|
|
|
Determining Your Home's Value
Determining your home's value, and setting a price, is probably the most important step in selling your home. Why? Because if your home is overpriced for your area, no matter what the cost of improvements that you have made on your house, buyers...
Home Fire Safety
Home Fire Safety
By Erby Crofutt, B4U Close Home Inspections www.b4uclose.com
Is your home as Fire Safe as you can make it?
The answers to these questions will help determine if your home is as safe as
you can make it.
* Do you...
Home Owners In Trouble! Real Estate Bubble, Rising Interest, Variable Rate Loans Concern Fed.
Hurricane Katrina, floods, earthquakes, high fuel prices, shrinking pocketbooks, and now, worries over variable interest rate loans are discussions heard throughout the nation.
With mounting concerns by the Fed over rising inflation, there is a...
Know What Is Right Real Estate Deal
We usually focus on investment in any real estate deal and in that course we forget to consider the most important issue that is whether the deal is right or not. If one wants to determine the potential deal is good or not then here are few points...
Real Estate Investing First Deal Jitters
It’s very normal to get first deal jitters in real estate investing.
There are several real issues:
1. Real estate is a big investment, the dollars are large, so there is
great risk but also great rewards. Its much different signing a...
|
|
| |
|
|
|
|
The Need For Affordable Housing
During the last 3 years, we have experienced a tremendous appreciation in the priced of homes in Palm Beach County, with a 30% increase in the last 12 months. This has created a situation where the average wage earner is not able to afford a home.
The average price for a condo is $155,000, townhouse $185,000 and single family home is $327,000. While these are still affordable to many, there are added costs. For condo's and town homes, the monthly maintenance is on an average $200 a month. For a single family home, the association fees average $150 a month.
The next factor is the tax rate. The rate is approximately 2% of the purchase price. Furthermore, insurance is also an additional factor.
If a buyer purchased a $200,000 town home, he would incur the following monthly expenses. The mortgage would be $1200 a month at a 6% rate, maintenance of $175 and taxes of $330. This results in a total monthly payment of $1705, which is beyond the means of the average consumer.
The major problem the consumer faces, when trying to locate affordable housing is that the cost of a
home is a higher percentage of their take home pay then many can afford. From my personal experience, I have had many clients searching for months for homes to no avail.
The county has recently developed a plan to build affordable housing in a section of Boynton Beach Florida for people who make under $38,000 a year. This is hopefully the start of trend to provide affordable housing for a large portion of the population, who has been unable to find a place to call home.
About the Author: Larry Lang e-PRO REALTOR® (561) 385-0518 llang6@bellsouth.net www.palm-beach-real-estate-homes.com www.lakeworthproperties.net www.palm-beach-florida-real-estate.org Before switching careers in April of this year, I had spent 28 years in reatil sales and management.
Source: www.isnare.com
|
|
|
|
|
|