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Friday, January 29, 2010

Jersey City | Real Estate | Listings | For | Sale | And Their Agents

It never seizes to amaze me how some real estate agents conduct business and list real estate property.

I have to give credit where credit is due first; Hoboken real estate agents, and even downtown Jersey City agents are for the most part very professional, responsive and do a good job marketing property and getting feedback.

However, the Heights is a completely different story, and I'll even stretch and say that the same rings true for agents in Union City.

Here is a classic example, I just got off the phone with an agent who does not have any interior pictures of a property he is marketing listed anywhere, not on the MLS, not on the internet, nothing. So of course, it is my job to call him and ask specific questions about the interior and condition of the property. As an agent, I don't like to take my clients to properties they won't like. I, like consumers like to browse through pictures to get a sense of a property before taking my buyer to it.

So, I asked 'what kind of condition is this in'? His response, "good." Me - 'what does the inside look like? Is there a newly renovated kitchen and bath? Hardwood floors? Tile?' He said there aren't any pictures so you just have to see it. The owner is home he'll let you in.' Me - long sigh.

Really.

Another example of lack of professionalism. I'll call xyz typical realty in Union City, and get an answering machine or worse no answer. If I get a machine I'll have to call and leave a message then stalk the office for days until I get someone on the phone. This is usually a week process and is extremely frustrating when trying to make appointments to show your prospective buyers property in these areas..

These agents and agencies need to step it up and service their customers. After all they too are paying their agents to sell their home. And that means calling people back promptly to make appointments to get as many buyers and their agents through homes as possible.

I want to bring up three major points that keep properties from selling.

Number ONE - No pictures!
Buyers AND agents will skip over your property because you don't have any pictures. I can not say this enough. In addition to having pictures, you need good, quality pictures. See my previous post on do's and don'ts of pictures.

Number TWO - Seller home for showings. Another big no no.
This is a huge deterrent for buyers and agents. This can go along with agents having to accompany showings.
Why is this a bad idea?
Many reasons. To start, buyers are instantly uncomfortable when seller's are home for showings. The reason agents stage and neutralize property, and ask that sellers are not home for showings is to make the buyer feel like they are in their own home, to picture themselves there and spend as much time as they like previewing a home.
Sellers, when you are home, the buyer will feel like the are intruding on your home. They feel uncomfortable, will rush through the appointment and become annoyed that they couldn't see the house they way they would've liked to - through their eyes.
In addition to making your prospective buyer uncomfortable, some sellers give them a hard sell. Every buyer has an agent that they are working with for a reason, and the agent knows what features to point out to their buyer based on what they know about their client.

Why do people hate car salesman? Because everyone hates being "sold".

Seller's, if you must be home, it is to your benefit to step in a hallway, or find a space where you are out of sight so that you give the buyer a chance to experience the house as if it were theirs.
Don't follow around the buyer and their agent, and don't feel the need to describe your home and all of the work you did or how great your neighbors are - this will just give the buyer the feeling that you are pushing too hard and maybe there is something wrong with this place. I can't tell you how many times I've heard someone say to me in this case, "if it's so great why are they moving?"

And lastly number THREE: Hard to make an appointment.
This may sound obvious, but sellers, when you are interviewing agents here is a test you need to conduct. Call the agents and their offices as a prospective client and take notes of how long it takes for you to receive a call back. Then call back and act as a prospective agent and see how easy or difficult it is to make an appointment.

Both are important, because although yes it's buyers you want, but buyer's typically have agents and it's the agent's who make their appointments.

If you own a home or condo in Jersey City Heights, Union City or any of the neighboring towns, I would think twice about the impulse to call a local agency. If they don't seem professional to you, then call a real estate office in Hoboken or downtown Jersey City and enlist a professional who is familiar with your area and homes similar to yours. One important tip in this case: you'll need to ask that your agent install a lock box in a safe location, because the one drawback to having an agency from Hoboken for example list your home in North Bergen, is gaining access to the house. No agent wants to drive 20 minutes out of their way to pick up and drop off keys, so make sure it's easy for them by having a spare set at home. If you are not comfortable with this, then again, do your homework and find the most professional office in your area.

