Will You Save Money if You Buy a Home Now?
When I read $217,726: That’s What You’ll Save (Give or Take) If You Buy a Home Now, it made me think. I recently received a call from a past seller who has been renting for the last 2 years. Her life situation has changed, and she is saving money and paying off debt before buying a home again next spring.
Of course, she wants to know what the real estate market will look like in the future. It’s a very common question, and I wish I had an answer. The best I can do is watch the trends in our local market. It’s true we’re affected by the national economy, but as Sam Zell, chairman of Equity Groups Investment, said, “Real Estate is local. You can have an opportunity in the midst of chaos.”
The best advice I can give is to be truthful with yourself when examining your own situation. Speak freely with your real estate adviser. They can help walk you through those decisions, without making the decisions for you. Only you can determine what is best for you and your family.
Job Interview Questions
Waiting for Marriage?
Delayed Marriage Equals Delayed Homeownership?
This article from RISMedia says people are getting married later, and buying their first houses later as well. In my experience with single people, they often go ahead and buy their first house without waiting to get married.
So I’m taking a poll:
How old were you when you bought your first house? Did you wait until you got married? Are your friends waiting to buy a house until they get married, or are they buying a house first? Or are they renting instead?
Baby Boomer Home Sales
This is an interesting article from the National Association of Realtors. They analyzed areas across the country looking for housing markets that would be most likely to see an increase in home sales to baby boomers. Boise is right there at the top of the list! What’s even more interesting is that we’ve started to see it happen already.
Idaho Housing Summit
This is a summation of what Lawrence Yun had to say last week at the Idaho Housing Summit. In addition he mentioned that he wished the rest of the nation had a job creation report as good as the Boise valley. Yeah Boise!
An Interview with NAR Chief Economist Lawrence Yun
Good News for Underwater Homeowners
I found this in my email today. This is a good thing for anyone who is still underwater on their home. Pay attention to your situation and get it refinanced if the time is right for you:
FHA Refinance of Borrowers in Negative Equity Positions: Program Extension
Today, the Department of Housing and Urban Development (HUD) published Mortgagee Letter (ML) 2014-23, FHA Refinance of Borrowers in Negative Equity Positions (Short Refi): Program Extension, which extends the expiration date of the program through December 31, 2016, and reiterates the permitted use of proceeds from government entities and instrumentalities of government to extinguish a portion of a borrower’s negative equity. All loans originated under the Federal Housing Administration’s (FHA) Short Refi program must close on or before that date. All other provisions announced in ML 2010-23, and amended in ML 2012-05, remain in effect.
FHA’s Short Refi program supports refinances for borrowers who owe more than the current value of their home. It also plays an important role in helping to align property values with mortgage obligations for sustainable, long-term homeownership.
Quick Links and Resources
· View today’s FHA Refinance of Borrowers in Negative Equity Positions: Program Extension Mortgagee Letter 2014-23 at http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee
· Mortgagee Letter 2012-05—FHA Refinance of Borrowers in Negative Equity Positions: Program Enhancements at http://portal.hud.gov/hudportal/documents/huddoc?id=12-05ml.pdf
· Mortgagee Letter 2010-23—FHA Refinance of Borrowers in Negative Equity Positions at http://portal.hud.gov/hudportal/documents/huddoc?id=10-23ml.pdf
· Contact the FHA Resource Center:
– Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at www.hud.gov/answers.
– E-mail the FHA Resource Center at answers@hud.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 a.m. to 8:00 p.m., ET, Monday through Friday on all non-Federal holidays.
– Call 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Information Relay Service at 1-800-877-8339.
What on Earth is a “Zombie” Foreclosure?
No, it doesn’t have anything to do with Halloween.
Zombie properties are houses that are either in foreclosure or foreclosed, but can’t progress past that point. Perhaps the bank has stalled on the process, or has foreclosed but the title is clouded and they can’t sell until it is clear. “Dead” properties like this are a drag on society. The county is not receiving the taxes owed them; the home remains vacant, not being maintained and not going up for sale, affecting the value of properties around it. It can’t become a productive member of society (so to speak) by paying taxes and HOA dues because ownership is unclear.
I called the Ada County Tax Assessor’s office yesterday to get more information on the “zombie” inventory of foreclosure properties in our area. I was told they don’t know anything about that, and couldn’t tell if there was such a thing in our county. I’d love to know how companies like CoreLogic find out this information. Hey Title Companies, do you know?
Featured Listing: Two Master Suites in SE Boise
Wow, you can see the colors changing in the city from this living room! Enjoy entertaining in the large kitchen, huge eating area, and fireplace. The bonus room upstairs has a full bathroom. From the front porch to the backyard deck & everything in between, you’ll love this home. RV parking & a storage shed round out the yard. Property is next to the common area.
For more information, call toll-free 1-800-282-5579 and enter code 2384.
Featured Listing: Condo with Gorgeous Views
Our condo listed at 5158 S. Surprise Way #203 has had a dramatic price change, you’re going to want to check it out! Two master suites, flex room, and new carpet & paint, all in 1360 square feet for only $199,900! The views of the valley are unbelievable. Plus, enjoy Surprise Valley’s community pools, pathways, and community gardens.
For more information, call toll-free 1-800-282-5579 and enter code 2234.
Do You Need an Experienced Short Sale Agent?
As a listing agent, I have worked with a couple hundred short sales and REO properties over the years. I have seen first hand that a well informed, experienced buyer’s agent is invaluable! Agents on both sides of a transaction need to understand that if they don’t know something or aren’t sure of a procedure, they should call someone and find out those answers. (“Can we use electronic signatures?” “Which title company have they opened title with?” “Do I really need to sign this form?”)
The author of this article sounds cranky, but I have certainly been in his shoes and I understand his frustration. An agent who doesn’t understand the short sale or REO process can put the entire sale in jeopardy.