Real Estate & Mortgage News For You From Jeanne Weinacht- Realtor with Kappel & Kappel
email-jeanneweinacht@kappels.com, click picture for link to website
VACAVILLEHOMES.ORG
This Week's Articles
Contrats of the week...
RH "you're in contract"
BM "you're in contract"
PG "you're in contract"
Thanks to all my AWESOME lenders who make it happen!!!!
Wanna know why you should use the lender I recommend to you... so we can say
Congrats "you're in contract"
**********************************************************************************************************************
Vacaville's NSP program is on track...
Do you need a list of homes in the "area" targeted for First Time Homebuyers Assistance... call me or write me ...
*****************************************************************************************************
This is absolutely happening in our market....
Foreclosure Bargains Getting Harder to Find
Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking.
The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital.
Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures.
Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars.
Source: The Wall Street Journal, James R. Hagerty (02/23/2010)
RH "you're in contract"
BM "you're in contract"
PG "you're in contract"
Thanks to all my AWESOME lenders who make it happen!!!!
Wanna know why you should use the lender I recommend to you... so we can say
Congrats "you're in contract"
**********************************************************************************************************************
Vacaville's NSP program is on track...
Do you need a list of homes in the "area" targeted for First Time Homebuyers Assistance... call me or write me ...
*****************************************************************************************************
This is absolutely happening in our market....
Foreclosure Bargains Getting Harder to Find
Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking.
The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital.
Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures.
Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars.
Source: The Wall Street Journal, James R. Hagerty (02/23/2010)
This Week's Articles
2010: The Year of the First-Time Buyer?
According to the Chinese calendar, 2010 is the Year of the Tiger. But in real estate, 2010 may come to be known as the “Year of the First-Time Home Buyer.”
Mark Zandi, chief economist at Moody's Economy.com, says there will be 1.84 million homes sold to first-time home buyers in 2010, compared with 1.73 million in 2009.
These buyers will invariably make some mistakes that they will come to regret a few years down the road, some experts say, including failing to use a real estate professional to help them manage the transaction.
Real estate professionals have the time and the knowledge to sift through thousands of listings, creating market analyses to judge pricing and other key features, points out Ray Boss Jr., a practitioner with RE/MAX Realty Group in Maryland.
"I would want someone who is going to look out for my interests first and foremost," says Boss. "Someone who knows the contracts, who has experience negotiating, and who can walk me through the entire process smoothly — step by step — and make sure I get the house that's right for me."
Source: U.S. News & World Report, Kimberly Castro (02/18/2010)
4 Reasons to Sell Now
Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.
Source: McClatchy Tribune, Kate Forgach (02/07/2010)
According to the Chinese calendar, 2010 is the Year of the Tiger. But in real estate, 2010 may come to be known as the “Year of the First-Time Home Buyer.”
Mark Zandi, chief economist at Moody's Economy.com, says there will be 1.84 million homes sold to first-time home buyers in 2010, compared with 1.73 million in 2009.
These buyers will invariably make some mistakes that they will come to regret a few years down the road, some experts say, including failing to use a real estate professional to help them manage the transaction.
Real estate professionals have the time and the knowledge to sift through thousands of listings, creating market analyses to judge pricing and other key features, points out Ray Boss Jr., a practitioner with RE/MAX Realty Group in Maryland.
"I would want someone who is going to look out for my interests first and foremost," says Boss. "Someone who knows the contracts, who has experience negotiating, and who can walk me through the entire process smoothly — step by step — and make sure I get the house that's right for me."
Source: U.S. News & World Report, Kimberly Castro (02/18/2010)
4 Reasons to Sell Now
Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.
- Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
- Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
- Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
- Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.
Source: McClatchy Tribune, Kate Forgach (02/07/2010)
This Week's Articles
Big Test Ahead for the Mortgage Market -
The cessation at the end of March of the government program to buy mortgage-backed securities will show whether the White House and Federal Reserve have effectively stimulated the lending market to the point that it is now on solid footing.
If the sector slumps again, home owners could face a new period of distress.