Wednesday, January 27, 2010

Hoboken Real Estate | and Foreclosures: Bank Of America announces 2nd debt forgiveness


Bank of America, one of the largest US based lenders announced yesterday that they are the first to agree to lower or eliminate payments on second mortgages. HUGE HUGE news.

This comes as a welcome update because it is estimated that as many as half of all at risk mortgages have second liens. It is because of those second liens or mortgages, that loan modifications have been a large failure in part due to the fact that lenders have been reluctant to take large losses on those liens.

This federal based initiative, introduced under the Obama administration, has created an incentive for those lenders that work with home owners through the Home Affordable Modification Program along with the Second Lien Modification Program.

Could it be because of guilt that BOA has signed on for this? Or have they finally learned their lesson? Or did they realize that if they don't start helping and cooperating with more homeowners with loan modification requests that they have even more foreclosed properties on their hands and their losses will increase? Whatever the reason, this will help stop some of the bleeding of some homeowners that are trying to keep their homes without going into foreclosure. My Realty Trac Foreclosure report shows that foreclosure fillings are up from 2008 over 20% with California, Arizona, Illinois and Florida accounting for more than half of those filings.

It is estimated that in NJ 1 out of every 55 housing units received foreclosure status in 2009.

The Home Affordable Modification Program has a user friendly website where you can get more information. On it you'll see a simple to fill out questionnaire that will help determine your eligibility under this program. A determining factor under HAMP calls for the borrowers total mortgage payments including taxes, interest, insurance and maintenance fees to total more than 31% of their pre-tax income. You can see examples of how your payment might be reduced on the website. There is also a link where you can request to have a counselor assigned to you if you wish. The website is translated in Spanish for those Spanish speaking owners who have found it difficult to find help.

Unfortunately lenders are overwhelmed with filings which can make this difficult process even more stressful. But certainly this news will shed some light for some. It is unclear whether this Second Lien Modification promise will translate over to short sales as well for those who might not qualify under a loan modification, or simply can't get through to the right people to help.

A common short sale myth is that if a home owner has two loans then they don't qualify for a short sale because the 2nd loan wouldn't receive any money from the sale.

This simply isn't true, many times we can negotiate both first and second mortgages, and in some cases the second mortgage has been completely forgiven.

Just last night I signed on to help a home owner currently struggling to make her payments after BOA and Citibank have both been unsuccessful in helping her with loan modifications and have actually raised her debt due by charging her exuberant fees on what she thought was a modification. After treating her with a lack of respect she turned to me.

She was worried that a foreclosure was her only option but after meeting with her, she is a short sale candidate and I will be working hard to find her a buyer to start the process.
Lenders have to learn to work with homeowners and start to relieve this very very large problem that they partly created..

A treasury spokeswoman on CNN's article was quoted as saying that many more banks are expected to sign on very soon - (let's hope).

Tuesday, January 26, 2010

Hoboken Real Estate: Short Sales @ The Hudson Tea

It's clear no condo building in Hoboken is immune to short sales. The Hudson Tea building in Hoboken is seeing it's share. Attention buyers, how about a sprawling three bedroom three bath condo for sale around $800,000? This short sale listing is one of the few where the agent has had communication, or seems to have had communication, with the bank and has already been given a price opinion as to what number the bank is looking for to allow the short sale to go through and close. These type of short sales typically take less time in the pipe line then other one's where the bank won't start the process or hint at what they'll accept until there is a buyer contract on the property - which makes things much more difficult.

This unit is an R line, 4th floor with a galley kitchen that has black granite counters, stainless steel appliances and white kitchen cabinets. There are three spacious bedrooms and they have been upgraded with hardwood floors. If you have or are starting a family, and love this building but can't find a condo large enough for you, then you may want to seriously consider purchasing a short sale.


You will still need to fill out an offer to purchase, and submit a recent pre approval letter from your preferred lender. You'll also want to conduct a home inspection up front, if you desire. Your offer will look that much stronger to the bank if you do.





