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Monday, March 29, 2010

Urgent: What sellers need to know - right now!

1.) Expiring tax credit means a contract must be signed by April 30th in order for a buyer to qualify.
2.) The Fed has announced it will no longer manipulate the interest rates to keep them at all-time lows.
3.) The new short sale requirements going into effect April 5th will accelerate the process putting short sale properties in direct competition with those that are not short sales. In other words, buyers will no longer have to suffer long periods of waiting to buy a short sale.

All of these factors will work to reduce the number of potential buyers for your home in the next 30 days and beyond. It is therefore crucial that your property is positioned to sell now!

Thursday, March 25, 2010

February 2010 Market Update

February brought an increase in activity, indicating that the tax credits may be having a more significant impact than we had first projected. I am hearing stories of move-up buyers acting as a direct result of the $6,500 credit, which we had not expected. In addition, with inventories shrinking, we are moving towards a balanced market in some price ranges. Inventories are shrinking meaning fewer houses to choose from. If you’re looking to buy and still get in on the tax credit, you must have a purchase agreement executed before April 30th. It will not be extended again.

A new wild card in the process is the implementation of HAMP (Home Affordable Modification Program - for loan modifications) and HAFA (Home Affordable Foreclosure Alternative Program - for short sales) in April. These two Federal initiatives are designed to reduce the number of foreclosures and stream-line the Short Sale process for homeowners likely to suffer foreclosure. Their success will depend on the lenders ability to shift, staff up and train to the new program. We expect it to be a slow start, but, if effective, they do offer the opportunity to help bring the market into balance

For homeowners who are under financial pressure, it will be important to understand how HAMP and HAFA can help. The implementation details of each program are still being defined. However, if you are still employed and have means to make a mortgage payment, the goal is to alter that payment by reducing your interest rate and bring the payment to within 31% of your income. If that is not possible through reducing the interest rate or extending your mortgage term, chances are you will be advised to short sale your home.

Although the market is by no means robust, this will be the best spring in the past three years for Sellers as the reduction in inventory brings less competition and in relative terms the best values in years can still be found for Buyers. A rare perfect moment for all parties!

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Wednesday, March 17, 2010

Foreclosing on 2009 - The Shadow Inventory

Monday, March 15, 2010

5 Rules for Good online behavior:

Wednesday, March 10, 2010

Good things are happening in Michigan:

Tuesday, March 9, 2010

Solutions aren't easy for underwater mortgages:

Monday, March 8, 2010

"Buyers who wait may lose a lot" -

Friday, March 5, 2010

HouseLogic Offers Smart Advice to Owners
helping consumers make the most out of their homes:

Thursday, March 4, 2010

You know those fees other brokers ask your buyer to pay - they are a RESPA violation: