How to Fix that Problem Spot
Before placing your Wyoming real estate up for sale, take time to make small repairs, touch up the paint and make your home look its best inside and out with these simple quick fix tips:
1. Tackle the To-Do List. Every home owner has a long list of items they have put off—the slow drip in the bathroom faucet, the little wiggle in the handle of the front door or the window that is a little hard to close. Make it a priority to take care of those small repairs.
2. Ugly to Inviting. Turn an ugly bare spot in the yard to an inviting area by adding a few stepping stones, bird bath and colorful, inviting plants.
3. Splash of Color. If you are still living with a boring beige and brown house straight out of the 80s, now is the time to paint. Update the look and feel of the home with up-to-date colors like green, yellow or blue hues.
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How can I afford to buy a home in wyoming?
Whether you are searching for Casper, Wyoming real estate or real estate near Laramie, Wyoming, these Wyoming real estate resources can help with down payment assistance, low interest loans and other programs to turn your dream of owning real estate into a reality:
Wyoming Habitat for Humanity helps low-income households build and own their own home. To learn more about the program or find the local Habitat chapter near you visit http://www.habitat.org/cd/local/.
Wyoming Community Development Authority helps first-time home buyers obtain low interest loans and down payment assistance as well as funding for repairs. Visit http://www.wyomingcda.com/index.php?option=com_content&task=view&id=25&Itemid=41 to find out if you are eligible for services or locate a broker near you.
Housing and Urban Development offers low-income housing, down payment assistance and foreclosure sales for Wyoming at http://www.mcbreo.com/st_wymain.htm.
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Where can I find the biggest bargains when buying Wyoming real estate?
Some of the biggest real estate bargains are located in luxury zip codes around the nation. For those interested in Wyoming homes for sale, use these simple steps to locate the biggest bargains in real estate:
1. Select the Zips. The first step is to identify the city and exact zip codes within each city you are interested in purchasing. A few good places to being are Casper, Wyoming real estate, real estate in New Castle, Wyoming or real estate near Laramie, Wyoming.
2. Find an Agent. Once you have narrowed your search to just a few relevant cities and zip codes, it is time to begin contacting real estate agents that specialize in that area. Since real estate is local, working with a knowledgeable agent is critical to success.
3. Watch Sales Data. Since real estate has been declining, it is important to watch the trends more than the actual sale prices until things stabilize. Work closely with a conservative appraiser who is aware of the rapidly changing market.
4. New Loan Limits. Purchasing luxury real estate often requires a jumbo loan, but thanks to expanding loan limits, the qualifying rates for a conventional mortgage are higher than ever. Combined with reduced prices and relatively low interest rates, now might be a prime opportunity to purchase a great home that will appreciate for years to come.
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What Wyoming Relocation Resources should I use?
If you are buying Wyoming real estate or relocating to the area from out of state, take time to visit these helpful relocation resources to save time, money and frustration during your move:
The State of Wyoming website at www.wyoming.gov provides ample information on the history of the state, links to job searches, Chamber of Commerce, Drivers License, voters’ registration and much more. Take time to apply early to save valuable time once you arrive in your new destination.
Wyoming Real Estate Commission. Perform an online search to make sure the real estate agent and broker you are working with are in good standing. Learn about rules and regulations related to the sale and purchase of Wyoming real estate and much more by visiting http://realestate.state.wy.us/.
Wyoming Energy Resource Clearinghouse is the one-stop shop for alternative energy resources, grants, information and educational opportunities. Visit http://www.cbmclearinghouse.info/ to learn more.
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How do I locate commodity rich raw land in Wyoming?
As commodities reach new highs, many people purchase Wyoming real estate and raw land as a method of diversifying real estate and investment holdings through the direct purchase or control of mineral rights, water rights and other commodities. Learn how to perform your own specialized research to find potentially valuable Wyoming real estate with these resources:
The Land. Wyoming Geographic Information Science Center provides researchable database services, GPS field mapping, remote sensing and more. Perform your own search or pay to have one performed for you by visiting http://www.wygisc.uwyo.edu/.
