Tastefully done holiday decorations can be the eye candy that captures a buyer’s interest, says Lee Ralph, an associate with Coldwell Banker North Tampa (Fla.).
“We even negotiated a contract on Christmas Day last year,” Ralph says.
Ralph suggests using elegant themes and warns against over-decoration. “That may keep the buyer from being comfortable and able to visualize the home as their own,” Ralph says.
Designer Rick Davies, co-owner of Lafayette & Rushford Home, a home decor store in Dunedin, Fla., makes these suggestions:
· Work with what can’t be changed. Work carefully with the color, style, and age of the home.
· Consider proportions. Don’t put a huge wreath on a tiny door.
· Light the way. Simple pathway lights are a gracious way to greet potential buyers.
· Be subtle. Choose contemporary colors, including bright greens, lemongrass, golds, and ambers.
· Natural is in. Natural-look and organic materials are in vogue, including berries, artichokes, moss, twigs, acorns, and feathers.
Wednesday, December 8, 2010
Wednesday, November 17, 2010
7 Trends That Will Drive The Future of Housing
1. Big builders are wringing the extras out of construction costs and dropping the national average cost-to-build 36 percent to $52 per square foot.
2. Starting in 2011, Energy Star will ramp up its efficient design and quality installation standards. To get Energy Star certification, builders will have to install the right insulation, HVAC systems, and other features related to energy efficiency correctly every time.
3. Sheds are the next evolution. As homes get smaller, a separate shed will become a popular home addition.
4. There are 81 million "Echo Boomers" who were born from 1981 to 1999, compared to just 78 million Baby Boomers born from 1946 to 1964. These children and grandchildren of Boomers will drive home-building for years.
5. By 2015, demographers say, more than two out of every five households occupied by Generation Y people born between 1981 and 1999 will be WINKs (women with incomes and no kids).
6. Make room for the "Sandwich Generation" – Baby Boomers living with both their kids and their parents. These families like having two master suites, a second cooking area, and lots of storage.
7. Baby Boomers want to keep working and continue to live where they have always lived. They want a first-floor master bedroom near the washer and dryer and lots of convenient storage.
2. Starting in 2011, Energy Star will ramp up its efficient design and quality installation standards. To get Energy Star certification, builders will have to install the right insulation, HVAC systems, and other features related to energy efficiency correctly every time.
3. Sheds are the next evolution. As homes get smaller, a separate shed will become a popular home addition.
4. There are 81 million "Echo Boomers" who were born from 1981 to 1999, compared to just 78 million Baby Boomers born from 1946 to 1964. These children and grandchildren of Boomers will drive home-building for years.
5. By 2015, demographers say, more than two out of every five households occupied by Generation Y people born between 1981 and 1999 will be WINKs (women with incomes and no kids).
6. Make room for the "Sandwich Generation" – Baby Boomers living with both their kids and their parents. These families like having two master suites, a second cooking area, and lots of storage.
7. Baby Boomers want to keep working and continue to live where they have always lived. They want a first-floor master bedroom near the washer and dryer and lots of convenient storage.
3 Reasons To Sell Your Home
1. The market is improving.
2. Homes in great locations are always in demand.
3. Spring is coming soon and many potential buyers are starting their online search right after the hoildays.
2. Homes in great locations are always in demand.
3. Spring is coming soon and many potential buyers are starting their online search right after the hoildays.
Wednesday, September 15, 2010
Home purchases decline
Home Purchase Applications Decline
The number of applications for mortgages to purchase homes declined 0.4 percent last week compared to the previous week on an adjusted basis, probably because the Labor Day holiday took people’s minds off home shopping.
On an unadjusted basis, the purchase index declined 21.9 percent compared to the previous week and was down 39.7 percent compared to the same week a year ago.
Overall, mortgage applications, including applications to refinance, decreased 8.9 percent on a seasonally adjusted basis compared to the previous week and were down 27.4 percent on an unadjusted basis.
Mortgage rates remained low:
· 30-year fixed-rate mortgages decreased to 4.47 percent from 4.50 percent.
· 15-year fixed-rate mortgages decreased to 3.96 percent from 4 percent.
· 1-year ARMs decreased to 6.89 percent from 7 percent.
Source: Mortgage Bankers Association (09/15/2010)
The number of applications for mortgages to purchase homes declined 0.4 percent last week compared to the previous week on an adjusted basis, probably because the Labor Day holiday took people’s minds off home shopping.
On an unadjusted basis, the purchase index declined 21.9 percent compared to the previous week and was down 39.7 percent compared to the same week a year ago.
Overall, mortgage applications, including applications to refinance, decreased 8.9 percent on a seasonally adjusted basis compared to the previous week and were down 27.4 percent on an unadjusted basis.
