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Highlights of the May 2007 Issue of
MONEY
[Full stories also available online at www.CNNMoney.com ] 40-PAGE SPECIAL REPORT : HOW TO WIN IN REAL ESTATE NOW BUYERS IN CHARGE , by George Mannes, page 70 Yes, you can expect rocky times ahead for real estate prices. But if you're a home shopper, your moment has finally arrived. In much of the country, if you're in the market for a new home, you can take comfort from the news: The imbalance of power that favored home sellers over buyers during housing's 10-year boom has finally shifted. Whether you're a buyer, a seller or a homeowner with no plans to move soon, you'll learn how to make the best of today's real estate market in this 40-page special report. We begin with a look at how bad the housing downturn really is, how much worse it could get, when to expect a turnaround—and how buyers and sellers can each get what they want in today's once-in-a-decade market. PLUS : Buyer's Checklist: Even in a buyer's market, not everyone has what it takes. Before you make your first offer, make sure you meet these five criteria OUTLOOK FOR THE 100 BIGGEST MARKETS , page 78 What's ahead for home prices where you live? Expect a bumpy ride in the once soaring South and West (it's gut-check time in Miami and Las Vegas ), steady going in the Midwest and a few bright spots in Texas . NAIL THAT SALE , by Kate Ashford & Donna Rosato, page 85 To sell your home today, you have to market hard, price it smart and make it look irresistible. We showed two owners how. If you're trying to sell your home or are thinking about selling anytime soon, take heart: Homeowners sold nearly 6.5 million houses and condos last year, and the National Association of Realtors expects almost as many will sell this year too. To show you how to put together a winning approach, MONEY sought out two families who'd had their homes on the market for more than six months. We then brought in a team of experts—home stagers, appraisers and real estate consultants—to advise them on everything from cosmetic changes that would help show these homes to their best advantage to savvy marketing strategies. You can see the handiwork of the stagers and judge the results on the pages that follow. Then apply the lessons learned to put together your own successful sales plan. REAL ESTATE VS. STOCKS , by Marlys Harris, page 94 Which is the real investment champ? The numbers will settle that question once and for all. So let's get ready to rumble! Both real estate and stocks have had their day, but the question you need answered is this: Which contender is the superior long-term bet today? When MONEY surveyed visitors to our website, CNNMoney.com, for their opinion, we might just as well have asked, “Marciano or Ali?” “Stocks without a doubt!” wrote one. “Longterm average return: 10% for stocks vs. 3% to 5% for real estate.” From another: “Real estate is by far the better option. At least the investor has control.” If you stand the rivals toe to toe, however, and measure them by the qualities that really matter in a long-term investment—high and consistent performance, low costs, tax advantages, diversification, limited downside—a clear winner emerges. Which one? Get out your scorecard and follow along. THE FIVE DUMBEST RENOVATION FADS (AND WHAT TO DO INSTEAD) , by Duo Dickinson, page 101 A remodeling trend may look great on paper, but it may not make your home more livable—or more valuable. Over more than 30 years as a residential architect, the biggest mistakes I've seen—vast living spaces with the charm of a Soviet airport, kitchens long enough for endurance runners, garages that look like the pit lane at Indy—all happened before hammer was put to nail. The source of these problems is a handful of popular abominations that have crept into American home design. On the following pages I've laid out five that particularly drive me crazy, along with alternative solutions that will truly make your home better, not worse.
SCENES FROM A BUBBLE , by Stephen Gandel and Amanda Gengler with Paul Keegan, page 115 Wondering how home prices got so high—and why they have to fall? Here's the story of what hit you. Millions of homeowners are in immediate danger of foreclosure. So how did so many get themselves in such a mess? More puzzling still, why did lenders let them? In the answer to that question lies the real story behind the once dizzying, now fizzling housing boom. Sure, record-low interest rates, boomers buying vacation homes and immigrants grabbing for the American dream all did their bit to push up prices. But what really supercharged the market was the mortgage industrial complex—a machine with cogs called brokers and bankers, fueled by money poured in by investment banks, bond traders and hedge fund managers. The system prospered and grew, introducing new players into the financing transaction and transforming the roles of others. Finally it ran amok, creating huge incentives at every level of a home sale or a refi to sacrifice prudence in pursuit of a killing. Market checks and balances should have prevented the process from getting out of control. But they were corrupted, co-opted or simply steamrollered. Too much money. Too little restraint. This is the story of how all the important players in the market decided that they had too much at stake to shout, “Stop!”
