Sep 15, 2015 | Home Buyer Tips
It is common for those who are interested in buying real estate in the near future to tune into news stories about the real estate market, and many may have heard that there is speculation about a real estate bubble that may pop soon. While this gloomy outlook on the real estate market can strike fear in some hearts and may deter a purchase until a later date, the fact is that this is an excellent time to purchase property. In fact, there are three good reasons why potential buyers may want to start moving forward with their buying plans soon.
Low Interest Rates
Most who have plans to purchase real estate will need to apply for a mortgage loan to complete their transaction, and today’s low interest rates are highly competitive. Low interest rates make the cost of borrowing money to purchase real estate lower, and this means that the mortgage payment that may be locked in may be lower. There is some speculation that interest rates will rise in the coming weeks or months, and this means that now may be a great time to take advantage of lower interest rates.
Great Deals Available
More than that, there are some great real estate deals available for buyers to take advantage of. Real estate values in many areas have rebounded in recent years, but some areas are still off historic highs. In addition, there may be foreclosures, short sales and other types of transactions that can result in buyers saving money on their property purchase.
The Benefits Of Home Ownership
Another benefit associated with making a purchase now is that home buyers can start enjoying the financial benefits of home ownership sooner. These benefits include the ability to build equity through debt reduction and value appreciation as well as tax benefits associated with owning property. These are benefits that can have a true impact on a person’s financial situation, and it may be financialy advantageous to have access to these benefits sooner rather than later.
There will always be speculation about what the real estate market may do in the coming weeks, months and years, but it is impossible to accurately determine how the market may act. With this in mind, it may be best for buyers to take advantage of currently great market conditions rather than attempt to time the market in the future. Home buyers can get more information about market conditions by speaking with their trusted real estate professional.
Sep 15, 2015 | Home Seller Tips
Selling a home is more than real estate listings and making the home appealing to potential buyers. One factor to take into account when buying a home is its location, meaning the community surrounds the home.
For sellers as well as buyers, it’s important to highlight the benefits of living in a particular community. After all, neighborhoods will have an enormous impact on the future buyer’s living experience.
It’s All About Walkable Neighborhoods
According to a Portland, Oregon-based company, City Observatory, there’s a growing demand for homes located in walkable neighborhoods. A decades-long love affair with commuting from suburban areas to work in the city has greatly lost its appeal.
Also, the growing demand for walkable neighborhoods is fueled by people desiring convenient access good schools as well as to entertainment options like movies, restaurants, and shopping. There’s also an appeal for easy access through reliable public transportation.
This trend has been around for a while now. In 2013, the National Association of Realtors found that 57 percent of study participants wanted smaller homes and shorter work commutes.
Fifty-five percent of participants said they would gladly get a small house with a small yard if it meant easy access to stores, schools, and restaurants. Plus, a walkable neighborhood also significantly increases property values. So play up the nearby community benefits that would entice potential buyers.
Great Neighborhood Amenities
Other favorable community amenities bicycle paths and libraries, parks. These are great bonuses for neighborhoods to attract fitness-minded individuals and promote a family-friendly atmosphere for buyers with kids. Speaking of kids, living in an excellent school district usually yields higher home values.
According to a survey conducted by the Demand Institute, almost half of participants wanted a pet-friendly neighborhood. In fact, this factor ranked higher than easy access to public transportation and even public schooling.
Neighborhood Safety
Safety is a top concern for most homebuyers. Although, there’s little one can do to quell neighborhood violence there are things an owner can do to make their home safer. They may want to consider studying security features on homes in their neighborhoods and adopt what they can, within reason.
What Potential Home Buyers Don’t Want In A Neighborhood
According to the National Association of Home Builders (NAHB), fewer home buyers were least impressed with communities with golf courses, a high population, gated communities, and mixed-use communities.
Homeowners, when listing a home, seek the help of a trusted real estate agent experienced in listing the best features of both the home and the community surrounding it.
Sep 14, 2015 | Uncategorized
You may have seen this statement in the remarks section of property descriptions and 
purchase and sale agreement: “This property is being sold subject to 24 CFR 206.125”. REO sellers are required by HUD to comply with this regulation upon the acquisition and resale of the property. The regulation pertains to properties that were subject to a reverse mortgage. Reverse mortgages are sometimes known as Home Equity Conversion Mortgages (HECM). Reverse mortgages are available to qualified borrowers over 62 years of age often the properties were transferred back to the lender due the death of the owner rather than as a result of a financial or fraudulent situation. It is likely that property is currently an REO because of the drop in in the value of homes since the peak of the market when some lenders were aggressively marketing reverse mortgages. The expectation at that time was that values would continue to increase. These REOs typically don’t have any owner occupant or NSP buyer restrictions when they come on the market. There are a couple of things to note with them. They generally will not sell the property for less than the asking price which is usually an as-is appraised value established by an FHA roster Appraiser. They are sold As-Is at the time of closing with no repair reimbursements or allowances. They won’t pay for home warranties. Home inspections and the connections of utilities for inspections will be at the buyer’s expense. Also the seller will not contribute to buyer’s closing costs. They should be viewed as soon as they come on the market because some of them are very good values and end up having multiple offers on them.
