U.S. is continue to be a desirable market for foreign property investors

U.S become one of the top destinations for foreign property investors according to the latest report released by the National Association of Realtors. Many international investors continue to identify the U.S. as the best place right now to purchase property and make a profitable investment.

The total of all international sales in the country for the past year ending March this year, which compose of non-resident foreigners and recent immigrants was $82.4 billion, way above the 2011 sales of just $66.4 billion.

Most of the international buyers bought homes for sale in four major states, which accounted to 51 percent of the purchases. Arizona, Texas, California and Florida were the top choices of foreign property investors when purchasing homes. Leading the path is Florida with 26 percent foreign purchases, followed by California at 11 percent and both Arizona and Texas with seven percent.

Foreign homeowners came from different countries around the world, but 55 percent of accounted international sales were made up of investors from China, Canada, India, Mexico and the United Kingdom, according to the survey.

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Regional MLS Sue Web Site in Violating Copyright Laws

NorthStar MLS in St. Paul Minn., and Metropolitan Regional InformationSystems in Rockville, Md., filed separate lawsuits in the federal court against NeighborhoodCity.com, alleging the Website of using the listing data without their permission.

NeighborhoodCity.com is a website that assign performance score to real estate agents, based on how many properties for sale they sold, how long their properties sits on the market and the difference between the asking price and the final sales price. Home buyers who visit the site can use the information to compare and choose the best agent they can hire to do the job.

Jonathan Cardella, NeighborhoodCity.com chief executive told the New York Times that the site has information on about 80 percent of real estate agents across the country. He added that the purpose of the site is to help match buyers and sellers with active agents who have demonstrated success with similar properties.

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The Add Up Extra Costs for Homeowners

Besides from property taxes and mortgage payments, what other costs home owners should be prepared of?  For those home owners who are planning to stay long enough on their home must be ready for additional extra costs of home ownership. There are some areas, appliances and home systems that eventually need to be fixed or replaced, such as the roof, furnace, hot water heater, etc. By having a budget set aside for this future replacement costs from the beginning, you will be able to pay for it when the time come that it does need to be replaced.

The New York Times published an article that provides estimated costs and amount need to be saved by home owners for these extras that can come in home ownership.

Roof: You need to replace your roofs every 25 years, on average. Right now, average sized roofs may cost around $7,000 – $7,500 and to be able to pay for it home owners must start saving $25 per month from their budget.

Driveway: An asphalt covered driveway is recommended by some experts to replace it every three years. This will cost homeowners about $550, which mean a $15 savings is needed.

Trees: It is advisable to trim trees surrounding your house every five years that will cost you about $300 per tree. This future expense needs a $20 monthly savings from home owner’s budget.

Furnace: A furnace has an average service span of 18 years before it will need to be replaced. Replacement cost for this heating system is a bit expensive that will cost you nearly $3,800, so home owners need to be prepared for this future expense by starting to save $18 per month.

Hot water heater: A water heater with a tank will likely last for about 12 years before it needs to be replaced, which will cost you $1,200 that will need to have an $8 monthly savings. However, if you are using tankless water heaters with longer service span that can reach up to 20 years will cost you about $4,000.

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HUD move EHLP Deadline

Unemployed home owners have still a chance to qualify for the Department of Housing and Urban Development Emergency Loan Program until September 15, 2011. That was the new deadline set by the HUD to give homeowners plenty of time to process their application. The original deadline was slated to end on July 22 but extended until July 27.

The $1 billion unemployed homeowner’s aid program has covered 27 states and whoever will qualify will receive up to $50,000 interest-free loan with payment period of up to two years. In five states operating programs similar with EHLP, including Delaware, Idaho , Maryland, Connecticut and Pennsylvania will have also until Sept. 30 the last day in receiving applications.

Scott Elliot, spokesman for PHFA, said on his statement on Monday ", the deadline was extended to September to allow more time for contacting the counseling centers and getting more applications in.”

There are currently 3,100 application received by the department since June and expect for more to come before the deadline. Every day, PHFA receives about 250 applications from 27 states.

The largest MLS in the Nation is Soon to be Found in California

Sooner or later the largest Real Estate Multiple Listing Service in the county will be found in California. It was officially announced by one of the nation's largest MLS the California Regional Multiple Listing Service Inc., that they will join forces with SoCalMLS. This Anaheim based MLS itself is also one of the biggest in the country with more than 33,000 members and will double this number if merger will agree by both parties.

As of this moment the negotiations between the two MLS giants are getting closer to the vision of creating the largest MLS in the country that will serve members and participants all throughout the state of California. The merger will allowed data sharing between the two MLS that will improve member services, economies of scale and greater efficiencies.

In an interview with inmannews.com, CRMLS CEO Art Carter, said "We're continuing to talk [to MLSs and REALTOR® associations] up and down the state, and where it makes sense, we're going to forge relationships in those situations."

Cities Where Better to Buy than to Rent

Is it true that buying is better than renting in some U.S. Cities? According to the real estate website Trulia.com, only 12 percent of the 50 largest cities in July showed that renting was the better option than buying, including San Francisco, New York and Seattle. Meanwhile, buying was cheaper compared to renting in 74 percent of the largest cities and buying was less expensive but a little closer to buying cost in the remaining 14 percent.

Las Vegas, Nevada made it on the top of the list for the cheapest market to buy a home. Based on the latest home sales data shows that prices fell close to 60 percent from its peak in August 2006. Median annual rent in this area cost $9,700 and will just take you six years if you buy a two-bedroom, two-bathroom condo or town house.

Detroit came in second for the cities where buying is better than renting. It has a buy-rent ratio of seven times, same with Mesa, Arizona and Fresno California.

Colby Sambrotto Seek Agent Help to Sell His Property

The famous website in selling property ForSalebyOwner.com founder Colby Sambroto asked for agent help to sell his New York property after attempted to do it himself by listing it online, but failed to find buyer in the period of six months. This is an apartment type home that equipped with two bedrooms and two bathrooms and sits in a 2,000 square-feet area.

A broker at Bond New York named Jesse Buckler was the one who handled the property and told Sambrotto that he was not doing the right way in marketing his property and not attracting potential buyers.

Bucklers raise the asking price of home and receive multiple offers after several weeks. Sambrottos’s property ended up selling for $150,000, a little more than its original asking price.