Displaying blog entries 11-20 of 42
Refreshing news for the real estate market. Read below for the outlook:
http://rismedia.com/2011-01-02/pending-home-sales-continue-recovery/
Read below for economic insights for 2011:
It's a great time to buy! Don't let this incredible time in the housing market pass you by. Read more below:
http://articles.moneycentral.msn.com/Banking/HomeFinancing/10-reasons-you-should-buy-a-home-now.aspx?cp-documentid=25948264>1=33006
Great tips for today's real estate market! Check out the article below:
http://rismedia.com/2010-10-12/be-market-smart-dos-and-donts-for-home-sellers-and-buyers/
RISMEDIA, October 1, 2010—Many home buyers now and into the foreseeable future will face tight lending standards and the need to improve their credit score to get prequalified or preapproved for mortgages. Be aware of the following steps your prospects can take for some speedy credit repair to gain lender approval and the best possible rates, especially if they are months away from a purchase:
Credit Card Wisdom
-Paying revolving credit cards down is generally more beneficial than, for example, paying down student loans, mortgage or auto loans.
-Always leave a 30% or higher gap between what you owe on the card and the card’s limit. Lenders look for this minimum gap.
-Use cards with care even if you pay off balances each month because depending upon statement dates, the lender may see big balances.
-Pay down the cards closest to their limits first for speedier credit repair. The lending bank will then see the “gap” it wants to see.
-Do not ask a creditor to lower credit limits. Generally, carrying smaller balances on several cards is better than one large balance on one card.
-Check your credit card limits to make sure the report is correct. Limits may not be reported on all cards.
-Never make a late payment on credit cards or any loan.
Protesting Items
-Protest any unjust negatives, such as late payments, collections that are not yours, and any items not reported as “paid as agreed,” if you paid on time and in full.
-Protest items listed as unpaid that were included in a bankruptcy, and items older than seven years (10 for bankruptcy).
-Focus first on the larger, newer negatives listed on the report.
It is important not to worry about smaller items like incorrect address information or an old employer listed as current. This is, of course, unless there is the possibility of identity theft or the file is mixed with someone else’s.
This is certainly not an all-inclusive list of the steps that can be taken to improve a credit score, but it is a great start for clients needing to focus on their scores before attempting to get preapproved and purchase a home through you.
By Greg Robb and Jeffry Bartash
RISMEDIA, September 23, 2010—(MCT)—New housing starts surged 10.5% in August 2010 to the highest level since spring, but the activity was driven by a sharp spike in apartment construction, government data showed. Housing starts rose in August to an annualized rate of 598,000, compared with a revised 0.4% increase in July, the Commerce Department reported. Economists surveyed by MarketWatch had expected housing starts to drop to 535,000 on a seasonally adjusted basis.
While the report seemed to point to an upturn in the weak U.S. housing market, most economists downplayed the better-than-expected number. They pointed out that data for multi-family starts, which surged 32.2% in August, is notoriously volatile and represents just a small portion of the housing market.
New construction of single-family homes, which account for 75% of the housing market, rose a much smaller 4.3% to an annualized rate of 438,000. Although it was the first increase in four months, construction of single-family homes is still lower than last year.
“While the volatile multi-family sector was responsible for the overall level of starts in August being higher than expected, the more important single-family component remains severely depressed,” said Chief Economist Joshua Shapiro of MFR Inc.
Starts rose in all regions except the Northeast, where they slumped 24.3%. Big increases in the West (34.3%) and the Midwest (21.7%) offset that decline.
Data on housing starts has always been hard to measure, and the government report is prone to sharp revisions. Complicating the picture was a federal tax credit for new home buyers that expired earlier this year. The credit caused home sales to spike in the spring, peaking at an annualized rate of 679,000 in April, and then plunge over the summer, falling to as low as 539,00 in June.
Economists say the effects of the credit have largely dissipated, giving them a clearer view of the health of the housing market.
“We have found a bottom for housing activity. It’s at a pitiful level, but it should grow from here,” said Senior U.S. Economist Ellen Beeson Zentner of Bank of Toyko-Mitsubishi.
Permits for new construction, a more accurate gauge of home building, increased 1.8% in August to an annualized rate of 569,000.
Permits for condominiums and apartments rose 9.8%, but permits for single-family homes dipped 1.2% to an annual rate of 401,000. Single-family permits are viewed as one of the best indicators of future economic health and tend to draw the most attention of economists.
The housing market plays a huge role in the U.S. It’s usually one of the first sectors to weaken before a recession and one of the quickest to recover as growth resumes. The housing industry also has wide-ranging influence on the rest of the economy, because so many raw materials and finished goods are required to build homes and furnish them after sale.
But the housing sector has struggled mightily since the housing bubble burst two years ago and pulled the economy down with it. Even though experts have said the recession ended in June 2009, the U.S. economy is growing very slowly and the unemployment rate stands near a 27-year high, dampening demand for new homes.
Because of sharp fluctuations in starts data, economists say it can take several months to detect new trends. In the past four months, housing starts have averaged an annualized 567,000, down from 587,000 in the four months ending in July.
RISMEDIA, July 3, 2010—FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA).
“We have seen home buyer interest in FHA loans go from practically zero three years ago to upwards of 87% today,” said Christopher Gardner, founder and president of FHA Pros, LLC. “Despite this rapid rise in popularity, many buyers still do not fully understand the benefits of these loans, and we believe it’s time to change that.”
1. FHA loans are not only for lower-income borrowers. FHA loans are available to everyone. There is no maximum income restriction associated with FHA loans, but borrowers do need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are well-vetted and truly able to afford their future homes.