Mortgage rates remained low:
· 30-year fixed-rate mortgages decreased to 4.47 percent from 4.50 percent.
· 15-year fixed-rate mortgages decreased to 3.96 percent from 4 percent.
· 1-year ARMs decreased to 6.89 percent from 7 percent.
Source: Mortgage Bankers Association (09/15/2010)
Monday, August 30, 2010
Mortgage Rates Continue to Fall
Mortgage Rates Continue to Fall
Average interest on long-term mortgages slid to a record low for the eighth time in nine weeks and could dip more. Freddie Mac reports that 30-year fixed loans averaged 4.36 percent this week, down from 4.42 percent a week ago; the 15-year fixed rate fell to a new low of 3.86 percent from 3.90 percent; and adjustable-rate mortgages were also below 4 percent.
The Mortgage Bankers Association's Michael Fratantoni said the group expects that rates "will begin to rise as the economic situation improves along with jobs."
Source: Pittsburgh Tribune-Review, Sam Spatter (08/27/10)
Average interest on long-term mortgages slid to a record low for the eighth time in nine weeks and could dip more. Freddie Mac reports that 30-year fixed loans averaged 4.36 percent this week, down from 4.42 percent a week ago; the 15-year fixed rate fell to a new low of 3.86 percent from 3.90 percent; and adjustable-rate mortgages were also below 4 percent.
The Mortgage Bankers Association's Michael Fratantoni said the group expects that rates "will begin to rise as the economic situation improves along with jobs."
Source: Pittsburgh Tribune-Review, Sam Spatter (08/27/10)
Monday, July 26, 2010
It's Great Time for Housing Deals
It's Great Time for Housing Deals
Paying off an underwater mortgage and buying a better home could be the best tactic in this troubled market.
"If you are trading up, what better time than when interest rates are at record lows and the cost of the trade-up is much less than it used to be?" says Christopher J. Mayer, a Columbia Business School economist.
With 15-year fixed-rate mortgages at about 4.5 percent, it also makes sense to pay off the mortgage and keep the house. "At this point," says Jay Brinkmann, chief economist of the Mortgage Bankers Association in Washington, D.C., "if they don't have anything else that is bringing a tremendous return, then they are buying themselves an annuity by paying their house off sooner than they needed to."
Source: The Wall Street Journal, M.P. McQueen (07/24/2010)
Paying off an underwater mortgage and buying a better home could be the best tactic in this troubled market.
"If you are trading up, what better time than when interest rates are at record lows and the cost of the trade-up is much less than it used to be?" says Christopher J. Mayer, a Columbia Business School economist.
With 15-year fixed-rate mortgages at about 4.5 percent, it also makes sense to pay off the mortgage and keep the house. "At this point," says Jay Brinkmann, chief economist of the Mortgage Bankers Association in Washington, D.C., "if they don't have anything else that is bringing a tremendous return, then they are buying themselves an annuity by paying their house off sooner than they needed to."
Source: The Wall Street Journal, M.P. McQueen (07/24/2010)
Monday, April 5, 2010
Home Sales Rise
Pending Home Sales Show Healthy Gain
Pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, says the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he says. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.” Pending home sales by region:
Northeast: the index rose 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009.
Midwest: jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago.
South: increased 9.2 percent to an index of 107.0, and the index is 17.5 percent higher than February 2009.
West: the index fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.
Source: NAR
Pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, says the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he says. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.” Pending home sales by region:
Northeast: the index rose 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009.
Midwest: jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago.
South: increased 9.2 percent to an index of 107.0, and the index is 17.5 percent higher than February 2009.
West: the index fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.
Source: NAR
Friday, March 19, 2010
Interest Rates
Winter Storms Hold Mortgage Rates in Place Interest on 30-year fixed mortgages averaged 4.96 percent this week, barely up from 4.95 percent a week ago, while 15-year rates nudged up to 4.33 percent from 4.32 percent, Freddie Mac reported.
Freddie Mac chief economist Frank Nothaft said the virtually unchanged interest on fixed-rate mortgages was the result of the effects of recent snow storms on the housing market.Also for the week ending March 18:• Five-year adjustable-rate mortgages rose to 4.09 percent from 4.05 percent.• One-year ARMs fell to 4.12 percent from 4.22 percent a week ago.
Source: The Wall Street Journal (03/19/10)
Freddie Mac chief economist Frank Nothaft said the virtually unchanged interest on fixed-rate mortgages was the result of the effects of recent snow storms on the housing market.Also for the week ending March 18:• Five-year adjustable-rate mortgages rose to 4.09 percent from 4.05 percent.• One-year ARMs fell to 4.12 percent from 4.22 percent a week ago.