If you are not in a situation where you have to move quickly, then you have the time to wait for a response from the bank on whether or not your offer was accepted. When a listing agent says that the bank has approved a price or is looking for a certain price, then typically the bank will only agree to sell the property if the offer price is the suggested price or very very close to it.

Agents will show short sales that have these type of advertising remarks because they know that they and their buyers have a much higher chance of actually purchasing the property. Unfortunately too many agents that aren't equipped to handle short sales, list them, and in turn waste the time of many sellers, buyers and agents..










Thursday, January 21, 2010

Donating Your Fashion For A Good Cause


Hello LaVidaSquared ladies! Do you have the winter blues about your closet? Want to make some room to buy some new threads? Feel guilty about throwing away those knits and trendy tops that you just don't wear?
Feel guilty no more! This weekend Alice Chan's new consignment shop in the Lower East Side is taking your fabulous donations! Don't think that's exactly charity? Well, how about if she splits all of the proceeds between the Red Cross foundation and Doctors Without Borders!

See!? All better now, and an excuse to go shopping next week for last item winter sales and key pieces for Spring.

Poor, Pretty, and Fashionable Fundraiser
What:
Alice Chan’s newbie LES resale shop, PPF Consignment, is accepting stylish clothing donations to sell, with all proceeds split between the Red Cross and Doctors Without Borders.
Why: Pare down or plump up your closet; jackets and bags are only $10.

When: Fri., 5-8 p.m.; Sat. & Sun., noon-8 p.m.

Where: 168 Ludlow St., b/t Houston & Stanton Sts. (212-677-7973).

Wednesday, January 20, 2010

The Hoboken And Jersey City Real Estate Market Is Heating Up

Spend some time in any real estate office and you'll notice that there is lots of buzz. Our office is busy and appointments and deposits are up all around. I had three different showings this past week on three different properties where in each one there were multiple offers. There are many buyers making offers taking advantage of the low, corrected prices and incentives. One agent in my office had to wait hours to get keys for the property he was showing because 7 other agents were showing that same condo.

I have a client I'm working with who is interested in two properties and both of them have offers on them.

My office alone had 40 closings in December!! Hoboken had a total of 72 units sell last month, our office sold more than half of those.

I think it's going to be difficult for buyers to get out of the frame of mind that it is a slow market. While yes there is still a good amount of inventory available, however there is a larger amount of buyers AND investors shopping. The only way to guarantee a good purchase is to find the property that suits you and make an offer, negotiate and seal the deal as quick as you are comfortable with.

I recently had a buyer lose out on his first choice property because another buyer came and placed a higher bid - $30,000 more than ours..

Bottom line: if you're in the market for a home and you see one you really like, just remember that someone else may have seen that home as well and is probably also considering making an offer. Don't low ball for too long, remember, prices are already corrected and inventory is moving.

Tuesday, January 19, 2010

Hoboken | Hot Property: The Hudson Tea | Condo's |

The Hudson Tea Condominiums has held it's reign as one of Hoboken's hottest places to live. No doubt these unique homes have attracted accomplished single professionals, high profile families and even some politicians and celebrities including the likes of Governor Corzine, the late Arturo Gatti and Eli Manning.



This makes The Hudson Tea - LaVidaSquares- Hot Property choice.


The Hudson Tea was once home to the Lipton Tea Factory established in 1893, when at that time, tea leaves were only enjoyed by the rich as it was an expensive commodity, that is until Sir Thomas Lipton made it available at affordable prices and with a guarantee of quality. While the first Lipton Tea factory was actually once on the corner of 13th and Hudson - also known as the Tea Factory, not to be confused with Toll Brothers' Hudson Tea, it then moved its head quarters to where we know now to be as Harborside Lofts and The Hudson Tea buildings.






What makes the Hudson Tea so hot?


  • For starters, it is a solid structure of pure concrete with thick walls and sub flooring.

  • Next it boasts 13 foot ceilings with exposed beams

  • Extra large windows that stand 10 feet tall

  • An incredible water front location with easy access to the Ferry, buses, Lincoln Tunnel, highways and PATH

    The Hudson Tea is not your grandma's building - unless grandma has serious style. They are lofty and open and modern, and the New Harborside building is boutique but on a grand scale with attention to detail in their newly outfitted kitchens with dark cabinetry and white hot stone counters.



