And I do believe we've bounced, finally! The NWMLS reported on April 5, 2010, that the Member Brokers have reported a 51% jump in pending home sales over the same month a year ago. While entry-level home sales have been driving the market, March showed that 91 residences in the NWMLS area sold for $1 million or more; compared to only 40 homes in this price range for the same period last year.
NWMLS Brokers also reported a year-over-year increase in the number of new listings added to the inventory, up 26.7% over a year ago. However, even though listings are up, so are sales, which takes DOWN the inventory approximately 2.8% from a year ago. That's good news for Sellers.
Closed sales also outpaced year-ago totals by a wide margin, a 47% increase over last year. And, even with sales being up, prices are still down somewhat, about 2% system side; however, prices have increased 1.8% since January of 2010.
Home Buyers are still experiencing some frustration, however, in actually getting offers accepted. Homes that are priced well (basically short sales and banked owned real estate) frequently have more than one Buyer interested and therefore the best offer wins. And, we are still experiencing long waiting periods for Bank Approvals on shorts sales, too. Buyers are still reluctant to offer over list price to make the deals work. And, with the Home Buyer incentive going away at the end of this month, sales may take a small dip.
If you'd still like to take advantage of the Home Buyer Tax Credit, you only have until April 30, 2010, to have a signed around accepted contract. You still have until June 30, 2010, to get it closed, but the window of opportunity is closing fast. Please call us if you'd like more information or assistance with a purchase or putting your home on the market.
Statistics for this article taken from NWMLS News Release of April 5, 2010.
Thursday, April 8, 2010
Tuesday, March 30, 2010
CENTURY 21 is giving away Twenty One $8.000 Cash Prizes
And you could be a winner! The Connect 2 the 1 Campaign runs from April 1, 2010 through June 30, 2010, and it allows you to enter your name in a drawing to win one $8,000 prize. One winning name will be drawn each month for 3 months in each of the 7 zones of the country designated by CENTURY 21: Desert West, Pacific West, Midwest, Northeast, Mid-Atlantic, Southeast and South Central. (Kansas, Missouri, New Jersey, Oklahoma and Rhode Island are not able to participate due to State Regulations). Drawings will be held on or about the 20th of May, June and July and winners will be notified by mail, e-mail or phone.
So, how do you enter? You can enter by 3 simple ways: 1) List your home for sale by your CENTURY 21 Professional during the campaign period. 2) Ask your CENTURY 21 Professional for an entry form, fill it out and give it back to them to send in for you. 3) Write your name, complete address including zip code, phone number, e-mail address and age (must be 21 to enter contest) on a 3x5 piece of paper and mail it to: "$8,000 List Your Home Sweepstakes", c/o ePrize, LLC, PO Box 5046, Kalamazoo, MI, 49003-5046. Only one entry per person during the campaign and non-winners for the month will be added to the drawing the next month.
No purchase is necessary to enter; complete rules and regulations can be obtained from your local CENTURY 21 Professional or on line at CENTURY21.com on the Connect 2 the 1 icon starting April 1st.
So double up those chances ... be sure to have your Purchase and Sale Offer written and accepted by April 30, 2010, and close by June 30, 2010, to receive your tax credit from Uncle Sam; then be sure to enter our CENTURY 21 Connect 2 the 1 Campaign for a chance at more money! Talk to your CENTURY 21 Professional today; and, as always, we're here to answer any questions for you, so give us a call!
So, how do you enter? You can enter by 3 simple ways: 1) List your home for sale by your CENTURY 21 Professional during the campaign period. 2) Ask your CENTURY 21 Professional for an entry form, fill it out and give it back to them to send in for you. 3) Write your name, complete address including zip code, phone number, e-mail address and age (must be 21 to enter contest) on a 3x5 piece of paper and mail it to: "$8,000 List Your Home Sweepstakes", c/o ePrize, LLC, PO Box 5046, Kalamazoo, MI, 49003-5046. Only one entry per person during the campaign and non-winners for the month will be added to the drawing the next month.