Keeping mortgage rates at record lows was a major component of the economic strategy during President Obama's first year in office. While it did not garner the kind of headlines that efforts to bail out banks did, the policy did help revitalize home buying in parts of the country and assisted millions of home owners who were able to refinance.
Source: Washington Post, David Cho, Neil Irwin, and Dina ElBoghdady (01/25/10)
This will definately impact rates.... no one knows how much or how long... don't be caught "unawares" when you could act now! This is BIG!
Need Help...
Kappel and Kappel has recently partnered with Nfinit Solutions to assist you. Nfinit solutions can help with loan modifications and/or managed "surrender" of property including short sales. The way it works is I would refer you to Nfinit and if they can do a loan mod that works for you... fantasitic... if not , they can help with a managed surrender, or I could help with a short sale, both of which are believed to be less damaging to your credit than a foreclosure.
Do remember this, and I mean it with my whole heart... as my friend Eric (he's a real estate attorney) says, "Your credit score is a number... it's not who you are"
You know your personal situation better than anyone, and if you need help, just ask me. These are challanging times for everyone, but I do believe that if we all stick together, and freely share our knowledge and experiences, we will survive it!!
Supply and Demand .... Econ 101!
California Housing Inventory at 5-Year Low
The inventory of California homes shrunk to a 5-year low in December, dropping to 50 days from 243 a year ago, according to estimates by the California Association of REALTORS®.
Because California’s housing market is the largest in the country, economists watch it closely as a predictor of where the rest of the country is going.
Continuing recovery will depend on the state’s ability to overcome its 12.4 unemployment rate.
"I'm convinced that once the general public believes prices have bottomed out and are coming up, more people will put their homes on the market," says Andrew LePage, an analyst at MDA DataQuick, a provider of housing data. "And that will probably coincide with the economy and job market improving."
Source: The Wall Street Journal, Jim Carlton (01/23/2010)
The cessation at the end of March of the government program to buy mortgage-backed securities will show whether the White House and Federal Reserve have effectively stimulated the lending market to the point that it is now on solid footing.
If the sector slumps again, home owners could face a new period of distress.
Keeping mortgage rates at record lows was a major component of the economic strategy during President Obama's first year in office. While it did not garner the kind of headlines that efforts to bail out banks did, the policy did help revitalize home buying in parts of the country and assisted millions of home owners who were able to refinance.
Source: Washington Post, David Cho, Neil Irwin, and Dina ElBoghdady (01/25/10)
This will definately impact rates.... no one knows how much or how long... don't be caught "unawares" when you could act now! This is BIG!
Need Help...
Kappel and Kappel has recently partnered with Nfinit Solutions to assist you. Nfinit solutions can help with loan modifications and/or managed "surrender" of property including short sales. The way it works is I would refer you to Nfinit and if they can do a loan mod that works for you... fantasitic... if not , they can help with a managed surrender, or I could help with a short sale, both of which are believed to be less damaging to your credit than a foreclosure.
Do remember this, and I mean it with my whole heart... as my friend Eric (he's a real estate attorney) says, "Your credit score is a number... it's not who you are"
You know your personal situation better than anyone, and if you need help, just ask me. These are challanging times for everyone, but I do believe that if we all stick together, and freely share our knowledge and experiences, we will survive it!!
Supply and Demand .... Econ 101!
California Housing Inventory at 5-Year Low
The inventory of California homes shrunk to a 5-year low in December, dropping to 50 days from 243 a year ago, according to estimates by the California Association of REALTORS®.
Because California’s housing market is the largest in the country, economists watch it closely as a predictor of where the rest of the country is going.
Continuing recovery will depend on the state’s ability to overcome its 12.4 unemployment rate.
"I'm convinced that once the general public believes prices have bottomed out and are coming up, more people will put their homes on the market," says Andrew LePage, an analyst at MDA DataQuick, a provider of housing data. "And that will probably coincide with the economy and job market improving."
Source: The Wall Street Journal, Jim Carlton (01/23/2010)
Can't wait till Friday!!
|
Fannie Mae Offers New Closing Cost Assistance and Appliance Incentive for Homebuyers
|
This Week's Articles
Just a tidbit this week that may prove very helpful...
