Released January 15, 2010
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
A Measure to help bring stability to home values and accelerate sale of vacant properties
WASHINGTON - In an effort to stabilize home values and improve conditions in communities where
foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that
will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed
properties. The announcement is part of the Obama administration commitment to addressing
foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood
Stabilization Program grants to local communities and nonprofit housing developers to combat
the effects of vacant and abandoned homes.
"As a result of the tightened credit market, FHA-insured mortgage financing is often the only means
of financing available to potential homebuyers," said Donovan. "FHA has an unprecedented
opportunity to fulfill its mission by helping many homebuyers find affordable housing while
contributing to neighborhood stabilization."
With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller
for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of
recently foreclosed properties.
"This change in policy is temporary and will have very strict conditions and guidelines to assure that
predatory practices are not allowed," Donovan said.
In today's market, FHA research finds that acquiring, rehabilitating and the reselling these properties
to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage
insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of
sellers to allow contracts from potential FHA buyers because they must consider holding costs and
the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.
The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned
properties, bank-owned properties, or properties resold through private sales. This will allow
homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize
neighborhoods and communities.
"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying
affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our
borrowers, especially first-time buyers, to take advantage of this opportunity."
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise
extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory
practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting
borrowers, this waiver is limited to those sales meeting the following general conditions:
1. All transactions must be arms-length, with no identity of interest between the buyer and seller
or other parties participating in the sales transaction.
2. In cases in which 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 specific conditions.
3. The waiver is limited to forward mortgages, and does not apply to the Home Equity
Conversion Mortgage (HECM) for purchase program.
Specific conditions and other details of this new temporary policy are in the text of the waiver,
available on HUD's website.
Showing posts with label Who? What? Why? How?. Show all posts
Showing posts with label Who? What? Why? How?. Show all posts
Tuesday, January 19, 2010
Wednesday, September 9, 2009
Home Sales Up! Summer 2009
Wasatch Front home sales up for second consecutive month
Sales of existing Wasatch Front homes were up for the second consecutive month, rising 4 percent in July, while Utah County sales increased by a whopping 22 percent, according to statistics released by the Utah Association of REALTORS® Aug. 25, 2009.
In July, Salt Lake, Utah, Davis, Weber and Tooele County REALTORS® sold 2,352 single-family homes, townhomes and condominiums compared to the 2,261 properties sold in July 2008. In Utah County, REALTORS® sold 566 existing homes compared to the 465 homes sold last year.
The statistics mirrored figures released by the National Association of REALTORS® that said U.S. home sales were up 5 percent in July compared to July 2008. On a monthly basis, U.S. seasonally adjusted home sales increased 7 percent, the first time in five years that sales increased for four months in a row.
Along the Wasatch Front, sales were down 6 percent from June to July; however, the decrease was expected because sales are traditionally slower in July and the Utah statistics are not seasonally adjusted.
The median price of homes in the five-county area in July was $205,000, down 6 percent from last year. In a separate report, the Federal Housing Finance Agency said Utah home prices decreased nearly 12 percent for the second quarter.
Sales of existing Wasatch Front homes were up for the second consecutive month, rising 4 percent in July, while Utah County sales increased by a whopping 22 percent, according to statistics released by the Utah Association of REALTORS® Aug. 25, 2009.
In July, Salt Lake, Utah, Davis, Weber and Tooele County REALTORS® sold 2,352 single-family homes, townhomes and condominiums compared to the 2,261 properties sold in July 2008. In Utah County, REALTORS® sold 566 existing homes compared to the 465 homes sold last year.
The statistics mirrored figures released by the National Association of REALTORS® that said U.S. home sales were up 5 percent in July compared to July 2008. On a monthly basis, U.S. seasonally adjusted home sales increased 7 percent, the first time in five years that sales increased for four months in a row.
Along the Wasatch Front, sales were down 6 percent from June to July; however, the decrease was expected because sales are traditionally slower in July and the Utah statistics are not seasonally adjusted.
The median price of homes in the five-county area in July was $205,000, down 6 percent from last year. In a separate report, the Federal Housing Finance Agency said Utah home prices decreased nearly 12 percent for the second quarter.
Wednesday, August 5, 2009
Housing Recovery
Are We Moving Towards a Housing Recovery?
“We have enough cumulative signs now that we’ve come through the worst and not only are things less bad, we’re starting to see pockets of improvement.” Those are the promising words of Charles Schwab Chief Economic Strategist Liz Ann Sanders during her July 28, 2009 interview with Diane Sawyer on ABC’s Good Morning America.
Sanders was responding to Standard & Poor’s/Case-Schiller’s latest Home Price Index which revealed that though housing prices were down nationally 17.9% since June 2008, the rate of home price deterioration has in fact slowed and the Standard & Poor’s/Case-Schiller home price index saw its first monthly gain in the three month period ended in May, from the same period ending in April.
Sanders went on to note, “You have to go through less bad on your way to good.” This viewpoint certainly concurs with what we’re seeing locally as well. While there are many more “bargains” now than at any time in the past few years, the latest numbers show that prices may be stabilizing—but we don’t anticipate that we’ll suddenly see giant leaps in home prices anytime soon.
What we do know is that the housing market was the first to enter the down market and probably will be the first to emerge from it. But it all takes time.
To emphasize that point, Sanders noted, “We’re not going to go into positive gain territory anytime soon but we were looking at declines down in the 18 to 19% so they’re getting a little less bad and that’s just a sign that the turn has come in so I do think prices are bottoming here. It’s not universal but broadly, nationally you can say that. There is still going to be some pockets of weakness but also some pockets of significant strength.”
Locally in pockets along the Wasatch Front there has been a surge in home sales over the last several months. In fact, in its July 28, 2009 Decline in home sales along Wasatch Front slows, ABC 4 reported that, “The decline in home sales along the Wasatch Front is starting to slow. The Salt Lake Board of Realtors released new statistics Tuesday that have a bit of good economic news in them. There were 5,428 single-family homes sold in the second quarter in Salt Lake, Davis, Utah, Weber and Tooele counties. That's only down about 2% from the same time last year. And, in Utah County, home sales were actually up nearly 15%.”
The reported continued, “The Salt Lake Board of Realtors says buyers have been motivated to buy new homes by the lower prices and government incentives.”
So what does all of this mean for today’s buyers?
The latest news shows that prices may be stabilizing but they’re likely to remain at these levels for some time. The Wall Street Journal Reporter Nick Timiraos wrote in his July 29, 2009 blog posting What the Case-Shiller Numbers Mean for Home Buyers, “A purchase could make sense for borrowers who plan to live in their home for a long time now that prices are more in sync with incomes.”
What should we watch for?
During the Good Morning America interview, Sanders, and Mike Santoli, an associate editor of Barron’s, both provided their key vital signs to watch for in calling for a recovery. Among them:
Liz Ann Sanders’ Three Improving Economic Vital Signs to Watch For:
- Index of Leading Economic Indicators, which has enjoyed three months of increases
- New unemployment claims are down 93,000; “We’ve never still been in a recession when we’ve seen that kind of drop,” said Sanders.