No purchase is necessary to enter; complete rules and regulations can be obtained from your local CENTURY 21 Professional or on line at CENTURY21.com on the Connect 2 the 1 icon starting April 1st.
So double up those chances ... be sure to have your Purchase and Sale Offer written and accepted by April 30, 2010, and close by June 30, 2010, to receive your tax credit from Uncle Sam; then be sure to enter our CENTURY 21 Connect 2 the 1 Campaign for a chance at more money! Talk to your CENTURY 21 Professional today; and, as always, we're here to answer any questions for you, so give us a call!
Thursday, February 4, 2010
Short Sales ... the good, the bad and the ugly
Face it folks ... we're in the short sale market and there's little we can do about it except live with it. So, here's a short sale primer for Buyers and Sellers.
THE GOOD: For Sellers it's a chance to get out from under crushing payments on a house that is worth less than you owe on it and to move on with your lives. For Buyers it's a chance to make a good deal on a house and quit paying rent. Also, you may get $8,000 or $6,500 credit on your taxes provided you can close on this house before June 30, 2010.
THE BAD: For Sellers, you are going to be out of a house and out of the house purchasing market for a while because your credit is going to take a hit. For Buyers, it takes patience ... lots of patience. There may be several offers on this house and Banks reserve the right to look at all offers (in most instances) and yours may not be the offer accepted. This you may not find out until months down the road, precious time that is wasted on waiting for a bank to make up its collective mind.
THE UGLY: For Sellers it's all the time wasted trying to work with a bank to get this accomplished, and then they make unrealistic requirements on closing the deal. And, you may end up having to sign a note to the bank for unpaid debt or the bank may decide to go after you in court for the deficiency amount. For Buyers it's the not knowing IF and WHEN you may get this house, whether or not your Lender's appraisal agrees with the underlying lender's appraisal (which throws you back into negotiations) and the fear of not closing in time to get your tax credit.
Just a few of the ramifications I've run into recently. As always, get a professional's advice before proceeding with any type of sale on your property and I can't stress enough that, should you decide to short sale your property or buy a short sale property, get an Agent who is knowledgeable and experienced with them. Then, let the games begin.
As always, please call us if we can ever help with your real estate needs.
THE GOOD: For Sellers it's a chance to get out from under crushing payments on a house that is worth less than you owe on it and to move on with your lives. For Buyers it's a chance to make a good deal on a house and quit paying rent. Also, you may get $8,000 or $6,500 credit on your taxes provided you can close on this house before June 30, 2010.
THE BAD: For Sellers, you are going to be out of a house and out of the house purchasing market for a while because your credit is going to take a hit. For Buyers, it takes patience ... lots of patience. There may be several offers on this house and Banks reserve the right to look at all offers (in most instances) and yours may not be the offer accepted. This you may not find out until months down the road, precious time that is wasted on waiting for a bank to make up its collective mind.
THE UGLY: For Sellers it's all the time wasted trying to work with a bank to get this accomplished, and then they make unrealistic requirements on closing the deal. And, you may end up having to sign a note to the bank for unpaid debt or the bank may decide to go after you in court for the deficiency amount. For Buyers it's the not knowing IF and WHEN you may get this house, whether or not your Lender's appraisal agrees with the underlying lender's appraisal (which throws you back into negotiations) and the fear of not closing in time to get your tax credit.
Just a few of the ramifications I've run into recently. As always, get a professional's advice before proceeding with any type of sale on your property and I can't stress enough that, should you decide to short sale your property or buy a short sale property, get an Agent who is knowledgeable and experienced with them. Then, let the games begin.
As always, please call us if we can ever help with your real estate needs.
Wednesday, January 13, 2010
LOAN MODIFICATION OR SHORT SALE ... What's best for me?
And, as in most things and as I tell my children ... it Depends! What is your ultimate goal?