The Harborside has recently sold out through the developer directly however there are re sales available currently and with prices softening in the last year, owning a home in one of these fabulous buildings is more of a reality now for many.



Just today a true one bedroom , 835 sq feet just closed at $410,000. There are studios currently selling under $400,000 and there are spectacular residences available with NYC water views up to 1.5 million and a penthouse that is undergoing major renovations and upgrades to make a special home.














Friday, January 15, 2010

Texts for Haiti have raised more than 7Million in aid - Help

As you know, there is a tremendous disaster and tragedy in Haiti that has moved many of us. But it's wonderful to actually see and know that our money IS being raised and it IS helping. I hope you'll take a minute to read this CNN Article posted today. Please forward to as many people as you can - and don't forget to text.

If you texted - please comment on this post and write "Texted my help"! I'd love to keep track how much money you have all raised. Thank you!!!


Text donations raise $7M for Red Cross Haiti effort

By Julianne Pepitone, staff reporterJanuary 15, 2010: 11:10 AM ET



NEW YORK (CNNMoney.com) -- Donations via text message raised $7 million for the American Red Cross's Haiti relief efforts as of 11 p.m. Thursday.
Soon after a 7.0-magnitude quake struck near capital city Port-au-Prince late Tuesday, the Red Cross mobilized fundraising efforts via social networking site Twitter. Just before midnight, @RedCross tweeted: "You can text "HAITI" to 90999 to donate $10 to Red Cross relief efforts in #haiti."
And so far a staggering 700,000 customers have done just that, across all wireless networks including AT&T (T, Fortune 500), Verizon (VZ, Fortune 500), Sprint (S, Fortune 500) and T-Mobile.
"These are donors who are typically the hardest to reach: young people," said Verizon Wireless spokesman Jeffrey Nelson. "They're reacting to something that affects them and realizing their few dollars can make a difference. Texting has opened up a whole new world for philanthropy."
Twitter mobilizes Haiti aid
Mobile giving isn't new, but it's been in the spotlight since the Haiti earthquake hit. In fact, the $5 million that's been raised so far by the Red Cross far exceeds the nearly $4 million that was donated to all charities by mobile texts in all of 2009, Nelson said.
Organizations including the ASPCA, Feed the Children and World Land Trust all have 5-digit numbers to which subscribers can text donations at any time.
Nelson said Verizon Wireless (VZ, Fortune 500) has a long-standing policy that it does not charge subscribers for texts to make charitable donations, and added that 100% of the donated funds are passed on to the Red Cross. T-Mobile also said its subscribers can text Haiti donations for free.
News reports earlier Thursday said AT&T (T, Fortune 500) was charging subscribers for their texts. But a spokesman said Thursday afternoon that the company had updated its systems in the morning to make texts sent to Haiti relief efforts free of charge, and that the change would cover those who donated yesterday.
On Thursday afternoon Sprint said it will continue to treat donation texts "like any other text message for now," but by that evening the company did an about face and said it would issue a waiver on text message fees for specific Haiti mobile giving donations.

Today's Mortgage Rate Update - by Hoboken Mortgage Broker

Remember two weeks ago when I posted an update rates were just about 5% - at around 5.125 - take a look to see that they've gone down a hair. Still a great time to lock in your rate if you're serious about buying or looking into refinancing.

>>>
REVISED January 15th, 2010---- 10:30 AM ETLock Period = 30 Days
CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000)

30 YEAR FIXED ---------------------------- 5.000%/ 5.036% APR
30 YEAR FIXED INTEREST ONLY--- 5.625%/ 5.657% APR
15 YEAR FIXED----------------------------- 4.375%/ 4.411% APR
5 / 1 ARM------------------------------------- 3.750%/ 3.621% APR
7/1 ARM ------------------------------------ 4.250%/ 4.016% APR

* All quotes are with 0 points*Investment Properties --- ** Add 1.75 points (if 25% down)***There may be a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV


CONVENTIONAL HIGH BALANCE CONFORMING FIXED RATE LOANS (loans greater than $417,000, but less than $729,500)

30 YEAR FIXED ------------------------- 5.250%/ 5.279% APR
15 YEAR FIXED ------------------------- 4.625%/ 4.641% APR
** Loan amount restrictions based on county and property type.

