Short-sales can preserve your credit but the process for the bank to APPROVE can take months and there is no guarantee that the bank will approve the request. If this is the route you plan on taking, be sure that you can afford to wait 3 or 4 months and keep current with your payments. If you think this may be a problem you need to have a plan B.
For the bank to forgive a loan amount they will require detailed information showing hardship. This process is not intended to be easy and it is quite often emotionally challenging for a homeowner.
In regards to allowing your home to proceed into foreclosure, know that this will hurt your credit and with standards very high and down payments for home much higher than in previous years, it could be worth trying to keep your home even if today it is worth less than when you purchased it. The fact is, for many, buying a home may not be a possibility for a very long time.
In either case, speak to someone you trust in this area before making a decision so that you are fully prepared for all that is involved.
Sunday, April 26, 2009
March Existing Home Sales Numbers
Clip Taken From my appearance on Fox Business "CAVUTO" April 25, 2009 responding to the latest housing numbers. Due to time constraints, some of the information below was not provided.It is important to know that buyers are out there looking for deals! Over-priced homes are sitting but motivated Sellers are finding success. The largest number of sales are found in the low-end price ranges but there is recently more movement in the over 1 million market on homes priced aggressively!
Although nationally, home sales are down, in the Western region of the U.S. , sales continue to soar with sales volume 18.9 percent higher than March 2008! Lower prices, historically low rates, a first-time home buyer tax credit and a new home tax credit on purchases of NEW HOMES in California, are some of the contributing factors to these results. Business is booming for Wells Fargo who just announced they are hiring 5000 people due to the increased demand. They reported recently that volume has doubled what it was in the 4th quarter of 2008!
About 53 percent of the sales in March were distressed sales. With the banks so overwhelmed, buyers in many cases (such as when a seller is awaiting the bank to approve a short-sale) have to wait months for a response from the bank. Perhaps if the bank were able to process these properties faster, the number of sales would also show even more improvement.
I am hearing about unbelievable opportunities in California, in Arizona and Nevada. For those that have cash or can qualify for a loan, this is the time to go out and buy. Having said this, be careful and do your homework before you buy any property. There are still over-priced homes out there so you need to have someone with experience in your area of interest to advise you. And there is no point of buying something if you can not sleep at night because you overextended yourself. Buy what you can comfortably afford because you can always move up to a better situation later.
If you need assistance to find a realtor in your area of interest call me. I have found agents for buyers across the country or call your local Coldwell Banker office. I also have a list of questions you can ask of any realtor. Go to my BUYER & SELLER page.
Best regards,
Connie
About 53 percent of the sales in March were distressed sales. With the banks so overwhelmed, buyers in many cases (such as when a seller is awaiting the bank to approve a short-sale) have to wait months for a response from the bank. Perhaps if the bank were able to process these properties faster, the number of sales would also show even more improvement.
I am hearing about unbelievable opportunities in California, in Arizona and Nevada. For those that have cash or can qualify for a loan, this is the time to go out and buy. Having said this, be careful and do your homework before you buy any property. There are still over-priced homes out there so you need to have someone with experience in your area of interest to advise you. And there is no point of buying something if you can not sleep at night because you overextended yourself. Buy what you can comfortably afford because you can always move up to a better situation later.
If you need assistance to find a realtor in your area of interest call me. I have found agents for buyers across the country or call your local Coldwell Banker office. I also have a list of questions you can ask of any realtor. Go to my BUYER & SELLER page.
Best regards,
Connie
Monday, April 6, 2009
Another Tax Credit For Homeowners!
Perhaps you can not Sell your existing property to move up or move down but you can make improvements to your home and receive up to a $1500 tax credit for doing those improvements. This credit would be a once in a lifetime credit and it would reward homeowners 30 percent of the cost up to $1500 and it would be offered until 2010. This credit existed before but it was much smaller so this is a good improvement. This credit is for energy-efficient items such as doors , window, roofing, insulation, air-conditioning systems and heating pumps. For more information contact Connie De Groot at connie@conniedegroot.com!
