Real Estate News
I just looked at some mortgage charts, data going back to August, 1998. I did this because the "Refinance Activity Index" maintained by the Mortgage Bankers Association reached its second-highest level ever. My thought was not "oh wow" but rather "oh when" did we see the highest level of refinance applications. It was weird. The date turned out to be October 9, 1998. Almost to the day three years ago, we saw a similar volume.
Buy a detached home today and you"re likely to need, want, or be required to get an appraisal, home inspection, termite report, and survey. But do you need so many checks?
As we see the fallout from the World Trade Center and Pentagon bombings, there may be no finality for many of the survivors. Those with homes near Ground Zero will eventually have to deal with the physical damage resulting from the collapsed buildings or possibly even a total loss of the dwelling.
If you"ve been trying to decide how to get the most bang for your tax rebate buck, look no further than your home.
Jim Nabors thinks Tom Brokow should give him a call.
WASHINGTON -- The Federal Housing Administration would be allowed to insure hybrid adjustable rate mortgages (ARMs) under a funding bill approved last week by the House VA-HUD Appropriations Subcommittee.
Are Americans" credit scores falling -- pushing more home mortgage applicants into so-called "subprime" loans? Could Americans" propensity for carrying increasingly heavy debt loads while spending more on consumer goods be depressing their credit ratings?
If the experts have said it once, they"ve said it a thousand times, but they can"t say it enough.
If you"re a wanna-be home owner who"s been waiting patiently for mortgage rates to slide just a little bit more, there"s bad news: Rates are not going down any further, says David Berson, chief economist at Fannie Mae.
With home buying and refinancing at high levels, checking credit reports should be on everyone"s list of financial obligations. Good credit can lead to a magical world of cheap rates and good terms, while erroneous credit reports can unfairly raise the cost of borrowing.
Rates are down and so it"s time to combine lots of little mortgages into a single loan with a lower interest rate and a small monthly cost.
Congratulations. Your credit is in good shape for a new mortgage loan. Upon your request, the lender shares your credit score with you -- it"s a respectable 700 points. You close the loan without incident and the home is yours.
Chad Chessen of Exeter, NH was about to save $123 a month with a refinanced loan that would knock a full point off his 8.375 percent, 30-year-mortgage, but he changed his plans when he learned he could save much much more.
When it comes to choosing a mortgage, your gambling instincts (or lack thereof) may surface. Will you throw caution to the wind with a one-year adjustable-rate mortgage (ARM) or play it safe with a set monthly payment over thirty years? Will you go for more points and less interest, or lower interest but higher costs up-front? No matter what tack you take, there"s risk and reward, pro and con, factored into each mortgage choice..
Acting to prevent the mortgage industry from "gutting" the only consumer protection laws governing home loan transactions, 13 consumer and community groups have asked the leadership of the Senate Banking Committee to go slowly when it addresses the issue later this year.
It"s not a boom, at least not officially. But the rush to refinance is definitely on.
Probably few subjects in real estate raise more questions or generate more confusion than the matter of private mortgage insurance, or PMI.
Two new loan programs -- a unique lease-option deal and a "junior mortgage" program -- are designed to take some of the heat off many struggling first-time home buyers in California and elsewhere and they couldn"t have arrived at a better time.
As noted in Part I of this article, the first two systematic steps in obtaining a mortgage focus primarily on your personal and financial information as well as verifying your employment and funds on deposit.
Major consumer protections are being put in place to prevent families who obtain federally-insured mortgages from being victimized by predatory lenders.
A new low down payment mortgage with speedier amortization, automatic paycheck deductions and flexible underwriting terms is designed to build equity faster and save borrowers tens of thousands of dollars over the life of the loan.
Are you a first-time or move-up homebuyer with a champagne appetite on a chablis income? Do rising interest rates threaten to hold you back financially from the home you want to purchase? If so, you need the two magic words that can make a difference with lenders and cinch the financing you need -- compensating factors.
WASHINGTON -- As expected, Congress has passed legislation that promises
Not willing to rest on it"s laurels after a study unexpectedly discovered many adults misunderstand how bad credit leads to mortgage denials, Fannie Mae will launch an educational campaign to give potential borrowers the scoop on credit.