2. FHA loans are not only for first-time buyers. Many people believe FHA loans are available only to first-time home buyers, but this is not the case. Whether borrowers are making their first home purchase or their fifth, they can look to FHA loans as a home financing option.
3. FHA loans are not just small loans; in fact, loan amounts can be as high as almost $800,000. The government recently raised the maximum loan amount from its original cap of $362,790 to $793,750 as a way to help stabilize the housing market. The amount a buyer can borrow varies from county to county though. Later this summer, condo buyers interested in FHA loans can visit www.checkfhaapproval.com to instantly identify FHA-approved condo associations and review maximum loan amounts for a given location.
4. FHA loans are not affiliated with the section 8 housing program. While both programs are administered by the U.S. Department of Housing and Urban Development (HUD), FHA loans have nothing to do with low-income subsidized housing. FHA loans are simply mortgages insured by FHA. This insurance provided by the federal government allows lenders to lend more freely by assuring them that they will be repaid in the event of default. Most traditional lenders, including Wells Fargo & Co., JP Morgan Chase and Citigroup are able to provide FHA loans to their customers.
5. FHA loans are often more affordable than conventional loans. While FHA loans typically offer the same interest rates as other loans, borrowers benefit from a much lower down payment of as low as 3.5%.
6. FHA-approved condo developments are more desirable to buyers. With 87% of home buyers indicating that they plan to use FHA loans, condo associations that are not FHA approved are missing out on a significant pool of prospective buyers. Under rules in place since February 2010, an entire condominium development must now apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association with an FHA loan or before an existing unit owner can refinance into an FHA loan.
Due to the general unwillingness of today’s lenders to extend credit with respect to conventional loans, many borrowers find that FHA is their best bet. Lenders don’t mind lending when the federal government (FHA) assures them of repayment.
Homeowners associations (HOAs) should note that although FHA-insured mortgages might be easier to obtain, they are not “risky” loans, due in large part to the strict “full documentation” requirements placed on borrowers. Individual buyers or sellers can initiate the approval process or current owners can encourage their HOA to apply.
7. FHA loans are assumable. In addition to lower down-payment and credit-qualifying requirements as compared to conventional loans, FHA loans are assumable. This means that when a seller with an FHA loan sells his or her property, the loan and its financing terms (interest rate) can be transferred to the new buyer. This unique feature will certainly make a property more valuable in times of rising interest rates.
Need more information, or want us to refer you to a top-notch local lender? Call The Jansen Team today at 402-330-5954.
Great news from the mortgage world! Mortgage interest rates continue their decline to historic lows with 30 year conventional, fixed rates around 4 3/8% and 15 year at around 4%. To go along with this this FHA has eased requirements and conventional programs have lowered mortgage insurance rates. Right now is the perfect storm for home buyers. Low interest rates, extremely low home prices and motivated sellers. It is the land of opportunity for those who can jump in right now.
If you would like information on how you can now purchase a home and take advantage of this once in a lifetime opportunity, please contact our team. We offer decades of experience and in-depth market knowledge.
Our dedication will make your real estate experience smooth & stress-free one!
Thinking about putting your home on the market? Guess where you will find your buyer? If you are thinking that it's going to come from newspaper ads and open houses, think again! According to the National Association of Realtors statistics, 84% of all home buyers last year used the internet as the biggest part of their home search process. So, if your home does not hit the internet in a big way then you are missing the majority of the buyers out there.
Here is the problem: Most Real Estate agents cannot get your home onto the internet in a way that prospective buyers can find it. Today, the competition on the internet is heavy and unless your agent is extremely web savvy and is investing significant money and resources into internet marketing, then the chances of finding your home on the internet are about the same as finding a needle in a haystack. If your agent is just placing your home on their company web site then yes, your home will be on the internet, but nobody will find it.
If you have an agent with internet systems similar to those employed by the Jansen Team then you can be assured that your home is getting extensive exposure on the internet and that it will be found by many prospective buyers. Your agent also must have web site content that is relative to your area and even more important, Real Estate in your area. Web site visitors find most sites by entering search criteria into Google, Yahoo, etc. and there is a great deal of competition out there. Your agent must also place your home on Craigs List, You Tube and yes, even run ads on Facebook. There is quite a learning curve to doing all of this, and we on the Jansen Team have embraced the latest technologies. The Jansen Team does all of this and even goes further by having leads routed to our cell phones where they are followed up on immediately. If you think that selling a home without this kind of exposure is going to be easy in this market, then think again. National home sale statistics tell the story.
If you are ready to sell, be it a residential home, condo, business, acreage or waterfront property, be assured that our team is prepared to market it effeciently and with today's top technology.
The question that we hear the most lately is, "what is going to happen with this area's Real Estate market now that the tax credit has ended"? This is an excellent question because nobody knows for sure as to just how much impact the tax credit did have on our local market. It was evident that it did turn on some substantial sales activity in the lower priced home ranges. One must remember though that during the time of the tax credit, mortgage interest rates remained at historic lows and even declined past their previous low points.
Many have asked us. is it a good time to sell my home? Heck yes! Unless you are wanting to remain in your home for another 3-7 years. Is it a good time to buy a home? Heck yes! Remember that we currently have historic low mortgage interest rates. Higher mortgage interest rates in the future could negate any continued decreases in home values. We may never see another buyers market with this good of conditions. Every situation is different, but if you are considering selling a home in this area and buying a home in this area, you may want to take action while this opportunity continues.
Whether to buy or sell, a home, condo, land or commercial venture, our team stands ready to assist you with all of your real estate needs.
Displaying blog entries 11-20 of 42
