will be here before you know it. This time of year is among the busiest long-distance travel periods of the year. With holiday parties to throw, food to buy, presents to gift and plane tickets to purchase, money can be tight. Here are a few tips for traveling this holiday season on a budget.

Traveling on the actual day of Thanksgiving, Christmas, or New Years can help you avoid big crowds at the airports, shorter security lines and cheaper airfares. Make sure to buy your ticket in advance to get the cheapest price available.
Stay with family or friends at your destination if possible. Hotels tend to increase their room rates during the holiday travel season. If this isn’t an option there is a growing trend called CouchSurfing that allows travels to crash on peoples couches free of charge.
Book airfare for large parties separately. If you are traveling with your family or a group of friends book each ticket individually. This can save lots of money due to the way the airlines charge for seating based on group size.
The cheapest dates to fly according to Farecompare.com for domestic travel are Tuesday, Wednesday, and Saturday. Travel demand for these days tend to be less than other days.

What are your favorite tips and tricks for saving money on holiday travel?

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30October

Who’s Got Game?

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Fall is in the air and basketball season has begun. For those that enjoy watching the game this is always an exciting time of year. There are a few big news points to know going into this game season. LeBron James decided he would leave the Miami Heat and return to play for the Cleveland Cavaliers, which he left in 2010. One of the main reasons James decided to return to the Cavaliers was for the opportunity to play with Kyrie Irving, said to be one of the best point guards in the NBA league.

Another headline is the return of Kobe Bryant to the game. Last December Bryant suffered a season-ending knee injury but will return this season to play with his team, the L.A. Lakers. Bryant has said he has really missed playing the game and everything that comes with it. As the season is underway he will slowly be integrated back into the game making sure not to overdo it at the risk of possibly re-injuring his knee.

What team will you be cheering for this season?

For information on effective ways to manage institutional and individual portfolios nationwide, or to shop for real estate visit First Preston HT. Like us on Facebook. Follow us on Twitter.

24September

Lessons on How Not to Annoy your Real Estate Agent

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Having a good relationship with your real estate agent can make things easier and it’s important to remember that treating them kindly can go a long way and will encourage them to go the extra mile for you. Here are a few things NOT to do to your real estate agent:

Don’t cheat on your agent. Find one agent to work with that you like and stick with them. They work hard for you in hopes of getting paid.
Don’t haggle over price. If you are selling your home and your agent thinks you have received a great offer, don’t hold out for a better one. If you are buying, don’t significantly low-ball the asking price.
Don’t skip out on showings. If you set up an appointment with your agent to see a home, don’t be a no-show. This is inconsiderate to your agent.
Don’t waste your agent’s time. If you aren’t serious about making an offer on a particular property, do not request multiple showings pretending that you are interested.
Don’t stick around for an open house. If your agent is trying to sell your home, it’s proper etiquette to leave the premises until the event is over. This allows potential buyers to feel more comfortable to explore your home.

19June

Housing Bubbles Abroad?

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With the run up in home prices in the U.S. some people are concerned about a possible housing bubble again. But several economists have popped a hole in this belief based on market fundamentals. Lending standards having gotten tighter and the size of down payments have increased from the pre-housing bubble burst. However, the story aboard seems to be different. The Deputy Managing Director of the International Monetary Fund (IMF), Martin Zhu, noted in a recent speech that housing prices were climbing in several countries.

Canada is experiencing strong home and apartment construction and has high price-to-rent and price-to-income ratios making affordability tighter. It is also experiencing a lot of foreign investing from China. Real home price appreciation has almost hit 20 percent.

The country of Norway has reported around a 30 percent jump in home prices since the worst of the Global Recession which is partly due to surging population and incomes as a result of immigration. A large portion of the consumer’s wealth is sitting in illiquid real estate and household debt is high, so a housing downturn could hurt the country.

Since the beginning of 2009, Switzerland’s home prices have increased more than 20 percent and mortgage debt has jumped to 140 percent of GDP, which for some analysts is a warning sign. There have been efforts to tighten lending standards, as we have seen here in the U.S. after the housing collapse, and increased bank reserves. For these countries and several others real estate is still booming but are there bubbles looming?

For information on effective ways to manage institutional and individual portfolios nationwide, or to shop for real estate visit First Preston HT. Like us on Facebook. Follow us on Twitter.

