Real Estate News
Question: While refinancing our home, I saw that mortgage interest rates were declining. I called my potential lender and we agreed that I would not lock in the interest but would let it float. My loan officer advised me that rates were not down at his company.
The tens of thousands of reservists being called up nationwide for active duty in Operation Infinite Justice are likely to have their home mortgage and equity loan interest rates cut to a flat 6 percent. On top of that, they"re likely to be shielded from foreclosures -- or evictions from rental housing -- for the duration of their active duty period plus 90 days.
Question: I completed medical school two years ago and have one more year left as a resident at a local hospital. I"ve decided to remain in the area and found a home I really like.
Closing is the moment when all parts of a real estate transaction come together. But what may surprise buyers is that even at closing you may need still-more paperwork.
Canada"s housing market is maintaining a robust pace, largely because mortgage interest rates have been low for several years. But even the lowest interest rate costs add up over the full term of a mortgage. By taking a close look at their mortgage terms, homeowners may be able to save thousands of dollars by taking advantage of mortgage options available from their lenders.
Have you ever received a letter from your mortgage servicing company that not only read like VCR-programming instructions, but also made you feel like you"d just backed your car over the family pet? If so, you"re not alone.
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.
Consumers used to be somewhat restricted just a few years ago when it came to finding mortgage lenders, especially when compared with today"s standards. Back then, a borrower would be able to compare interest rates in a newspaper advertisement or spend the day on the phone "dialing for rates."
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..
Entering the back stretch in its four-year-old effort to make consumer protection laws more understandable for consumers and more workable for lenders, the Mortgage Bankers Association is now trying to enlist support of its sister housing financing organizations.
When you are shopping for a mortgage loan – whether it be for a purchase of a house or a refinance -- do not rely only on the interest rate quoted by the lender. Make sure that you ask whether there are any points which will have to be paid at settlement.
From now until 2036, Canada’s population growth is going to slow down, and as Canadians age, fewer new households will be formed. The country’s housing industry is counting on immigrants to pick up the slack.
A growing number of home owners paying their mortgages late could become home owners faced with foreclosure -- a threat to what"s likely their most valuable asset.
The real estate market is good. Rates are affordable. But what could happen in the marketplace if recession hit? In specific, what impact could the plethora of low down payment loans, some made to high-risk buyers have on the number of foreclosures?
Ending predatory lending has become a morass of litigation, legislation, public hearings and, lately, conflicting reports.
There"s been a lot in the news lately about predatory lenders. But how easy are they to spot and what tactics do they typically use to capture and take advantage of unwitting mortgage consumers?
You"ve applied for a mortgage and it seems like it"s taking forever. Then it hits you---how long should it take, what should you expect and when should you expect it?
Higher mortgage interest rates are causing fewer home owners to refinance, but most of those who do refinance cash in on their equity with larger, more expensive 30-year loans.
Prices are down 39 percent in Fort Myers, Florida fueling an amazing surge in sales of more than 125 percent in September. Following years of investor-driven profit, prices have been correcting at an alarming rate, at least to those who had funny-money loans. But to buyers who were priced out because of speculating by those seeking quick profits, the price corrections have brought them back into the market.
"Manage the Mortgage Monster Before It Mangles You”
San Francisco Bay Area home buyers are up in ARMs.
You are about ready to close your real estate transaction on a home; did you consider a home warranty?
Reverse mortgages can throw a financial life saver to equity-rich, but cash poor older homeowners, provided stiffer regulations are put in place to prevent more homeowners from being sunk by predatory, shark-like tactics from a segment of the industry.
The NAR, which has been forecasting interest rates as low as 6.0 percent by the end of 1999, has begun acknowledging the federal reserve"s upward push and now concedes it is possible that rates will hover above 7 percent until the end of the year. NAR economists, however, are not unanimous in that view.
It was a defining moment for US Capital Holdings Group who, a short time ago, received the green light to develop an $800 million project in the heart of Plantation, Florida. With approval of the master plan by the City Council, coupled with overwhelming support of the community, US Capital Holdings Group will begin redeveloping 321 North, the former Plantation Fashion Mall, and build 550,000 square feet of gross retail, 613,000 square feet of office, and up to 590 residential units. The existing office building is scheduled to be complete in 2009, the retail component is slated to open in 2011, and the new office towers are expected to be complete by 2012.
Peter G. Miller
What"s with American housing consumers" lack of knowledge about mortgages?