If you haven"t already found a seat on the low-rate mortgage gravy train, you"d better hurry up and get on board.
Recognizing the need to take a broader, community-wide focus rather than
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Wall Street appeared to shrug off the Federal Reserve"s new bias toward higher
How would you like an adjustable mortgage that adjusts only down
"There"s not much sparkle on the Christmas tree" this year for Canadian retailers, economist Maureen Farrow told delegates to the recent conference of the International Council of Shopping Centers (ICSC) in Toronto. The state of the economy dominated the conversation at the recent conference, but at a panel discussion featuring mayors from across the country, two long-term development issues -- infrastructure and sustainability -- were the big topics.
Consumer credit information is obtained and stored in the United States by
In 1997, the first time homebuyer"s median home purchase skyrocketed to $108,000 over a median price of $92,000 in 1993 and 1995, an increase of 17 percent, according to the National Association of REALTORS®. The record home buying market, over 4.5 million homes sold this year, is being driven by first time home buyers, who accounted for 42 percent of home sales in 1997. With the starter home couple earning a combined income of $54,000, how are they financing these homes?
Among the first names rookie home buyers run across in their search for
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Peter G. Miller, OurBroker®
increasing abundance of loan options. Unlike credit or personal loans, the interest from home equity loans is typically tax
Low interest rates and improved first-time home buyer market made it attractive for me to consider selling my home and acquiring my first move-up home. Knowing that my city is in a "tight" or sellers" market, I knew I would need to become prequalified for a loan to position myself as a serious buyer.
Don"t confuse deferred maintenance with the need to call the repairman.
The IRS has just nailed down its definitions for the most basic form of real estate--your "principal" home. In regulations issued Christmas Eve, the agency made clear that for tax purposes, your principal home can take a variety of shapes.
While the majority of contractors are honest and capable, there are plenty of duds out there, a problem that trade associations acknowledge readily and are always working to correct.
With the election over you can begin to hear the rumble in Washington.
Nothing ruins a holiday faster than your child or pet getting sick or
In today"s bootstrapping economic climate, organizations across the economic spectrum are looking for ways to stretch a dollar and scrap non-essential expenses.
Everyone loves referrals. There"s nothing more exciting than getting a call from an agent across the country who has a slam-dunk buyer or seller lead to send your way. Sure, you"ll get to pay a referral fee, but that"s okay! In today"s slower real estate market, even 25% less cash-in-pocket is better than no cash at all!
In Real Estate, as in much of business, being all things to all people, is an impossible business model to chase.
Brian takes a question from the field, from a Century 21 Agent located in sunny California.
Want a quick tip for getting more business in today"s tough market? How about this thought: Successful people don"t stop themselves, whereas unsuccessful people do exactly that.
If you’re a listing Agent, the two biggest questions you face are: Who do I call? and Where can I obtain Seller information? If you’re working to convert expired listings, the answers are right at your fingertips.
"Dear Jennifer,
The journey to a successful life should be enjoyed. True success comes from accomplishing the daily activities that will lead you to your ultimate goals in life. Failing or neglecting to accomplish the daily disciplines will lead you down the path of lost opportunities and lost income.
According to the National Association of Home Builders (NAHB) -- sales of "newly build" single-family homes posted a gain in September.
The Treasury Department recently released its Home Affordable Modification Program Guidelines (part of its Making Home Affordable initiative), which include eligibility requirements to determine which homeowners qualify for relief under the plan. Following are the eligibility requirements as specified in the guidelines:
You"ve heard at least some of the reasons agents use in order to avoid adopting sound prospecting techniques. "My market is different" or "You don"t understand how we do things here in Mayberry" are among the many. Truth is there are techniques that work in every market area, everywhere in the world, at any point in time. So, bury the myths, starting with the ones that follow.
I like to negotiate. I think it"s great fun, especially when everyone comes out of the deal thinking they "won." Of course, that"s not always possible, but it"s an added bonus when it happens.
