Deciding to list your home for sale is a momentous time. It means you will be moving on to a new stage of life, no matter if you’re moving up or sizing down. Take a moment to look over these tips for what every seller should do before they put their home on the market.
Organize Your Paperwork: Every homeowner should have a detailed list of all past repairs, updates, and upgrades they’ve made. This will help your agent know what should be mentioned on the MLS. Did you put on a new roof in 2010 or a install a new water heater in 2009? These are great selling features because they mean less work in the future for the prospective buyer.
Also included in this list should be any home warranty information. These warranties will most likely transfer with title of the home.
Get Ready to Declutter: Even before you’ve officially listed your home for sale, you should start getting rid of things you don’t need. Starting now will mean a more thorough and less rushed job of clearing things out.
Start with one closet and work your way through the entire home. Sort items to toss, keep, sell, and donate.
Having a yard sale is a wonderful way of making a little extra pocket change while reducing the amount of things you’ll have in your home during showings and that you’ll need to pack up and move. It’s a win-win!
Clean, Clean, and Clean Some More: Dirty homes are a real buyer turnoff. Now is a great time wash down walls, spruce up paint, and give your entire home a thorough cleaning. Do your carpets need refreshing? Consider renting a carpet shampoo machine or hiring a professional carpet cleaning company to come in and revamp your carpets.
Chances are buyers will ask for this anyway come closing time. You’ll beat them to the punch and have a shiny, sparkling home to show for it.
Get an Inspection: Did you think inspections were only for buyers? Having a pre-sale inspection can mean identifying problem areas. Perhaps you’re unaware that your foundation needs repaired. This will severely affect your listing price. It’s best to be prepared and realistic in today’s market.
Make Repairs or Get Estimates: Your inspection will likely leave you with a list of repairs, large and small, that need made. Keep in mind that prospective buyers will also get an inspection of your home and will find these same issues. Head them off at the pass and do some fixing up. You may wish to go ahead with large repairs. If not, be sure to at least get estimates so you are fully prepared for negotiations (you’ll know what the real cost should be) or so you can provide the estimates for buyers.
Start Staging: Staging is like prepping your home for its first date. You want to have it clean and well-dressed. This means amping up curb appeal with neat landscaping, fresh paint, and flowers. It means rearranging furniture and removing clutter.
Congratulations on deciding to list your home for sale. Be proactive about making a good first step by following these tried and true tips.
Published: May 10, 2012 By Carla Hill (Carla Hill, M.A., works on the Realty Times staff as Managing Editor for our online publication. She also is Producer for the real estate news channel, seen daily on RealtyTimes.com and on video newsletters nationwide. Retrieved from this website - click here!
Tuesday, May 15, 2012
Friday, May 11, 2012
Bernanke: Mortgages Still too Difficult to Get
Even creditworthy borrowers are finding it difficult to get a mortgage nowadays and it’s unlikely banks will ease their standards anytime soon, Federal Reserve Chairman Ben Bernanke told a banking conference in Chicago Thursday.
While banks have made huge strides in improving their balance sheets and overall lending (such as for credit cards and auto loans), banks continue to be extra cautious when it comes to issuing new mortgages, he said. Even borrowers coming with a 20 percent down payment on a home purchase may face hurdles unless they have stellar credit, he said.
"A return to pre-crisis lending standards wouldn't be appropriate," Bernanke said in referencing how banks prior to the housing crisis were issuing mortgages with little or no documentation for jobs or incomes. "However, current standards may be limiting or preventing lending to many creditworthy borrowers."
The challenges of getting a mortgage have been cited by real estate professionals and economists as one of the biggest obstacles standing in the way of a full housing recovery.
An estimated 10 to 20 percent of creditworthy home buyers are being locked out of the housing market because of tightened credit conditions, U.S. Housing Secretary Shaun Donovan told Reuters.
REPOSTED from Daily Real Estate News on May 11, 2012 from this link: Click Here
Source: “Credit Easing in U.S., Fed Chairman Says,” The New York Times (May 10, 2012) and “Bernanke: Even Worthy Borrowers Can’t get Mortgages,” Reuters News (May 10, 2012)
Friday, April 27, 2012
Real Estate Outlook = High Affordability
Real Estate Outlook: Affordability High
Housing affordability is still at a record high, according to the National Association of Realtors (NAR). It is at the highest level since record keeping began in 1970. This is based on the relationship between median home price, median family income and average mortgage interest rate.
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said this latest data underscores buyer opportunities in today’s market. "This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home," he said. "For buyers who can qualify for a mortgage, now is a very good time to become a homeowner."