***There may be a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV

CONVENTIONAL JUMBO LOANS (Fixed rate programs greater than high-balance conforming, ARM programs greater than $417,000)
30 YEAR FIXED--------------------------- 5.990%/ 6.015% APR
30 YEAR FIXED INTEREST ONLY-- 6.250%/ 6.271% APR15 YEAR FIXED--------------------------- 5.125%/ 5.140% APR5 / 1 ARM------------------------------------- 4.500%/ 4.316%APR
7/1 ARM -------------------------------------- 4.750%/ 4.556% APR ** All non-conforming loans need to be discussed in detail

*** Special Program 15/ 30 ARM
-----5.000% / 4.922% APR -- .50% Points --- Loans up to $1,000,000!!!

Any questions don't hesitate to contact my preferred mortgage broker directly by emailing him at mmundy@pinnaclemortgage.biz

Sneak Peak At RE/MAX Gold Coast Open Houses Hoboken


Here's a look at our list of open houses for just Hoboken! These will be open this weekend, January 16th and 17th. Happy House Hunting!

330 Madison St. #5
RECESSION BUSTER

When: Sunday Jan 17th 2-4PM
Listing Price: $284,900
Bedrooms: 1
Baths: 1
Sq.ft: 520
View More Info

622 Park Ave. #5C

When: Sunday Jan 17th 1-3PM
Listing Price: $315,000
Bedrooms: 1 plus den
Baths: 1
Sq.ft: 560
View More Info

312 Madison St. #3C
AFFORDABLE 2 BR/2BA

When: Saturday Jan 16th 12-2PM
Listing Price: $425,000
Bedrooms: 2
Baths: 2
Sq.ft: 1000
View More Info


812 Grand St #308 THE HUNTINGTON

When: Saturday 1/16 & Sunday 1/17 2-4PM
Listing Price: $444,900
Bedrooms: 1
Baths: 1
Sq.ft: 823
View More Info


707 Monroe St #201 & 202
SATORI HOBOKEN

When: Sunday Jan 17th 1-3PMListing Price: $438,168 & $838,168
Bedrooms: 1 & 3
Baths: 1 & 2

View More Info

1210 Park Ave #2
GREAT LOCATION

When: Sunday Jan 17th 1-3PM
Listing Price: $469,000
Bedrooms: 2+den
Baths: 2
Sq.ft: 1100
View More Info

614 Monroe St Unit A
HUGE DEEDED LANDSCAPED YARD & LARGE COVERED PATIO

When: Sunday Jan 17th 2-4PM
Listing Price: $469,900
Bedrooms: 2
Baths: 2
Sq.ft: 1125
View More Info

222 Clinton St. #17
LOFTY DUPLEX

When: Sunday Jan 17th 1-3PM
Listing Price: $549,000
Bedrooms: 2+Den
Baths: 2
Sq.ft: 1250
View More Info

62 Madison St.
BRAND NEW! RENOVATED LUXURY CONDOS

When: Saturday 1/16 & Sunday 1/17 1-3PM

Listing Price: Starting at $569,000
Bedrooms: 2
Baths: 2
Sq.ft: 1280
View More Info

830 Monroe St. #4E
LIVING LARGE IN HOBOKEN

When: Sunday Jan 17th 2-4PM
Listing Price: $649,000
Bedrooms: 2
Baths: 2
Sq.ft: 1393
View More Info

1500 Garden St #1
TOLL BROTHERS LUXURY LOFT

When: Sunday Jan 17th 2:30-4:30PM
Listing Price: $660,000
Bedrooms: 1+Den
Baths: 1
Sq.ft: 1269
View More Info

603 Monroe St #4
NEW LISTING

When: Sunday Jan 17th 2-4PM
Listing Price: $695,000
Bedrooms: 3
Baths: 2
View More Info

516 Grand St. & 517 Adams St.
NEW CONSTRUCTION

When: Saturday 1/16 1:30-3:30 & Sunday 1/17 12-2PM
Priced from $699,000
Bedrooms: 2 & 3
View More Info


