| March 24, 2005 |
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Editor's note: The following information is adapted from this week's script for Realty Times TV. See Realty Times TV every Saturday morning at 11:00 a.m. Eastern time on channel 223 (Dish Network), and on Sundays at 11:00 a.m. Eastern time on channel 227 (DirecTV). For the third week in a row, there's been a slight increase in long term interest rates. Many felt these are the increases that were predicted but never materialized at the end of last year. However, nationwide we continue to see continued signs of a booming housing market, including record starts in new housing reported by the National Association of Home Builders. The number of home owners in Canada has soared and the early 2000s have seen a near-perfect alignment of supply and demand that has kept the overall market growing at a healthy pace without building up any imbalances in the inventory of homes. Healthy growth in Canada is predicted to continue. This week our experts in real estate, Market Conditions Reporters told Realty Times TV viewers:
This week, Realty Times TV viewers asked: Question: Please help! How do I begin researching affordable homes? The homes here are out of reach for me and the property taxes are high. Where are the affordable homes? Where can I get financing? Answer: You need a local real estate broker, preferably a member of the National Association of Realtors. The broker can review your needs and finances, help find areas within your price range, and suggest local lenders who can assist with your financing. For a list of brokers in your community, try the market condition reports provided by local brokers to Realty Times. Question: I have been with my boyfriend for a longtime. We have been living together in this house for eight years but the house is in his name only. How do I go about getting my name put on this house? Answer: If you were married, your name could be added to the deed with "good" consideration -- title in exchange for love and affection. However, because you are not married, it's not as easy. If the property is now financed, adding a name to the title may allow a lender to invoke a "due-on-sale" clause and call the loan. Why? Because by changing the title, the property has effectively been "sold." Does the mortgage now have a current interest rate? If not, perhaps this is the time to refinance -- and also clarify ownership. Both you and your boyfriend will want to have an attorney prepare the proper documents. Also, you should each have proper wills and living wills. Question: Does it make sense to buy a home based on the cost per square foot? Answer: Properties are often sold on the basis of square footage among other considerations, but while we all know what a square foot looks like, we all don't agree on how it should be measured or what should be included. For instance, do we count basements? Garages? Do we measure inside wall to inside wall or just the exterior dimensions of the structure? Do we count utility areas or 100 percent of rooms with sloping roofs? There is a lot of debate about what approach is best so numbers may differ according to local custom. As a consumer you might ask: I see you show the square footage of the home. Please tell me how it was measured, what was included and what was excluded? A Realtor should be able to help you determine how significant square footage is compared to other factors such as condition and location. |
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