Projections for the remainder of 2012 indicate that this affordability high will continue and rates will remain low. "Housing inventory levels have declined to a point where conditions are becoming much more balanced in much of the country," Veissi said. "If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth."
Despite these incredible buyer opportunities, builder confidence is down. The National Association of Home Builders (NAHB) reports that builder confidence for newly built, single-family homes declined for the first time in seven months.
"What we’re seeing is essentially a pause in what had been a fairly rapid build-up in builder confidence that started last September," said NAHB Chief Economist David Crowe. "This is partly because interest expressed by buyers in the past few months has yet to translate into expected sales activity, but is also reflective of the ongoing challenges that are slowing the housing recovery - particularly tight credit conditions for builders and buyers, competition from foreclosures and problems with obtaining accurate appraisals."
This has been an ongoing concern for many market activists. While housing affordability is at an all-time high, gaining access to credit is a tough road for many would-be buyers. Additionally, some would-be buyers are still wary of the market and are waiting on the sidelines for the economy to improve or market conditions to stabilize.
Regionally, results varied. The Northeast was the only region to see a gain in builder confidence, posting a 4 point gain on the HMI scale. The West remained unchanged, but both the West and South posted declines. Single-family home production held steady for the month. The multi-family sector saw a double digit decline, according to the U.S. Commerce Department.
Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, FL, reported, "While more consumers appear to be seriously considering a new-home purchase, builders remain very cautious about starting new projects until they see more actual sales materializing.
Reposted from Carla Hill - Realty Times - via Linked IN - via Realty Times
Published: April 23, 2012
Housing affordability is still at a record high, according to the National Association of Realtors (NAR). It is at the highest level since record keeping began in 1970. This is based on the relationship between median home price, median family income and average mortgage interest rate.
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said this latest data underscores buyer opportunities in today’s market. "This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home," he said. "For buyers who can qualify for a mortgage, now is a very good time to become a homeowner."
Projections for the remainder of 2012 indicate that this affordability high will continue and rates will remain low. "Housing inventory levels have declined to a point where conditions are becoming much more balanced in much of the country," Veissi said. "If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth."
Despite these incredible buyer opportunities, builder confidence is down. The National Association of Home Builders (NAHB) reports that builder confidence for newly built, single-family homes declined for the first time in seven months.
"What we’re seeing is essentially a pause in what had been a fairly rapid build-up in builder confidence that started last September," said NAHB Chief Economist David Crowe. "This is partly because interest expressed by buyers in the past few months has yet to translate into expected sales activity, but is also reflective of the ongoing challenges that are slowing the housing recovery - particularly tight credit conditions for builders and buyers, competition from foreclosures and problems with obtaining accurate appraisals."
This has been an ongoing concern for many market activists. While housing affordability is at an all-time high, gaining access to credit is a tough road for many would-be buyers. Additionally, some would-be buyers are still wary of the market and are waiting on the sidelines for the economy to improve or market conditions to stabilize.
Regionally, results varied. The Northeast was the only region to see a gain in builder confidence, posting a 4 point gain on the HMI scale. The West remained unchanged, but both the West and South posted declines. Single-family home production held steady for the month. The multi-family sector saw a double digit decline, according to the U.S. Commerce Department.
Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, FL, reported, "While more consumers appear to be seriously considering a new-home purchase, builders remain very cautious about starting new projects until they see more actual sales materializing.
Reposted from Carla Hill - Realty Times - via Linked IN - via Realty Times
Published: April 23, 2012
Monday, January 30, 2012
Obama Extends Foreclosure Prevention Program Aid
The Obama administration announced several changes to eligibility requirements for its Home Affordable Modification Program so that more struggling home owners can participate.
Follow this link for the complete details!
Obama Extends Foreclosure Prevention Program Aid
Follow this link for the complete details!Obama Extends Foreclosure Prevention Program Aid
Saturday, November 26, 2011
BEDC Releases Economic Benchmarking Report
BLOOMINGTON, INDIANA (November 18, 2011) – The Bloomington Economic Development
Corporation (BEDC) today announced the release of A Look Inside the 2011 Bloomington Economy, a
report providing comparative data about the Bloomington economy alongside Bloomington’s peer
communities across the United States. The report, completed by the Indiana Business Research Center
(IBRC) at Indiana University’s Kelley School of Business and funded in partnership with the City of
Bloomington’s Department of Economic & Sustainable Development, provides an up-to-date look at the
current economic conditions of Bloomington relative to 15 similar communities.
Since 2000, the BEDC, the City and the IBRC have partnered to publish periodic reports on the state of
the Bloomington area economy. The last study was produced in 2007 and the current report marks the
fifth publication in this series. The benchmarking approach measures economic indicators, such as
education, employment, income and innovation, among others, and compares them to other university
cities of a similar size. These comparisons provide an accurate measure of how Bloomington ranks
against cities of similar size and demographics.