The Water. Learn how to locate water resources in Wyoming with the Water Resource Data system located at http://www.wrds.uwyo.edu/ or http://wy.water.usgs.gov/. Water might be the black gold of the future, so the research you perform today might be a big investment tomorrow.
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Why Wyoming Real Estate is Approaching Bargain Prices
Anyone who purchased Wyoming real estate years ago might not realize the buying opportunity of a lifetime because of the tendency to watch nominal rates rather than real rates of buying power. A simple exercise in comparative economics will demonstrate why the purchase of pre-existing or Wyoming new homes are one of the best bargains to be made in today’s economic climate.
1. Soaring Prices. From sweet crude to sweet corn, prices are escalating across the board. For example, take a look at June prices of light sweet crude over the past few years:
- June 2003: $30.66 barrel
- June 2004: $38.03 barrel
- June 2005: $56.35 barrel
- June 2006: $70.95 barrel
- June 2007: $67.49 barrel
- June 2008: $132 to $140 barrel
2. Dropping Stocks. As of the summer 2008, the stock market currently sits above 11,000—nearly 3,000 points off its original high. Adjusted for inflation, the decline is even more severe.
3. Escalating CPI and PPI. The official Consumer Price Index, which measures the rate of inflation among goods purchased by consumers, and the PPI or Producer Price Index, which measures the cost of goods bought by manufacturing and business sectors, has skyrocketed. Inflation is on the rise with the Federal Reserving indicating a willingness to reverse the trend by increased interest rates.
4. Declining Dollar. The exchange rate is showing little signs of improvement as the dollar continues to decline against other currency markets.
Whether you measure the cost of real estate against the declining dollar, adjusted inflation or the likelihood of interest rate increases, it quickly becomes clear that Wyoming real estate is approaching bargain prices. Now might be the last solid buying opportunity for years to come.
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Wyoming real estate
Real estate and gold have historically been used as a hedge against inflation. Given the current inflationary pressures, rising Consumer Price Index and rapidly rising Producer Price Index, many investors are wondering where to invest their rapidly dwindling dollars. There are advantages and disadvantages to each decision, so a savvy real estate investor does well to consider all options including their personal tax situation before making a final buying decision.
Gold, Good and Bad
Historically, gold has served as a hedge against inflation, but contrary to what many gold bugs would have you believe, gold doesn't always perform well. In fact, the price of gold was in a deucedly bearish mode for well over a decade when it dropped from a high of over $800 per ounce to roughly $250 per ounce during the 80s and 90s. Adjusted for inflation, gold still has not reached its former highs.
However, gold has recently picked up momentum along with oil and other commodities, resulting in renewed interest in the precious metal. A few facts to keep in mind before buying gold:
- It doesn’t earn anything. Gold doesn't earn interest or dividends unless you diversify into the financial instruments behind gold itself.
- It can be lost or stolen. Just like any physical possession, gold is subject to theft, loss or other disruption.
- Trading and transaction fees. Gold is bought and sold at a premium that requires additional transaction fees, resulting in a loss of full profit potential.
- Taxation. Depending on the quantity, method of holding and other considerations, gold is subject to a Capital Gains tax of at least 15 percent or the even higher rate of collectible taxation, which can be 35 percent or more.
Real estate is a physical asset that also tends to be used as a hedge against inflationary pressures, especially if the land or building can be converted into other useful functions or assets like timber, water, mineral rights or even a small business. However, Wyoming real estate also requires careful consideration and planning.
- Taxes & Insurance. Land is forever, but so are taxes and insurance. Understand how property taxes plus Capital Gains and other tax issues will apply to your individual situation. Because of special incentives related to real estate, taxes can often help or hurt, so it is a good idea to consult with a competent CPA who specializes in real estate holdings.
- Commissions and Transactions. Should it become necessary to liquidate real estate, there can be considerable time and cost associated with disposing assets. Just like any other asset, having an exit strategy planned in advance is good advice.
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