The 15-year FRM this week averaged 6.19 percent with an average 0.7 point, up from last week when it averaged 5.72 percent. A year ago at this time, the 15-year FRM averaged 5.91 percent.
How many of you agents out there would like to convert your low traffic weblogs into prospect producing machines that have the ability to drive more potential clients to your business than you ever thought possible? I can already see the virtual hands being raised, because guess what, each and every one of you would like to do just that.
The past year will be remembered as one of the most eventful years in economic history our country has seen in many decades. Scandals and financial crises dominated the headlines. Not a month passed without news about something "crashing", corporate or government "back-room deals", and emergency bailouts to fix problems that many consumers had been unaware of.
When Congress passed the Housing Assistance Act of 2008 a few months ago, their goal was to help those people who were losing their homes in foreclosure. One of the side affects of the bill, however, was a change that could effect taxation on the gain from the sale of your personal residence.
With the market being the way that it is, a lot of people are asking me, "What can I do to be more successful in 2009?"
Question: I"m pretty good at remembering faces, but I have always been terrible at remembering names. Since I worked in a retail store in my previous occupation it was not much of a problem. However, it is starting to be a definite source of difficulty for me now in my fledgling real estate career. Any suggestions on how I might improve?
Those who take an active and responsible part in the affairs of a homeowners" association (HOA) are sometimes frustrated by the lack of involvement on the part of other owners. This is particularly true when it comes to voting. Sometimes, member voter apathy can be as powerful a deterrent to change in a homeowner association"s rules and procedures as can be an organized opposition. This is especially true when there is a super majority (e.g. two-thirds or three-fourths) voting requirement.
We have noted before that the California Department of Insurance (DOI), like its counterparts in many states, is concerned that consumers unwittingly pay too much for title insurance. The cause, the Department believes, is that typical consumers (buyers, sellers, refinancing homeowners) have no knowledge of the title insurance market and they are unaware of pricing differences between different companies. Most purchasers of title insurance rely upon the recommendations of a real estate agent. And those recommendations are frequently biased by the fact that the agent (or even the agent’s entire office) may have been wined, dined or otherwise influenced by various forms of largesse distributed by the representative of a title company.
A funny thing happened on the way to writing this article: There was a raffle at my daughter"s school -- the kind where you pay a dollar to win a prize, and someone hands you a ticket and says, "Must be present to win!"
If you are not yet mad enough about the bailout, allow me to recommend that you read Chain of Blame (Wiley, 308 pp.) by Paul Muolo and Mathew Padilla. In this book the authors describe in extensive detail a myriad of events and decisions, along with many of the central players, that have led to the current financial debacle whose size and impact is only now becoming clear. It"s enough to get you angry.
I thought I"d cast a darker than usual spell over this month"s article for two reasons: One, many sales professionals are feeling more tricked than treated these days; and two, what can happen to your career if you let the "silent killers" into your business is just plain SCARY!
In a shifting economy, all too often sales professionals make one of two common mistakes. They either cast too wide a marketing net trying to be all things to all people and in the process spend entirely too much marketing dollars or they shut their marketing efforts down entirely hoping to wait out market conditions and save a few pennies. Want a better way? Find your niche.
The business environment is getting more competitive every day. New companies and new concepts are being born daily. There is always someone trying to do it better and cheaper than what has been done previously.
Question: I have been sailing along in my real estate career for three years without even a hint of trouble. Recently, however, I listed a property which we sold through another broker to some out of town buyers. Now the buyers are suing the sellers, my broker and me, maintaining there were several "material facts" about the property which we did not disclose. In looking back, I now recognize some danger signs in working with the buyers that I probably should have spotted and some things I could have done better regarding the listing. Any general guidance on how to avoid situations like this in the future?
In the last few years, there"s been a revolution, from holding listings close to your chest, to a free for all. Now the question is, who gets the traffic? Zillow, Trulia and others like them used to be anathema. When early adopters of listings distribution sent them listings, some would howl in protest.