“We use the benchmarking report to help us understand the community’s strengths and weaknesses and
to inform us in the planning and implementation of future economic development efforts,” said Ron
Walker, President BEDC. “We want Monroe County to be in the top tier among our national peers and
we now have a better idea where we do and do not meet that goal,” expressed Walker.
The study produced positive results for Bloomington on a number of indicators. With unemployment rates
lower than the national average and many of our peers, solid population growth, a diversifying economy,
and growth in key sectors, the report shows that Bloomington has weathered the economic recession
reasonably well. Bloomington also showed relatively strong numbers in affordability of housing,
educational attainment, per capita income growth, and job growth in the health care and social assistance
sector.
IBRC director Jerry Conover observed that “Although incomes in the Bloomington area continue to lag the
state and nation, we’ve experienced impressive income growth over the past several years. Employment
growth in industries paying above-average wages is a welcome trend that’s helped our area weather the
economic downturn relatively well.”
Many of the study’s findings do show the negative impacts of the economic recession that hit the country
over the past few years, and Bloomington has not been immune to its impacts. However, despite scoring
low on such indicators as wages and personal income compared to national and state peers, the
indicators also reveal that the Bloomington economy remains in a solid position and should return to a
period of greater job growth as the nation’s economy improves.
“This periodic study helps our community to view our local economy within the perspective of other cities
like us, and in some cases, of cities we aspire to be like,” said Danise Alano-Martin, the city’s director of
Economic & Sustainable Development. “It’s a benchmarking effort not only comparing us to peers, but it’s
also a study that helps inform and guide the collaborations between the City and the BEDC and other
partners.”
Some key findings include:
.
Monroe County added an average of 800 new jobs each year between 2009 and 2011.
.
Employment in local life science manufacturers nearly doubled between 2001 and 2009.
.
In the 2007 study, Bloomington had the second-highest unemployment rate among national
peers, but now ranks ahead of six of the communities.
.
The Bloomington area had an average wage per job of $34,145 in 2009.
.
Bloomington ranks 8th out of the 16-city national peer set in a county-level Innovation Index,
which measures inputs and outputs to innovation (venture capital, broadband penetration,
investments in R&D and educational attainment).
.
In 1990, manufacturing accounted for 15% of Bloomington’s total employment. This share is
down to 8% as of 2009.
.
Housing in Bloomington was the 6th most affordable of the 15 national peers.
.
Forty percent of Monroe County’s adult population has a bachelor’s degree or higher, ranking in
the top 3% of counties nationally.
.
Bloomington’s per capita personal income (PCPI) ranks as the fourth lowest in the national peer
set. However, the annual PCPI growth rate ranked 8th among national peers and 1st in the
Indiana set.
BEDC and City Economic & Sustainable Development staff will continue to analyze the report findings to
better understand where to direct limited resources that can close gaps in economic prosperity and
promote the area’s strengths.
A Look Inside the 2011 Bloomington Economy can be viewed at the BEDC’s website
www.comparebloomington.us. Click on the “2011 Bloomington Benchmarking Report” in the Quick Facts
section of the home page.
Monday, November 7, 2011
3 Red Flags when applying for a Mortgage
Daily Real Estate News | Monday, November 07, 2011
More lenders are scrutinizing mortgage applications since the financial crisis fallout, which has triggered fears of borrowers who will default or walk-away from their mortgage or mortgage fraud.
Here are the triggers that may cause the most lender scrutiny of loan applications, according to a recent article at The New York Times:
Large deposits of money: Lenders are required to account for any cash gifts for down payments, such as from relatives. So if a borrower earns $5,000 a month and suddenly deposits an extra $10,000 beyond that, lenders may question where the money came from when applying for a loan.
The home’s new address: Buyers who are purchasing a primary home three hours from where they work may also draw increased scrutiny from lenders, according to The New York Times article. Borrowers may even need a letter from their employer stating that they work from home a few times a week. That’s because lenders may want to ensure the borrower plans to be an owner-occupant and not buying the property to rent or flip, which must be disclosed.
Signing up for new credit cards: Borrowers should avoid taking on extra debt when applying for a loan — so they may want to wait to buy all the new furniture. Extra debt can be a red flag to a lender and could even jeopardize closing on a new home if the debt pushes the borrower’s total debt levels beyond lender-accepted limits.
Source: “Mortgages: Triggers of Lender Scrutiny,” The New York Times (Nov. 3, 2011)
More lenders are scrutinizing mortgage applications since the financial crisis fallout, which has triggered fears of borrowers who will default or walk-away from their mortgage or mortgage fraud.
