One of the more revealing aspects of the property market is the way in which house hunters conduct their search. It tells us a lot about why people choose to live in the areas they do, and why they choose the specific properties they do.
If you’re looking for a house for the first time, be sure to use a solid, reputable mortgage provider – try online for a quick quote such as mortgages from Santander
In a recent study by the American Housing Survey, it was found that 27% of first time buyers looked at more than 15 houses in their search. Almost 63% of first timers looked at multiple neighbourhoods. These figures are almost exactly the same for move-up buyers, suggesting that how intensively and whereabouts one looks for a property does not change much with experience.
The survey also put specific questions to buyers as to their reasons for buying the house they did. Price was the primary reason – with 31% of respondents claiming it was the most important factor – followed by layout/design (22%) and size (11%). Other reasons that mattered to people were the condition of the yard or garden, and the quality of the exterior.
Here is where the difference between first timers and move up buyers comes into play. The biggest three reasons – price, size and design – remain the same, but in a different order. Layout or design was the number one response with almost 29%, followed by price at 16% and the size of the property at nearly 14%.
The reasons for selecting one’s new neighbourhood remain much the same for first-time buyers and move-ups. Over 34% of respondents cited the mere presence of the house they bought as a reason to fall in love with the neighbourhood. After this came the overall appearance of the area, with proximity to work being a – perhaps surprise – third place. The results were similar for move-up buyers.
When asked to list every factor that played a part in picking a neighbourhood, first timers ranked the presence of the house first, followed by the look of the neighbourhood, proximity to work, and proximity to family and friends. For move up buyers, the ranking started with the look and design of the neighbourhood, followed by the presence of the house, proximity to work, and fourthly, the proximity to friends and family.
Regardless of the number of categories from which to choose, both groups of buyers placed an emphasis on the general feel of an area and the presence of the house in that area, with first timers more concerned about the latter, and move-up buyers more concerned about the former.
As the economic storm clouds continue to gather over Europe, recent reports suggesting that the UK economy will experience only feeble growth in the years to come, and the continued high price of basic products like fuel and food, 2012 looks set to be a difficult year for many Brits.
Research into saving and spending across the country revealed that 81% of people were hoping to save money on financial products and household bills in the year to come, making the most of intense competition between banks like Santander and more niche providers on everything from Santander home insurance to mortgages.
Unfortunately for some, much of this competition seems to be aimed at attracting new customers. Loyal customers who have stayed with the same organisation for many years rarely see their rates suddenly drop.
In this context then, the fact that 26% of adults in the UK have never changed any of their main financial product providers, and 13.8% have never switched their home insurance suggests that finding savings on financial products could prove to be challenging if people aren’t willing to move provider.
Obviously services like comparison websites and independent watchdogs (which? remains a good not for profit source of advice) provide excellent sources of information for customers looking to switch, the most readily ignored possibility to make savings is by consolidating products. Traditionally, people have products with several different providers, but in the current market conditions, banks are offering exceptionally good rates to existing customers who take out more products. So, if your home insurance, for example, is in a different place to your bank account, simply going in and having a chat with your bank could end up saving you significant amounts of money.
Ultimately, there’s little incentive for banks and other financial institutions to offer deals to existing customers because they know that those customers are unlikely to change to a different provider. So, if you really want to save money, the only thing to do is to do some research and find yourself a new provider – or, at the very least, do some research and then threaten to leave if your existing provider can’t match the better deals that you’ve found.
Image: renjith krishnan / FreeDigitalPhotos.net
Participants of Occupy Wall Street, the “people powered movement for democracy” have protested themselves into a fourth straight week of demonstrations in Manhattan. Respondents to the blog post made by Adbusters on July 13, according to New York Times blogger Clyde Haberman,
“are denouncing the recklessness of the financial titans who brought the economy to its knees and who continue to thrive unrepentantly.”
Even ice-cream entrepreneurs Ben & Jerry have joined the fray, declaring via their website that,
“We realize that Occupy Wall Street is calling for systemic change. We support this call to action and are honored to join in this call to take back our nation and democracy.”