When you get a loan, did you know that you can "choose" your interest rate.... many folks did not...
Sometimes you pay "points" (a fancy name for 1% of the loan amount) in order to get a lower rate.
Also available is the option to get a "rebate" with a slightly higher rate... now why would you want a higher rate??? Well what if you could pay a small amount more each month and get a much needed chunk of change to help with your closing costs.
As homebuyers consider how to make their offers even more appealing to sellers, consider this... If you could get help from your lender with closing costs... you may not need to ask the seller for as much... and that will make your offer much more attractive...in today's competitive market.
And now for something coming up...
Gonna try and have a video for you next week explaing why interest rates may be on the way up and when... while no one has the crystal ball (mine's in the shop) on the economy... I have always believed that knowledge is power and the more we know, the better off we are when it comes to making important decisions like buying or selling a home...
Are you on Facebook or Twitter...
Join me.. I love keeping up with all the fun stuff... look for me under Jeanne Weinacht or my email jeanneweinacht@kappels.com
When you get a loan, did you know that you can "choose" your interest rate.... many folks did not...
Sometimes you pay "points" (a fancy name for 1% of the loan amount) in order to get a lower rate.
Also available is the option to get a "rebate" with a slightly higher rate... now why would you want a higher rate??? Well what if you could pay a small amount more each month and get a much needed chunk of change to help with your closing costs.
As homebuyers consider how to make their offers even more appealing to sellers, consider this... If you could get help from your lender with closing costs... you may not need to ask the seller for as much... and that will make your offer much more attractive...in today's competitive market.
And now for something coming up...
Gonna try and have a video for you next week explaing why interest rates may be on the way up and when... while no one has the crystal ball (mine's in the shop) on the economy... I have always believed that knowledge is power and the more we know, the better off we are when it comes to making important decisions like buying or selling a home...
Are you on Facebook or Twitter...
Join me.. I love keeping up with all the fun stuff... look for me under Jeanne Weinacht or my email jeanneweinacht@kappels.com
This Week's Articles
For an update on the homebuyer tax credit click here or use the widget directly to the left under "Free Information For You... click on item"
FHA To Toughen Down Payment Rules
The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, agency announced Tuesday.
Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency's finances.
The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, paid by borrowers over the life of the loan, above the current 0.55 percent maximum. The amount it will seek has yet been announced.
Source: Reuters News, Corbett B. Daly (01/19/2010)
Housing Economists: Sales Are on the Rise
The housing recovery should gain moment in 2010, but the improvement will still be slow, according to a panel of economists speaking at the International Builders Show in Las Vegas.
"It won't be a strong recovery, but it will be a recovery," said David Crowe, chief economist for the National Association of Home Builders.
Crowe forecast that sales of new homes will rise by about 33 percent while resales will go up 7 percent. He expects prices to remain stable in most areas, but some cities may see some slight declines.
"I believe we've seen the worst of the house price declines ... The stage is set for the consumer to return," Crowe said.
Source: Associated Press, Alex Veiga (01/19/2010)
FHA To Toughen Down Payment Rules
The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, agency announced Tuesday.
Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency's finances.
The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, paid by borrowers over the life of the loan, above the current 0.55 percent maximum. The amount it will seek has yet been announced.
Source: Reuters News, Corbett B. Daly (01/19/2010)
Housing Economists: Sales Are on the Rise
The housing recovery should gain moment in 2010, but the improvement will still be slow, according to a panel of economists speaking at the International Builders Show in Las Vegas.
"It won't be a strong recovery, but it will be a recovery," said David Crowe, chief economist for the National Association of Home Builders.
Crowe forecast that sales of new homes will rise by about 33 percent while resales will go up 7 percent. He expects prices to remain stable in most areas, but some cities may see some slight declines.
"I believe we've seen the worst of the house price declines ... The stage is set for the consumer to return," Crowe said.
Source: Associated Press, Alex Veiga (01/19/2010)
Homebuyer Tax Credit
April 30th is the deadline... that means you must have an accepted offer and escrow must be open... bear in mind with today's competition you may write 2-3 offers before you "win" one...it is extemely important to meet now, I will help you get pre-approved and begin the process in order to take full advantage of this revolutionary tax credit.