IF you are finding yourself in financial straits and feel the need to tighten your expenditures, these are something to consider. It is now no longer necessary for you to be behind in your mortgage payments to get some assistance, but it does depend on your long term goals. The fact of the matter is, if you purchased a home within the last 8-10 years with a minimum down loan, you are probably upside down in equity position. (Anyone who purchased a new car knows that feeling.) The good news is ... you're not alone. A huge segment of the population in general are in the same boat (or house as the case may be). So what to do?
Loan Modification IF you plan to remain in your house for the next 8-10 years or more, have no desire to move up or out and just wish to keep a roof over your head, this may be for you. And, you don't need professional assistance to get it done. Just make the phone call and the packet of information will arrive on your doorstep. But, warning, depending on your Loan Servicer, it takes patience. It may happen quickly or take months, but it does involve lots of paperwork and proving that you need help. And the end result may not be to your satisfaction either. Be aware that Lenders are not reducing the amount of the debt you owe; so, when you're finished with the process, you still owe as much on the house as your did originally and you're still upside down when it comes to equity position. What Lenders are doing is reducing the interest rate on your loan to lower your payments or extending your loan over a greater length of time. So, when it comes time to finally sell that house, you may still be in a short sale situation and/or have to come to the closing table with money to make it work.
Short Sale IF you have the need, desire or situation that requires that you sell the property, then the short sale is your answer. With this you'll need professional assistance from a knowledgeable Real Estate Agent, Lawyer and/or accountant to help you. Here you'll need to list your home for the current market value, find a patient qualified Buyer and trust your professional to assist you through the maize of paperwork required to complete the transaction. Again, this may surprise us all and only take a month to get approval, but experience has shown us it will probably take up to 6 months and often more. And, there's never any guarantee that your Lender will approve the short sale. One more caution, a short sale WILL effect your credit score negatively, so keep that in mind when making your decision.
As in all things relating to contracts, seek professional assistance to protect your rights. Please don't hesitate to call us if we can ever be of assistance.
IF you are finding yourself in financial straits and feel the need to tighten your expenditures, these are something to consider. It is now no longer necessary for you to be behind in your mortgage payments to get some assistance, but it does depend on your long term goals. The fact of the matter is, if you purchased a home within the last 8-10 years with a minimum down loan, you are probably upside down in equity position. (Anyone who purchased a new car knows that feeling.) The good news is ... you're not alone. A huge segment of the population in general are in the same boat (or house as the case may be). So what to do?
Loan Modification IF you plan to remain in your house for the next 8-10 years or more, have no desire to move up or out and just wish to keep a roof over your head, this may be for you. And, you don't need professional assistance to get it done. Just make the phone call and the packet of information will arrive on your doorstep. But, warning, depending on your Loan Servicer, it takes patience. It may happen quickly or take months, but it does involve lots of paperwork and proving that you need help. And the end result may not be to your satisfaction either. Be aware that Lenders are not reducing the amount of the debt you owe; so, when you're finished with the process, you still owe as much on the house as your did originally and you're still upside down when it comes to equity position. What Lenders are doing is reducing the interest rate on your loan to lower your payments or extending your loan over a greater length of time. So, when it comes time to finally sell that house, you may still be in a short sale situation and/or have to come to the closing table with money to make it work.
Short Sale IF you have the need, desire or situation that requires that you sell the property, then the short sale is your answer. With this you'll need professional assistance from a knowledgeable Real Estate Agent, Lawyer and/or accountant to help you. Here you'll need to list your home for the current market value, find a patient qualified Buyer and trust your professional to assist you through the maize of paperwork required to complete the transaction. Again, this may surprise us all and only take a month to get approval, but experience has shown us it will probably take up to 6 months and often more. And, there's never any guarantee that your Lender will approve the short sale. One more caution, a short sale WILL effect your credit score negatively, so keep that in mind when making your decision.
As in all things relating to contracts, seek professional assistance to protect your rights. Please don't hesitate to call us if we can ever be of assistance.