Students comprise a great share of the dissenters gathered in lower Manhattan’s Zuccotti Park and beyond, with residents of college towns such as Ft. Collins, CO, Atlanta, GA and Des Moines, IA to name but a few, eagerly getting involved.
Demonstrations have popped up in non- collegiate cities nationwide as well.
Some financially frustrated college students in New York City have helped to organize an unrelated yet similarly-minded event that will address the need for more personal finance education to be availed in post-secondary institutions everywhere. Just one day shy of the one-month anniversary of the start of the Occupy Wall Street Demonstration, the Student Credit Card Education Initiative is hosting a free event at Sullivan Hall called Music for Change. Organized specifically to reach out to all college students in the NYC area who are clamoring for more in-depth personal finance education, Music for Change will be an evening of song and sharing, as performers and special guest speakers impart upon the audience personal money management advice and tips regarding financial literacy.
“Students have been hard hit by rising tuition costs and the governments’ ever-tightening of its belt on contributions towards education; students are increasingly feeling the squeeze. Like their predecessors of the ’60s, they’re using music as a form of expressing their dissatisfaction.” said Michael Germanovsky, PR Director for the SCCE.
Ultimately, greater financial literacy will enable young adults to know exactly what they are getting into when making the decision to apply for a credit card. Most often, people make mistakes with credit cards because they don’t have a complete understanding of how they work.
The mainland U.S. is not the only area where there is rising concern about the financial future of its youth. The Bank of Guam has declared October 20th to be “Get Smart About Credit Day.” Bank representatives will be visiting schools throughout the island and making presentations to high school seniors. On the agenda is credit, specifically how much is needed. Also how to manage debt will be discussed.
“It is vital that young adults learn about the responsible use of credit and that such decisions have far-reaching consequences,” Bank of Guam President and Board Chairwoman Lou Leon Guerrero said to guampdn.com. “Just like a family, a company and even the government, consumers must be aware of all the costs of credit, including how your future may be challenged by using too much debt now.”
Those speaking will clearly explain the distinctions between debit cards and credit cards in order to help their audience comprehend that though they physically appear to be nearly identical, they are not the same at all.
“The very basic difference is that when you use a credit card, you are borrowing money, on which you must pay interest if you pay over time,” said Jackie Marati, senior vice president and marketing administrator at the Bank of Guam to guampdn.com. “While if you are using a debit or check card, you are accessing funds you already have in either a checking or savings account.”
According to Marati, “The most important thing any cardholder, current or prospective, can do is to learn about the responsible use of credit cards.”
Photo: Paul Stein/Flickr
As the government bailout opens up many opportunities for those wanting to start a small business, the debt collection industry offers plenty of potential rewards. Starting any business takes plenty of time, patience and hard work, but for those who have the endurance, personality traits and know-how, the rewards that can be enjoyed from starting your very own debt collection agency are huge. Here are few simple ways to get started on your business idea.
Before you do anything else, you need to have an understanding of what debt collection is all about. Simply put, this is a way to profit from the large amount of bad debt in the country, either by buying bad loans from banks in trouble, or through collecting debts from people who have credit card, store cards, personal loans or other loans that have put them in debt. Then you will need to do the following:
Author Bio
Donny J. Remis has been researching the huge wealth of advice and wisdom offered by Bill Bartmann, a self-made billionaire who made his fortune through buying bad debt. Get the best advice on how you can start a debt collection agency to profit during economic crises at http://www.debtowner.com
What caused the global economic crisis? Some blame the predatory lending practices of investment banks and conglomerates. Others blame government inaction. But millions of uneducated consumers are just as responsible because they took what was offered to them without caution, or an eye to the future, and borrowed more than they could afford.
Many people assume that they learn money management skills as part of their school’s curriculum, or that their parents and mentors will give it to them, when in fact; fewer than half of U.S. states require even a basic economics class, never mind financial education. The result is the blind leading the blind.
