The National Association of Realtors recently published its year-end home sales statistics for 2004, including upward revisions of both the number of home sales and the median sales prices. According to NAR, home sales volume jumped 7.9 percent from last year to 6.58 million. New-home sales volume rose 8.9 percent over last year to 1.18 million houses and condominiums.

NAR reports the national median existing-home sales price rose 7.9 percent to $182,500, and median new-home sales prices rose 8.9 percent to $214,600. In 2004, housing starts were at the highest level since 1978.  more...

If you ask any architect, from the most fuddy-duddy and conventional to the most cutting-edge post-modern genius, what a good building should deliver, most likely you'll hear the same poetic-sounding response: "Commodity, firmness and delight." It sounds good, but what does it mean? And, more importantly, why should you care?  more...

If you expect to hold title to a property acquired at a bargain price just a few days, weeks or months before "flipping" it to another owner, the last thing you want to do is obtain an expensive bank mortgage.

Whenever possible, please don't use your own cash to acquire flipper property. Personally, I've found I negotiate the best purchase price and terms when I don't have much ready cash available and am forced to negotiate creatively.

Purchase Bob Bruss reports online.  more...

DEAR BOB: My father, age 75, is considering a reverse mortgage on his home. However, your letters always seem to be about $400,000 homes. His is worth only about $130,000. He will not be getting a lot of money. Is it worth it? What if he lives to be 85 or 95 years old? – Karen Z.

DEAR KAREN: Your father's situation is ideal for an FHA reverse mortgage if he needs additional income. He can use the funds for added monthly lifetime income no matter how long he lives.  more...

DEAR BOB: Recently you had a fascinating letter about a person who inherited a house. You said the heir received a new "stepped-up basis" to the market value on the date of the decedent's death (or valuation date used by the deceased's estate). Then you commented if the heir sells the inherited property immediately there would be no capital gains tax to pay. As I am in a similar situation, expecting to inherit several pieces of property after my terminally ill mother passes on, how soon must I sell that inherited property to avoid paying capital gains tax? – Fred R.  more...

In 1989 Fareed and Rashida Cassim bought their home and insured it with Allstate Insurance Co. But in December 1990, a fire resulted in at least $40,000 damage to the home, plus about $43,000 damage to their furnishings.

When Fareed and Rashida filed their claim with Allstate, they were promptly paid a $10,000 advance toward living expenses because the house was uninhabitable. But after Allstate investigated the fire, Allstate's adjuster concluded the fire was caused by arson.  more...

Dear Barry,

I'd like to become a home inspector and would like to know the cheapest way to go about this. What do you recommend? – Waleed

Dear Waleed,

Stop what you're doing, sit down and reconsider the concept, practice and purpose of home inspection. The last thing you need is a cheap way to enter a complex profession. Instead, look for ways to become a well-informed home inspector, able to provide a detailed evaluation of real property and to do so without inviting lawsuits for nondisclosure of property defects.  more...

Although several other excellent books for realty agents show how to profit from Internet home buyers and sellers, by far the best one is "Real Estate Rainmaker: Guide to Online Marketing" by Dan Gooder Richard. This very detailed book, written by an experienced real estate sales agent and consultant to many of the nation's most successful realty agents, shows how to capitalize on home buyers and sellers searching for reliable local agents.  more...

There are two types of houses. There are "pretty houses" in excellent condition. But there are also the "fix-up houses."

The sellers of "pretty houses" usually expect to receive a top dollar sales price. Such houses can be great places to live, but they usually don't offer immediate profit potential.

Purchase Bob Bruss reports online.  more...