What's my home worth... and what will it appraise for... often two different answers
okay I couldn't resist sharing this....
Foreclosures Weigh on Home Appraisals
Approximately 25 percent of real estate practitioners say low appraisals have broken up deals, according to the NATIONAL ASSOCIATION OF REALTORS®.
While foreclosed properties typically are not included in a comparable sales analysis, they account for about 40 percent of home sales -- more than 50 percent in some markets -- making it difficult for appraisers to value properties not in the foreclosure process.
Additionally, new industry rules that require mortgage lenders to order appraisals through in-house staff or appraisal management companies means more appraisers without knowledge of the local market are making valuations.
While Zillow.com says non-foreclosures are selling for upwards of 30 percent more than foreclosures, a study of 20 years of home sales in Massachusetts by Harvard University's Joint Center for Housing Studies indicates that dwellings closer than 100 yards to a foreclosure lose about 1 percent in value.
Source: USA Today (01/04/10)
Ironically although we live in a supply and demand economy and many buyers are able and willing to overbid a property in order to get their offer accepted... the appraisals are sometimes keeping the values "artificially" down. This can have a very limiting effect for VA, FHA and conventional buyers, and "owner occupants" and can raise opportunities for investors and cash buyers and "flippers". Tough times for homebuyers... hang in there.. and have faith!
Foreclosures Weigh on Home Appraisals
Approximately 25 percent of real estate practitioners say low appraisals have broken up deals, according to the NATIONAL ASSOCIATION OF REALTORS®.
While foreclosed properties typically are not included in a comparable sales analysis, they account for about 40 percent of home sales -- more than 50 percent in some markets -- making it difficult for appraisers to value properties not in the foreclosure process.
Additionally, new industry rules that require mortgage lenders to order appraisals through in-house staff or appraisal management companies means more appraisers without knowledge of the local market are making valuations.
While Zillow.com says non-foreclosures are selling for upwards of 30 percent more than foreclosures, a study of 20 years of home sales in Massachusetts by Harvard University's Joint Center for Housing Studies indicates that dwellings closer than 100 yards to a foreclosure lose about 1 percent in value.
Source: USA Today (01/04/10)
Ironically although we live in a supply and demand economy and many buyers are able and willing to overbid a property in order to get their offer accepted... the appraisals are sometimes keeping the values "artificially" down. This can have a very limiting effect for VA, FHA and conventional buyers, and "owner occupants" and can raise opportunities for investors and cash buyers and "flippers". Tough times for homebuyers... hang in there.. and have faith!
Sellers should list homes early
Sellers Should List Homes Early
Selling a home in the dead of winter might seem ill-advised, particularly considering the state of the economy, but some experts think that making the decision to wait until spring to list the property could be a mistake.
Government incentives will likely have a big impact in 2010, with many buyers determined to sign a contract before the April 30 tax credit deadline.
“This year, we're anticipating sales will peak earlier,” says Nicole Hall, editor in chief of Lendingtree.com, an online mortgage comparison service. “The best time to get your house on the market will be February or early March, and maybe even earlier if you want to avoid competition.”
Traffic on real estate Web sites begins to rise right after the New Year, says Ken Shuman, spokesman for real estate Web site Trulia.com.
Source: Forbes.com, Francesca Levy (12/24/2009)
Selling a home in the dead of winter might seem ill-advised, particularly considering the state of the economy, but some experts think that making the decision to wait until spring to list the property could be a mistake.
Government incentives will likely have a big impact in 2010, with many buyers determined to sign a contract before the April 30 tax credit deadline.
“This year, we're anticipating sales will peak earlier,” says Nicole Hall, editor in chief of Lendingtree.com, an online mortgage comparison service. “The best time to get your house on the market will be February or early March, and maybe even earlier if you want to avoid competition.”
Traffic on real estate Web sites begins to rise right after the New Year, says Ken Shuman, spokesman for real estate Web site Trulia.com.
Source: Forbes.com, Francesca Levy (12/24/2009)
