Real Estate New York

Market Update September 2007

Capital Region Parade of Homes

The 2007 Capital Region Builders and Remodelers 8th Annual Parade of Homes is offered three weekends from noon to 5 PM. September 8 & 9, 15 & 16, 22 & 23.

Besides touring the exquisite examples of the home builder's art, workshops will be held on: Faux Finishes, Remodeling-Myths & Truths, Shades of Green Building.

Tickets can be purchased at the first home on your tour or in advance at any Curtis Lumber stores, Lazare Lincoln Mercury on Wolf Rd., Albany and Capital Region Builders & Remodelers Association at Troy Schenectady Rd., Latham, NY. Tickets on sale August 20th.

for complete information click here: http://www.crbraparadeofhomes.com

Log Homes

Back to Nature
Log home living

It's more than just an architectural style; it's a mindset. Learn about the wide array of log homes available today and what choices buyers of these homes now have.

Log houses have truly stood the test of time.

They emerged in the United States as early as the mid-1700s, serving as a sturdy home-made structure for settlers to call home. Hundreds of years later, a loyal segment of home buyers are still in love with log-home living. And thanks to specialized builders and remodelers, buyers can choose from numerous styles, from authentic rustic cabins to sprawling, luxury, high-tech homes.

Click for complete article By Barbara Ballinger

Getting Ready to Own Your New Home

8 Steps to Getting Your Finances in Order

Develop a family budget . Instead of budgeting what you'd like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.

Reduce your debt . Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to between 8 percent and 10 percent of your total income.

Get a handle on expenses . You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You'll probably see some great ways to save.

Increase your income . It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.

Save for a downpayment . Although it's possible to get a mortgage with only 5 percent down—or even less in some cases—you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.

Create a house fund . Don't just plan on saving whatever's left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.

Keep your job . While you don't need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.

Establish a good credit history . Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.

Sub Prime Mortgage Scandal

A 30 percent jump in mortgage fraud cases occurred in 2006. Expect another big jump in the year ahead as subprime problems get more scrutiny, the Mortgage Asset Research Institute says. Florida had the highest on the institutes fraud index followed by California, Michigan, and Georgia. The report attributes a drop in Georgia to the state's Residential Mortgage Fraud Act which puts first-time offenders in jail for up to 20 years. It attributes a hike in California's cases to flattening home prices: while prices were going up, cases of fraud were harder to detect.

Click to read full report by the Mortgage Bankers Association (.pdf)

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