- The spread between short term (set by the Fed) and long term interest rates (driven by the market) is widening; these numbers are telling us that the economy is recovering
Mike Santoli’s Three Improving Economic Vital Signs to Watch For:
- Dow above 8,000; if it stays above 8,000, Santoli noted, this would be a good indicator that we’re on the road to recovery. As an aside, the week ended July 31, 2009, we danced over the 9,000 mark, closing Friday, July 31 at 9,171, making it the best July for the Dow in over 20 years, according to CNNMoney.com’s July 31, 2009 article Dow ends best July in 20 years.
- Santoli concurred with Sanders’ new unemployment claim indicator
- Back to school retail sales; Santoli stated that this is a check on consumer psychology; Santoli noted that we should watch sales reports from companies like Target and Wal-Mart to report to determine if consumer psychology is improving.
In the end, what all of this information is telling us is that though we are starting to show signs of improvement, we probably won’t see huge surges in home prices any time soon. Home prices seem to be realigning more closely with incomes in most markets. With mortgage rates remaining attractive, the $8,000 first time home buyer tax credit that is on the table until November 30 and foreclosures on the decline, the key signs are finally pointing in the right direction.
If you are ready to make an informed decision about real estate, please contact me today!
“We have enough cumulative signs now that we’ve come through the worst and not only are things less bad, we’re starting to see pockets of improvement.” Those are the promising words of Charles Schwab Chief Economic Strategist Liz Ann Sanders during her July 28, 2009 interview with Diane Sawyer on ABC’s Good Morning America.
Sanders was responding to Standard & Poor’s/Case-Schiller’s latest Home Price Index which revealed that though housing prices were down nationally 17.9% since June 2008, the rate of home price deterioration has in fact slowed and the Standard & Poor’s/Case-Schiller home price index saw its first monthly gain in the three month period ended in May, from the same period ending in April.
Sanders went on to note, “You have to go through less bad on your way to good.” This viewpoint certainly concurs with what we’re seeing locally as well. While there are many more “bargains” now than at any time in the past few years, the latest numbers show that prices may be stabilizing—but we don’t anticipate that we’ll suddenly see giant leaps in home prices anytime soon.
What we do know is that the housing market was the first to enter the down market and probably will be the first to emerge from it. But it all takes time.
To emphasize that point, Sanders noted, “We’re not going to go into positive gain territory anytime soon but we were looking at declines down in the 18 to 19% so they’re getting a little less bad and that’s just a sign that the turn has come in so I do think prices are bottoming here. It’s not universal but broadly, nationally you can say that. There is still going to be some pockets of weakness but also some pockets of significant strength.”
Locally in pockets along the Wasatch Front there has been a surge in home sales over the last several months. In fact, in its July 28, 2009 Decline in home sales along Wasatch Front slows, ABC 4 reported that, “The decline in home sales along the Wasatch Front is starting to slow. The Salt Lake Board of Realtors released new statistics Tuesday that have a bit of good economic news in them. There were 5,428 single-family homes sold in the second quarter in Salt Lake, Davis, Utah, Weber and Tooele counties. That's only down about 2% from the same time last year. And, in Utah County, home sales were actually up nearly 15%.”
The reported continued, “The Salt Lake Board of Realtors says buyers have been motivated to buy new homes by the lower prices and government incentives.”
So what does all of this mean for today’s buyers?
The latest news shows that prices may be stabilizing but they’re likely to remain at these levels for some time. The Wall Street Journal Reporter Nick Timiraos wrote in his July 29, 2009 blog posting What the Case-Shiller Numbers Mean for Home Buyers, “A purchase could make sense for borrowers who plan to live in their home for a long time now that prices are more in sync with incomes.”
What should we watch for?
During the Good Morning America interview, Sanders, and Mike Santoli, an associate editor of Barron’s, both provided their key vital signs to watch for in calling for a recovery. Among them:
Liz Ann Sanders’ Three Improving Economic Vital Signs to Watch For:
- Index of Leading Economic Indicators, which has enjoyed three months of increases
- New unemployment claims are down 93,000; “We’ve never still been in a recession when we’ve seen that kind of drop,” said Sanders.
- The spread between short term (set by the Fed) and long term interest rates (driven by the market) is widening; these numbers are telling us that the economy is recovering
Mike Santoli’s Three Improving Economic Vital Signs to Watch For:
- Dow above 8,000; if it stays above 8,000, Santoli noted, this would be a good indicator that we’re on the road to recovery. As an aside, the week ended July 31, 2009, we danced over the 9,000 mark, closing Friday, July 31 at 9,171, making it the best July for the Dow in over 20 years, according to CNNMoney.com’s July 31, 2009 article Dow ends best July in 20 years.
- Santoli concurred with Sanders’ new unemployment claim indicator
- Back to school retail sales; Santoli stated that this is a check on consumer psychology; Santoli noted that we should watch sales reports from companies like Target and Wal-Mart to report to determine if consumer psychology is improving.
In the end, what all of this information is telling us is that though we are starting to show signs of improvement, we probably won’t see huge surges in home prices any time soon. Home prices seem to be realigning more closely with incomes in most markets. With mortgage rates remaining attractive, the $8,000 first time home buyer tax credit that is on the table until November 30 and foreclosures on the decline, the key signs are finally pointing in the right direction.
If you are ready to make an informed decision about real estate, please contact me today!
Friday, July 10, 2009
Working Together
Everyone plays an important role to make the home buying process a success! Here is a break down of responsibilities for homebuyers, realtors and lenders.
Homebuyer needs to:
• Obtain a credit-checked preapproval before you start to shop for a home. (Applying in person may help expedite the process.)
• Review the timeline and potential impacts with your home mortgage consultant so you can keep your REALTOR® informed.It is wise to plan for at least a 30-day close.
• In the initial disclosure packet you receive, the impacts of the new regulations and investor requirements are outlined. Make sure to pose any questions to your home mortgage consultant.
• Know that these new regulations and investor requirements are in place to ensure you have time to consider your loan choice and feel confident to move forward.
• Review the appraisal delivery disclosure and determine whether or not you wish to waive the 3-business-day review period prior to closing.
• Understand that the interest rate on your loan impacts the APR. This means that until you lock in your rate, an exact APR cannot be determined. Minimally plan on locking at least 10 business days prior to the date you wish to close.
• Understand that a change in mortgage product could impact your APR and therefore your estimated closing date.
• Understand that changes in fees by third parties such as your settlement agent could also impact your closing date.
Realtor needs to:
• Set realistic expectations upfront and throughout the transaction with the listing agent, the seller and the homebuyer in regards to potential closing dates. It is wise to plan for at least a 30-day close.
• Discuss these new provisions with your settlement agents immediately to avoid unnecessary delays down the road. It is critical that any third party fees that impact the APR are accurate because any change of fees that increases the APR more than .125% will require the lender to re-disclose the TIL — allowing 7 business days before the transaction can close. This allows 3 business days for mailing and provides the homebuyers with the time required to determine if they are comfortable with their loan choice.