3June

Summer Real Estate in the Hamptons

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For years the Hamptons has been a hot summer destination for New York City dwellers to escape to, along with other vacationers from across the country. The recession took its toll on the summer destination spot along with the real estate market, but this summer the Hamptons look to be coming back strong.

The summer of 2007 was the last big boom the Hamptons saw and this summer is shaping up to be even bigger. So far the high-end real estate has seen a remarkable amount of activity as vacationers seek to rent houses during their stay and investors look for investment properties. The colder and longer than normal winter left potential buyers and renters putting off planning for their summer vacations and now they are scrambling to pin down their plans.

Prices have been on the rise and the Corcoran Report cites increased closed sales were up 38% in the first quarter of the year along with sales volume jumping 27%. The lack of available land in some of the hot spots has contributed to higher prices and some recent big home sales in the area have encouraged other homeowners to put their properties on the market while it’s hot.

What is the Hamptons buyer looking for today in a property? Lots of natural light, open floor plans, plenty of square footage and a combination of indoor and outdoor living space.

For information on effective ways to manage institutional and individual portfolios nationwide, or to shop for real estate visit First Preston HT. Like us on Facebook. Follow us on Twitter.

13May

Home Prices are Hot

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Home prices continue to rise in what is undoubtedly a seller’s market. According to Zillow, prices have increased so quickly that about 1,000 local housing markets have reached records in new home prices.

Real estate brokerage firm, Redfin, noted that 40% of the sellers it surveyed plan to price their homes above market value when they list during the second quarter this year. This is a 33% increase from the start of the year. Fannie Mae reported in April that 42%, an all-time high, of their 1,000 surveyed homeowners and renters believe that it is a good time to sell.

Home sellers are more likely to receive the asking price from the buyer that pays in all cash. In markets with fewer cash buyers, home sellers have indicated they are willing to hold out if it doesn’t sell quickly. For some homeowners they need to get their full asking list price in order to pay off a current mortgage.

For information on effective ways to manage institutional and individual portfolios nationwide, or to shop for real estate visit First Preston HT. Like us on Facebook. Follow us on Twitter.

6May

Homeownership Hits a 19 Year Low

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The American dream used to entail owning a home but has this traditional dream shifted? The U.S. Census Bureau reported that homeownership rates have dropped to 64.8% in the first quarter of 2014, which is the lowest rate since 1995. Home prices have soared and home sales have not been keeping pace as first-time homebuyers, in many cases, have been priced out of the market and are still finding it hard to gain access to credit. Investors are still playing a large role in the single-family real estate market.

Robert Shiller of the S&P/Case-Shiller Home Price Indices commented on this topic, “This institutional investor dynamic is a whole new era I think. As institutional investors start to play in the single-family market, that just changes it fundamentally.” Those who aren’t buying are renting instead which isn’t necessarily a worse scenario. Some prefer not having a large mortgage to worry about and not being saddled with repair costs when something in the home breaks down.

Trulia’s chief economist, Jed Kolko, pointed out, “Ironically, adding renter households could cause the homeownership rate to fall, even though these new rental households are a sign of recovery and will spur more construction starts.”

For information on effective ways to manage institutional and individual portfolios nationwide, or to shop for real estate visit First Preston HT. Like us on Facebook. Follow us on Twitter.

25April

U.S. Home Builder Focuses on Entry-Level Homes

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The current housing market’s supply of homes continues to be tight with the majority of homes available for sale being higher-end properties. This leaves those who would be first-time homebuyers with fewer choices. But the nation’s largest home builder (by market value), DR Horton, is shifting its attention from high-end homes to building entry-level residences.

The company’s new line of homes, Express Homes, will start at $120,000-$150,000 and will be be rolled out in Texas, Georgia and Florida. Executives of the company see a strong demand for this market segment that is lacking in supply. D.R. Horton CEO Donald Tomnitz said, “We wouldn’t be getting into Express Homes if we didn’t think it was the next segment of the market to recover… As we move into this recovery we’ll see some encouragement from the government in terms of trying to get more people into entry-level homes.” Pictured above is an Express Home in Dallas, TX and below is another located in Houston, TX.

Outside analysts also see this shift in the market place. Stephen East from research firm ISI Group commented, “We view it as the right move. Horton’s cost structure and operational experience at the entry level makes them one of the few builders that can do this profitably. Also, we are firmly convinced the first-time-buyer segment is getting access to more credit, which will lead to more demand for this low-entry level product.”