Source: The Wall Street Journal (03/19/10)
Wednesday, March 3, 2010
Avoid loan modification scams
New Web site launched to prevent loan mod scams
The U.S. Dept. of Housing and Urban Development, in partnership with the Loan Modification Scam Prevention Network, launched PreventLoanScams.org, a new Web site to prevent loan modification scams.
The Loan Modification Scam Prevention Network developed the Web site to provide homeowners with a single destination to report alleged scammers. Complaints filed online are added to a national complaint database and forwarded to the appropriate law enforcement agencies for review. The Network estimates that the Web site will assist approximately 50,000 homeowners affected by scams. Additionally, HUD has directed its local fair housing and housing counseling grantees to begin reporting alleged loan modification scams via the Web site.
Before you decide on using an outside source to do a loan modification for you...make sure you check out this site.
The U.S. Dept. of Housing and Urban Development, in partnership with the Loan Modification Scam Prevention Network, launched PreventLoanScams.org, a new Web site to prevent loan modification scams.
The Loan Modification Scam Prevention Network developed the Web site to provide homeowners with a single destination to report alleged scammers. Complaints filed online are added to a national complaint database and forwarded to the appropriate law enforcement agencies for review. The Network estimates that the Web site will assist approximately 50,000 homeowners affected by scams. Additionally, HUD has directed its local fair housing and housing counseling grantees to begin reporting alleged loan modification scams via the Web site.
Before you decide on using an outside source to do a loan modification for you...make sure you check out this site.
Monday, February 8, 2010
4 Reasons to Sell Now
4 Reasons to Sell Now
Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.
* Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
* Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
* Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
* Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.Source: McClatchy Tribune, Kate Forgach (02/07/2010)
Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.
* Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
* Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
* Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
* Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.Source: McClatchy Tribune, Kate Forgach (02/07/2010)
Wednesday, February 3, 2010
What Will the Market's New Normal Be?
What Will the Market's New Normal Be?
In a new study, "Housing in America: The Next Decade," Urban Land Institute senior resident fellow John McIlwain says the housing market will not return to what it was prior to the downturn but rather that a "new normal" will take its place. He expects another 10 percent decrease in residential prices this year, a jump in the number of borrowers abandoning "underwater" mortgages, and a change in consumer perceptions of homeownership. "The emotional impact on the children and parents and disillusion about the 'joys' of homeownership will be intense; new attitudes to homeownership and the American dream will emerge," McIlwain writes. He expects home price appreciation to hover around 1 percent or 2 percent per year after the market recovers and the national homeownership rate to drop from 67 percent currently to 62 percent by 2020. In the coming decade, McIlwain expects the following:
Older baby boomers to move to urban, mixed-use, mixed-age centers near family instead of retiring to Sun Belt communities;
Immigrants to snub the suburbs in favor of more close-knit communities;
Younger boomers to face the challenges of lost home equity and a smaller pool of move-up buyers;
Generation Y to rent for long periods by choice or because they are paying off student loans or have stagnant incomes.
Source: Inman News (02/01/10)
In a new study, "Housing in America: The Next Decade," Urban Land Institute senior resident fellow John McIlwain says the housing market will not return to what it was prior to the downturn but rather that a "new normal" will take its place. He expects another 10 percent decrease in residential prices this year, a jump in the number of borrowers abandoning "underwater" mortgages, and a change in consumer perceptions of homeownership. "The emotional impact on the children and parents and disillusion about the 'joys' of homeownership will be intense; new attitudes to homeownership and the American dream will emerge," McIlwain writes. He expects home price appreciation to hover around 1 percent or 2 percent per year after the market recovers and the national homeownership rate to drop from 67 percent currently to 62 percent by 2020. In the coming decade, McIlwain expects the following:
Older baby boomers to move to urban, mixed-use, mixed-age centers near family instead of retiring to Sun Belt communities;
Immigrants to snub the suburbs in favor of more close-knit communities;
Younger boomers to face the challenges of lost home equity and a smaller pool of move-up buyers;
Generation Y to rent for long periods by choice or because they are paying off student loans or have stagnant incomes.
Source: Inman News (02/01/10)
Saturday, January 30, 2010
Buy a Fannie Mae Home and get Rewarded!
Fannie Mae to Offer Closing Cost Aid on Foreclosures
The largest provider of residential home funding in the United States, announced Friday that it would pay the closing costs on purchases of foreclosed homes in its inventory.The government-controlled company said buyers of qualified properties will get up to 3.5 percent in closing costs, or an equivalent amount for the purchase of new appliances.The goal of Fannie is to clear out the nearly 50,000 properties it has in inventory. Their goal....."Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover," said Terry Edwards, executive vice president for credit portfolio management, in a statement.
What does this mean for you??? This means when you buy a Fannie Mae home 3.5% of your closing cost will be paid for, saving you money.
To find a Fannie Mae home today call me at (951)240-9428 or email jwoldenga@roadrunner.com
The largest provider of residential home funding in the United States, announced Friday that it would pay the closing costs on purchases of foreclosed homes in its inventory.The government-controlled company said buyers of qualified properties will get up to 3.5 percent in closing costs, or an equivalent amount for the purchase of new appliances.The goal of Fannie is to clear out the nearly 50,000 properties it has in inventory. Their goal....."Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover," said Terry Edwards, executive vice president for credit portfolio management, in a statement.
What does this mean for you??? This means when you buy a Fannie Mae home 3.5% of your closing cost will be paid for, saving you money.
To find a Fannie Mae home today call me at (951)240-9428 or email jwoldenga@roadrunner.com
Wednesday, January 27, 2010
No more flip rule!
HUD Temporary removes 'Flipping Requirements Rule'
For contracts signed on/after February 1, 2010
HUD has announced a temporary waiver of the 90 Day Flipping Requirements Rule. The waiver is effective for FHA purchase transaction loans with purchase contracts signed on or after February 1, 2010. Loans with purchase contracts prior to February 1, 2010 are not eligible for the waiver.
The waiver is limited to those sales meeting the following general conditions which are designed to protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers:
· All transactions must be arms-length, with no identity of interest between the buyer and seller or any other parties participating in the sales transaction, including:
· Seller must hold title
· LLC’s, Corporations and trusts must be established in accordance with state and federal law
· No evidence of previous flipping within 12 months
· Evidence that property was marketed openly; via MLS, auction, FSBO
· If the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets the following conditions:
· Significant work has been done to the home (documented by a second appraisal verifying that legitimate repair and rehabilitation has been done to substantiate an increase more the 20%); or,
· In cases where no work has been done, the appraiser must provide explanation to support the increase since the prior transfer; and,
· A property inspection must be provided to the buyer prior to closing. (The lender may charge the borrower for the inspection.) The inspector does not need to be FHA approved, but must have NO interest in property, must no receive compensation other than from the lender and may not be involved with the repairs recommended from inspection. At a minimum, the inspection MUST include:
1. Property structure, foundation, floor, ceiling, walls and roof;
2. Exterior, siding, doors, windows, any decks, balconies, walkways and driveways;
3. Roofing, plumbing, all electrical, heating and A/C systems;
4. All interiors;
5. All insulation/ventilation systems as well as fire places and fuel burning appliances.
· The waiver does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
The waiver is scheduled to be effective for one year, unless otherwise extended or withdrawn by HUD. If HUD discovers that there is a significant increase in mortgage defaults and claims attributable to the waiver, HUD may withdraw the waiver immediately.
The complete text of the Waiver is available on the HUD website at: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
For contracts signed on/after February 1, 2010
HUD has announced a temporary waiver of the 90 Day Flipping Requirements Rule. The waiver is effective for FHA purchase transaction loans with purchase contracts signed on or after February 1, 2010. Loans with purchase contracts prior to February 1, 2010 are not eligible for the waiver.
The waiver is limited to those sales meeting the following general conditions which are designed to protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers:
· All transactions must be arms-length, with no identity of interest between the buyer and seller or any other parties participating in the sales transaction, including:
· Seller must hold title
· LLC’s, Corporations and trusts must be established in accordance with state and federal law
· No evidence of previous flipping within 12 months
· Evidence that property was marketed openly; via MLS, auction, FSBO
· If the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets the following conditions:
· Significant work has been done to the home (documented by a second appraisal verifying that legitimate repair and rehabilitation has been done to substantiate an increase more the 20%); or,
· In cases where no work has been done, the appraiser must provide explanation to support the increase since the prior transfer; and,
· A property inspection must be provided to the buyer prior to closing. (The lender may charge the borrower for the inspection.) The inspector does not need to be FHA approved, but must have NO interest in property, must no receive compensation other than from the lender and may not be involved with the repairs recommended from inspection. At a minimum, the inspection MUST include:
1. Property structure, foundation, floor, ceiling, walls and roof;
2. Exterior, siding, doors, windows, any decks, balconies, walkways and driveways;
3. Roofing, plumbing, all electrical, heating and A/C systems;
4. All interiors;
5. All insulation/ventilation systems as well as fire places and fuel burning appliances.
· The waiver does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
The waiver is scheduled to be effective for one year, unless otherwise extended or withdrawn by HUD. If HUD discovers that there is a significant increase in mortgage defaults and claims attributable to the waiver, HUD may withdraw the waiver immediately.
The complete text of the Waiver is available on the HUD website at: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
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