• Provide the settlement agent information to the lender as early in the process as possible.
• Make sure the homebuyers understand that their interest rate impacts their APR and that until that rate is locked
(which is at their discretion), the initial TIL will not be accurate, so a PreClosing TIL disclosure will likely be needed.
Home Mortgage Lender/consultant needs to:
• Help homebuyers understand timelines and anything that can impact their closing date. It is wise to encourage homebuyers, and REALTORS®, to plan for at least a 30-day close.
• Take applications and help homebuyers understand their product options.
• Issue homebuyers their initial disclosures.
• Collect fees. (Note: unless the initial disclosures are handed to the homebuyer the same day as you take his or her application, fees cannot be collected until the customer has received his or her initial disclosures).
• Ensure the loan is locked at least 10 business days prior to the desired close date (4 business days for the Reverse Fixed Rate product).
• If the APR increases more than .125% then the lender must re-disclose the TIL 7 business days before the transaction can close (4 business days for the Reverse Fixed Rate product). This allows 3 business days for mailing and provides the homebuyers with the time required to determine if they are comfortable with their loan choice.
Homebuyer needs to:
• Obtain a credit-checked preapproval before you start to shop for a home. (Applying in person may help expedite the process.)
• Review the timeline and potential impacts with your home mortgage consultant so you can keep your REALTOR® informed.It is wise to plan for at least a 30-day close.
• In the initial disclosure packet you receive, the impacts of the new regulations and investor requirements are outlined. Make sure to pose any questions to your home mortgage consultant.
• Know that these new regulations and investor requirements are in place to ensure you have time to consider your loan choice and feel confident to move forward.
• Review the appraisal delivery disclosure and determine whether or not you wish to waive the 3-business-day review period prior to closing.
• Understand that the interest rate on your loan impacts the APR. This means that until you lock in your rate, an exact APR cannot be determined. Minimally plan on locking at least 10 business days prior to the date you wish to close.
• Understand that a change in mortgage product could impact your APR and therefore your estimated closing date.
• Understand that changes in fees by third parties such as your settlement agent could also impact your closing date.
Realtor needs to:
• Set realistic expectations upfront and throughout the transaction with the listing agent, the seller and the homebuyer in regards to potential closing dates. It is wise to plan for at least a 30-day close.
• Discuss these new provisions with your settlement agents immediately to avoid unnecessary delays down the road. It is critical that any third party fees that impact the APR are accurate because any change of fees that increases the APR more than .125% will require the lender to re-disclose the TIL — allowing 7 business days before the transaction can close. This allows 3 business days for mailing and provides the homebuyers with the time required to determine if they are comfortable with their loan choice.
• Provide the settlement agent information to the lender as early in the process as possible.
• Make sure the homebuyers understand that their interest rate impacts their APR and that until that rate is locked
(which is at their discretion), the initial TIL will not be accurate, so a PreClosing TIL disclosure will likely be needed.
Home Mortgage Lender/consultant needs to:
• Help homebuyers understand timelines and anything that can impact their closing date. It is wise to encourage homebuyers, and REALTORS®, to plan for at least a 30-day close.
• Take applications and help homebuyers understand their product options.
• Issue homebuyers their initial disclosures.
• Collect fees. (Note: unless the initial disclosures are handed to the homebuyer the same day as you take his or her application, fees cannot be collected until the customer has received his or her initial disclosures).
• Ensure the loan is locked at least 10 business days prior to the desired close date (4 business days for the Reverse Fixed Rate product).
• If the APR increases more than .125% then the lender must re-disclose the TIL 7 business days before the transaction can close (4 business days for the Reverse Fixed Rate product). This allows 3 business days for mailing and provides the homebuyers with the time required to determine if they are comfortable with their loan choice.
Thursday, June 11, 2009
Recommendations For The White House
Business Roundtable, an association of chief executive officers of leading U.S. corporations, issued a set of recommendations for the White House and Congress that are aimed at jumpstarting the housing market in order to stimulate a broader economic recovery. The Business Roundtable’s recommendations are as follows:
· Keep mortgage interest rates at historically low levels (below 5 percent) for at least one year;
· Expand the current First-Time Homebuyer Tax Credit incentive from the lesser of 10 percent of the purchase price of the home or $8,000 to a higher limit of either 10 percent or $15,000 for all homebuyers, remove the income restrictions and include all primary residence purchases for one full year;
· Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
· Make permanent the current temporary conforming loan limits; and
· Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.
“We believe targeted, demand-side solutions – such as the ones Business Roundtable is recommending today – will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole,” said Smith in the Business Roundtable’s press release.
Coldwell Banker Realtors applaud the Business Roundtable for its proactive efforts to reinvigorate the U.S. housing market, and we are proud of the leadership role our parent company, Realogy, has taken in this regard. Many of our brokers and sales associates already have been involved in grassroots lobbying efforts in support of housing issues with your elected officials in Washington, D.C.
We understand that the legislative process is often a long and winding road that is hard to predict, but at some point in the future, we expect to make our voices heard in support of any new legislation in Congress that would advance these recommendations.
· Keep mortgage interest rates at historically low levels (below 5 percent) for at least one year;
· Expand the current First-Time Homebuyer Tax Credit incentive from the lesser of 10 percent of the purchase price of the home or $8,000 to a higher limit of either 10 percent or $15,000 for all homebuyers, remove the income restrictions and include all primary residence purchases for one full year;
· Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
· Make permanent the current temporary conforming loan limits; and
· Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.
“We believe targeted, demand-side solutions – such as the ones Business Roundtable is recommending today – will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole,” said Smith in the Business Roundtable’s press release.
Coldwell Banker Realtors applaud the Business Roundtable for its proactive efforts to reinvigorate the U.S. housing market, and we are proud of the leadership role our parent company, Realogy, has taken in this regard. Many of our brokers and sales associates already have been involved in grassroots lobbying efforts in support of housing issues with your elected officials in Washington, D.C.
We understand that the legislative process is often a long and winding road that is hard to predict, but at some point in the future, we expect to make our voices heard in support of any new legislation in Congress that would advance these recommendations.
Friday, May 29, 2009
Home Sales Increase
Home Sales Jump
Existing-home sales rose in April with strong buyer activity in lower price ranges, according to the NATIONAL ASSOCIATION OF REALTORS®.
In Utah County we saw home sales go from 361 in March to 385 in April. As of today there are 516 homes under contract in Utah County!!
Existing-home sales — including single-family, townhomes, condominiums and co-ops — increased 2.9 percent to a seasonally adjusted annual rate of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March. Yet, home sales were 3.5 percent below the 4.85 million-unit level in April 2008, according to NAR.
Lawrence Yun, NAR chief economist, says first-time buyers continue to influence the market but there also is a seasonal rise of repeat buyers.
