Wednesday, March 31, 2010
The Shannon Team sells the most units in 2009!
The Shannon Team takes top honors in the Real Estate One Family of companies with a whopping 637 units sold for 2009! Congratulations to Mike and the entire Shannon Team.
Monday, March 29, 2010
Urgent: What sellers need to know - right now!
1.) Expiring tax credit means a contract must be signed by April 30th in order for a buyer to qualify.
2.) The Fed has announced it will no longer manipulate the interest rates to keep them at all-time lows.
3.) The new short sale requirements going into effect April 5th will accelerate the process putting short sale properties in direct competition with those that are not short sales. In other words, buyers will no longer have to suffer long periods of waiting to buy a short sale.
All of these factors will work to reduce the number of potential buyers for their home in the next 30 days and beyond. It is therefore crucial that their property is positioned to sell now!
2.) The Fed has announced it will no longer manipulate the interest rates to keep them at all-time lows.
3.) The new short sale requirements going into effect April 5th will accelerate the process putting short sale properties in direct competition with those that are not short sales. In other words, buyers will no longer have to suffer long periods of waiting to buy a short sale.
All of these factors will work to reduce the number of potential buyers for their home in the next 30 days and beyond. It is therefore crucial that their property is positioned to sell now!
Thursday, March 25, 2010
February 2010 Market Update
February brought an increase in activity, indicating that the tax credits may be having a more significant impact than we had first projected. I am hearing stories of move-up buyers acting as a direct result of the $6,500 credit, which we had not expected. In addition, with inventories shrinking, we are moving towards a balanced market in some price ranges. Inventories are shrinking meaning fewer houses to choose from. If you’re looking to buy and still get in on the tax credit, you must have a purchase agreement executed before April 30th. It will not be extended again.
A new wild card in the process is the implementation of HAMP (Home Affordable Modification Program - for loan modifications) and HAFA (Home Affordable Foreclosure Alternative Program - for short sales) in April. These two Federal initiatives are designed to reduce the number of foreclosures and stream-line the Short Sale process for homeowners likely to suffer foreclosure. Their success will depend on the lenders ability to shift, staff up and train to the new program. We expect it to be a slow start, but, if effective, they do offer the opportunity to help bring the market into balance
For homeowners who are under financial pressure, it will be important to understand how HAMP and HAFA can help. The implementation details of each program are still being defined. However, if you are still employed and have means to make a mortgage payment, the goal is to alter that payment by reducing your interest rate and bring the payment to within 31% of your income. If that is not possible through reducing the interest rate or extending your mortgage term, chances are you will be advised to short sale your home.
Although the market is by no means robust, this will be the best spring in the past three years for Sellers as the reduction in inventory brings less competition and in relative terms the best values in years can still be found for Buyers. A rare perfect moment for all parties!
Click Here for larger view:
A new wild card in the process is the implementation of HAMP (Home Affordable Modification Program - for loan modifications) and HAFA (Home Affordable Foreclosure Alternative Program - for short sales) in April. These two Federal initiatives are designed to reduce the number of foreclosures and stream-line the Short Sale process for homeowners likely to suffer foreclosure. Their success will depend on the lenders ability to shift, staff up and train to the new program. We expect it to be a slow start, but, if effective, they do offer the opportunity to help bring the market into balance
For homeowners who are under financial pressure, it will be important to understand how HAMP and HAFA can help. The implementation details of each program are still being defined. However, if you are still employed and have means to make a mortgage payment, the goal is to alter that payment by reducing your interest rate and bring the payment to within 31% of your income. If that is not possible through reducing the interest rate or extending your mortgage term, chances are you will be advised to short sale your home.
Although the market is by no means robust, this will be the best spring in the past three years for Sellers as the reduction in inventory brings less competition and in relative terms the best values in years can still be found for Buyers. A rare perfect moment for all parties!
Click Here for larger view:
Wednesday, March 17, 2010
Monday, March 15, 2010
Wednesday, March 10, 2010
Tuesday, March 9, 2010
Monday, March 8, 2010
Friday, March 5, 2010
HouseLogic Offers Smart Advice to Owners
helping consumers make the most out of their homes: http://ping.fm/nbAra
helping consumers make the most out of their homes: http://ping.fm/nbAra
Thursday, March 4, 2010
You know those fees other brokers ask your buyer to pay - they are a RESPA violation: http://ping.fm/jaxyP
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