Thursday, October 27, 2011
Social Media good or Bad for Real Estate? Look at this and make up your mind
I have looked at social media and I have not seen the true benefit. However there is good and not so good (as opposite to bad). This shows to me that social media should be used in a specific way. Look at this and make up your own. mind.http://lowes.inman.com/newsletter/video/111765. Let me know
Friday, October 21, 2011
Are you taking advantage of the great oppertunities available today?
A lot of people are wanting the foreclosures to go away and prices to climb.( look at article
http://www.housingwire.com/2011/10/17/reo-sal.. ) The saying is every cloud has silver lining. What is the silver cloud? Lower prices and lower interest rates have made it a great time to buy homes for families and for investors to increase net worth. Are you taking advantage of market or are you complaining?
I choose to look at the positive. If you have some issues to clean up in credit get on it so you can buy now. The predictions are in 7-10 years housing will not be affordable again so make some good decisions take positive action and use the time we have now to get a home or investment property.
Call your local real estate professional and loan officer (or better yet CALL ME 888-559-0691) and get moving taking advantage of this great opportunity we have today.
http://www.housingwire.com/2011/10/17/reo-sal.. ) The saying is every cloud has silver lining. What is the silver cloud? Lower prices and lower interest rates have made it a great time to buy homes for families and for investors to increase net worth. Are you taking advantage of market or are you complaining?
I choose to look at the positive. If you have some issues to clean up in credit get on it so you can buy now. The predictions are in 7-10 years housing will not be affordable again so make some good decisions take positive action and use the time we have now to get a home or investment property.
Call your local real estate professional and loan officer (or better yet CALL ME 888-559-0691) and get moving taking advantage of this great opportunity we have today.
Monday, October 10, 2011
Great News about Interest rates.
According to INMAN news interest rates will stay down for a while. I have attached the whole article if you want to read it. I personally have mixed feelings over what is being said. They are saying not to worry about interest rates going up. That I do not agree with. Any number of things could change that trigger rates going up. What does this mean to you? Cost of home ownership is at an all time low. Now is the time to buy or invest. Call me with any questions.
Here is the article
http://lowes.inman.com/newsletter/2011/10/10/news/155628
Here is the article
http://lowes.inman.com/newsletter/2011/10/10/news/155628
Friday, October 7, 2011
How are property list prices and what property sells for are related? It would seem they are the same or be very close. That is not the case in today's market I have included a chart of property list prices as opposed to closed sale prices. This chart is for Victorville CA you can put any zip code in the US to get your neighborhood.
Why is this important? This is what separates the true real estate professionals from just being an agent. Knowing information this accurate arms the buyer with offering the right price and has the seller price their property so they are not chasing the market. This translates into working with a true professional from the part timers and hobbyist. Don't get me wrong there are some good part time agents, having the right knowledge or the ability to obtain it and use it properly is becoming harder to find.
Does this mean it is bad time to buy or sell. Now is great time to buy. Selling is relative to you and your needs. Are there buyers out there? There are a lot of buyers so if you are thinking of buying or selling use this tool to see if you are working with a good professional agent or not.
If you have any questions about your property value or you want to take advantage of the market contact me.
http://www.zacharybettssoldmyhome.com/mimarket/zip/92346/
Why is this important? This is what separates the true real estate professionals from just being an agent. Knowing information this accurate arms the buyer with offering the right price and has the seller price their property so they are not chasing the market. This translates into working with a true professional from the part timers and hobbyist. Don't get me wrong there are some good part time agents, having the right knowledge or the ability to obtain it and use it properly is becoming harder to find.
Does this mean it is bad time to buy or sell. Now is great time to buy. Selling is relative to you and your needs. Are there buyers out there? There are a lot of buyers so if you are thinking of buying or selling use this tool to see if you are working with a good professional agent or not.