“Most of the sales are taking place in lower price ranges and activity is beginning to pickup in the midprice ranges, but high-end home sales remain sluggish,” he says. “The Federal Reserve needs to help restore liquidity for the jumbo mortgage market by buying these loans under the TALF program.”
Buyers Once Again Emerge
An NAR practitioner survey in April showed first-time buyers declined to 40 percent of transactions, implying more repeat buyers are entering the traditional spring home-buying season. It also showed the number of buyers looking at homes has increased 14 percentage points from a year ago.
“This is consistent with our forecast for home sales in the latter part of the year to be 10 to 20 percent higher than the second half of 2008,” Yun says.
It's critical that distressed homes be quickly cleared from the market, Yun says.
“Fortunately, home buyers are being attracted to deeply discounted prices and are bidding up many foreclosed listings, particularly in California, Nevada, and Florida — this will set the stage for healthy market conditions going forward,” Yun says.
NAR President Charles McMillan says conditions are optimal for buyers with good jobs and long-term plans.
“We have record low mortgage interest rates, a wide selection of homes and affordable prices in most areas,” he says. “When you add the $8,000 first-time buyer tax credit, it’s hard to imagine a better time to make an investment in your future through homeownership.”
Existing-home sales rose in April with strong buyer activity in lower price ranges, according to the NATIONAL ASSOCIATION OF REALTORS®.
In Utah County we saw home sales go from 361 in March to 385 in April. As of today there are 516 homes under contract in Utah County!!
Existing-home sales — including single-family, townhomes, condominiums and co-ops — increased 2.9 percent to a seasonally adjusted annual rate of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March. Yet, home sales were 3.5 percent below the 4.85 million-unit level in April 2008, according to NAR.
Lawrence Yun, NAR chief economist, says first-time buyers continue to influence the market but there also is a seasonal rise of repeat buyers.
“Most of the sales are taking place in lower price ranges and activity is beginning to pickup in the midprice ranges, but high-end home sales remain sluggish,” he says. “The Federal Reserve needs to help restore liquidity for the jumbo mortgage market by buying these loans under the TALF program.”
Buyers Once Again Emerge
An NAR practitioner survey in April showed first-time buyers declined to 40 percent of transactions, implying more repeat buyers are entering the traditional spring home-buying season. It also showed the number of buyers looking at homes has increased 14 percentage points from a year ago.
“This is consistent with our forecast for home sales in the latter part of the year to be 10 to 20 percent higher than the second half of 2008,” Yun says.
It's critical that distressed homes be quickly cleared from the market, Yun says.
“Fortunately, home buyers are being attracted to deeply discounted prices and are bidding up many foreclosed listings, particularly in California, Nevada, and Florida — this will set the stage for healthy market conditions going forward,” Yun says.
NAR President Charles McMillan says conditions are optimal for buyers with good jobs and long-term plans.
“We have record low mortgage interest rates, a wide selection of homes and affordable prices in most areas,” he says. “When you add the $8,000 first-time buyer tax credit, it’s hard to imagine a better time to make an investment in your future through homeownership.”
Saturday, May 9, 2009
Homes Get Multiple Offers
The real estate sector of our economy continues to show some positive signs—a good symbol that the programs that the government has put in place are helping. USA Today reported earlier this week that “More homes for sale are attracting multiple offers as buyers pursue lower-price homes and banks low-ball asking prices to attract competing bids on foreclosures.” It’s exactly what we’ve seen locally in Utah County. The first time, entry level home buyer market is fueling this recovery. It’s something we certainly forecasted and it’s finally coming to fruition. Now, we’re seeing, in many markets, multiple offers on starter homes and even some frustrated buyers who are scratching their heads and wondering what happened to the buyer’s market. We warned that the change could come before we knew it and in some price ranges, it might’ve already come and went.
Here is a clip from the news article:
By Julie Schmit, USA TODAY
More homes for sale are attracting multiple offers as buyers pursue lower-price homes and banks low-ball asking prices to attract competing bids on foreclosures.
Multiple bids have picked up in recent months in California and other states hit hard by foreclosures and steep price drops, real estate executives say.
"If a house is in a good neighborhood, is maintained and is a good value, it'll get multiple offers," says Julie Holt, owner of Anclote Title Services in Tarpon Springs, Fla. One in 10 homes now draw multiple offers, up from one in 30 last fall, she says.
Multiple bids usually signify a market in which prices are rising and buyers outnumber sellers. That's not true now, given rampant foreclosures, still-falling prices in many regions and low demand for higher-price homes. Multiple offers on distressed properties are also not new, but their recent frequency offers hope for the real estate market, says Beth Peerce, treasurer of the California Association of Realtors (CAR).
"When you begin to see people willing to fight for a property, that's a good sign," she says. "We are beginning to see the beginning of the end of a disaster time."
Here is a clip from the news article:
By Julie Schmit, USA TODAY
More homes for sale are attracting multiple offers as buyers pursue lower-price homes and banks low-ball asking prices to attract competing bids on foreclosures.
Multiple bids have picked up in recent months in California and other states hit hard by foreclosures and steep price drops, real estate executives say.
"If a house is in a good neighborhood, is maintained and is a good value, it'll get multiple offers," says Julie Holt, owner of Anclote Title Services in Tarpon Springs, Fla. One in 10 homes now draw multiple offers, up from one in 30 last fall, she says.
Multiple bids usually signify a market in which prices are rising and buyers outnumber sellers. That's not true now, given rampant foreclosures, still-falling prices in many regions and low demand for higher-price homes. Multiple offers on distressed properties are also not new, but their recent frequency offers hope for the real estate market, says Beth Peerce, treasurer of the California Association of Realtors (CAR).
"When you begin to see people willing to fight for a property, that's a good sign," she says. "We are beginning to see the beginning of the end of a disaster time."
Tuesday, November 18, 2008
More First-Time Home Buyers
More First-Time Home Buyers
The 2008 National Association of Realtors Profile of Home Buyers and Sellers reveals that the number of first-time buyers has risen as a percentage of the market share and they plan to own their homes longer than buyers in the past.
Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it’s a trend he expects to grow. “First-time buyers are much more flexible in entering the market because they aren’t concerned about selling an existing home,” he said. “Given low home prices, plentiful supply, and affordable rates, it’s been an optimal time for entry-level buyers with a long-term view. Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves – that, in turn, should free more existing owners to make a trade in 2009.”
The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year’s survey and 36 percent in 2006. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007.
The median down payment by first-time buyers was 4 percent, up from 2 percent in 2007; the number purchasing with no money down fell from 45 percent in 2007 to 34 percent in the current survey.
Commuting costs factored greatly in neighborhood selection, with 41 percent of buyers saying they were very important and another 39 percent saying transportation costs were somewhat important.
Source: National Association of Realtors
The 2008 National Association of Realtors Profile of Home Buyers and Sellers reveals that the number of first-time buyers has risen as a percentage of the market share and they plan to own their homes longer than buyers in the past.
Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it’s a trend he expects to grow. “First-time buyers are much more flexible in entering the market because they aren’t concerned about selling an existing home,” he said. “Given low home prices, plentiful supply, and affordable rates, it’s been an optimal time for entry-level buyers with a long-term view. Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves – that, in turn, should free more existing owners to make a trade in 2009.”
The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year’s survey and 36 percent in 2006. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007.
The median down payment by first-time buyers was 4 percent, up from 2 percent in 2007; the number purchasing with no money down fell from 45 percent in 2007 to 34 percent in the current survey.
Commuting costs factored greatly in neighborhood selection, with 41 percent of buyers saying they were very important and another 39 percent saying transportation costs were somewhat important.
Source: National Association of Realtors
Thursday, November 13, 2008
NEXT Stimulus Bill
As a constituent and a Realtor, I ask that Congress focus any future stimulus package on reinvigorating housing markets. The current crisis is the result of problems in the nation's housing markets. Efforts to boost the economy must calm jittery real estate markets.
Earlier, the National Association of Realtors (NAR) proposed a 4-Point Housing Stimulus Plan that should be part of any new stimulus package. NAR's plan would:
*Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit's limited availability and repayment requirement severely limit the credit's use and effectiveness.
*Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.
*Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.
*Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases.
Housing has always lifted our economy out of past economic downturns. It's imperative now to foster a housing recovery, so that the economy can recover.
Earlier, the National Association of Realtors (NAR) proposed a 4-Point Housing Stimulus Plan that should be part of any new stimulus package. NAR's plan would:
*Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit's limited availability and repayment requirement severely limit the credit's use and effectiveness.
*Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.
*Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.
*Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases.
Housing has always lifted our economy out of past economic downturns. It's imperative now to foster a housing recovery, so that the economy can recover.
Thursday, September 4, 2008
Increase in Affordability
Report: Utah real estate sees increase in affordability
Home prices in Salt Lake City and other parts of Utah are more affordable than they’ve been in years, according to a national report released Aug. 19. The Housing Opportunity Index, which is published by the National Association of Home Builders and Wells Fargo, said second quarter home prices in the Salt Lake metro area were more affordable than they’ve been since 2005.
The report said that during second quarter 2008, nearly 55 percent of all new and existing homes were affordable to families earning the area’s median income of $65,300. The availability of affordably priced homes hasn’t been this high since the third quarter of 2005 when 58 percent of homes were considered affordable.
Of all the Utah metro areas reported, Ogden-Clearfield had the highest affordability ranking in the state, with 68 percent of homes being affordable to those earning the median income. That’s up from about 61 percent in the first quarter.
The Provo-Orem Metropolitan Statistical Area also saw improved affordability in the second quarter although there were fewer affordable homes in the area compared to Salt Lake and Ogden. Provo-Orem, however, is showing real improvement in terms of affordability. As recently as the third quarter of 2007, only 22.5 percent of homes were affordable to those earning the area’s median income. Now nearly 50 percent of homes are considered affordable.
Even St. George has seen huge affordability gains. In 2006, only 16 percent of St. George homes were affordable; now that number has jumped to nearly 37 percent.
Home prices in Salt Lake City and other parts of Utah are more affordable than they’ve been in years, according to a national report released Aug. 19. The Housing Opportunity Index, which is published by the National Association of Home Builders and Wells Fargo, said second quarter home prices in the Salt Lake metro area were more affordable than they’ve been since 2005.
The report said that during second quarter 2008, nearly 55 percent of all new and existing homes were affordable to families earning the area’s median income of $65,300. The availability of affordably priced homes hasn’t been this high since the third quarter of 2005 when 58 percent of homes were considered affordable.
Of all the Utah metro areas reported, Ogden-Clearfield had the highest affordability ranking in the state, with 68 percent of homes being affordable to those earning the median income. That’s up from about 61 percent in the first quarter.
The Provo-Orem Metropolitan Statistical Area also saw improved affordability in the second quarter although there were fewer affordable homes in the area compared to Salt Lake and Ogden. Provo-Orem, however, is showing real improvement in terms of affordability. As recently as the third quarter of 2007, only 22.5 percent of homes were affordable to those earning the area’s median income. Now nearly 50 percent of homes are considered affordable.
Even St. George has seen huge affordability gains. In 2006, only 16 percent of St. George homes were affordable; now that number has jumped to nearly 37 percent.
Monday, September 1, 2008
Home Sales Tips
Essential Home-Selling Tips
What is staging? Sabrina Soto, "Get It Sold" host and home-staging expert, knows.
Here are her top tips for helping you compete in today's real estate market.
By Sabrina Soto
1. Curb appeal
A fresh coat of paint on the front door and a groomed lawn invites buyers in. Pull weeds, rake leaves and trim overgrown shrubs, especially if they block windows or the path to your front door.
2. Paint
It's important to make your house generic. A fresh coat of neutral paint will make your home appear larger, brighter and more appealing to potential buyers.
3. Make repairs
Fix things like leaky faucets and sticky cabinets, and replace old screens. They may seem insignificant, but minor repairs add up in the mind of a potential buyer. They tend to overestimate how much repairs cost. You don't want to give them any reason not to put in an offer.
4. Rearrange
Make sure your furniture placement allows for easy traffic flow and shows the purpose of each room. If you have too much furniture, rent a portable storage device to hold things until you are ready to move into your new place. If you don't have enough furniture, borrow or rent. A clean and uncluttered kitchen is a staple of home staging.
5. Pack up
This includes personal photos and portraits. Less is always more. The less clutter and knickknacks you have lying around, the more potential buyers will be able to see your home and what it offers. Remember, you are selling your house, not your stuff. Plus, getting a head start on packing will eliminate some stress down the road.
6. Organize
When your house is meticulously organized, buyers will envision themselves living a stress-free life in your home.
7. Clean
Clean every inch of your house, and don't forget to make your windows and floors sparkle. If your carpet appears old and stained, think about replacing it. Also, make sure there are no offensive odors. Purchase an air-neutralizing spray that will help remove odors without creating an overwhelming masking odor. Clean homes sell!
8. Lighten up
Lighten up your home with natural tones and a neutral dose of style.Let the sun shine in, and turn on the lights. Open all blinds or curtains, and make sure the house is well lit.
9. Temperature
Be sure potential buyers are comfortable when touring your home. If it's freezing outside, leave the heat on, and if it's summer, turn on the air conditioner.
10. Keep it ready to show
It may be a little inconvenient, but until you accept an offer, keep your home in tip-top shape at all times. What this means is that each room should have a clear purpose, nice flow and be clean and clutter-free. Buyers need to be able to picture themselves and their things in a room, and taking these steps will help ensure that.
What is staging? Sabrina Soto, "Get It Sold" host and home-staging expert, knows.
Here are her top tips for helping you compete in today's real estate market.
By Sabrina Soto
1. Curb appeal
A fresh coat of paint on the front door and a groomed lawn invites buyers in. Pull weeds, rake leaves and trim overgrown shrubs, especially if they block windows or the path to your front door.