The US government has been terribly irresponsible with their own finances by continually spending more than they make, and investment banks have wreaked havoc on the value of the US dollar by giving out and trading risky investments to not only citizens, but other large corporations. The result is not only the devaluation of our currency, but an alarming increase in our national deficit.
Apart from the crooked investment banks, and frivolous government spending, financial illiteracy has played a terrible role in crippling the United States and it’s the result of ordinary people like you and me making bad decisions with our money.
Too many people are maximizing their credit debt, taking out personal loans, taking out HELOC, and other forms of bad debt that drive themselves into bankruptcy because they become unable to even make the interest payments on these debts, never mind paying down the principle. Regardless of how we got here, the lack of financial literacy, especially for today’s youth, is a serious concern.
What the heck Is Happening?
The United States has gone from the richest nation in the world, to the largest debtor nation in the world, with most of our debt being held by foreign entities, and nations. If we continue to go down this path of fiscal irresponsibility, then the US dollar will cease to exist, and the United States will become completely bankrupt.
When did you first learn what compound interest was? Do you understand mortgage rates and the different types of loans that are available to you before you buy a house? Or are these concepts unfamiliar to you to? Unfortunately, most people don’t know how to even manage a budget deficit, never mind actually knowing what that is…do any of you know what that is?
This kind of financial ignorance is unacceptable. Every citizen should know how to manage a budget, manage debt, and use various investment vehicles to leverage their money. For too long people have been riding the road of easy credit, completely ignorant of the consequences which have not only ruined many people, but contributed to the financial problems of today.
I was just talking to a good friend of mine about the condition of the economy as it’s been degenerating over the past few weeks. About a month ago he had about $103,000 dollars in his 401(k) alone, never mind a few mutual funds and bonds.
It turns out that this past weekend, his value in his 401(k) has crashed to about $62,000. Why did this happen?
It happened because when you put money into paper assets, you surrender all control, leverage, and are at the mercy of the bankers and traders on Wall Street.
It’s sad to say, but such lessons are an important step in helping people effectively manage their money so they can avoid the financial traps that so many people have fallen prey to. It’s hard for most of us to sort through and make sense of the news on the damaged housing market, a plunging stock market, and government bail-out plans. But it’s still worse that many people accept this as if it’s the way it’s supposed to be.
While the complexity of recent events may be difficult for people to grasp, the fact remains that people must seize the opportunity to get properly educated, so that they can take charge of their financial future.
Now you may wonder what you should do now with such uncertainty in the market. To that I would say first and foremost that the stock market is a fool’s game in the long run. Bankers and traders only use it for short term derivative trading, with your money, so it’s best to only use paper assets for short term gambling. I say gambling because that’s exactly what investing in the stock market is.
I can only speak for myself, but if it were me, I would also pull all of my money out of my 401(k), IRA, annuities, bonds, what have you. I’d pull everything out of my paper assets immediately regardless of penalties and fees.
“But that would help instigate market volatility!”
Maybe, but the bankers and traders won’t suffer from a market collapse, the average Joe will. Now as I was saying, I’d then immediately reinvest it into commodities and real estate. Gold is too far inflated now, but silver, silver mining stocks, agricultural stocks, and mining/resource stocks would be viable assets in my opinion. Why? Because we all need a place to live, we all need food, and we all need raw resources. That’s just my opinion, and I believe it’s an educated one. I don’t suppose to have all the answers, and I welcome intelligent debate and consul.
Let me know what you think about the market, the future, and what kind of direction investors should take.
Devon Phelan is a personal finance blogger for www.MoneyFile.net a personal finance website in the saving and financial advice sector.
Let’s suppose that you work in a place where the management or owning interests should be supplying you with ear defenders. And let’s also suppose that they are – but that the ear defenders you are being supplied with are old, leaking air and generally in need of replacement. A slip and fall accident waiting to happen. How? Because the gradual hearing loss you are suffering is leading to your not being able to tell when a forklift truck is moving behind you. You feel rather than hear the presence of the vehicle, you turn to avoid it and you fall. That’s how accidents at work happen – one thing leads to another and suddenly someone has been hurt for no good reason.