Y"know, it"s tough being a listing agent. No matter how good of a job you do, the margin for error is huge. If you sell the house too fast … you blew it on the price and "cost your seller money." If the house takes too long to sell, well, we all know what happens then. We didn"t live up to our promises and we disappointed our seller.
I"ve been writing for a few years now on tips, techniques and strategies to build and maintain a strong sphere of influence business model.
I recently had a discussion with a seller who was upset since the real estate agent doing the comparative market analysis (CMA) on his house told him he probably couldn"t sell it for the amount of debt he had against it (both a first and a hefty second mortgage.)
Are you interested in putting your home on the market, but wonder what repairs and touch ups to do? And then there"s bankrolling the work, not to mention sacrificing weekends to get it done.
In a hot seller"s market, home sellers expect not only multiple offers, but a quick sale. If your agent brings you a contract before your home is even listed in the MLS, that can be impressive. Relieved to avoid the emotional and physical wear and tear of having strangers marching through your home, you may sign it and wash your hands of it. But there is something you"ll never know and your agent won"t tell you - could you have possibly gotten a higher price for your home?
"Tis the season: The market"s hot and sellers rule, but if you want to
Many people have the idea that 1031 exchanges are complicated; that there are exact, detailed rules that must be met. While the rules are different from what taxpayers are accustomed to seeing in other areas of the law, there really is a simple logic to them.
When you are interviewing REALTORS® to market your home, you"ll be
Peter G. Miller
A Seattle-based home inspection firm has begun promoting the idea that
When Larry and Beth decided that the time had come to sell their home, they
Home inspections aren"t just for old homes. New home buyers who don"t bother to have a professional inspector give their new home a thorough going over could risk their largest single
The federal government doesn"t have all the answers for the economic crisis that"s really hitting home.
"Homes don"t sell during the holidays." That statement is yet another urban
New listings of single-family homes in Santa Clara County, Calif. -- one of the nation"s hottest housing markets -- more than doubled from January to July, rising from 1,159 to 2,395.
Wasn"t it just yesterday the moving truck pulled away, leaving you to
Last week the International Council of Shopping Centers (ICSC) held its Canadian conference in Toronto, celebrating the 50th anniversary of the worldwide organization. While the real estate downturn in the United States is threatening to hurt retail sales there, so far the industry"s outlook is bright in Canada.
The market volatility playing out in the media serves as an unnerving backdrop for teeter-totter uncertainty about real estate that receives ongoing coverage. This economic stress could drive property owners and buyers into a frenzy. Research, however, not emotional reaction, is the key to thriving in the face of unpredictable change. Research will allow you to "zig" while others "zag" and to come out on top in most, if not all, situations.
Canada needs to develop a remediation standard for dealing with houses that have been used as marijuana grow operations, says a new report from Canada Mortgage and Housing Corp. (CMHC).
Memorial Day is not our holiday, but it can serve as a great reminder for Canadians. This annual commemoration provides compelling context for appreciation of rights we too often take for granted. In this column, which examines "Decisions & Communities," it"s property rights we want to spotlight.
False affordability can come back to haunt you. What you can afford on paper with optimistic calculations may not be easy to live with day to day.
Maureen Reilly believed the whole "back-to-nature" and "country-pure" story about rural living, so she bought a "get-away-from-it-all" country property and began plans to operate a pastoral bed and breakfast. Reilly was determine to enjoy her escape from stressful urban living, but, just as many dreams of idyllic country life are extinguished by harsh realities, hers were undermined by sludge.
This ongoing consumer-education column about "Decisions & Communities" seeks to eliminate ignorance, which creates the battleground, and it consistently contributes knowledge, which wins the war -- but that may not be enough. To paraphrase the "you can lead a horse to water, but you can"t make it drink" description of the weakness of education: you can lead consumers to powerful knowledge, but you can"t make them act in their own best interests.
There are lots of reasons why someone aged 55 or older might be ready to move from their single detached home to a condominium apartment, but a new study suggests that most baby boomers won"t be ready to make that move for a few more years.
A new Statistics Canada study says Canadian households spent an average of $66,860 in 2005, up 5.1 per cent from the year before. The study says strong energy prices are to blame for the increase, but some of the other ways that Canadians are spending money may be a bit surprising.