Here are the triggers that may cause the most lender scrutiny of loan applications, according to a recent article at The New York Times:
Large deposits of money: Lenders are required to account for any cash gifts for down payments, such as from relatives. So if a borrower earns $5,000 a month and suddenly deposits an extra $10,000 beyond that, lenders may question where the money came from when applying for a loan.
The home’s new address: Buyers who are purchasing a primary home three hours from where they work may also draw increased scrutiny from lenders, according to The New York Times article. Borrowers may even need a letter from their employer stating that they work from home a few times a week. That’s because lenders may want to ensure the borrower plans to be an owner-occupant and not buying the property to rent or flip, which must be disclosed.
Signing up for new credit cards: Borrowers should avoid taking on extra debt when applying for a loan — so they may want to wait to buy all the new furniture. Extra debt can be a red flag to a lender and could even jeopardize closing on a new home if the debt pushes the borrower’s total debt levels beyond lender-accepted limits.
Source: “Mortgages: Triggers of Lender Scrutiny,” The New York Times (Nov. 3, 2011)
Thursday, October 27, 2011
HUD Offers REO Homes for $100 Down in Select States
HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers.
In select states, from now into October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home.
The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price.
The $100 down payment incentive program has been approved for two of HUD’s four national regions – the regions managed by the Denver Homeownership Center and the Atlanta Homeownership Center. HUD homes in the states listed, as well as the Caribbean are currently eligible for the program.
Denver Homeownership Center’s Jurisdiction:
•Arkansas
•Colorado
•Iowa
•Kansas
•Louisiana
•Missouri
•Minnesota
•Montana
•Nebraska
•New Mexico
•North Dakota
•Oklahoma
•South Dakota
•Texas
•Wisconsin
•Wyoming
•Utah
Atlanta Homeownership Center’s Jurisdiction:
•Alabama
•Florida
•Georgia
•Kentucky
•Illinois
•Indiana
•Mississippi
•North Carolina
•South Carolina
•Tennessee
•Caribbean
HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan.
Matt Martin, CEO of Matt Martin Real Estate Management (MMREM), says this is one of the most exciting features of the new incentive program and should drive a lot of exposure to FHA’s 203k offering.
MMREM is under contract with HUD to assist with disposition sales of its repossessed homes. MMREM handles properties throughout 16 states, or about a third of HUD’s REO portfolio.
With an FHA 203k loan, “buyers can find a property that needs some TLC, fix it up however they want to, and finance the whole thing for $100,” Martin explained.
“MMREM is excited to work with this recent initiative, in a way that it supports putting HUD homes back into the hands of homeowners,” Martin said.
In addition to $100 down instead of FHA’s typical 3.5 percent down payment, HUD says it will also cover up to 3 percent of the closing costs in most cases.
Information Courtesy of DSNews.com by Carrie Bay Retrieved on 10/27/2011 from this website:
In select states, from now into October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home.
The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price.
The $100 down payment incentive program has been approved for two of HUD’s four national regions – the regions managed by the Denver Homeownership Center and the Atlanta Homeownership Center. HUD homes in the states listed, as well as the Caribbean are currently eligible for the program.
Denver Homeownership Center’s Jurisdiction:
•Arkansas
•Colorado
•Iowa
•Kansas
•Louisiana
•Missouri
•Minnesota
•Montana
•Nebraska
•New Mexico
•North Dakota
•Oklahoma
•South Dakota
•Texas
•Wisconsin
•Wyoming
•Utah
Atlanta Homeownership Center’s Jurisdiction:
•Alabama
•Florida
•Georgia
•Kentucky
•Illinois
•Indiana
•Mississippi
•North Carolina
•South Carolina
•Tennessee
•Caribbean
HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan.
Matt Martin, CEO of Matt Martin Real Estate Management (MMREM), says this is one of the most exciting features of the new incentive program and should drive a lot of exposure to FHA’s 203k offering.
MMREM is under contract with HUD to assist with disposition sales of its repossessed homes. MMREM handles properties throughout 16 states, or about a third of HUD’s REO portfolio.
With an FHA 203k loan, “buyers can find a property that needs some TLC, fix it up however they want to, and finance the whole thing for $100,” Martin explained.
“MMREM is excited to work with this recent initiative, in a way that it supports putting HUD homes back into the hands of homeowners,” Martin said.
In addition to $100 down instead of FHA’s typical 3.5 percent down payment, HUD says it will also cover up to 3 percent of the closing costs in most cases.
Information Courtesy of DSNews.com by Carrie Bay Retrieved on 10/27/2011 from this website:
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