South Bend on the Web's Hottest House Sites

With the advent of Web 2.0, many real estate Web-sites are offering new services and new hype. Though well-funded national Web-sites can offer staggering technical services, much of real estate remains local and beyond their ken. Additionally, South Bend is a secondary market, so many services aren?t active in our area. Below is a look at four of the best new real estate Web-sites and their performance in South Bend. The sites are often entertaining and useful, but they lack the local knowledge and human touch real estate often requires.

Zillow

Experience: Zillow offers a map based search of homes, allowing you to learn Zillow?s estimated value of each property. While the idea of easy access to every homes value is compelling, these estimates reportedly vary wildly. Phoenix based Greg Swann recently wrote a lengthy article about the inaccuracy of their ?Zestimates.? Regardless of their accuracy, Zillow has NO data on South Bend homes.

Analysis: A great technical format with a possibly flawed premise. Estimated home values created sight unseen or by a formula should not be considered authoritative. You can check the assessed tax value of your South Bend home to see another often innacurate formula-based valuation.

Realtor.com

Experience: This is the most established player, run by the National Association of Realtors. A quick search returned 1,644 properties for sale in South Bend. Their ?request a showing? button summons a form for you to enter your contact information, which will be sent to a Realtor as a ?lead.? Searching for a realtor in South Bend returns seven pages of Realtor mug shots and Web-site links with little to differentiate them.

Analysis: An ad-heavy but functional way to view properties in the area, but a poor way to choose a Realtor.

Redfin

Experience: This is a limited service online brokerage with the motto ?we refund 2/3 of your commission.? It?s an interesting addition to brokerage options where it is available, currently only in San Francisco and Seattle (not in South Bend). It is also for those who are already VERY comfortable with buying and selling homes. If successful it will eventually reach Indiana.

Analysis: The search is akin to Realtor.com with a limited scope but better technology. You use a map and search for active listings based on your criteria. After you find a property the difference is stark. Redfin offers only on-line and phone support. This is as close as you can currently come to buying a home on the Web. Don?t expect much guidance or much of a personal touch.

Craig?s List

Experience: This is the local version of the popular, text-based on-line classified. It?s worth scanning for hidden gems, but contains many ads which are not for South Bend real estate, e.g. ?great leads for Realtors? and ?Invest or Retire in Arizona.? Analysis: Craig?s List?>South Bend?>Real Estate has its place, but is better for apartments and rentals than for residential homes.

Nick Molnar is founder and editor of the South Bend Area Blog, and resident of South Bend, Indiana. He can be reached by e-mail at nick@realst8.com.

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1031 Royalty Interests

If you're looking for a way to diversify your real estate portfolio and are having trouble with traditional replacement properties, investing in 1031 royalty interests in an oil or gas project may be a viable alternative strategy.

Basically, a 1031 Exchange is a way for investors to take the money they make off of the sale of a property, and reinvest it into another property. One of the main reasons for doing this is to defer capital gains taxes from the relinquished property to the replacement property. If you currently own real estate, and you're looking for a replacement property, you might want to consider investing in 1031 royalty interests in an oil or gas project . The IRS has some tricky rules when it comes to exchanging oil and gas rights. For example, minerals beneath the surface are considered part of the real estate, but when they are extracted they fall into a different category. You can exchange 1031 royalty interests for another royalty interest, as well as for a hotel, office building, shopping mall, or any other "like-kind" property.

In a standard oil and gas investment, investors have "subsurface interests" or "mineral rights" to the oil and gas reserves which lay beneath a shared property. One type of interest is called a "royalty interest." Under these circumstances, the investor is the owner of the mineral rights, however the owner plays no role in the exploration or the drilling of the oil and gas; they simply are entitled to a percentage of any extracted minerals.

Oil and gas interests have several very attractive characteristics. For one, the demand for oil and gas is virtually unwavering. Also, in many of the oil and gas deals, there are no closing costs or additional fees to consume part of your investment. Finally, oil and gas investments have a significant upside in respect to returns.

If you are interested in making a exchange, 1031 royalty interests may provide an profitable avenue for you. Remember, it's essential to do your homework regarding royalty rights to ensure you comply with state and federal laws regarding the exchange of oil and gas rights.