Finally, on the vexing subject of Private Mortgage
Yes, it"s always better to have a lower interest rate on
The first job of the Internet mortgage broker was to attract consumers to
Congress took a major step last week toward eliminating what has been a painful thorn in the side of home sellers, Realtors, home builders, mortgage brokers and appraisers for months.
Closed-door negotiations between mortgage business leaders, federal
First-time homebuyers are often brought up short by the
In the old days, mortgage lenders asked questions you
Looks like it"s back to mixed signals on the economy and housing and mortgage rates.
Under "normal" circumstances, a consumer"s decision concerning what type
Refinancing homeowners who want to cash in on record mortgage interest
With 30-year mortgages" fixed interest rates teasing this generation"s record 6.74 percent rate, brace yourself for a rush to refinance mortgages.
Peter G. Miller, OurBroker®
Each year about 40 percent of all home sales involve first-time buyers, which means that 60 percent of all transactions involve people who have bought and financed before. Surely buyers, sellers, and brokers must wonder why it is that with each home sale buyers must be repeatedly qualified and why debt from one home cannot be transported to another.
Do-it-yourself mold test kits will only tell you what you should already know -- the fungus is among us, it"s ubiquitous and there"s a good chance it"s in your home.
In California earlier this month, local police said a 79-year-old Los Altos woman was scammed out of more than a quarter million dollars. She acquired $250,000 through an equity loan on her home after repeated telephone calls from a grifter in Canada persuaded her to invest in bogus New York real estate. Money in hand, the faux financial consultant never called back.
I was listening to the radio on the way to work the other day when I heard my municipality urging homeowners not to put hazardous wastes out for regular trash collection.
It may not always make sense to sell your home. If that"s the case, renting it could be a good option. But understanding the rental process and using expert help will alleviate extra stress.
With outdoor and backyard living on the rise, some homeowners are opting for
As more homeowners remodel their kitchens with comfort and the environment
DVD, DTV, TiVo, MP3. No, it"s not a foreign language, but it is one of the
The decision to replace or repair your aging refrigerator, stove or washer is about to take center stage in your household.
Think twice about putting cheap "nanny cams" under the tree this Christmas.
Solar powered and earth-bermed homes had all the trappings of the future when I was a kid. Forty-plus years ago, there was talk, studies, journals all extolling the 21st Century as a time of alternative energy sources that were plentiful, clean and cheap.
In today"s bootstrapping economic climate, organizations across the economic spectrum are looking for ways to stretch a dollar and scrap non-essential expenses.
When your listing hasn"t sold, what"s the first thing you look at? All together now: PRICE! Right? Not always. Not even most of the time.*
The two A"s of success are Actions and Attitudes. You have to have both to achieve sustainable success in life. Having one without the other will only allow you to achieve a mild level of success. Having both will enable you to accomplish anything!
Once they’ve asked for and received a referral, most salespeople stop and wait for the magic to happen. In fact, this is when Phase 2 of the referral-generation process kicks in. Follow these steps:
I never understood all that complaining about yearly dues. The legal help lines, the continuing education opportunities, the store, and the new technology were all items that I used every year. Don’t forget about the Christmas Ball, too!
I was listening to one of my favorite speakers, Brian Tracy, the other day. He was talking about something that I think can really impact your business. According to a recent report he read, there really is only one main difference between people who are successful in life and those who are less so. As a matter of fact, this "secret" is so simple that you"ll probably be embarrassed to hear it.
Condo owners have four distinct trends that developers are watching as they build new condominium projects. That"s according to MultiHousingNews.com, the online version of the monthly magazine for multi-family housing professionals.
Yes, I was absolutely devastated! After thirty years in this industry and after training some of the top agents in the country, we actually had one of our prospective clients say to my event coordinator that they were looking for younger and more contemporary speakers. In a life of real estate, it has always been my goal to overcome objections, but how do you overcome this one? You can"t get younger, no matter how hard you try! What if you already think you"re contemporary? I had to do some thinking on how to turn this negative into a positive. Here is what I came up with.
Traditionally, real estate and mortgage professionals have encouraged homeowners to stretch – to shop for homes at the upper end of their affordability range. We wanted them to maximize their investment, and we were seeing property values and incomes rise, especially for homeowners who were first starting out. It all made for a very sound investment in housing.