If you have any questions about your property value or you want to take advantage of the market contact me.
http://www.zacharybettssoldmyhome.com/mimarket/zip/92346/
Wednesday, October 5, 2011
Loan issues
This is part of a bigger article published by Lowe's thru Inman on Lowe's newsletter. This article shows how one side is trying to help out the real estate market and the other side is still in panic mode. This panic mode is hampering any real kind of improvement in the economy. This is not fun for us in the industry if you are a loan officer or real estate agent.
Unleash Fannie and Freddie
Since the crisis, Fannie and Freddie have been working at cross purposes to the Federal Reserve. The Fed has countered economic weakness by forcing down long-term interest rates, including mortgage rates, to all-time lows. But Fannie and Freddie have made it increasingly difficult for potential borrowers to qualify, and cut the number who qualify for the very best rates to a trickle.
To get the lowest rate possible on a loan directed to the agencies, a borrower must have a loan-to-property-value ratio of no more than 60 percent and a credit score no less than 700. The property must be single-family but not manufactured, occupied as a permanent residence by the borrower, and in an area not subject to an "adverse market delivery charge." The mortgage cannot have an interest-only provision, and any second mortgage has to be included in the 60 percent limit.
Millions of refinance transactions that would increase the spending power of homeowners, which would have been funded in prior recessions, are not getting funded today. Either the borrowers no longer qualify, or they don't qualify for rates low enough to help them.
Two strategically important groups have been particularly hard hit. One is the self-employed, predominantly small-business owners who are a major potential source of employment growth. The other: investors who buy homes to resell at a profit, and who are desperately needed right now to buy foreclosed homes sold by lenders. Specific proposals related to these groups are discussed later.
Unleash Fannie and Freddie
Since the crisis, Fannie and Freddie have been working at cross purposes to the Federal Reserve. The Fed has countered economic weakness by forcing down long-term interest rates, including mortgage rates, to all-time lows. But Fannie and Freddie have made it increasingly difficult for potential borrowers to qualify, and cut the number who qualify for the very best rates to a trickle.
To get the lowest rate possible on a loan directed to the agencies, a borrower must have a loan-to-property-value ratio of no more than 60 percent and a credit score no less than 700. The property must be single-family but not manufactured, occupied as a permanent residence by the borrower, and in an area not subject to an "adverse market delivery charge." The mortgage cannot have an interest-only provision, and any second mortgage has to be included in the 60 percent limit.
Millions of refinance transactions that would increase the spending power of homeowners, which would have been funded in prior recessions, are not getting funded today. Either the borrowers no longer qualify, or they don't qualify for rates low enough to help them.
Two strategically important groups have been particularly hard hit. One is the self-employed, predominantly small-business owners who are a major potential source of employment growth. The other: investors who buy homes to resell at a profit, and who are desperately needed right now to buy foreclosed homes sold by lenders. Specific proposals related to these groups are discussed later.
Tuesday, October 4, 2011
Home searches
I read an article that in August people were searching for higher priced homes.
The median list price of properties viewed at Realtor.com was $214,990 in August, Realtor.com reported, which is about 28 percent higher than the U.S. median price of single-family resale homes sold that month, according to National Association of REALTORS® data.
A home's list price, of course, can vary greatly from its selling price, based on a variety of factors including local market conditions.
What does this mean? It could mean that the market and economy is getting better? I hope so. It could also mean people are day dreaming more. This is not a bad thing, because good ideas and growth come out of dreams.
I personally intend to use this in a positive manner. How you use it is up to you. I would like your thoughts.
The median list price of properties viewed at Realtor.com was $214,990 in August, Realtor.com reported, which is about 28 percent higher than the U.S. median price of single-family resale homes sold that month, according to National Association of REALTORS® data.
A home's list price, of course, can vary greatly from its selling price, based on a variety of factors including local market conditions.
What does this mean? It could mean that the market and economy is getting better? I hope so. It could also mean people are day dreaming more. This is not a bad thing, because good ideas and growth come out of dreams.