700 Grove St #5T (Border of Hoboken and Jersey City)

STEEL & CONCRETE CONSTRUCTION

When: Sunday Jan. 17th 12-2PM
Listing Price: $499,000
Bedrooms: 2
Baths: 2
View More Info

Scammers are keeping home buyers from their tax credits

The IRS reported that because of scammers looking to cash in on falsified home buyer tax credit claims, they've now had to change the original E-form required to file for the credit. Buyers who want to cash in on the tax credit of up to $8,000 for 1st time buyers, or for move up buyers with a credit of up to $6,500 must now file via mail.

This change is delaying the process for buyers to receive their tax credits by slowing down the turn around time. Before, buyers could've seen their refunds come back in as little as a month, it's now taking some states as long as 4 months. In addition, buyers are now required to submit additional documentation for proof such as proof of residency, a signed mortgage statement and a valid driver's license or photo i.d.


The IRS points out that taxpayers can still use the electronic forms available on its Web site or consumer sites such as TurboTax; they just have to print them out, attach the proof and mail everything in.


The IRS has posted the new form 5405. Click here to download.


Still, waiting 4 months for free money isn't too bad. When the program was first rolled out buyers had to wait a full year before they could file their claims.


Another sad story however for those scammers looking to take advantage of others. In October,

James Otto Price III was convicted of falsely claiming tax credits for 15 people. Since then it's believed their have been other arrests, but hopefully this new system will put an end to it.



Wednesday, January 13, 2010

Hoboken Sellers | Is Your Agent | Causing Your Home | Not To Sell?

Real Estate is one of the most expensive purchases most of us will ever make in our lifetimes. With the medium price in Hoboken around $500,000 - why then, do real estate agents put up such crappy pictures? Or, NO pictures?

Sellers: this is partly your fault. I know that sounds harsh, but it is solely up to you to see how your house is represented. Yes, you decided to hire a real estate agent to help market your home to prospective buyers and other cooperating agents. But, you have to do your due diligence and make sure your home is being properly showcased.
Pictures set expectations. And first impressions mean everything.

Buyers overwhelmingly will dismiss a property based upon pictures. If the pictures are poor the buyer will not decide to make an appointment to view it, and same goes when there are no pictures.

It is just amazing to me that some agents will market a $300,000 or even $600,000 condo with horrible pictures or none. Did you know that professional photographers charge from $85 - $125 for a professional picture session that includes a virtual tour???

When you interview your agent, do you ask - what kind of camera do you use? Do you hire a photographer? May I see past properties you've marketed?

If they answer that they will take the pictures themselves, and they show you homes that they've marketed with poor quality pictures, do yourself a HUGE favor, and do not hire this agent. It doesn't matter what they say, how low they'll lower their commission or how short of a contract period they'll give you. Bottom line is that you are seriously depleting your chances of getting your home sold at top dollar.

Here is a list of common mistakes agents make with respect to pictures:

-Poor resolution, pictures not appropriate for web exposure or to enlarge and show up grainy and barely visible
What is this? I can barely make it out? This second one is a cluttered picture to being with but on top of it it's not in the proper resolution therefore not visible.

- Bad angles that do not show off a rooms size or features

If I'm a buyer I would have no clue as to what this was.. is this a bedroom? An office? A hallway? The clarity is fine, however this doesn't define a room and it doesn't allow a buyer to see the room completely - that plus look at the mess of office clutter!

-Poor pictures in general, especially when you can see the agent taking the pictures

Really? You allowed this to be posted? All I see is part of a mirrored closet with what is either the home owner or agent in the reflection with flash, and a door way. This just cheapens the listing and a buyer will already start to deduct from the price they're willing to pay in their head.

- Pics of rooms that haven't been staged. There are many stagers that you can hire if your agent is not willing or does not know how to properly stage a home for viewings and pictures

Here is a good example of a room that needs staging. There is nothing about this picture that will make a buyer want to view this property let alone buy it.