Sunday, April 5, 2009
Connie on CASHIN' IN- Fox News & Fox Business
Connie spoke with host Terry Keenan and Wayne Rogers on the show CASHIN' IN which aired on both Fox News and Fox Business on April 4, 2009. The discussion centered on housing and the spring selling season. Connie offered positive insight into markets that are showing strong results while Wayne Rogers voiced his concerns. To view clip click on:
http://www.youtube.com/watch?v=I0TbvVHxr1M
http://www.youtube.com/watch?v=I0TbvVHxr1M
Thursday, April 2, 2009
Connie on FOX NEWS Saturday at 8:30am
Hello Again,
I hope you had the opportunity to read my first blog today with some GOOD NEWS on housing. I will be on the show, CASHIN' IN on the FOX NEWS CHANNEL this Saturday at 8:30am. speaking about the spring selling season. I will be stressing the positive signs because they do exist. And I welcome your feedback.
Yes, there are still problems and yes it will take more time but the good news is that there is good news and with other leading indicators also looking better, many more buyers do seem to recognize that there is a real buying opportunity now or that we are very close to a bottom.
I hope you had the opportunity to read my first blog today with some GOOD NEWS on housing. I will be on the show, CASHIN' IN on the FOX NEWS CHANNEL this Saturday at 8:30am. speaking about the spring selling season. I will be stressing the positive signs because they do exist. And I welcome your feedback.
Yes, there are still problems and yes it will take more time but the good news is that there is good news and with other leading indicators also looking better, many more buyers do seem to recognize that there is a real buying opportunity now or that we are very close to a bottom.
SPRING IS HERE AND SO IS SOME GOOD HOUSING NEWS!
Everything is not perfect but there are some reasons to be more optimistic so here is some good news:
HOUSING DATA:
Pending Homes Aales index was up 2.1 % in Feb over Jan but still a little lower than Feb 08
Existing Home Sales up 5.1% in Feb
Sales of New Homes were up 4.7 % in Feb from Jan.
NAR says that with falling prices, low mortgage rates of about 5 percent, home ownership is more affordable than it has been since 1970. Housing afford ability index rose .9 % to a record 173.5% more than 36% higher than a year ago.
Loan rates on conforming loans now at historical low levels, housing is now more affordable than it has been in years!
Pent up demand- many buyers have been on the fence waiting for a long time due to lack of confidence and now with some positive signs in housing, the stock market, low prices and loan rates, many are becoming more confident and tempted to buy.
First-Time Buyers and Investors are out there buying. First-Time buyers accounted for about half the transactions in Feb and typically buy entry level homes and are looking for a deal. Investors are also out there buying and that is a good sign - some homes now offer an investor immediate positive cash flow.
Data is showing that in Areas where the "price is right" buyers are responding.
In California: In San Bernardino County units sold are up over 87 percent over Feb 08 Los Angeles County units sold are also up about 32 percent over Feb. 08. San Diego County had a number of sales, year over year, that was up for 8 months and all but one of these months were double digit increases.
There are homes for sale today that are less than half what it would cost to build today!
There are also tax incentives here for example in California for purchases of new homes and also incentives for first time home buyers nationwide.
With the government spending so much money inflation could be on the horizon so investing in hard assets will be important to preserve wealth.
Now have a good day!
Connie
HOUSING DATA:
Pending Homes Aales index was up 2.1 % in Feb over Jan but still a little lower than Feb 08
Existing Home Sales up 5.1% in Feb
Sales of New Homes were up 4.7 % in Feb from Jan.
NAR says that with falling prices, low mortgage rates of about 5 percent, home ownership is more affordable than it has been since 1970. Housing afford ability index rose .9 % to a record 173.5% more than 36% higher than a year ago.
Loan rates on conforming loans now at historical low levels, housing is now more affordable than it has been in years!
Pent up demand- many buyers have been on the fence waiting for a long time due to lack of confidence and now with some positive signs in housing, the stock market, low prices and loan rates, many are becoming more confident and tempted to buy.
First-Time Buyers and Investors are out there buying. First-Time buyers accounted for about half the transactions in Feb and typically buy entry level homes and are looking for a deal. Investors are also out there buying and that is a good sign - some homes now offer an investor immediate positive cash flow.
Data is showing that in Areas where the "price is right" buyers are responding.
In California: In San Bernardino County units sold are up over 87 percent over Feb 08 Los Angeles County units sold are also up about 32 percent over Feb. 08. San Diego County had a number of sales, year over year, that was up for 8 months and all but one of these months were double digit increases.
There are homes for sale today that are less than half what it would cost to build today!
There are also tax incentives here for example in California for purchases of new homes and also incentives for first time home buyers nationwide.
With the government spending so much money inflation could be on the horizon so investing in hard assets will be important to preserve wealth.
Now have a good day!
Connie
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