Let"s start with the bottom line first: The whole purpose of a prospect presentation is to establish your competitive advantage. In the least time possible you want to communicate what makes you different from the more than 1.2 million other licensed Realtors in the United States. You want your prospects to see exactly why they should hire you, what"s in it for them, and why they should proceed with confidence to sign your listing agreement.
According to the National Association of Home Builders (NAHB) -- sales of "newly build" single-family homes posted a gain in September.
However you get your leads, whether by referral, website, blog or paid-for leads, unless you USE them, you tend to lose them. Our market is the perfect storm for lead loss. Why? It"s simple. With reduced patience and the insistence of a higher level of service, consumers are no longer willing for "good" or "good enough." So, let"s take a look at some ways you can turn "good" to "excellent" in the year ahead.
Have you ever gotten a referral, left a message with that individual, and then never hear d back from them? Or better yet, have you ever left two or three voicemails for a key contact who could really help your business – and is someone you know through a mutual friend – and still not gotten a return call? If you haven"t, consider yourself lucky. But if you"re like me and others I"ve talked to, you know how hard it is to get people to call you back – even when you"ve been pointed in their direction by someone they know.
There has been a lot of discussion of late on real estate blogs regarding buyer agency and the plusses and minuses of working in a buyer agency-only firm (Exclusive Buyer Agency) versus practicing buyer agency in a brokerage that also includes seller agency.
Here are just a few tips and techniques to help agents navigate the challenges we face when our market is replete with sellers who are in various stages of distress. What you are not going to get in this article is a certification or designation.
It is common knowledge that many California real estate companies and agents are feeling a serious pinch as a result of the downturn in the real estate market. Less well known is the fact that the state agency which regulates those companies and agents is having a similar experience. Directors of the California Association of Realtors® learned about this at their recent meetings in Monterey when they were addressed by Real Estate Commissioner Jeff Davi.
Property management is one of many specialized fields within the area of real estate; and though a special license may not be required to engage in property management, those who would become involved in such endeavors are well-advised to prepare themselves by means of courses and training.
I have been in real estate long enough to become cynical, and that may be a good or a bad thing. I like many others in the real estate industry take a lot of claims from other agents with a grain of salt. Our reputation amongst our peers in our industry is one that based partially on fact, but mostly on puffing and ego. Clients and the public will use still another standard; it is called "Performance!"
Question: Some HOA websites and newsletters include a service directory which are recommendations of members. The board has been advised by our lawyer to refrain from posting such lists. I feel the service of these lists overpowers the possibility of legal risk.
There"s an old Girl Scout campfire song that begins with, "Make new friends but keep the old; one is silver and the other gold."
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!"
"Desperate Times Requires Drastic Measures!" I really think this phrase is unknown to many real estate agents these days. All too many are frozen in place waiting for the next clean deal to come together or be dropped in their lap. The sad thing is it will not. If they want to survive, they need to learn it quickly, and implement change immediately! Many associates and brokers that I know in real estate have really gotten foolish lately. They are so desperate for money to pay their own bills that they have thrown reason out the window.
Too often, I see Agents turn uncertain when it comes to getting a client to sign an agreement. It is that moment of indecision that causes Agents to lose sales and listings. Here are a few thoughts that can take you over the threshold to more listings and sales.
With all the wild swings of the stock market and worries about recession, you might have missed some of the mildly encouraging developments on interest rates, capital availability for loans, and the direction of the economy overall.
Here"s a fact: Most real estate Agents know too little about the markets in which they operate. That is one of the reasons why consumers think they know more -- or at least as much as -- their Agents do and why they don"t hold their Agents in higher regard.
Think about how much income you"ve lost because of your inability to persuade. How many times have you been unable to convince a good prospect to buy a home you knew met all criteria but couldn"t close the sale? I believe the way to improve sales lays in your ability to incorporate the law of contrast into your sales presentation.
DORKY: A style of writing, primarily used in self-promotion, which is predictable, boring, boilerplate or just plain blah.
Unless you"ve been living under a rock the past few months, you already know that the housing market hasn"t been doing as well as most people would like.
Do you ever wonder what is holding you back? Do you ever wonder what is stopping you from having all the clients, all the money, and all the transactions that you desire? Chances are that you have all the skills and knowledge you need.
Realtors in the Orlando, Florida, area have found themselves very busy this fall. Sales are up a whopping 37 percent in September with more than 1,300 buyers moving into their new homes compared to the same period a year ago. With prices slipping about 9 percent to a median sales price of $182,000, the area"s affordability index leapt in September to 123.74 percent, according to a report from the Orlando Regional Realtor Association.