This picture poorly depicts a bedroom as small and dark. The crib should not be in the picture, plus I would've removed the foot bench and stool, that and the shades should be opened to show views and sunlight. Not only will it appear bright but it will draw the eye out which will give the illusion of a larger space. A professional photographer can photograph properly with sun in the background


- Lastly No pictures!!

I can't tell you how many times I pull up listings that have no pictures. My clients almost always turn down the chance to view a property that has no pictures. Make sure your listing has pictures! Even if you have a messy tenant your agent should make every effort to capture some pictures of at the very least the common areas, the surrounding neighborhood and at least a kitchen or living room shot - but a good one. Sellers, is your home on the market? Has it been on for more than a week? Go online, and search for your listing - or ask you agent to send it to you. If there are no pictures or there are bad ones like the ones above - set up a meeting with your agent immediately.

Bottom line: Do not hire a listing agent that will not post pictures, will post poor pictures or will not suggest staging your home. Become more involved in the marketing of your home. Now, don't be extreme and proof read every item of material and insist that your agent write that your home is a sanctuary - agents know what key words attract buyers and MLS guidelines prohibit descriptions from sounding like a short story - so the important thing is that your agent highlights the best selling features that will lure as many buyers as possible. That, and that you and your agent work together to stage and declutter your home so that it is as neutral and open as possible. And finally, that you set a fair price and your agent hire a photographer to take quality, wide angle pictures, or at the very least your agent take quality pics like the one's below.


Monday, January 11, 2010

New Form Will Help Buyers With Comparing Mortgage Lenders

The Department Of Housing And Urban Development has created a new form that must be used by all mortgage brokers, banks and lenders. This form is known as the "Good Faith Estimate", and as of January 1st, 2010, they are in effect. This change will make it easier for consumers to see clearly what lenders are charging for their services, hopefully eliminating hidden fees.


The new form will make it difficult for lenders to deliver anything other than what they promised. It also encourages consumers to shop around for rates by adding a shopping cart comparison chart.

This is a great mediation by the Department of HUD. This should relieve some of the stress consumers face when shopping for mortgages and like Anderson Cooper says "keep em honest".

See the new form here.

Thursday, January 7, 2010

Sellers | Now Might Be The Best Time To Sell Your | Home

I'm sharing this article with you from CNN.Money.com because I thought it was very interesting, and the article sights some good points. However, at the end, Lawrence Yun, ties in that the tax credit and new jobs in the second half of 2010 will hedge against falling prices.. so make sure to read the entire article.

3 Reasons Home Prices Are Heading Lower

By Les Christie, staff writer January 1, 2010: 6:22 PM ET
NEW YORK (CNNMoney.com) -- After four months of gains, home prices flattened in October. Worse yet, industry insiders think that they'll soon start to fall.

But most forecasts predict price declines in 2010, with possible losses ranging from anywhere from 3% on up. Fiserv Lending Solutions, a financial analytics firm, forecasts that prices will fall in all but 39 of the 381 markets it covers, with an average drop of 11.3%.
"We've seen recent price stabilization because of low mortgage interest rates and the impact of the first-time homebuyers tax credit," said Pat Newport of IHS Global Research. "But there are really good reasons to think prices will now start going down."
There are three main reasons for the reversal: a coming flood of foreclosures, rising interest rates and the eventual end of the tax credits.

More foreclosures

For Gus Faucher, the director of macroeconomics for Moody's Economy.com, the huge number of foreclosures that remain in the pipeline is the big problem.
Moody's upped its estimate of defaults recently because of shortcomings of the government-led mortgage modification programs. Trial workouts are not being made permanent and completed modifications are redefaulting at high rates.
"There are going to be fewer [successful] modifications than we thought," said Faucher.
Even so, he added, much of the price decline has already occurred and Moody's forecast is for only another 8% drop. The worst-hit markets will be the ones suffering the most foreclosures, places like Arizona, California, Florida and Nevada. (See 7 tips for buying foreclosures)
Resetting option ARMs (adjustable rate mortgages) will also aggravate the foreclosure problem. These mortgages allow borrowers to pick their own payments, which can be so low they don't even cover the interest. Balances swell.
For many of the more than 350,000 option-ARM borrowers, it's time to pay the piper. Their loans will change into fully amortizing mortgages that will carry much higher monthly payments. A very large percentage of these homeowners will default, according to Shari Olefson, author of "Foreclosure Nation: Mortgaging the American Dream."
"We've still only seen the tip of the foreclosure iceberg," she said.
She also predicts more strategic defaults, people deliberately walking away from even fixed-rate mortgages as the value of their homes dips well below the amount they owe.
Olefson's forecast is for price declines of 5% to 15%, depending on the area, with a national median price drop of about 10% for 2010.