Sep 14, 2015 | Market Outlook
A short week after the Labor Day Holiday provided a slack schedule for economic news. Bloomberg reported that residential investment for the second quarter of 2015 represented 3.34 percent of the Gross Domestic Product. Compared to the long-term average reading of 4.56 percent, analysts said that the Q2 15 reading suggested pent-up demand in the housing market that could help propel the economy through any setbacks that could occur when the Fed raises rates.
Pent-Up Housing Demand a Plus when Fed Raises Rates
Job openings rose in July to 5.75 million as compared to June’s reading of 5.32 million. This is a positive indicator for the economy and for the housing sector, as consumer confidence in terms of buying a home typically relies on stable employment and a strong labor sector.
While economic indicators are looking good for housing construction, analysts note that a shortage of construction workers could affect construction of new residential units. Analysts said that children born during the 1980’s will lead the next wave of first-time home buyers, with millennials following. This trend could last for the next 10 to 15 years and is expected to bolster housing markets.
More lenient mortgage lending requirements and rising confidence among home builders were also cited as positive indicators for housing.
Mortgage Rates Mixed
Freddie Mac reported that average fixed mortgage rates rose by one basis point to 3.90 percent for 30-year fixed rate mortgages and 3.10 percent for 15-year mortgages. The average rate for a 5/1 adjustable rate mortgage fell by two basis points to 2.91 percent. Average discount points for a 30-year fixed rate mortgage were unchanged at 0.60 percent and rose to 0.70 percent for 15-year fixed rate mortgages and to 0.50 percent for 5/1 adjustable rate mortgages.
Job Openings Rise as Weekly Jobless Claims Fall
July job openings rose to 5.75 million from June’s reading of 5.32 million; this was the highest number of available jobs since records have been kept. Analysts said that the high number of job openings clearly indicate that the labor force is not able to supply the workers needed by employers. Jobs available range from professional to service related work; this suggests a universal trend rather than hiring challenges within specific job areas.
Hiring activity fell in July to 4.98 million from June’s reading of 5.18 million. July separations also fell, which suggests that employers are having problems finding skilled workers and are holding on to experienced workers.
Weekly jobless claims fell to 275,000 from the prior week’s reading of 281,000 new jobless claims.
What’s Ahead
Next week’s scheduled economic reports include Retail Sales, Consumer Price Index and Core CSI along with the NAHB Wells Fargo Housing Market Index, Commerce Department reports on housing starts and building permits. The Fed’s Federal Open Market Committee will issue its customary statement on Wednesday, followed by highly-anticipated press conference by Fed Chair Janet Yellen.
Sep 11, 2015 | Home Seller Tips
Moving is stressful. Don’t worry. There is an app for that. Technology makes moving easier than ever. Here are three mobile apps that help sellers manage their moves efficiently and with minimum stress.
App One: Move Advisor
First on the list is Move Advisor. This app not only received top reviews from users, it is free. The easy-to-use interface walks sellers through the moving process with four features.
Move Advisor provides users with a comprehensive moving timeline, a home inventory checklist, a moving company locator, and a moving quote.
The moving timeline lets users put in their moving date and any other information. The app then creates a personalized to do list. Each week is broken down into tasks to ease stress and prevent last minute panic.
The home inventory helps itemize the household. The app allows users to easily map out their homes room by room. The app keeps track of what needs to be moved, the volume and weight of the shipment, and how many boxes, furniture blankets, and moving vehicles are needed to move.
Finding a mover is easy with this app. It provides a list of local movers and quotes to make the selection process stress free.
App Two: My Move
My Move is another free app that streamlines the moving process. It focuses on informing users about what to expect from a move, finding a moving company, and properly organizing the move.
Information is invaluable. The app provides access to blogs about moving as well as an in-depth article about what to expect from a move on the app homepage.
The professional relocation assistance searches the top moving companies by state or name and includes reviews to help users make informed decisions. The quote process is as easy as a few taps of a finger. The relocation checklist is easily customized and straightforward, simplifying the packing process.
App Three: State Farm Move Tools
State Farm insurance company offers a highly interactive and visually appealing moving app designed to provide organizational assistance during the move. It comes with a to-do list, a packing tool, a label tool, an inventory, and many helpful moving tips.
Moving is easy with these three apps. Simplify the moving process by downloading one or all today. For more useful tips, contact a real estate agent for professional advice about moving, buying, and selling a home.
