Getting Hip to Hot US 'Hoods

Appreciating property values usually indicate a hot spot for home buyers, and typically lead to growing popularity. In early March, BusinessWeek Online published a list of America's "up-and-coming" neighborhoods, the top ten US city 'hoods which are experiencing considerable growth. Determining factors associated with the top ten include a recent and rapid upswing in property values, alongside prime locations, but still affordable prices on average. Area perks such as great schools, improved crime rates, high employment, and access to public transportation have also made these 'hoods increasingly appealing to price-sensitive buyers.

Top Ten "up-and-coming" neighborhoods
1. Boston: Dorchester
2. Chicago: East Garfield Park
3. Denver: Civic Center
4. Los Angeles: Pico Union
5. Miami: Little River
6. New York: Kingsbridge Heights, the Bronx
7. Phoenix: Cashion
8. San Francisco: Mission Bay
9. Seattle: University District
10. St. Louis: Tiffany

Think these 'hoods are really hot or just hot-headed?

To read more on BusinessWeek Online, visit:

http://www.businessweek.com/bwdaily/dnflash/content/mar2007/db20070306_429975.htm?chan=search

The Top Ten Richest US Zip Codes

The richest zip codes in the United States have been identified, according to BusinessWeek Online. These zip codes had the highest appreciation in value since 2001, based on the median property values for that entire zip code.

The list is as follows, including zip code and median property value:

1. Greenwich, Conn. (06831): $2,983,000

2. Newport Beach, Calif. (92661): $2,500,000

3. Paradise Valley, Ariz. (85253): $1,850,000

4. Avalon, N.J. (08202): $1,687,500

5. Cambridge, Mass. (02138): $1,395,500

6. Glen Head, N.Y. (11545): $1,150,000

7. Islamorada, Fla. (33036): $1,150,000

8. Chevy Chase, Md. (20815): $1,043,000

9. Hinsdale, Ill. (60521): $950,000

10. Bellevue, Wash. (98004): $950,000

It may seem crazy, but median property values can really be this high for a single zip code! To read the article, or see pictures of these affluent US cities, visit: http://images.businessweek.com/ss/07/04/0402_luxreapp/index_01.htm

Affording Seattle: home buyer affordability woes

An article posted yesterday, from Seattle Post Intelligencer online news (www.seattlepi.com) reads, "Average Seattle Worker Can't Afford To Live Here". The study finds the average salary for single Seattle-area residents is $52,000, which provides the opportunity to buy a $200,000 home. Seems about right you would think, since the rule of thumb is you can buy a home two and a half times your before-tax annual income. The problem however, and reason for lack in affordability is the existing high median prices for homes and condos. For the year of 2006, the average condo price was $289,950, much more than the $200,000 price tag most first time buyers can actually afford. What's more discouraging? For the Seattle-area family of four, the average annual income is $74,300, meaning they can afford a home worth about $280,000. The median price of a home in the Seattle area was $450,000, a whopping $170,000, 38% jump in cost! Most of these Seattle-area residents can't afford to buy near work, but still have an income too high to qualify for an assistance program. Seattle-area experts say we need a change, and maybe more single-family solutions, to avoid a potentially sticky situation.

First Time Home Buyers: Single Women Outnumber Single Men

The American dream of owning a home isn't just for married couples anymore. New research from the National Association of Realtors shows 22% of home buyers are single women, while only 9% are single men, less than half. Although married couples still account for 61% of home buyers, it is obvious the trends are changing. Reasons for the new home buying trends have been linked to an increased financial independence of American women. Several decades ago, a home loan wasn't necessarily available to single women living without a spouse, and unfortunately, the independence was sometimes less than admired by lenders. Now, single women have become a large part of home ownership in the US, and have been equally viewed as an emerging and prosperous market.

Take It Home Sweepstakes!

Down payment woes can be burdening and it seems to be increasingly difficult for the typical first time home buyer to accumulate such a large sum of money. Most states have Down Payment Assistance Programs, but not everyone is eligible. Furthermore, it would be nice if we all had 20% stashed away, since not everyone has a rich Aunt Claire who will "borrow" a down payment.

So, maybe you are one of those first time home buyers who's still paying for college, or still feeling the pocket-pilfer of an expensive wedding? Whatever the case, hopefully HomeTeam can give a better understanding of the best ways to build a down payment. The Take It Home $50,000 Sweepstakes could also be the easiest way to WIN your down payment! Who needs rich Aunt Claire when HomeTeam could be the start to achieving the American Dream?


To enter the Take It Home $50,000 Sweepstakes! Enter at: http://www.hometeam.com/web/guest/home

The best part.... increase your chances by entering every day!

Some Home Owners Unsure of Loan Type?

According to a Bankrate poll, only 34% of home owners know what type of loan they have. Furthermore, 28% of those polled said they worry about how they will make their mortgage payments next year. These stats can be a little disturbing seeing as home ownership is one of the biggest purchases' a consumer will ever make. Traditionally, this would lead most people to believe home owners just don't pay attention... in actuality, it probably relates to the lack of resources available for first time home owners. As a first time home owner, it seems increasingly important to know what's happening. So, for all first time home owners - don't forget to study the process to keep your head above water.

HomeTeam goes to Kansas City!

Look for our seminar updates - HomeTeam will be in Kansas City, Missouri in March for a TV episode shoot, and in May for a spring seminar. It's the perfect opportunity to learn more about buying a home... look for registration opportunities soon at www.hometeam.com
Scheduled date: May 19th, location TBA