For no good reason – but it is still possible to make redress for some of the pain and suffering that the slip and fall accident has caused. Here, there is a definite person or entity at fault. The management of your company is responsible for ensuring that the personal protective equipment issued to its staff is up to the job at hand. Old ear defenders that cause accidents at work by making workers deaf, literally, to the presence of threats around them, are to blame in our example – and the management, which should have had them replaced, is responsible for their condition.
This slip and fall accident would result in a successful personal injury claim being taken through the courts – or more likely settled without the need ever to enter a courtroom. You shouldn’t worry, by the way, if you are in a position like this and are thinking that you are going directly “up against” your bosses. You’re not. Accidents at work are covered by company insurance, which is in place precisely to deal with paying out when an incident of this kind occurs.
No one wants to cause a slip and fall accident, by hearing loss or any other way. There’s no malice involved – just simple negligence. Company insurance exists to take care of situations where negligence happens. Maybe someone was too rushed at the end of a long day to put in an order for new ear defenders. Maybe they just forgot. So you are not attacking them, or anyone – you’re simply using the established structure to get some compensation for accidents at work.
If you have had a slip and fall accident, you should contact a no win no fee personal injury lawyer immediately. Their agents will ask you to describe the circumstances of your fall. At this point if they think you have a case you will be referred to a lawyer with a special expertise in slip and fall accidents at work. Your lawyer will instruct you on everything you need to do (it’s not much, usually just visiting a doctor) – and then he or she will make the claim on your behalf.
For more information please visit accidentsdirect.com
Real estate industry seldom has the same price continuing for long. The San Jose real estate industry is highly volatile and prices differ by location. Depending on the neighborhood you stay in and the facilities available within that neighborhood, the price of property may differ. If you are looking for property near your home, then you may have to keep a check on the area in which you want to buy the property.
Areas where there are high demand and short supply of residential property, there may be less fluctuation in the San Jose real estate prices. Some old markets in the San Jose area may have seen a rebound and caught up with the new market. San Jose is located in the Bay Area and has seen a steep rise and fall in the months between January and May. If you are located in an area that has the modern amenities then you are bound to pay more for a house in that area as compared to an area that is not replete with modern facilities.
A pricey location and most sough after neighborhood may call for a decline in the median home prices but may also be subject to short sale. Not only based on location, the San Jose real estate market is dependent on a lot of other factors. Combined together, these factors make the real estate industry fluctuate. Just like the price of insurance would increase / decrease depending on the locality you stay in, the price of San Jose real estate would also fluctuate based on the neighborhood.
The San Jose real estate price gets affected by location in the sense that if your neighborhood is easily accessible, then the cost would automatically increase. Convenience makes your property’s location expensive. This is the reason why lands that are supported by paved streets cost more than other lands. Roads and other infrastructure may be quite costly to maintain and hence the price of property may go up steadily in order to compensate the cost of maintenance. If you are looking for a San Jose real estate to buy, then consider all of these factors before investing your money.
For families that are struggling with their debts the recent elections could bring more issues. The Republicans, as we all know won back house advantage. It also means that some of the proposed changes under the Barrack Obama administration may be in jeopardy. The main question is if these changes were not good in the first place, can the Republican Party bring about something that will be effective? Under Bush we incurred a large deficit which was compounded by invading Iraq, and he truly left a mess with the impending mortgage crisis.
Whatever one’s views of either president, the real matter is whether the new elections have brought in the help we need or if debt will continue to slide out of our control. More people may be looking towards free payday loans to solve their debt issues, especially with the holidays looming ever closer.
The only good news about the holidays being near is what might happen with employment in the retail industry. There may be a way to stay away from the more expensive products on the market for loans if you are willing to work in retail.
The retail industry always sees an increase in employment once Thanksgiving gets closer and people are needed to be trained for the increase of shoppers from Black Friday to Christmas Eve. In fact many of these new retail employees will be able to keep a position for much longer than Christmas Eve, as there is always a need for returns the day after Christmas and up until the New Year. For roughly a month and a half some families may be able to pay their bills on the holiday positions made available.