Rising interest rates

Also affecting prices will be higher interest rates. Some analysts, according to Newport, think rates for a 30-year mortgage will pass 6% next year as the government curtails housing market support.
The Federal Reserve has helped keep rates low through purchases of mortgage-backed securities. But that program is winding down and will end in March.
"The government is throwing everything at the market but the kitchen sink," said Peter Schiff, president of Euro pacific Capital. "It can't prop up housing markets forever."
Schiff is among the bigger bears. Though he gave no specific prediction, he thinks prices -- already down 29% from the peak -- are only halfway to the bottom.

The end of the tax credit

As a tool for supporting housing markets and prices, the tax credit for homebuyers is a two-edged sword. It reduces taxes dollar-for-dollar by up to $8,000 for new homebuyers and $6,500 for buyers who already own a home and should support home prices. But it ends at the end of April.
Many buyers will push their deals forward to get in before the deadline and then demand for homes could sink afterward.
One of the few bulls out there is NAR, whose chief economist, Lawrence Yun, is counting on the tax credit to provide temporary support for housing markets until the economy recovers enough to start fueling sales. He predicts price improvement in 2010 of more than 3%.
"The headwind we face is rising mortgage interest rates," Yun said, "but the compensating factors will be the homebuyers tax credit in the first half of the year and increased job creation in the second half."

Friday, January 1, 2010

Mortgage Rate Update

Happy New Year everyone!

All good things must come to an end..

What goes up must come down, and what goes down must come up!


Mortgage rates have recently crept higher. Here are the most recent rates - provided by my preferred mortgage broker - Mike Mundy.

I'll say it again, if you are in the market to buy, you should absolutely lock in a rate - because as I mentioned in my last post about my class with Lawrence Yun, rates will continue to go up this year.

REVISED December 30th, 2009---- 5:30 PM ET

Lock Period = 45 Days

CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000)

30 YEAR FIXED ---------------------------- 5.125%/ 5.156% APR

30 YEAR FIXED INTEREST ONLY--- 5.625%/ 5.657% APR

15 YEAR FIXED----------------------------- 4.625%/ 4.632% APR

5 / 1 ARM------------------------------------- 4.000%/ 4.164% APR

7/1 ARM ------------------------------------ 4.500%/ 4.311% APR

* All quotes are with 0 points
*Investment Properties --- ** Add 1.75 points (if 25% down)**
*There may be a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV







CONVENTIONAL HIGH BALANCE CONFORMING FIXED RATE LOANS (loans greater than $417,000, but less than $729,500)





30 YEAR FIXED ------------------------- 5.500%/ 5.529% APR



15 YEAR FIXED ------------------------- 4.625%/ 4.641% APR



** Loan amount restrictions based on county and property type.



CONVENTIONAL JUMBO LOANS (Fixed rate programs greater than high-balance conforming, ARM programs greater than $417,000)



30 YEAR FIXED--------------------------- 5.875%/ 5.896% APR



30 YEAR FIXED INTEREST ONLY-- 6.250%/ 6.271% APR
15 YEAR FIXED-------------------------
-- 5.125%/ 5.140% APR
5 / 1 ARM---------------------------
---------- 4.500%/ 4.316%APR



7/1 ARM -------------------------------------- 4.750%/ 4.556% APR

** All non-conforming loans need to be discussed in detail





*** Special Program 15/ 30 ARM -----5.000% / 4.922% APR -- .50% Points --- Loans up to $1,000,000!!!









**Please call for rates on loans over 1 million**



**Keep in mind that every borrowers situation is different, and each must be evaluated individually.**