As urban land values drive new development upward to skyscraper heights, the flat roofs of existing buildings become fertile ground for construction. Add a floor or two to an older building and the result may be increased property value and greater income potential.
As Canada"s baby boomers get older, they will cause a dramatic shift in housing demand, and real estate companies and home improvement retailers are gearing up to cater to this powerful 50-plus demographic.
Savvy home buyers and astute business people, who are searching for a new neighbourhood in which to live or work, increasingly investigate artistic activity to determine the strength and vibrancy of a community.
Fortune magazine reported late last week that the "economic storm pelting the U.S. economy is going to do plenty more damage to already flattened job and housing markets."
The time it takes to renovate a home, the inconvenience involved, and the cost of the work are all cited as "headaches" in a recent survey of Canadian homeowners. Even so, 80 per cent of Canadians would rather renovate than move to a different house.
"We have finally found the key to rapidly expanding Abbeyfield," said Dick Stanton, Chair of Abbeyfield Ontario and resident of Abbeyfield Durham.
There"s been a dramatic change to Toronto"s skyline in the last few years as dozens of new high-rise condominiums have been built to feed the current housing boom. While it appears the market may be cooling, a new survey suggests that the long-term prognosis is good for condo developers in Canada.
Prosperity does not descend on Canadian communities by accident, but through the hard work and determination of its visionary residents. One living example of Canadian resourcefulness is a community in the shadow of one of the world"s natural wonders.
After covering the home improvement industry for more than 20 years, I"m still astounded at the number of innovative products that keep coming on the market. Some are brand new inventions from Canadian companies, and some are time-tested ideas from around the world that are just now making it to this country.
Savvy Canadian buyers seek out professional real estate advice and cutting edge mortgage info before signing on the dotted line to purchase a new home, but how many take a close look at the impact the garden is having on property value? Home inspections have become fairly standard in resale and new home purchases, but who can help you evaluate the cost of maintaining or transforming this personal oasis?
Sometimes an idea seems so simple, so obvious in hindsight, that the automatic response is: "Why didn"t we do this sooner?" For the more than 23,000 members of the Toronto Real Estate Board (TREB), this question may become a common response to TREB"s Buyer Registry Service.
Most Canadians were first introduced to their country as school children through their Atlas of Canada. The big, pale pink land mass that was identified as Canada in printed books has now emerged in digital format with free online access -- and every colour under the sun.
As world demand for natural resources grows, have you wondered whether any of Canada"s vast store of geologic riches lies hidden under your real estate? Don"t get your hopes up. If oil or mineral deposits were discovered on your property, you might not have the right to exploit the find.
New Year’s celebrations excite an interest in the future that often
Television has made Canadians first-hand witnesses to the heartbreak of the last-minute scramble to safety ahead of natural disaster. Viewers have seen the devastation of evacuation in the face of earthquakes, floods, hurricanes, tornados and fires.
Baby Boomers are the first generation to grow up with television and owe many of their images of Canada"s wilderness to this medium. As the demands of Canada"s 9.8 million Boomers drive housing developments into woodlands and intensify cottage construction in most recreational areas, thoughts of animals living in harmony with their environments often give way to new realties that may frustrate landowners.
The Canadian Oil Heating Association (COHA) is teaming up with the Ontario Real Estate Association to dispel what it says are three common, outdated misconceptions about heating a home with oil.
First-time home buyers are among Canadians particularly sensitive to the continually rising cost of home ownership and to increasing inflation, now at 2.3 per cent. The Canada Mortgage and Housing Corporation"s (CMHC) decision to lower the cost of mortgage borrowing for first-time buyers is a step towards offsetting these trends.
Canadian residential mortgage credit should surpass C$600 billion in 2005, after a solid single-digit increase in growth this year, according to our national housing agency, Canada Mortage and Housing Corporation [ Canada Mortage and Housing Corporation ] (CMHC). Continued economic growth, job creation, positive demographic factors, and low mortgage rates should sustain ownership demand in both new and resale housing markets.