I personally intend to use this in a positive manner. How you use it is up to you. I would like your thoughts.
Saturday, October 1, 2011
Mold in homes.
I did not think this was a relevant issue in my business. I was wrong. I have 2 homes that my buyers love and both have mold issues. They are being dealt with. Both of the homes are newer, 2007 builds, me thinking it would not be as big an issue however because of being newer it became worse.This is just info to help you protect yourself and buyers.
Inman News™
DEAR BARRY: My home was in escrow until the buyers found mold under the kitchen sink -- just one black stain from an old plumbing leak. They didn't even ask us to fix it. They just canceled the deal and walked away. I don't get it. Mold has been on the earth forever.
How did it suddenly become so toxic that people are tearing apart their houses, pulling out their hair, and spending fortunes on mold removal? People used to just clean it up with bleach, slap on some primer, and apply a fresh coat of paint. Now people act like it's an invasion of space aliens. How did mold become such a major panic? --Martin
DEAR MARTIN: One does wonder how a naturally occurring substance, present almost everywhere, came to be seen as a life-threatening scourge. Actually, it's just the latest in a series of indoor air quality "crises" to sweep the nation. To begin, let's define the problem.
Microscopic mold spores are present in the air in nearly all homes. Mold infection on walls and other surfaces occurs where there are excessive or persistent moisture conditions, such as unresolved plumbing leaks, ground moisture under a building, or areas with insufficient ventilation.
In newer homes, mold infection has become common because of airtight construction to conserve energy. When there is little air exchange with the outside, mold spores and moisture can increase within a building, causing mold to grow on some materials.
In many instances, visible stains or musty odors can alert homeowners to the presence of mold. But some mold cases can be detected only by professional testing, and the cost of a mold survey is often prohibitive.
Since the 1970s, there has been a parade of indoor environmental hazards, including asbestos, radon gas, urea formaldehyde, lead, electromagnetic fields, microwaves, etc. In each case, public hysteria was induced by exaggerated media coverage. In the late 1980s and early '90s, homebuyers routinely canceled escrows at the mere mention of asbestos or radon gas. In the mid-1990s, lead paint sent buyers running for the hills.
This is not to say that there are no related health risks, but the risks were limited to specific circumstances. For example, acoustic ceilings often contain asbestos, but asbestos fibers are not released into the air if the material is left alone. The same is true of lead paint: keep small children from teething on woodwork involving lead paint, and use appropriate safety methods when stripping paint.
But then came mold, the environmental/economic bombshell of them all. The excitement began when some extreme cases of mold infection were given high-profile media treatment on network news shows. This was accompanied by a rash of mold-related lawsuits and insurance claims, causing major insurance carriers to withdraw their business from some states.
In reaction to this, the real estate, pest inspection, and home inspection industries began scrambling for secure ground, searching for safe verbiage -- what to say and what not to say amid this new liability environment. Meanwhile, trial attorneys were sharpening their teeth and chanting the new mantra, "mold is gold."
Some may read this article and conclude that it whitewashes a significant environmental health hazard. To avert this misunderstanding, a few points should be clarified:
1. Toxic forms of mold definitely do exist and can have harmful health effects.
2. Some homes have become so seriously infected with mold that mitigation is not possible, short of total demolition.
3. The statistical likelihood of serious mold infection does not warrant dire levels of anxiety, mitigation, litigation and expense. There was a time when a mold stain could be cleaned, primed and painted. Now we invest in costly analysis by a certified industrial hygienist, followed by removal and replacement of all affected materials.
A more rational approach would be to balance the costs and risks of mold infection. The risks, of course, are real. Mold might someday invade your home, just as a drunk driver might someday cross the double line in your path of travel.
But how much must we spend to affect a sense of safety? The panic over mold will eventually subside, as it did with previous environmental concerns. Then, barring the discovery of some new and unforeseen health hazard, we may return to the relative composure of sensible problem-solving, to a place where mold, toenail fungus and the common cold occupy their customary positions among the adversities of everyday life.