2. Paint
It's important to make your house generic. A fresh coat of neutral paint will make your home appear larger, brighter and more appealing to potential buyers.
3. Make repairs
Fix things like leaky faucets and sticky cabinets, and replace old screens. They may seem insignificant, but minor repairs add up in the mind of a potential buyer. They tend to overestimate how much repairs cost. You don't want to give them any reason not to put in an offer.
4. Rearrange
Make sure your furniture placement allows for easy traffic flow and shows the purpose of each room. If you have too much furniture, rent a portable storage device to hold things until you are ready to move into your new place. If you don't have enough furniture, borrow or rent. A clean and uncluttered kitchen is a staple of home staging.
5. Pack up
This includes personal photos and portraits. Less is always more. The less clutter and knickknacks you have lying around, the more potential buyers will be able to see your home and what it offers. Remember, you are selling your house, not your stuff. Plus, getting a head start on packing will eliminate some stress down the road.
6. Organize
When your house is meticulously organized, buyers will envision themselves living a stress-free life in your home.
7. Clean
Clean every inch of your house, and don't forget to make your windows and floors sparkle. If your carpet appears old and stained, think about replacing it. Also, make sure there are no offensive odors. Purchase an air-neutralizing spray that will help remove odors without creating an overwhelming masking odor. Clean homes sell!
8. Lighten up
Lighten up your home with natural tones and a neutral dose of style.Let the sun shine in, and turn on the lights. Open all blinds or curtains, and make sure the house is well lit.
9. Temperature
Be sure potential buyers are comfortable when touring your home. If it's freezing outside, leave the heat on, and if it's summer, turn on the air conditioner.
10. Keep it ready to show
It may be a little inconvenient, but until you accept an offer, keep your home in tip-top shape at all times. What this means is that each room should have a clear purpose, nice flow and be clean and clutter-free. Buyers need to be able to picture themselves and their things in a room, and taking these steps will help ensure that.
Friday, July 18, 2008
Top Ten Desired Features
Top Ten: Home Features Desired by All Home Buyers
Can you guess what the top ten features are?? What are your top features when looking for a home?? How would your favorite features compare to this national public survey??
#10. Home less than 10 years old
#9. Fencing
#8. Patio
#7. Separate shower enclosure in master/main bath
#6. High-speed Internet Access
#5. Cable/Satellite TV-ready
#4. Backyard/play area
#3. Walk-in closet in master bedroom
#2. Garage (2 or more spaces)
#1. Central Air Conditioning
Source: National Association of Realtors 2007 survey of Buyer's Home Feature Preferences
Can you guess what the top ten features are?? What are your top features when looking for a home?? How would your favorite features compare to this national public survey??
#10. Home less than 10 years old
#9. Fencing
#8. Patio
#7. Separate shower enclosure in master/main bath
#6. High-speed Internet Access
#5. Cable/Satellite TV-ready
#4. Backyard/play area
#3. Walk-in closet in master bedroom
#2. Garage (2 or more spaces)
#1. Central Air Conditioning
Source: National Association of Realtors 2007 survey of Buyer's Home Feature Preferences
Thursday, June 26, 2008
Increase Home Value
8 Quick Fixes to Increase Value
With buyers scarce, sellers must convince them that their property offers what many want most - top value for dollar spent. Here are eight fast fixes:
1. Buff up curb appeal. You've heard it before, but it's critical to get buyers to want to look on the inside. Be objective. View listings from the street. Check the condition of the landscaping, paint, roof, shutters, front door, knocker, windows, house number, and even how window treatments look from the outside. Add something special-such as big flower pots or an antique bench - to help viewers remember house A from B.
2. Enrich with color. Paint is cheap, but forget the adage that it must be white or neutral. Don't get too advantageous with jarring pinks, oranges, and purples. Use soft colors that say "welcome," lead the eye from room to room, and flatter skin tones. Think soft yellows and pale greens. Tint ceilings a lighter shade.
3. Upgrade the kitchen and bathroom. These make-or-break rooms can spur a sale. But besides making each squeaky clean and clutter-free, update the pulls, sinks, and faucets. In a kitchen, add one cool appliance, such as an espresso maker. In the bathroom, hang a flat-screen TV to mimic a hotel.
4. Add old-world patina. Install crown molding at least six to nine inches in depth, proportional to the room's size, and architecturally compatible. For ceilings nine feet high or higher, add dentil detailing, small tooth-shaped blocks used as a repeating ornament. It's all in the details.
5. Screen hardwood floors. Buyers favor wood over carpet, but refinishing is costly and time-consuming. Screening cuts dust, time, and expense. What it entails: a light sanding, not a full stripping of color or polyurethane, then a coat of finish.
6. Clean out, organize closets. Get sorting-organize your piles into "don't need," "haven't worn," and "keep." Closets must be only half-full so buyers can visualize fitting their stuff in.
7. Update window treatments. Buyers want light and views, not dated, fancy drapes that darken. To diffuse light and add privacy, consider energy-efficient shades and blinds.
8. Hire a home inspector. Do a preemptive strike, since busy home owners seek maintenance-free living. Fix problems before you list the home and then display receipts and wait for buyers to offer kudos to sellers for being so responsible.
Sources: Ernie Roth, Roth Interiors, Los Angeles; Angel Petragallo, abr, Group One, Boise, Idaho; Melissa Galt, Galt Interiors, Atlanta; Steve Kleiman, CEO, Oakington Realty, Houston; Sid Davis, Sid Davis & Associates, Farmington, Utah, and author of First-Time Homeowners' Survival Guide (Amacom, 2007); Steve Hochman, Friendly Note Buyers, Roxbury, N.Y.; Margi Kyle, designer and spokesperson for Hunter Douglas.
With buyers scarce, sellers must convince them that their property offers what many want most - top value for dollar spent. Here are eight fast fixes:
1. Buff up curb appeal. You've heard it before, but it's critical to get buyers to want to look on the inside. Be objective. View listings from the street. Check the condition of the landscaping, paint, roof, shutters, front door, knocker, windows, house number, and even how window treatments look from the outside. Add something special-such as big flower pots or an antique bench - to help viewers remember house A from B.
2. Enrich with color. Paint is cheap, but forget the adage that it must be white or neutral. Don't get too advantageous with jarring pinks, oranges, and purples. Use soft colors that say "welcome," lead the eye from room to room, and flatter skin tones. Think soft yellows and pale greens. Tint ceilings a lighter shade.
3. Upgrade the kitchen and bathroom. These make-or-break rooms can spur a sale. But besides making each squeaky clean and clutter-free, update the pulls, sinks, and faucets. In a kitchen, add one cool appliance, such as an espresso maker. In the bathroom, hang a flat-screen TV to mimic a hotel.
4. Add old-world patina. Install crown molding at least six to nine inches in depth, proportional to the room's size, and architecturally compatible. For ceilings nine feet high or higher, add dentil detailing, small tooth-shaped blocks used as a repeating ornament. It's all in the details.