Canadians battling blizzards and plunging temperatures may feel they have escaped from harm once they"re safely snuggled up in their warm, well-insulated houses, condominiums and apartment buildings. However, each year, hundreds of Canadians living in homes heated with fuel-burning furnaces discover an invisible danger lurking within their walls -- a danger that may turn into a silent killer.
The terror and destruction caused by the recent Tsunami Disaster has made Canada"s recognition of its own public health system even more significant. Canadians understand that they can no longer take for granted safe food, safe water, safe housing, clean air and disease-free environments. Growing numbers now realize that environmental public health programs and services are essential to preserve and improve environmental and social conditions for their communities and to protect property values.
The last few years have been a great time to be in the housing industry in Canada. Sales of new and existing homes are setting all-time records. The construction industry is having trouble finding skilled labour. For homeowners wanting to hire a contractor to do renovation work, forget about getting three quotes -- just try getting a quality contractor to call you back! And despite tougher licensing requirements for real estate agents in many parts of the country, the number of new agents continues to grow.
Green is becoming the new white when it comes to Canadian roofs.
A series of public meetings about the Ontario government"s controversial Greenbelt Protection Plan begins November 8. The meetings are sure to create fireworks, as environmentalists in favour of the sweeping land controls face off against builders who say the plan is the opposite of what future homebuyers want.
Most people call it the $700 billion bailout, but in Washington it goes by the unglamorous name: TARP.
Torontonians like to think of their city as number one, but there"s one annual published list on which many citizens dislike seeing Toronto rank first. The survey, commissioned by the Canadian Institute of Public and Private Real Estate Companies (CIPPREC), analyzes property tax rates and assessment data from 20 major Canadian cities. Again, it revealed that property taxes paid by businesses in Toronto are still the highest in Canada.
More than half of Canadian adults with an Internet connection have used it to research houses for sale, and surfing for real estate is as popular as online banking and looking at job postings.
Too many Canadians associate "new" with "problem free" and are disappointed when their new house or condominium is far from perfect. As housing demand continues to give builders and tradespeople the upper hand, new home buyers should use every resource available to ensure they get what they want.
Canada Mortgage and Housing Corp. (CMHC) released its housing forecasts for the country this week, in the midst of one of the hottest real estate markets Canada has ever seen. The federal government housing agency says that while rising interest rates should cool the market a little bit, there are still a couple of very good years ahead for Canadian real estate agents.
If you"re planning to buy investment property and financing it through a lender who sells to Fannie Mae, keep the date December First in mind. Nail down your mortgage commitments quickly -- in the next six weeks if you can.
A new advisory from Health Canada warns homeowners to stay away from vermiculite insulation that may contain asbestos.
A survey of 25 Canadian cities conducted by the City of Edmonton says that Montreal has the highest property taxes but the lowest utility charges of the cities surveyed. Add the two charges, and Grande Prairie, Alta. has the highest combined cost. The least expensive city is Victoria.
As Canada"s professionals plan for their futures, licensing mobility has become an issue in many industries, including finance and real estate. The Canadian Institute of Mortgage Brokers and Lenders (CIMBL), the 5000 member organization that represents major mortgage industry stakeholders, joins the trend by promoting national certification and registration for its members.
Ironically, two days before a massive power failure plunged eastern North America into darkness, the Canadian federal government announced, through it"s Office of Energy Efficiency at Natural Resources Canada, that grants are available to homeowners who make energy efficiency upgrades to their homes.
When real estate professionals battle for listings, service fees become an issue for sellers and the profession alike. Consumer demand has promoted the creation of many variations on traditional real estate commission structures. These new service options may cause disputes between Canadian brokers, their companies and associations. The final word on these pricing battles comes from the Federal Competition Bureau, an independent law enforcement agency which maintains and encourages fair competition in Canada under the basic operating assumption that "competition is good for both business and consumers."
When Statistics Canada reports that house prices continue to rise across Canada, that does not automatically make your home worth more.
Canada is celebrating its 136th birthday on July 1st, but there are real estate birthdays to celebrate this year as well.