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Australia’s Housing Sector Has Become a Buyer’s Market

Categories: Serves You Right
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a row of houses with fenced yardsFirst-time home buyers in Australia have kept a close watch on residential property prices, which have been falling for almost a year now.

The pent-up demand among buyers manifests in capital cities such as Melbourne and Sydney. On the other hand, construction supplies might be more necessary with the boom in building projects in the second quarter of 2018.

Right Timing

Even if prices have dropped in recent months, most buyers are still waiting for the right time to bid for a house in the hopes of further declines. Sydney home prices have dropped by 5.6 per cent in the last 11 months, while the market in Melbourne recorded a 2 per cent decline in the past quarter.

The trend has been bad news for investors and homeowners, although it does not indicate a market crash. However, the pace of new home construction could further drive prices to a lower scale.

New Home Projects

The Housing Industry Association (HIA) said that new home building projects contributed a 0.9 per cent to the economy’s growth between April and June. If more homes get built, then sellers might have to lower their asking prices to find willing buyers.

While Sydney and Melbourne have lower home prices, most people still find them too expensive. Another problem involves tighter lending restrictions that mainly prevent investors from taking out interest-only loans.

Fewer people are likely eligible for financing assistance, which could result in a lower number of housing starts in the next two years, according to BIS Oxford Economics.

Home builders will have to make sure a steady source of construction supplies to avoid delays on project deliveries. The price slowdown in major Australian cities means more people are willing to buy homes, while homeowners are likely to renovate their properties before putting those for sale.


3 Advantages of Retaining a Real Estate Lawyer

Categories: Law and Finance
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Real estate lawyer showing tablet to happy couple

Real estate lawyer showing tablet to happy couplePurchasing real estate can be a very exciting and fulfilling experience. It can then be a great investment personally or even commercially. It can also be a nightmare to navigate when you consider all the little legalities that can make or break a transaction.

Fortunately, you can invest in a Denver real estate lawyer, such as Miller & Steiert, P.C., who will be more than willing to make sure that everything flows more smoothly for you. Here are three of the biggest advantages of hiring one.

1. Title Research

The very first thing you need to check out and secure is the title of the property you’re interested in getting. Many things can cause problems with regard to the title.

For one thing, it might not be completely up to date. This could potentially cause problems down the line. It could also be mortgaged or used as collateral for a loan. A great lawyer will be able to check the validity of the current title and spot any problems that might affect you down the line.

2. Clear Terms

Even as you secure the title, there’s still a lot that goes into a smooth deal. Another aspect that a real estate lawyer can help you with is the terms of the sale.

Simple things such as who will shoulder the commission of any brokers, pay taxes, pay transfer fees can be easily overlooked if you’re not careful. With an able lawyer by your side, you can be sure that everything is at least fair — at best in your favor.

3. Manage Improvements

Finally, once you’ve managed a great purchase, you might want to make improvements or renovations to the property that you have bought. A lawyer can help you with the necessary legalities behind making those things possible.

They can also help you manage the paperwork for permits that you need. Having someone do these things on your behalf will also spare you the time you can spend focusing on your property.

It’s clear that hiring a lawyer versed in real estate law is will be a great convenience to you. Hire one today and reap the benefits this arrangement has to offer.


Home Buying: Easy Ways to Get Money for Your Down Payment

Categories: Finance Online
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Couple Looking at Their New House

Couple Looking at Their New HousePurchasing a home is among the most significant investments in a person’s life, and lenders need to know that you could afford it before giving you a loan. Although there are home loans that require little to no down payment, you most probably need to bring 20% down payment for most home loans or find a lender who could offer a 1% down payment home loan in Salt Lake City. If this isn’t possible, below are some options you could explore.

See If Your Employer Could Help You

Employers sometimes offer help through a benefits package that includes assistance for home buying. You might be able to obtain cash for a down payment via a grant, which you’ll need to repay or an interest-free loan. Some even offer employees a matched-savings program in which you and your employer contribute money that you could use for your closing costs or down payment.

Maybe Your Family Could Help

Most lenders allow borrowers to use gift money, provided that they meet some basic requirements. One, only someone related to you could gift you money, except if you are engaged, and the money will come from your future spouse so that you could buy a family home. Two, the money can’t be a loan from your family, and you need to present documentation to support this.

Check if there are Down Payment Assistance Programs in Your Area

Nonprofit organizations and state agencies typically offer these types of programs, and these work similarly to employer programs. However, take note that you might have to satisfy a certain income requirement or could only purchase property in a particular area to be eligible for these programs.

Consider Dipping Into Your Retirement Account

You could withdraw as much as $100,000 from your IRA account to fund your down payment without being penalized for early withdrawal if you are under 59 ½ years old. But you still have to pay income tax on that money. This would also reduce your retirement savings so think twice before tapping into you IRA.

You don’t have to spend years on end just to save money for your down payment. Although the above mentioned options might not apply to every borrower, it doesn’t hurt to try either. Otherwise, keep your eye out for a no or only one percent down payment home loan, advises a lender in Salt Lake City.


Beyond Aesthetics: Things to Consider When Purchasing a House

Categories: Finance Online
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Couple Outside Home with Sold Sign

Couple Outside Home with Sold SignMany prospective homeowners in South Jordan are taken by the look of the house. Some claim to have fallen in love with the property at first sight — as soon as they saw the exteriors, they knew it was the one. However, your mortgage company and real estate broker in South Jordan, Utah might recommend that you look into other factors so that you won’t regret your decision later.

Ease of Transport

You should check how far is the property from your place of work. Check the surroundings and see how long it will take you to go to supermarkets, hospitals, schools, your office, and other important places. Factor these in when deciding if you are willing to pay for the price the mortgage company has set for you.

Presence of Asbestos and Other Harmful Chemicals

Checking a house for this is especially important if the house was built before the ’80s. When disturbed, asbestos may cause illnesses. Testing companies can help you check for the presence of asbestos. Do this before you have the house evaluated. If the house has dangerous levels of asbestos, it’s not a good option for your family.

Your Family’s Plans for the Future

It’s not just the state of the house that you need to evaluate. You also need to think about your plans. Are you staying on the property for decades or planning to resell it? Do you have plans to add to the family or is someone moving out? Will there be a baby or an elderly joining the household? All these determine how friendly and how adequate the house is for you.

The price of the house or its style are not the only things to consider when purchasing a property. Think about your family’s needs and long-term plans, as well.