5. Screen hardwood floors. Buyers favor wood over carpet, but refinishing is costly and time-consuming. Screening cuts dust, time, and expense. What it entails: a light sanding, not a full stripping of color or polyurethane, then a coat of finish.
6. Clean out, organize closets. Get sorting-organize your piles into "don't need," "haven't worn," and "keep." Closets must be only half-full so buyers can visualize fitting their stuff in.
7. Update window treatments. Buyers want light and views, not dated, fancy drapes that darken. To diffuse light and add privacy, consider energy-efficient shades and blinds.
8. Hire a home inspector. Do a preemptive strike, since busy home owners seek maintenance-free living. Fix problems before you list the home and then display receipts and wait for buyers to offer kudos to sellers for being so responsible.
Sources: Ernie Roth, Roth Interiors, Los Angeles; Angel Petragallo, abr, Group One, Boise, Idaho; Melissa Galt, Galt Interiors, Atlanta; Steve Kleiman, CEO, Oakington Realty, Houston; Sid Davis, Sid Davis & Associates, Farmington, Utah, and author of First-Time Homeowners' Survival Guide (Amacom, 2007); Steve Hochman, Friendly Note Buyers, Roxbury, N.Y.; Margi Kyle, designer and spokesperson for Hunter Douglas.
Friday, February 22, 2008
Home Enhancement
Some proven practical ideas on how to successfully prepare your home for sale:
1. First Impression of the EXTERIOR
(The buyer develops an opinion of your home within 15 seconds)
Check the street, fire hydrant, sidewalk, fence, mailbox, light fixtures, walkway, driveway, siding, roof, windows, gutters, and doorway. Make sure they are free of debris, clean, freshly painted, working, washed, replaced, or freshened up!
2. Appeal to the senses
(Buyers react favorably to a home in bright light with clean smells)
Check for good lighting, neutral colors, peaceful sounds, and fresh clean smells
3. First Impression of the INTERIOR
(The entry creates the first impression and the kitchen is the most important room)
Make sure the entry is light, neutral, clean and updated. The kitchen should be virtually spotless and smell fresh. Update appliances and cabinets if they are looking dated and old. Organize your kitchen and remove a lot of small gadgets from the countertop. Check the counters and flooring for damage, then replace or repair.
4. Small details
(Focus on the impact of small details)
Refinish, replace, refreshen, renew, reorganize! Don't forget to clean up the garage, basement, crawl space, and attic.
By showing attention to details and understanding the buyers needs, you can really increase the chances to sell your home quickly! I would be happy to assist you with recommendations to help your house sell for the highest price in the shortest amount of time.
1. First Impression of the EXTERIOR
(The buyer develops an opinion of your home within 15 seconds)
Check the street, fire hydrant, sidewalk, fence, mailbox, light fixtures, walkway, driveway, siding, roof, windows, gutters, and doorway. Make sure they are free of debris, clean, freshly painted, working, washed, replaced, or freshened up!
2. Appeal to the senses
(Buyers react favorably to a home in bright light with clean smells)
Check for good lighting, neutral colors, peaceful sounds, and fresh clean smells
3. First Impression of the INTERIOR
(The entry creates the first impression and the kitchen is the most important room)
Make sure the entry is light, neutral, clean and updated. The kitchen should be virtually spotless and smell fresh. Update appliances and cabinets if they are looking dated and old. Organize your kitchen and remove a lot of small gadgets from the countertop. Check the counters and flooring for damage, then replace or repair.
4. Small details
(Focus on the impact of small details)
Refinish, replace, refreshen, renew, reorganize! Don't forget to clean up the garage, basement, crawl space, and attic.
By showing attention to details and understanding the buyers needs, you can really increase the chances to sell your home quickly! I would be happy to assist you with recommendations to help your house sell for the highest price in the shortest amount of time.
Saturday, February 9, 2008
Service Guarantee
This is a commitment that Coldwell Banker and your realtor will perform as part of the exclusive agreement on marketing your property.
* CMA (Competitive Markety Analysis)
I will provide you with a current Competitive Market Analysis and assist you in determining the most effective list price for your property.
* Market Action Plan
I will give you a plan to market your porperty.
* Home Enhancement
I will provide you with a copy of the Coldwell Banker Home Enhancement Guide and discuss recommendations to attract the most amount of buyers.
* MLS (Multiple Listing Service)
I will submit your property to appear in the local Multiple Listing Service web site.
* Promotion to other Brokers
I will promote your property to other Brokers and sales associates in the area.
* Direct Marketing
I will distribute promotional materials on your property to key market areas to attract potential buyers.
* Yard Sign
I will provide a Coldwell Banker for sale sign on your property to help generate calls from prospective buyers.
* National and Local Advertising
Coldwell Banker has national and local internet, print and other advertising which will help attract the greatest number of buyers to your property.
*UtahHomes.com
The #1 real estate website in Utah.
* Coldwell Banker.com
The award winning national brand web site which will promote your property online 24 hours a day.
* Realtor.com
Your property will be designated as an enhanced listing on the official web site of the National Association of Realtors. Realtor. com is the internets #1 real estate web site.
* Multiple Images
I will post multiple photos of your property and a detailed property description on all of the aforementioned web sites.
* Servicing Interested Buyers
I have the latest lead notification technology so I can respond immediately to internet buyers who inquire about your property.
* Marketing Activity Report
I will report to you on a weekly basis to keep you informed of the competitive market conditions, buyer activity, and the actions I have taken to market your property.
* Timely Response
I will return your email or phone call within 24 or LESS!
* Offers to Purchase
I will review with you all of the purchase offers as they are presented.
* Closing the Sale
I will monitor and inform you of the progress of the transaction.
* Financing
I will encourage prospective buyers to obtain a written pre-approval letter from their lender.
* Estimated Net Proceeds
I will discuss with you an estimate of your net proceeds with each received offer.
* Representation
I will review with you how I will represent you in this transaction.
*Home Protection Plan
I will provide you with information regarding a warranty on the operating systems of your home to increase marketability.
* Relocation Services
I will offer to assist you, your friends, and your family should you need to relocate anywhere out of my local area.
This is my promise to you so you can be assured you will have the best representation and marketing possible. You will like what I can do for you, because good things are going to happen.
* CMA (Competitive Markety Analysis)
I will provide you with a current Competitive Market Analysis and assist you in determining the most effective list price for your property.
* Market Action Plan
I will give you a plan to market your porperty.
* Home Enhancement
I will provide you with a copy of the Coldwell Banker Home Enhancement Guide and discuss recommendations to attract the most amount of buyers.
* MLS (Multiple Listing Service)
I will submit your property to appear in the local Multiple Listing Service web site.
* Promotion to other Brokers
I will promote your property to other Brokers and sales associates in the area.
* Direct Marketing
I will distribute promotional materials on your property to key market areas to attract potential buyers.
* Yard Sign
I will provide a Coldwell Banker for sale sign on your property to help generate calls from prospective buyers.
* National and Local Advertising
Coldwell Banker has national and local internet, print and other advertising which will help attract the greatest number of buyers to your property.