For information on effective ways to manage institutional and individual portfolios nationwide, or to shop for real estate visit First Preston HT. Like us on Facebook. Follow us on Twitter.

14April

Castle Peak Homes Gives New Life to Older Properties

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Last year the housing market was mostly dominated by cash investors, many planning to flip properties or lease them out. So far during 2014 investors still play a large role in the market although to a lesser degree since interest rates and prices have continued to rise. Today we are taking a break from the housing market’s latest news and economic data reports to focus on a part of our business that brings new life to properties in need of a facelift.

Castle Peak Homes takes pride in improving the neighborhoods where we purchase properties by completing renovations that bring back the original glory of structures while including modern updates. Each neighborhood has its own charm and style and keeping this intact is important in preserving these areas. Castle Peak Homes embraces the original architectural style of each property and enhances them with modern day elements such as hardwood floors, granite counter tops and updated bathrooms.

One property Castle Peak Homes recently purchased and renovated was in Ft. Worth, Texas. From the outside this duplex looked worn down and tired. A fresh exterior coat of paint and bright new shutters helped transition this house to a home. The existing hardwood floors were refinished, new interior paint throughout added, and a privacy fence in the backyard was installed along with some beautiful landscaping. One of the kitchens was tiled to give it an undated feel as well. The ‘before’ pictures first and and the ‘after’ pictures are next.

2713 exterior before

Another purchased property, also situated in Ft. Worth, received a facelift. This house had worn carpet and out-dated dark wood paneled walls. A complete interior paint job, removal of the carpet and refinishing of the hardwood floors helped bring this house back to life. A highlighted area of transformation was in one of the homes bedrooms which featured a fireplace.

Fire Place Before Fire Place After

Castle Peak Homes is proud to add value to neighborhoods through the renovation of purchased properties and, at the same time, maintaining the character of each home as well as the charm and style of the neighborhood.

Please visit Castle Peak Homes for more information on our properties. For information on effective ways to manage institutional and individual portfolios nationwide, or to shop for real estate visit First Preston HT. Like us on Facebook. Follow us on Twitter.

4April

Housing Market Thawing Slowly as Supply Increases

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The Federal Reserve’s recent two-day policy meeting painted a picture of sluggish growth in the economy for the first quarter of the year, mostly attributed to colder than normal weather which hindered economic activity. Federal Reserve Chair, Janet Yellen, commented on labor conditions being tougher in some ways now than in any other recession and stressed the Fed’s “extraordinary commitment” to aid recovery in the form of massive bond-buying and super-low interest rates for some time to come. The economic data has not been improving as quickly as many would have hoped for but there have been some positive reports that still point to a rebound. This should have a positive impact on the housing market. It’s time to put the first quarter behind us now and look for signs of growth during the second quarter in jobs, home supply, and home prices.

The U.S job’s report released Friday helped paint a brighter picture for the coming months. The economy added 192,000 new jobs during March and the unemployment rate held at 6.7 percent according the Bureau of Labor Statistics. These numbers came in around consensus but still do not point to a robust rebound. Kathy Bostjancic, director of macroeconomic analysis at The Conference Board, said, “Undoubtedly, there was some catch up in hiring following the inclement weather this winter. Still, the underlying hiring trend is encouraging, with more good news expected this spring and summer.” As the employment picture brightens up, this will help strengthen the housing market as more people will look to purchase homes.

Housing supply has been on the rise since January, an important factor in getting the housing market to thaw out and eventually start booming. The noted monthly supply in February was up slightly from January’s five month supply, citing 5.2 months of supply. Six months of supply is considered a healthy housing market. As more homes are built to increase inventory numbers, analysts believe this will help spur growth in the housing market. Homeowners looking to sell their property will have an easier time looking for a new residence, which should encourage sales and purchases.

As discussed in previous blog posts, the continued increase in home prices have made this a seller’s market, but have priced some potential buyers out of the market. While prices have continued to grow, they are increasing at a decreasing rate (January noted a slight drop of 0.08% in the Case-Shiller 20 City Home Price Index). This points to a possible retreat in gains, reflecting a more normal range in prices over the next few months. This will open the door to more market participants and will help get some momentum behind the housing market.

For information on effective ways to manage institutional and individual portfolios nationwide, or to shop for real estate visit First Preston HT. Like us on Facebook. Follow us on Twitter.