Tuesday, May 28, 2013

Many Buyers Believe It Is A Sellers Market Now ~ Do You?

Depending on who I am talking with is what makes it a buyers or sellers market. It's a sellers market for multiple offers. But, I do feel that it is still a buyers market as well due to the lower priced homes and fantastic interest rates.

Really, is your cup 1/2 full, or 1/2 empty?

 The market is dependent upon how your are looking at it.

It is what it is. The market is appreciating dramatically. Not where we were in 2005-2007, but still jumping up there. As long as interest rates stay low, it's not so painful to see the values going up. But as homes increase their equity, the economy improves...yes, those home loan rates will go up. And, then, the market will lessen in the affordability index.

Friday, May 24, 2013

Almost 51 BILLION Provided to Consumers From Robo Settlement

Over 621,700 consumers have been assisted due to the National Settlement over Robo-Signing.

ResCap, Ally's bankrupt mortgage subsidiary, has been credited with meeting all obligations. Bank of America stated it believes it actually exceeded requirements and plans to continue to help customers who are eligible. Chase said it's provided 11 Billion in relief and Wells Fargo states it has fulfilled about 90% of what they are required to date.

Needless to say, these big babies will have their books audited and triple checked to make sure they have, and will complete, all the Settlements requirements before they are let off the hook.

If you have questions, or are still wondering if you should be part of the settlement. 
Call your bank!

Tuesday, May 21, 2013

Housing Improves Home Depot Sales

I shop at Home Depot, Lowe's, Orchard Supply Hardware. All of them, don't you? Just spent almost 400 smackeroos on some plants, pots, etc for the front yard over last weekend. And, they look beautiful! We upgraded our camper and it peeks out a little past the house so we put these in as camouflage.

At any rate, as housing improves, there is the trickle down effect. Home Depot noted a 50% increase to website hits, doubled mobile traffic and a 7.4% increase in revenue!

I would have to think there is a release of the breath holding, a slight, but noticeable sigh, a shoulder stress level downgrade, and a bit of a smile, with the changes we've seen in housing the last few months.

Don't go hog-wild, crazy, spending nutso just yet....but feel free to take a peek at the Depot and see if you need a new plant or two....or maybe even spring for three!

Enjoy the changes in housing....my clients are!

Friday, May 17, 2013

Trying to Help Buyers Determine Offer Amounts

Just a story for the day....

In this crazy market, and in every market, we present our buyers with the 'comps' to assist them in determining an offer amount.

The infamous comparable sales. What is active, pending and sold that is like the home they want to purchase.

You'd think it would be easy, right? Hah, not so right now. Crazy things have been happening.

Looked at something a couple of months ago. Both myself and the listing agent felt it was about 80k over priced! Both of us. My buyer wrote it for 30k under list price. Someone else wrote at list price and got the home. The recent closed comp was 100k under that price. Crazy, right?

Another pair of buyers I was working with wrote an offer at about 50k over where we anticipated the appraisal coming in. They were prepared to pay the difference in cash. The appraisal came in at purchase price. Lender had it reviewed, but it stuck! Go figure!

Another buyer, with closed comps about 30k under agreed price and the appraisal comes in 15k higher than purchase price! And, no review by lender...AND, our purchase was a townhouse with all but one of the appraisers comps being detached homes. Really, really, a wild appraisal ride.

My sellers are doing AOK. Only one appraisal problem, sorry for the buyer, but that's it so far.

So, back to the topic......sorry, got a tad sidetracked.......

I present the comps, discuss the competition, review the market conditions, talk about worst case scenarios.....and you, poor confused buyer, have to make the ultimate decision...and quite possibly lose your dream home, or pay through the nose!

Waiting right now on a buyer to make a decision about this very same thing.....we shall see where she ends up in her thought process'!

Tuesday, May 14, 2013

Freddie Allowing Financial Assets for Qualifying Income on Home Loans

It's been in effect since spring of 2011, so I'm just helping Freddie Mac spread the info with this post!

The rule allows people to leverage financial assets, such as retirement accounts, as qualifying income for home loans.

They must be accessible, not having penalty to withdraw them. They can't already be considered as a source of income either.

Not counted as 100 percent. There is a calculated method. Multiplied by 70 %, reduced by transaction costs such as down payments and closing costs. Then divided by 360 months. That figure is then added to borrower's monthly income!

Don't forget about this extra way
 to strengthen your buying power in this multiple offer market!

Friday, May 10, 2013

60 Days Plus Delinquent Mortgages Drop To 4.56%

In the housing industry we all know how ever important a FICO score can be for your ability to purchase the home of your dreams.

One of the credit bureaus responsible for calculating your FICO score, TransUnion, reported a nice dive in the national mortgage delinquency rate! They should know!

The report includes mortgages that are 60-plus days delinquent. And, it's been keeping track since 1992! Nationwide the percentage is 4.56. That's a TWENTY-ONE percent decline from a year ago and a twelve percent decrease from the 4th quarter of 2012.

Tim Martin, Group VP of U. S. Housing in TransUnion's financial services business unit said: "We certainly expected improvement this quarter, as the housing sector is in recovery, but the magnitude of the improvement was unexpected."

The improvement in itself, I would think, speaks volumes about homeowner confidence. 

What do you think?

Tuesday, May 7, 2013

Santa Clarita Valley MLS Stats May 7, 2013

I've posted on YouTube, but see that I haven't posted MLS stats here for a couple of months!

So here goes:

Agua Dulce, Acton, Canyon Country, Fair Oaks Ranch, Mint Canyon, Newhall, 
Saugus, Castaic, Valencia, Westridge, Stevenson Ranch.

ACTIVE Listings for condos, townhouses, detached homes:
307.....Ugh, yep, still in that low 300 range.
23 of them are listed as Short-Sale
18 are Bank owned.

834 Total
422 of them are the Short-Sale...really, longer than normal sale...variety
52 are Bank owned

SOLD in last 30 days:
89 were Short-Sales
and, 39 were Bank owned.

Every day I look at our MLS....3, 4, 5 times a day. I network with my own company and two additional Realtor groups as well. I contact my personal data base of over 400 people too! All, in the search of listings right now. That's what we need, fo sho, more listings. And, I'm trying to personally get them for you! And, I'll talk to just about anybody to do so!

Questions? Just give me a shout ~ Lauren@KeepYourWitz.com

Friday, May 3, 2013

Goldman Sachs, Morgan Stanley Sending Foreclosure Settlement Checks Today!

These are the last two of the Robo-Signing settlement to send out checks. 247 million dollars in payments to almost a 1/4 million people.

These are for borrowers that had loans with Litton Loan Servicing and Saxon Mortgage Services.

Payments will range from $300 to $125,000 and will be completely mailed out by mid July.

Rust Consulting Inc is the paying agent for these as well. They can be reached at (888) 952-9105 for any questions.

Some will get checks and some will need further information.

Again, don't ignore an envelope from Rust Consulting, BUT, beware of scams as always!