The economy is delaying baby boomers’ plans to sell their homes, according to a survey just released by Coldwell Banker Real Estate. This doesn’t mean boomers aren’t in the market though….in fact, according to the survey, the desire to purchase and own a home, or more than one home, “remains strong….especially so in the the investment market segment. ” [...]
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Dennis Norman Today the Federal Housing Finance Agency announce proposed guidance that would prohibit Fannie Mae, Freddie Mac and the Federal Home Loan Banks from investing in mortgages with private transfer fee covenants. Considering that covers the lenders that originate, invest in or, or insure over 90 percent of the homes in the U.S. [...] Ever wonder why one home will sell for more than a similar home in the same neighborhood? You’ll hear all sorts of reasons. One house has this feature or that feature while the other one doesn’t. That’s part of it but certainly not all. [...]
Dennis Norman According to a report released by Trulia.com, 24 percent of the homes for sale as of July 1, 2010 have experienced at least one price cut. This is a 9 percent increase from the prior month. The average discount for price-reduced homes continues to hold at 10 percent off of the original [...] Think quality, not quantity. The “common wisdom” is that you need to post to Craigslist multiple times per day for it to be effective. That, pardon my French, is a load of crap put out by Craigslist posting service companies that want you to pay for more and more ineffective Craigslist ads and reinforced by [...]
Dennis Norman Where and how people search for their next home has changed dramatically over the past decade and we continue to see changes in the behavior of home-buyers constantly. Unfortunately I talk to many investors that are not keeping up with the times and, particularly if they are not using a real estate [...]
Dennis Norman I hate to say it, but, as the legendary Willie Nelson song goes, “Turn out the lights. The party’s over” Back around November of last year I first wrote about the concern I had about the home-buyer tax credit program having the effect of a “sugar-rush” on the real estate market. I [...]
Dennis Norman Back in January I did a post about FHA’s decision to temporarily (until February 1, 2011 if not revoked earlier) waive their “anti-flipping” rule, thereby allowing homes to be resold with FHA-insured financing even if the sale took place within 90 days of the selling acquiring the property. There were, of course, [...] After the problems we have seen over the past couple of years in the real estate, mortgage and banking industries it is not surprising we have seen massive legislative changes brought about which make it more challenging for a home-buyer to obtain a mortgage, not to mention more work on the part of their real [...]
Dennis Norman As the real estate market and industry continues to struggle to try to pull out of the dumps, another blow could come soon from Congress in the form of new tax burdens on real estate. Congress is proposing that all owners of rental properties be required to complete and file 1099 forms [...]
Dennis Norman No doubt over the next couple of years you will have buyers that were forced to do a short sale or deed-in-lieu in the past, but are ready to buy again. Fannie Mae has made changes to their policy that are going to help these buyers by easing their policies with [...] According to a report released by ZipRealty there were 15,137 more homes listed for sale nationwide with reduced prices in April which is a 6.22 percent increase from March. This may have been fueled by sellers trying to entice buyer’s to act before the homebuyer tax credit expired April 30th. The survey also showed that [...] More Than 15,000 Additional Homes Were Listed for Sale in January Within 27 Major U.S. Housing Markets Dennis Norman January marked the first time in 18 months that more homes were listed “for sale” compared to the previous month, with an additional 15,000 homes, or a 2.9 percent increase, listed for sale compared to [...] Fewer Home-buyers applying for loans in past week Dennis Norman The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending January 22, 2010. The report showed the [...]
Dennis Norman In an effort to “stabilize home values and improve conditions in communities where foreclosure activity is high” FHA just announced a temporary waiver of requirements of 24 CFR 203.37a(b)(2). For those of you that don’t have your copy of the Code of Federal Regulations handy, this is referring to what is generally [...] Lower List Prices and Fewer Price Reduced Homes Point to More Realistic Seller Pricing in December 2009 According to a report issued by ZipRealty there were 17,741 fewer homes listed for sale in December with reduced prices which represents a decline of 7.1 percent compared to November. This data is from a monthly survey of [...] Fewer Home Sellers Cutting Prices as Average List Price Falls More Than 3% Fewer sellers in 27 major U.S. markets reduced home prices this month, and those who did slashed their prices less than in October. At the same time, the average list price in those markets overall declined slightly, a possible sign sellers are [...] Dennis Norman At the REALTORS(R) Conference and Expo in San Diego yesterday, a la mode, inc. announced the realease of it’s new DaVinci TourSketch System featuring interactive floor plans to help market homes. According to the company, tens of thousands of real estate appraisers currently use the product. The new agent version of DaVinci [...] Shae Bynes, Good Faith Investing I’ve had a few people post comments and send me emails requesting more info on the Craigslist ads that we do to build our buyer’s list (and sell deals too of course!). Remember: even if you don’t have your own deals under contract, if you partner up with a [...] Dennis Norman Earlier this year I ran across a “newbie” investor and blogger, Shae Bynes, that impressed me for a couple of reasons. One, I like the message conveyed by the domain name of her website, GoodFaithInvesting.com, and two I like the “mission statement” on Shae’s site which states her purpose is “I simply want to live [...] I ran across a video put together by Steph Davis, the Tampa-based bartender turned wholesaler on how to use the MLS to locate cash buyers in your area and help build the list of buyers you market your homes to. I thought the video had some useful tips and good advice and wanted to share [...] This morning Trulia, the online real estate search company, announced that “25.6 percent of homes currently on the market in the United States as of October 1, 2009 have experienced at least one price cut. More than one in four current listings on Trulia have been reduced in price for the fourth straight month. The [...] Dennis Norman The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, (expires November 30) and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee yesterday. NAR Regional Vice President Joseph [...] Dennis Norman Today, testifying before The US House of Representatives Small Business Committee, the Mortgage Bankers Association (MBA) told the committee that the current credit cycle and recession began in the U.S. housing market, and recovery will not be complete until the current oversupply of house on the market has dramatically decreased. The MBA [...] Dennis Norman Results have just been released of a study conducted by Rosen Consulting Group as to the effectiveness of the 2009 first-time-homebuyer tax credit and the potential need for an extension of the credits. The Rosen Consulting Group was retained by Fix Housing First, a coalition that was originally working to convince Congress [...] Dennis Norman Time is running out for first time home buyers to take advantage of the $8,000 first-time home buyer credit which, absent an extension from Congress, will expire December 1, 2009. According to the IRS, 1.4 million families to date have taken advantage of the tax credit. If you have buyers or potential [...] Dennis Nman By: Dennis Norman Most investors discovered long ago that “staging” their homes for sale was money well spent and would lead to quicker sales. The typical buyer has a difficult time envisioning how a vacant home will look furnished, so having it furnished takes the guess work out as well as shows [...] |
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