This extra help might at least put the creditors at bay for a short while, until you can see how the changes with the congress and senate might help or not. The news is telling us already that the party is concentrating more on GOP lawmakers and three key panels of the appropriations, energy, and commerce. It may be that certain things from 1994 will even crop up as the Republican Party tries again to get bills passed. However, for those in debt employment opportunities, keeping jobs in the US and getting out of debt are more important than such things as a new energy source like Joe Barton is looking at.
With the current state of economy – not only in the US, but also in other countries – the average families are left in bad financial situations and force them to go frugal. How bad is it in the US?
In the US, the average American families are in dire danger – they have limited savings in such a way that there will be no room for error. Alas, things happen, and the bad economy amplifies the effects.
Check out this infographics from VisualEconomics.com on the American Family’s financial turmoil.
The big picture of average American family:
Pretty bleak picture, but that’s the reality.
If you are one of the average American, or in similar situation in wherever you live right now, there is still hope – and the hope should NOT be put on the Government.
Take action – stop depending on the Authority and start controlling your financial future. Let the Government do their own thing, and you do your own thing. This way, everybody does his/her own role in improving the personal finance, and eventually the nation’s economy.
The best tip I can give is for you to increase your financial IQ. You don’t need to go to college for this; just read financial publications, even if it’s a back issue sold before or even thrown away by others. Also learn to use the Internet, as knowledge is at your finger tips – search for ways to be better financially and you’ll be presented a wealth of information – mostly available for free. Find mentors – don’t you know that there are people ready to help you out without asking for something in return?
Learn, learn, learn – there’s no such thing as, “well, finance is not my thing, and getting rich is only a dream.” Well, keep on dreaming, and finance is actually not as difficult as you might think.
I heard stories of people having problems in school (being dyslexic, for example) succeed in their financial life because of they learn from others. Copy from them – personal finance is not a rocket science.
It is truly amazing how many people entrust their entire life savings to stockbrokers who know absolutely nothing or very little about investing. In their defense, many stockbrokers may be honest individuals who truly want to help their clients. However, the problem is that they were never trained to be investors but instead were trained to be salespeople, and they are constantly being pushed by their employers to sell. After being recruited by a brokerage company, they are subjected to intensive sales training where they are taught how to cold-call, prospect for clients, and counter various clients’ objections. The actual education on how to select and analyze particular investments is limited.
Brokerage companies spend millions of dollars every year on training new stockbrokers. Because more than two-thirds of them leave the industry within a few years, the industry has become good at training and attracting the right candidates. They lure them in with advertisements promising unlimited income potential and high-end lifestyles. However, brokerage companies are not interested in just anyone – they want people who will sell. For example, they are not interested in hiring good investors because they want people who can sell their investment products and generate commissions. Good investors spend time researching and studying possible investments. From the company’s point of view, the time spent on researching is time not spent on prospecting and bringing in more clients.
After the training, stockbrokers are judged by their companies based on how much they can generate in terms of commissions and fees instead of the quality of the returns of their clients’ portfolios. They have to meet certain quotas such as commission amounts and the number of new accounts opened during particular periods. If they don’t meet them, they lose their jobs. The brokerage firms are also known for having sales contests where brokers compete for expensive vacations, boats, and TVs. The purpose of these contests is to generate high commissions by motivating brokers to sell, and to create a hierarchical system where some of them are viewed as superior to others. In this kind of environment, brokers are likely to focus on how much money they can make off their clients, not how much money they can make for their clients.
If people were aware of really goes on in the investment industry, they would think twice about whom to entrust their money to. Investing is not rocket science, yet it requires some basic knowledge. Unless people make investment education a priority in their lives, they will continue to be easy targets of an industry that is that is more concerned with its profits than the well-being of its clients.
About the Author
Mariusz Skonieczny is the founder and president of Classic Value Investors, LLC, an investment management company. He is also the author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market.
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