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:

First-time home-buyers still face sticker shock in markets like Silicon Valley, where single-family detached home prices breezed past the $700,000 mark and the median price of condos was $451,000 in February -- $100,000 more than they were a year ago. Lenders have so much confidence in the market that they continue to offer an ever-growing array of mortgage programs to keep home buyers buying.

On the other end of the spectrum, 2,000 miles away to the Northeast in the Buffalo-Niagara Falls area, homes are much more affordable for buyers willing to put on an overcoat and head north.

In Eagle River, Alaska, supply of single family homes under $250K is very small while at the same time they have lots of buyers for the price range. The above $500K market is slowing down in the area although well-priced homes sell almost immediately, especially on larger lots. New construction single family below $200,000 is virtually non existent. Attached town homes, site condos or regular condos are being built as fast as the builders can hammer. The condo-townhome market is flourishing. Prices are going up due to heavy increases in lumber and steel prices.

In South Kingstown, Rhode Island, Realtor experts say this is a good time to buy and getting better. Inventory is down a little, which usually means less choice and higher prices, but days on market is increasing indicating that buyers are being more cautious and sellers are coming down from their asking prices. Realtors say that this is still a good time to sell but they expect overpriced properties to remain on the market for a long time.

Price appreciation is at a rate of almost two percent a month in Alexandria, Virginia, thanks to low inventory and low interest rates as well as easy access to Washington, D.C., a red-hot housing market. Combine these factors with a projection of an increase in population for the region of over two million by 2025, and you can understand why demand for housing will continue to push prices higher.

In the more recreational market of Bend, Oregon, even with the recent increase in interest rates, Realty Times real estate experts say that the market has continued to grow. Sales of new homes have been strong with new subdivisions being developed throughout all of Central Oregon. Sales of existing homes also continues to move ahead. The inventory of homes for sale in several price ranges has increased giving buyers a wider range of homes to consider. People moving to the Central Oregon area are there for the recreational activities and quality of life that they offer. According to Realty Times' Realtors, Central Oregon is a great place to retire or raise a family.

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.

Published: March 24, 2005

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