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3 Tips To Buy A Cheap Foreclosed Home From Government Auctions

How to buy a cheap home? Well, the answer most people could come up to address that question is through buying foreclosed home from government auctions.

National and most of local governments are regularly holding or sponsoring foreclosure or auctions of repossessed homes. There are governments that offer such on a monthly basis, while others make it quarterly, semi-annually, or even yearly.

However the repossessed home is priced, the more important thing, and the significant idea you should always bear in mind is that you must always aim to buy at cheap prices.

Here are some useful and practical tips that could help you forge a cheap deal if you are aiming to cheaply buy a foreclosed home from a government auction.

1. Inspect the home very carefully. Check all the minor and negligible details. Sometimes, you could be surprised at how some homes are overvalued when in fact, the damages and defects can practically scrap or significantly mark down the tag price.

2. Bring an expert when looking or inspecting a foreclosed home during government auctions. Sometimes, you have to recognize other people's profession and expertise during times when they are needed. Buying homes is an activity expert home buyers and valuators can easily get across at. Take the sidelines, for a while.

3. Bid, but start at a low bid. Since the auction is just like a contest, where you would aim to compete with other bidders for a home, make sure you do not over price the foreclosed home. Otherwise, back out, and let other 'willing' people have it if they are willing to pay the premium price.

The most important thing to bear in mind when buying foreclosed homes at government auctions, is to maintain focus, both on the home and on the tag price. The two should never be separately seen.

For listings of government foreclosed homes, please go to http://www.buy-cheap-houses.info/

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2007 Residential Real Estate Forecast

In many ways 2006 was the non-year for real estate. The National Association of Realtors(R) reported that sales will be down in 2006 about 9 percent from 2005, a record setting year.Many markets waited for spring market which was disappointing. Markets then believed buyers would re-group in summer,and buyers were a no-show. Fall and last market hopes were dashed when fall came and went, with plenty of traffic at open houses, but few contracts.

Pent-up demand from a lackluster 2006 should drive buyers back to market. But, these savvy buyers will be on the lookout for realistic prices and seller give-backs. Most buyers will tell you point-blank that their income gains in the last five years have not matched rises in home home prices. Real estate markets won't bounce back until home sellers realize as prices go up, the pool of buyers shrinks proportionately. Buyers with a home to sell will include a home-sale contingency, so sellers should be prepared to accept one.

Inventory levels will remain in the six to seven moth range. Listing leftover's from 2006, will roll into 2007. The leftovers are either un-realistic sellers whose pricing is from the froth years or thier homes haven't been updated to keep up with the stiff competition and time-starved buyers.

Mortgage rates will remain in the 5.5% to 7% range. Historically low, but low rates by themselves haven't motivated buyers to write real estate contracts in 2006.

Foreclosures will rise. Risky loans such as Interest-Only, Option ARM's and 100% financing will tap out buyers whose used these appreciation-oriented mortgages.

Prices will drop 4-10% before leveling off in the majority of non-seller's markets. Homes that are priced right and are in good condition which offer features and finishes that buyers demand, will sell close to list price in moderate market times. Flat or negative appreciation.

Florida, Arizona, California and Washington D.C., will have unstable markets. Until sellers get a reality-oriented wake-up call markets in these locales will sputter and hiccup.

Ten states posted solid sales gains in the second quarter of 2006 versus 2005. Reported the National Association of Realtors(R). The gains ranged from an impressive 48% in Alaska to a low of 5.3 percent in Georgia. The other eight states included Arkansas, Texas, North and South Carolina, Vermont, Tennessee, New Mexico, and Wyoming.

Residential real estate will return to being viewed as shelter and housing and trend away from being viewed as a speculative investment.

What about 2008? Stable, pre-frenzy market with appreciation at 1% annually.