HOW TO BORROW MONEY FROM YOUR PARENTS , by Stephen M. Pollan and Mark Levine, page 44 Nobody likes asking people for money. And if you left the nest years ago, it seems even harder to go back to Mom and Dad for a helping hand. Just remember, though: They changed your diapers, so awkwardness shouldn't be an issue. What should, however, is why you're asking for the loan. “We want to go to Cabo this spring” isn't going to cut it. Keep your requests limited to serious and legitimate needs or opportunities. HAVING IT ALL—EXCEPT SAVINGS , by Carolyn Bigda, page 37 You've got a good job, a fine family and big dreams. Isn't it time you had some money in the bank too? Let's face it: America 's buy-now, pay-later society doesn't exactly encourage saving. There are infinitely more mail promotions for credit cards than for IRAs and 529 plans. And saving when you're just getting started isn't easy. To amass what you need means jumping off the spending rail and scrambling onto the savings track. Delaying the move compounds only your problems and debts, not your interest. You'll be in even worse shape 10 years from now if you don't change your ways. And once you begin saving, you'll find that you can easily adapt to living on less. Here's three fast fixes to get you started: -Earn up to 30% tax-free -Stop leaving cash on the table -Put your own needs first WHY THE 10% SOLUTION IS ACTUALLY 90% WRONG , by Walter Updegrave, page 50 Saving a tenth of your annual income is fine—if you can predict the future. The rest of us need a little more. It's a rule of thumb that's been repeated so often it's become accepted wisdom: If you want to be financially set in retirement, you should save 10% of your salary each year. The 10% solution has simplicity going for it. And the fact that it's invoked so frequently lends it a certain air of authority. But will following this strategy guarantee you a secure retirement? I wouldn't count on it.
BEACH RENTAL BINGO , by Donna Rosato, page 123 Save up to 50% on your next idyllic trip to the shore. Unless you're looking to buy a new home right now, you may be having a hard time imagining the upside of the bursting of the real estate bubble. Well, here's one: There are a lot more places to rent at the beach. Usually the best shore rentals are snapped up while the snow is still on the ground. But this year inventory in vacation markets is up. But even though there's more out there than in prior years, it's getting late for summer 2007. The sooner you start shopping, the better choice you'll have in terms of quality, location, and price. Follow our tips to make sure your vacation is well spent.
TO INVENT THE NEW YOU, DON'T BANKRUPT OLD YOU , by Jean Chatzky, page 30 Pursuing the career of your dreams can involve more money issues than you might imagine. The idea that we'll have second or third acts in our work lives has caught on only recently as expectations change about how long and how actively we'll live. But wanting to reinvent yourself and being financially able to do so are different things. Changing course probably means you'll earn less at a time when you expected to be socking away money for retirement. How do you make your finances nimble enough to accommodate this sort of shift? MONEY shows you how. WHEN TARGET FUNDS MISS THEIR MARK , by Penelope Wang and Asa Fitch, page 53 These funds are smart and wonderfully easy to use. But once again, the fund industry can't leave well enough alone. Rarely has a sensible investment caught on as quickly as the target-date retirement fund. These all-in-one portfolios of stock and bond funds diversify you instantly, automatically keep your portfolio in balance and gradually shift you to a more conservative asset mix as you get closer to retirement age. What could be easier than that? It's a pitch that's won over millions of people and their employers. There are now nearly 200 target funds to choose from too—49 launched in 2006. But that doesn't mean the funds are right for every situation. MONEY shows you what you need to be aware of, plus some guidelines on how to make a choice that hits the bull's-eye.
PLUS START: About Your Credit-Card Issuer: The Halo Isn't Real To make nice—and avoid government meddling—some issuers have made pro-consumer changes. That's great, but don't get duped into thinking every card has suddenly gone angelic in every way. Three Ways to Drop a Cell-Phone Contract Three listing websites promise to connect folks dumping contracts with those eager to acquire them. Should You Enroll in Paperless Checking? In March, ING Direct launched a Web-based checking account called Electric Orange. Are you ready to go completely electronic and give up paper checks entirely? Keep Your Miles from Expiring Cashing in miles has gone from hard to harder. SPEND: Five Bags, Checked Our test of new lightweight suitcases found one that could handle any baggage handler. MONEY is available in digital format. To access this version go to http://digital.money.com
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