Understanding mold risks in real estate purchase
Likelihood of health risks lower than many think By Barry StoneInman News™
DEAR BARRY: My home was in escrow until the buyers found mold under the kitchen sink -- just one black stain from an old plumbing leak. They didn't even ask us to fix it. They just canceled the deal and walked away. I don't get it. Mold has been on the earth forever.
How did it suddenly become so toxic that people are tearing apart their houses, pulling out their hair, and spending fortunes on mold removal? People used to just clean it up with bleach, slap on some primer, and apply a fresh coat of paint. Now people act like it's an invasion of space aliens. How did mold become such a major panic? --Martin
DEAR MARTIN: One does wonder how a naturally occurring substance, present almost everywhere, came to be seen as a life-threatening scourge. Actually, it's just the latest in a series of indoor air quality "crises" to sweep the nation. To begin, let's define the problem.
Microscopic mold spores are present in the air in nearly all homes. Mold infection on walls and other surfaces occurs where there are excessive or persistent moisture conditions, such as unresolved plumbing leaks, ground moisture under a building, or areas with insufficient ventilation.
In newer homes, mold infection has become common because of airtight construction to conserve energy. When there is little air exchange with the outside, mold spores and moisture can increase within a building, causing mold to grow on some materials.
In many instances, visible stains or musty odors can alert homeowners to the presence of mold. But some mold cases can be detected only by professional testing, and the cost of a mold survey is often prohibitive.
Since the 1970s, there has been a parade of indoor environmental hazards, including asbestos, radon gas, urea formaldehyde, lead, electromagnetic fields, microwaves, etc. In each case, public hysteria was induced by exaggerated media coverage. In the late 1980s and early '90s, homebuyers routinely canceled escrows at the mere mention of asbestos or radon gas. In the mid-1990s, lead paint sent buyers running for the hills.
This is not to say that there are no related health risks, but the risks were limited to specific circumstances. For example, acoustic ceilings often contain asbestos, but asbestos fibers are not released into the air if the material is left alone. The same is true of lead paint: keep small children from teething on woodwork involving lead paint, and use appropriate safety methods when stripping paint.
But then came mold, the environmental/economic bombshell of them all. The excitement began when some extreme cases of mold infection were given high-profile media treatment on network news shows. This was accompanied by a rash of mold-related lawsuits and insurance claims, causing major insurance carriers to withdraw their business from some states.
In reaction to this, the real estate, pest inspection, and home inspection industries began scrambling for secure ground, searching for safe verbiage -- what to say and what not to say amid this new liability environment. Meanwhile, trial attorneys were sharpening their teeth and chanting the new mantra, "mold is gold."
Some may read this article and conclude that it whitewashes a significant environmental health hazard. To avert this misunderstanding, a few points should be clarified:
1. Toxic forms of mold definitely do exist and can have harmful health effects.
2. Some homes have become so seriously infected with mold that mitigation is not possible, short of total demolition.
3. The statistical likelihood of serious mold infection does not warrant dire levels of anxiety, mitigation, litigation and expense. There was a time when a mold stain could be cleaned, primed and painted. Now we invest in costly analysis by a certified industrial hygienist, followed by removal and replacement of all affected materials.
A more rational approach would be to balance the costs and risks of mold infection. The risks, of course, are real. Mold might someday invade your home, just as a drunk driver might someday cross the double line in your path of travel.
But how much must we spend to affect a sense of safety? The panic over mold will eventually subside, as it did with previous environmental concerns. Then, barring the discovery of some new and unforeseen health hazard, we may return to the relative composure of sensible problem-solving, to a place where mold, toenail fungus and the common cold occupy their customary positions among the adversities of everyday life.
New blog
This is my first attempt at a Blog, please be kind. My goal here is to provide useful information about real estate and life. Please feel free to add useful and humorous information. Thank you and good reading.
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