Mark Nash, is a residential real estate author, broker, columnist and writer based in Chicago. His fourth book 1001 Tips for Buying and Selling a Home received eighteen five star reviews on Amazon.com. His latest book; Real Estate A-Z for Buying & Selling a Home will be published in December 2006. Mark publishes a free monthly ezine for real estate professionals. Agent to Agent features ten articles that offer free reprints for agents, home buyers and sellers through EzineArticles.com . Real estate news and book reviews, Celebrity Homestyles, Home selling and buying tips and advice, Joke-of-the-Month, Help this Agent, and agent marketing tips. Over 5000 subscribers in the U.S. & Canada. Subscribe at: http://www.1001realestatetips.com/forrealestateagents.html

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Home Sales Continue to Drop In Southern California

Home sales are dropping in Southern California. For the fourth month in a row, home sales have continued to drop, according to data for March. At the same time, the median price for a home in Southern California, has climbed above the $500,000 mark. This is a divergence of trends. In the last several years home sales were robust and increasing and so were home prices. Now home sales have slowed but prices are still inching upward in many areas.

Home values in Los Angeles, Orange, Riverside, San Diego and Ventura counties, increased 14% over one year ago. Homeowners should not expect that rate of appreciation for the current year. In March the number of home sales fell almost 10%. Sales activity is related to price activity. The fact that we are seeing a continuing series of months with declining sales activity is an indicator that price activity is soon to follow. The current rate of home value appreciation cannot be sustained in a climate of falling home sales. In Southern California the sales activity and the rate of price increases reached a peak two years ago. In the current environment we are likely to see home values rising at a much slower pace or even approaching 0.

There are no indications that this is a real estate bubble at this point, this is just a return to more normal market conditions. What we have seen in the past several years is abnormal market conditions. The rapid growth in the real estate market must eventually return to a more normal pace. When we see the number of home sales slow, especially for a multi month period, we can expect prices to lag the slowdown in sales by around three months. We should see home appreciation start to really slow down soon in southern California.

Inventory is another factor of price. In this region inventory is increasing, but not at extraordinary levels. The time to sell a home is increasing. Last spring it was 27 days, now it is 48.

The county to watch is San Diego. It was the first county to accelerate in home value appreciation and the first to slow. It is seen as a barometer for southern California. In the last six months median prices of homes in San Diego county have decreased 2%. This is not indicative of a bursting bubble, but an overheated market that is returning to normal.

Andrew Goldman is president of Metal Rabbit media services, the operator of http://www.Exchangetradedfundinvesting.com He has written a number of articles on finance and investment over the last ten years.

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Home Search Merges with Google Maps

Searching for a home online? MLS home search systems are now merging the features of real property listings with mapping features such as Google Maps.

First impressions are Wow! Why had someone not done this before? More and more services are being provided online that don't require any online registration or jump through hoops of any sort? all you have to do is click on one of many online MLS home search systems to begin your search.

Maps used to be buried several clicks away from the listings. Now, the listings are being plotted for you on Google maps first up front. You pick the area on the map you are interested in looking to buy a home and then drill down to find the house that meets your needs in those areas.

The way it works is really pretty easy ? locate an MLS Search site that features a mapping system such as Google maps for the area you are interested in purchasing property in. Different colored pins or flags indicate the city and another color pins or flags indicate the individual listing details. Hover your mouse over the pins to see how many listings are available in each town/city. Click on the pins to see the individual listings and you will be able to see the ?More Details?.

If the pins are too close together, simply change the view by clicking on ?Zoom Out? or ?Zoom In?. Click on the area of the map you are interested in looking to re-center the map.

You may find it useful to select the desired ?Search Criteria? adjacent to the map. The more information you can narrow the search down with the better. It?s best to start with a narrow search and then broaden your search to find more results.

As you select the ?Search Criteria? remember to click the ?Redraw Map? or Refresh button to automatically update the map to match your search. Clicking on the pins will instantly open a thumbnail summary of the listings. Click on the summary information for complete property details.

Although, many home search systems don?t require you to sign up, register or jump through hoops of any sort to use the MLS Home Search, alot of home search systems allow you to register for a free account so that you can keep track of your search, or get automated email alerts on new or updated listings that match your criteria.

Roman Alfaro and Randy Watson of Cowboy, REALTORS - Home and Ranch continually strive to give their clients increasingly better and much more useful tools when searching for real estate information such as the San Antonio MLS Homesearch. Visit http://www.satxproperty.com. Se habla espanol ? Agente de Bienes Raices en San Antonio.

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