*UtahHomes.com
The #1 real estate website in Utah.
* Coldwell Banker.com
The award winning national brand web site which will promote your property online 24 hours a day.
* Realtor.com
Your property will be designated as an enhanced listing on the official web site of the National Association of Realtors. Realtor. com is the internets #1 real estate web site.
* Multiple Images
I will post multiple photos of your property and a detailed property description on all of the aforementioned web sites.
* Servicing Interested Buyers
I have the latest lead notification technology so I can respond immediately to internet buyers who inquire about your property.
* Marketing Activity Report
I will report to you on a weekly basis to keep you informed of the competitive market conditions, buyer activity, and the actions I have taken to market your property.
* Timely Response
I will return your email or phone call within 24 or LESS!
* Offers to Purchase
I will review with you all of the purchase offers as they are presented.
* Closing the Sale
I will monitor and inform you of the progress of the transaction.
* Financing
I will encourage prospective buyers to obtain a written pre-approval letter from their lender.
* Estimated Net Proceeds
I will discuss with you an estimate of your net proceeds with each received offer.
* Representation
I will review with you how I will represent you in this transaction.
*Home Protection Plan
I will provide you with information regarding a warranty on the operating systems of your home to increase marketability.
* Relocation Services
I will offer to assist you, your friends, and your family should you need to relocate anywhere out of my local area.
This is my promise to you so you can be assured you will have the best representation and marketing possible. You will like what I can do for you, because good things are going to happen.
Friday, January 25, 2008
Why use a good realtor??
Several years ago, before I became a realtor, I had a different view about what real estate professionals do. I THOUGHT that they listed a home and waited to be paid at the closing. I THOUGHT they didn't have to return phone calls or listen to your needs. I THOUGHT they drove you around all day to waste your time and their gas. I THOUGHT they did not work for their money. I THOUGHT they would lie.
So when it came time for me to sell my own home, I THOUGHT I could do it all on my own! I did not realize until then how much I did not know about selling real estate. I needed a good real estate professional. I called a friend who I knew worked for Coldwell Banker Residential Brokerage. He sold my home for me and it was an easy, smooth, happy process. It was only after that that I decided real estate professional really do know what they are doing. But there are good and bad professionals in every occupation. It is important to find a GOOD real estate professional!
It is important for a real estate professional to help direct the process of purchasing a home. A realtor is also helpful with issues that concern first time home buyers. There are so many options for buyers to consider during each step of the home buying transaction, and they can make the best decisions with the assistance of a good real estate professional. Take time to find one that will really help you. A realtor can help you get the information needed to find the ideal home and get it at a great price!
1. Choosing a home that fits the buyer's life and family- As you meet with your real estate professional you will be able to discuss your needs. A good realtor can usually narrow down the home choices very quickly to save you time on looking at home options.
2. Picking the right mortgage- There are so many good mortgage products out there, and so many great financing options. A good realtor will provide you with names of reputable lenders so you can feel comfortable about your biggest investment.
3. Making offers that sellers can't refuse- A good realtor has the experience to know what works and what doesn't. Your time will not be wasted. You will be accessing the professionalism of a great negotiator.
4. Handling appraisals, inspections, title policies, and insurance- There is so much more to buying a home then just making an offer and getting the financing. A good realtor will not miss any important issues along the way.
5. Dealing with homeowner associations and management companies- You will have all of the facts. A good realtor makes sure that you are informed about all details of your home purchase.
6. Doing the final walk-through and closing- Buying a home is a big detailed process. A good realtor will be with you until then end, to fix any little hang ups along the way. An even better realtor will stay in touch with you long after your new home purchase! Call me, your professional realtor, to find out what I can do for you.
By Heidi Alldredge
So when it came time for me to sell my own home, I THOUGHT I could do it all on my own! I did not realize until then how much I did not know about selling real estate. I needed a good real estate professional. I called a friend who I knew worked for Coldwell Banker Residential Brokerage. He sold my home for me and it was an easy, smooth, happy process. It was only after that that I decided real estate professional really do know what they are doing. But there are good and bad professionals in every occupation. It is important to find a GOOD real estate professional!
It is important for a real estate professional to help direct the process of purchasing a home. A realtor is also helpful with issues that concern first time home buyers. There are so many options for buyers to consider during each step of the home buying transaction, and they can make the best decisions with the assistance of a good real estate professional. Take time to find one that will really help you. A realtor can help you get the information needed to find the ideal home and get it at a great price!
1. Choosing a home that fits the buyer's life and family- As you meet with your real estate professional you will be able to discuss your needs. A good realtor can usually narrow down the home choices very quickly to save you time on looking at home options.
2. Picking the right mortgage- There are so many good mortgage products out there, and so many great financing options. A good realtor will provide you with names of reputable lenders so you can feel comfortable about your biggest investment.
3. Making offers that sellers can't refuse- A good realtor has the experience to know what works and what doesn't. Your time will not be wasted. You will be accessing the professionalism of a great negotiator.
4. Handling appraisals, inspections, title policies, and insurance- There is so much more to buying a home then just making an offer and getting the financing. A good realtor will not miss any important issues along the way.
5. Dealing with homeowner associations and management companies- You will have all of the facts. A good realtor makes sure that you are informed about all details of your home purchase.
6. Doing the final walk-through and closing- Buying a home is a big detailed process. A good realtor will be with you until then end, to fix any little hang ups along the way. An even better realtor will stay in touch with you long after your new home purchase! Call me, your professional realtor, to find out what I can do for you.
By Heidi Alldredge
Wednesday, January 23, 2008
About Coldwell Banker
About Coldwell Banker ®
Since 1906, the Coldwell Banker ® organization has been a premier full-service real estate provider. In 2006, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system number one in real estate for the seventh straight year and number eight among all franchisors. The Coldwell Banker System has approximately 3,800 residential real estate offices and more than 120,000 sales associates in 42 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury properties through its Coldwell Banker Previews International ® division. It is a pioneer in consumer services with its Coldwell Banker Concierge ® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Mortgage is one of the largest telephone/web based lenders in the country. Coldwell Banker Real Estate Corporation is a subsidiary of Realogy Corporation, the world’s largest real estate franchisor. Realogy is owned by an affiliate of Apollo Management, L.P., a leading private equity and capital markets investor. Coldwell Banker ® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.
Since 1906, the Coldwell Banker ® organization has been a premier full-service real estate provider. In 2006, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system number one in real estate for the seventh straight year and number eight among all franchisors. The Coldwell Banker System has approximately 3,800 residential real estate offices and more than 120,000 sales associates in 42 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury properties through its Coldwell Banker Previews International ® division. It is a pioneer in consumer services with its Coldwell Banker Concierge ® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Mortgage is one of the largest telephone/web based lenders in the country. Coldwell Banker Real Estate Corporation is a subsidiary of Realogy Corporation, the world’s largest real estate franchisor. Realogy is owned by an affiliate of Apollo Management, L.P., a leading private equity and capital markets investor. Coldwell Banker ® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.
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