We real estate agents love our systems, don"t we? If we can purchase a product that will help us streamline our prospecting efforts, we"re all for it. Where do I sign? But let me fly in the face of convention here and say … STOP! Stop with all the systems and programs and products!
The color photo next to the MLS made the zero-lot-line home look so appealing. Red-brick exterior, large and attractive windows, a two-car garage. I decided to hop in the car and drive by to check it out myself. I"m glad I did. Twenty minutes later, I sat in my parked car across the street from the dream house I"d seen earlier that morning. Funny, it didn"t
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.)
When you sign a listing agreement to have a REALTOR® represent your home
"Tis the season: The market"s hot and sellers rule, but if you want to
According to the National Association of Home Builders Chief Economist, David Seiders, Congress needs to consider aiding the real estate market with more economic stimuli.
Who is going to remove the boat?
Companies are relocating more employees today than at any time in history.
It"s the little things as well as the big things that count when you are
What do you do, if your present home has become too small,
With the pace of the fast-moving, still hot existing home market, sellers have
Demand for builders" hardware (in inflation adjusted terms) in the United States will rise 2.1 percent per year through 2012, an improvement over the 1.2 percent annual gains of the period between 2002 and 2007, according to Builders" Hardware, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm. Gains in demand will be led by the recovery of the U.S. housing market, as housing completions rise from the low levels experienced by the industry in 2007. However, weak pricing, due to the decline of metal prices from the record highs experienced in 2008, and low-price imports will restrain value gains. Imports will account for nearly 42 percent of builders" hardware demand in 2012, up from 35 percent in 2007.
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.
"OPEN MOUTH, INSERT FOOT ..."
The Internet has progressed from fad to fixture as far as Canadians are concerned. In turn, online communities and e-transactions have shifted from madness to mainstream.
Whether you"re shopping for a new house, searching out the ideal condominium, deciding on a contractor or investigating your mortgage choices, do you know how to ask questions that will generate answers you may not realize you need? Answers you may not anticipate could prove the most valuable information you"ll receive.
"The level of activity has been very strong through the spring, but it jumped to another level in May," Mrs. Mason said. "Overall, our year-to-date figures show that sales are about eight per cent ahead of last year"s pace."
A new report, Much Ado About Nothing: Canadian House Prices Not Based on Demographics Alone, predicts that Canadian house prices are likely to double in the next 20 years, and not drop as some analysts have feared.
A study by the Sauder School of Business at the University of British Columbia concludes that on average, Canadians who own their homes become wealthier over time than renters.
"You"re only young once, but you may be immature forever," could be the rallying cry for the numerous nonprofit groups intent on raising awareness for crucial, and costly, community problems surrounding individual habits that range from smoking and poor nutrition to abuses like drugs and alcohol. Many Canadians feel that these and other concerns, could be controlled or eradicated if individual maturity would kick-in on a large scale.
As the rosy-glow of hot-hot real estate markets noticeably fades, how many Canadians who bought property during this fervour are asking themselves, "What have I gotten myself into?"
Canadians, caught in the oil frenzy that grips the industrialized world, are beginning to accept that alternative renewable energy sources are essential to sustain communities and to foster individual
Most would not think of investigating food policies, production options, distribution systems and food security in their region or in a new location they"re considering. Yet, food vulnerability is an increasing reality in this century, whether it takes the form of bird flu, drought, soaring fuel prices, vanishing agricultural land or a host of unpredictable events.
You"d think that Canadians really love their lawns, because they spend so much on them, but that"s not always true.
While recent headlines in British Columbia"s daily newspaper The Vancouver Sun proclaimed, "Massive Surge in C$1M Homes: Nearly 22,000 B.C. houses are now worth more than a million dollars," one BC city was busy addressing another impact of BC"s real estate boom–homelessness.
Earlier this year, Ontario"s Ministry of Municipal Affairs and Housing (MMAH) held a public consultation for proposals aimed at strengthening the energy efficiency standards in Ontario"s residential building code.
Isn"t it time for a big fat tax credit for home-based businesses?
[Note: To follow is an excerpt of an interview with Joe Bailey, President and Founder, and Kara Rice, Chief Information Office and Co-Founder, of Grace Hill, Inc., the multifamily industry"s leading provider of state-of-the-art online education. To listen to, or download the show archive MP3, go to www.IncomePropertyInvestmentTalk.com/091708.]
