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Study: Detroit less costly than Hanoi

By Inman News, Monday, September 28, 2009.

If the cheap cost of living used to be one of the perks of working overseas, today's corporate middle-manager may find a better deal on a home if she's transferred to Detroit than Hanoi. 

That's according to Coldwell Banker Real Estate's annual Home Price Comparison Index, which compares similar 2,200-square-foot homes in 310 U.S. housing markets, and in 57 markets in 29 countries outside the U.S.

Comparing like homes sets the report apart from others that simply compare median home prices, Coldwell Banker said.  more...

'Green' homes come in many shades

By Tara-Nicholle Nelson, Monday, September 28, 2009.
Flickr image by <a href="http://www.flickr.com/photos/35577089@N00/3598981080/" target=blank>annnie</a>.

I'm always fascinated by how new words -- or new, off-label definitions for old words -- permeate the popular lexicon. If you called an object "green" five years ago, the average listener would have thought you were referring to its hue. These days, the label of "green" implies something comprised of sustainable or recycled materials, something energy efficient or an object that otherwise empowers its user to live in a manner that is environmentally friendly and promotes well living.

When it comes to what homebuyers want and what home sellers tout in this day and age, a green house is less likely to be a house with green exterior paint or a glassy outbuilding for cultivating plants than it is an eco-sensitive abode.  more...

Bridging real estate's generational gap Premium Content

By Bernice Ross, Monday, September 28, 2009.

Are you still proclaiming that you are "the local real estate expert"? If so, you may be surprised about how few people actually give a hoot.

According to the National Association of Realtors, approximately 50 percent of real estate Web leads go unanswered. The reason is twofold. First, Web leads often expect instantaneous response. Second, they may take months of intensive follow-up before they will contact you to do business.  more...

Will downpayment aid draw gift taxes?

By Benny Kass, Monday, September 28, 2009.

DEAR BENNY: My question concerns our gift to our son and his wife. My husband and I paid $28,000 for the downpayment on the house they bought in 2008. We paid it by a money order directly to the lawyer handling the transaction. Does our son owe any gift taxes on the $4,000 that is above the $24,000 gift amount that was allowed in 2008? The loan is in my son's name. The house is in both of their names. --Priscilla

DEAR PRISCILLA: The additional $4,000 above the $12,000 per gift that you made to your son and his wife is not taxable to them. It may have tax implications for your estate on your death. According to our federal tax laws, the donor (you and your husband) are responsible for any tax involving a gift. Discuss your specific situation with your own financial adviser.

Note that as of Jan. 1, 2009, the annual exclusion is now $13,000.  more...

Condo-purchase deal-breakers

By Dian Hymer, Monday, September 28, 2009.

Condos are a popular choice for first-time buyers as well as homeowners who want to downsize because they tend to be less expensive than single-family residences. Also, they usually require less maintenance.

Condominium owners belong to a homeowners association (HOA) that collects dues, usually on a monthly basis, to pay the cost of common-area liability insurance and maintenance, as well as to fund a reserve account. HOA dues often pay for more -- sometimes exterior painting, garbage collection and roof repairs. Precisely what is covered by HOA dues varies from one condo complex to another.  more...

Loan shoppers: their own worst enemy?

By Jack Guttentag, Monday, September 28, 2009.
Flickr image by <a href="http://www.flickr.com/photos/lentini/3172635578/sizes/o/" target=blank>Lentini</a>.

For many years, the Federal Reserve and other federal agencies with responsibility for formulating required disclosures of financial information were tone deaf. They decided on the information borrowers should have without ever asking borrowers what they wanted, and without testing to see whether the information the agencies had selected for them was useful or even understood. For this they were much criticized, and rightly so.

But this has changed. In recent years, the Federal Reserve in particular has gotten religion, and their latest proposals to reform the Truth in Lending Act are replete with references to the results of consumer testing. Many of the Fed's proposals are the direct result of listening to consumers.  more...

California home sales cool in August

By Inman News, Monday, September 28, 2009.

Sales of existing homes in California fell 5.1 percent from July to August, but the statewide median home price notched a sixth consecutive month of gains and inventories remained below their historic average, the California Association of Realtors reported.

At $292,960, the median price for a single-family home was up 2.6 percent from July, but down 16.9 percent from a year ago.  more...