Wednesday, November 25, 2009
Loan Modifications ... Your Bank May Come to You
It appears some banks may start becoming more human and humane. In an effort to stem the tide of vacant homes and struggling homeowners, a few of the banks are stepping forward to try to pre-empt the mortgage meltdown. We are seeing Asset Management Companies (companies hired by banks to manage their "at risk" mortgages and homes) hire Real Estate Agents to try to get in touch with their Borrowers. There's a whole new side of the Real Estate Business out there where agents are actually trying to assist people to stay in their homes.
Orders are sent out from these Asset Management Companies to real estate agents to get in touch with the Borrowers who have missed payments or are at risk of losing their homes. Agents are being a friendly face from the banks to give advice to Homeowners on what their options are and to deliver Loan Modification Applications, pick up and return the paperwork to the banks, or counsel and educate Homeowners on Modifications, Short Sales, Deed in Lieus and Foreclosures.
So, the next time you see a Real Estate Agent at your door, they may not be there to try to get you to list your property so they can make a sale and commission. They may be sent by your bank to help you stay in your home. Please welcome them in see if we can't work together to fix this current real estate market one house at a time.
Orders are sent out from these Asset Management Companies to real estate agents to get in touch with the Borrowers who have missed payments or are at risk of losing their homes. Agents are being a friendly face from the banks to give advice to Homeowners on what their options are and to deliver Loan Modification Applications, pick up and return the paperwork to the banks, or counsel and educate Homeowners on Modifications, Short Sales, Deed in Lieus and Foreclosures.
So, the next time you see a Real Estate Agent at your door, they may not be there to try to get you to list your property so they can make a sale and commission. They may be sent by your bank to help you stay in your home. Please welcome them in see if we can't work together to fix this current real estate market one house at a time.
Wednesday, November 11, 2009
Whew! 1st Time Home Buyer Credit Extended
It was almost like standing in line for the restroom at the packed stadium ... standing on one foot and then the other just praying that the line moves quickly ... so that our Buyers can close those short sales in time to get their $8,000 first time Buyer Credit. With banks and lenders moving glacially slow to approve short sales, and banks demanding more and more information and requirements from Buyers, it was looking very "iffy" for the deadline. However, on Friday the 6th, all that was averted when President Obama signed the bill extending the tax credits to contracts signed by April 30, 2010, and closing by June 30th. Thank you! Thank you!
Also included in the bill was a broadening of the requirements. Now the income limits have been increased to $125,000 per year for individuals and $225,000 for couples. It has still remained at a 10% of the purchase price, however, so it's only an $8,000 tax credit for anyone purchasing a home at a price of $80,000 or more. Some of the mobile homes in parks will only get a 10% credit, depending on their purchase price. The credit, however, also extends to Buyers who purchase an RV as their living quarters ... at 10% of the purchase price.
Additionally, written into the bill is now a $6,500 tax credit for Buyers who've owned their current home at least five of the last eight years. So, we can now include move-up or down-sizing Buyers, too. Now is a great time to buy a house, and with the government allowing us more time to get the transactions closed, it takes the pressure cooker lid off the process. Call anytime for further details.
Also included in the bill was a broadening of the requirements. Now the income limits have been increased to $125,000 per year for individuals and $225,000 for couples. It has still remained at a 10% of the purchase price, however, so it's only an $8,000 tax credit for anyone purchasing a home at a price of $80,000 or more. Some of the mobile homes in parks will only get a 10% credit, depending on their purchase price. The credit, however, also extends to Buyers who purchase an RV as their living quarters ... at 10% of the purchase price.
Additionally, written into the bill is now a $6,500 tax credit for Buyers who've owned their current home at least five of the last eight years. So, we can now include move-up or down-sizing Buyers, too. Now is a great time to buy a house, and with the government allowing us more time to get the transactions closed, it takes the pressure cooker lid off the process. Call anytime for further details.
Monday, October 5, 2009
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