Tax-free profit on the sale of your principal residence is alluring, but it can be elusive. Under the federal Income Tax Act, property owners are entitled to tax-free profit on the sale of their principal residence, provided they follow the Canada Revenue Agency (CRA) guidelines. Capital gain is the net difference between the cost of a property and the sale price.
New Year’s celebrations excite an interest in the future that often
Nothing in Canada matches the horror caused by Hurricane Katrina, but across the country it was a bad summer for flooding.
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.
It"s spring, and Canada"s financial institutions are going all-out, grabbing mortgage business from the still-booming real estate market.
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.
Canadians who want their gift-buying loonies and twonies to do more than feed corporate coffers should search out previously-overlooked shopping opportunities in their own neighbourhood. For gifts that are a bit different, strikingly unusual or that are one-of-a-kind wonders, local home-based artisan businesses and studios are the answer.
Canadians may have traditionally waited to see what the government would do for them, but in the country, they are joining forces to replace government efforts. Rural communities whose organizations and citizens demonstrate commitment to proactive community building, particularly for healthcare services, can be great places to live.
A new report by Scotiabank Group says that gains in real estate equity have driven Canadian household net worth to an average of $136,500 per capita. The value of real estate assets has gone up by 27 per cent during the last three years, more than double the 13 per cent increase in household financial assets, the report says.
Condominium sales continue at record-breaking levels in many regions across Canada, but do condominium buyers understand exactly what they are getting into?
Statistics Canada reports that 4 in 10 Canadians picked up and moved between 1996 and 2001, but during our recent real estate boom, record home sales also mean escalated moving patterns. Even though Canadians are doing more of it, moving unfortunately continues to be an event that ranks along with death and divorce on the scale of all-time stressful events.
[Note: To follow is an excerpt of a radio show interview conducted by Peter L. Mosca, host of Income Property Investment Talk dot com, with Bob Diamond, a practicing real estate attorney, real estate developer, and published author of three books on foreclosure investing. Bob eliminates the guess work in hiring a loan modification provider, reduces the frustration and confusion with the process, and details what is necessary for success in working with lenders. To listen to the show archive or download an MP3, go to www.IncomePropertyInvestmentTalk.com/111809.]
A few short weeks ago, the 95% of Canadians who gave gifts went on a holiday spending spree that might limit individual opportunities for owning real estate in 2004. Those who spent cash may be ahead since they start the new year without holiday debt. Canadians who used credit cards may benefit from a behaviour-modifying post mortem of their spending habits to reduce debts and increase saving.
Last year at this time, real estate experts predicted that Canada"s red-hot real estate market would cool off due to higher interest rates. What actually happened is that interest rates remained low and most Canadian markets set new sales records.
The holiday season may be a time of heightened festivity and retirement may be a time of relaxed pleasure for many Canadians, but both may mean aggravated violence and abuse for others. British Columbian women over 65, who are seeking sanctuary from abusive relationships, finally have one refuge. White Rock, BC, one of Canada"s premier retirement Meccas, is also host to Canada"s first transition house for retired women facing abuse and violence.
When Bill Harrington, legal counsel for the Canadian Real Estate Association, recently asked a roomful of several hundred Realtors how many of them had looked at the Association"s CD-ROM that explains Canada"s new privacy act, only a couple of hands went up. REM Magazine columnist Marty Douglas joked that the CD-ROMs, sent to every member by the association about a year ago, make great drink coasters.
Icynene Inc., the Ontario-based manufacturer of a polyicynene foam-based insulation system, has support from the Canada Mortgage and Housing Corporation (CMHC) to expand its operations south of the border.
If you"re buying real estate, you"re thinking location, location, location. But for vendors and their real estate agents, the mantra is disclose, disclose, disclose.
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.
Realtors in British Columbia are angry about a recent study by Canada Mortgage and Housing Corp., which claims that the disclosure system has failed and people are purchasing condominiums without knowing that they have been damaged by water infiltration.
According to Canadian Business Magazine: "For the second year in a row, precious metals/mining stocks led the rankings, capturing nine of the top 10 spots. If you invested in sectors such as energy and real estate, you also may have seen some impressive gains."
Statistics Canada describes this country as "a nation on the move." According to the most recent Census, four in 10 Canadians picked up and moved between 1996 and 2001. Research shows Canadians are still heading west, but stopping at the Rockies. Young adults continue to flock to large metropolitan areas while those over 65 leave urban areas for smaller cities or rural locations.