MUST READ ¿Espagnol? & Tues, April 29, 6:30 PM Final Agenda for Curb Appeal: A-Z

 

Franklin American Mortgage Company May 2014 Newsletter! It Sure Seems Like Spring

Even though there has been snow in some parts of the country very recently, it feels like springtime with regard to the economy. We continue to have some fairly positive economic news released. The releases have included a stronger than expected retail sales report and leading economic indicators for March. Any good news regarding consumer spending is good news for the economy as a whole. The news from the real estate sector we received last week was much less promising and again we wonder how much this news was affected by the weather.

This week is a very important week and will go a long way to let us know whether the cold winter slowdown is behind us. We start out with pending home sales then follow with consumer confidence and a meeting of the Federal Reserve and then towards the end of the week personal income and spending numbers are released. And that is just the warm up. After the private payroll data is release by ADP on Wednesday, the jobs report closes out the week.

Lately there has been no report more important than the release of the employment numbers for the month. With the Federal Reserve making their post-meeting announcement on Wednesday, personal spending data on Thursday and the employment report release on Friday, it could be a week with plenty of fireworks. Any one release could give us a surprise that could shake up the markets. At this point, the markets believe that the economy is waking up. We just might see if the economy awakens groggily or with plenty of vigor.

 

 

The 2013 State of Hispanic Homeownership Report, published by the National Association of Hispanic Real Estate Professionals, finds that Hispanics are expected to comprise 50 percent of all new home buyers by 2020. The U.S. Hispanic population accounted for an increase of 2.6 million owner households—or nearly 47 percent of all home ownership growth in the country between 2000 and 2013. The population of Hispanic people in the United States is growing rapidly and is a key indicator of housing demand, the report notes. The Hispanic population in the U.S. is currently about 53 million. Between now and 2050, that number is expected to grow 167 percent—compared to a 42 percent growth rate projected for the rest of the U.S. population. “This is a story of pent-up demand,” says Jason Madiedo, president of NAHREP. “Latinos are ready to buy homes now. Their biggest obstacle coming into today’s market isn’t credit; it’s lack of available housing. The readiness of this first-time buyer market represents a whole new purchase cycle that can drive recovery in local communities and put the housing recession behind us once and for all.” Source: RISMedia Click Here For The Full Report

The number of homes for sale is on the rise, a long-awaited welcome to home buyers who are finding more selection than last spring and less competition, according to realtor.com®’s National Housing Trend Report for March of the 146 markets it tracks. Inventories of for-sale homes on realtor.com® in March increased 9.5 percent higher than year ago levels, according to the report. The median list price is $199,900 – 5.3 percent higher than in March 2013. The median age of inventory has also risen – 22.9 percent above year ago figures to a median of 102 days on the market. “These figures suggest that the market is more balanced than it was in 2013, when a shortfall in available supply led to double-digit increases in many markets’ housing prices,” according to the realtor.com® report. “Having more homes on the market may mean more affordable prices for first-time and move-up buyers. Lack of inventory in 2013 led to intense competition, creating another barrier to home ownership.” Bidding wars were frequent last year and caused prices to rise and become out of reach to some first-time home buyers who could barely save for a down payment, says Steve Berkowitz, CEO of Move, Inc. “While inventory is still low, the continuing annual lift in the number of homes on the market that we’ve seen over the first months of 2014 is an indicator that buying conditions this year may be notably improved from the frenzied pace of last spring,” says Berkowitz. Source: realtor.com®

Both parties have to come together in a transaction, and real estate professionals sometimes find themselves wedged in the middle of buyer and seller disagreements. Some sellers may accuse the home buyers of being too pushy with their demands. Here are several ways that home buyers have been annoying some sellers recently, including:

  • Disrespectful house visitors: Some buyers may not be respectful when touring a home, letting their child run wild or bounce on the furniture, cranking up the heat and air conditioning, or even using the restroom.
  • Submitting a long list of defects: Ron Phipps, principal with Phipps Realty in Warwick, R.I., and a former president of the National Association of Realtors®, says that buyers are doing themselves a disservice when submitting an offer with a long list of what’s wrong with the house. It makes sellers question why the buyers would want this place. Instead, Phipps recommends a gentler approach:
  • Too many visits: After buyers have committed to purchase a home, they want to make lots of visits to their future home, bringing the decorators, architects as well and entire family with them, says Mike Lubin, associate broker for Brown Harris Stevens in New York. The sellers may find the constant visits disruptive, however, as they’re busy packing and possibly doing repairs to meet a deadline.
  • Renegotiation: Buyers may agree on the price but then repeatedly demand concessions and discounts. The home inspection can be a culprit. For example, buyers may realize the furnace has about five good years left and then make a demand for a new furnace or monetary equivalent. “A realistic buyer knows everything’s not going to be perfect,” says Matt Laricy, managing partner with Americorp Real Estate in Chicago. Source: Bankrate.com 

 

Contact Me Today:
Mike Hurney
Licensed Mortgage Loan Originator
Direct: 781-405-1845
Office: 781-639-8616
Fax: 866-666-7143
Email: [email protected]
Web: www.franklinamerican.com/MikeHurney
NMLS ID 43341 | Company NMLS ID 1599

Licensed by the MA Division of Banks – Mortgage Lender MC 1599

Get Pre-QualifiedArticles and commentary are provided for general information only and should not be relied on as legal or financial advice. Opinions expressed herein do not necessarily reflect the opinions of Franklin American Mortgage Company.

Fellow Landlords, Investors and Contractors,

* Landlords, this is the Last Friday of the month. I always make sure my Tenants have a SASE (Self Addressed Stamped Envelope) on this day, to send me their Rent. It helps me get it on time.
Do you do anything like this in case busy tenants forget to get stamps or lose your address?

Big meeting next Tuesday, Our Theme is Curb Appeal:
1. The top Landscape Architect in the area will be here to show us how to “polish” that gem of a property we have. Whether it’s for:
Higher Sale Price.
Higher Refinance Value.
Increased Rents.
or just Pride of Ownership.

2. Sherwin Williams Paint (where we have huge discount cards for our Members) will stop by and let us know THE popular colors for this Season.

3. Tree Surgeon Rob will let us know when and how to prune or remove those trees.

4. Maureen will show us how she transforms any property into a sought after home with Sale to List ratios higher and Days on Market lower than the competition. Homes staged by her Design Gallery brought in 325-750% on every staging dollar spent.

5. Home Depot’s garden person will be by to review their product line for the Spring/Summer.

6. Update on the local Real Estate Market. March Single Family sales were down?
Buy, Sell and Networking, refreshments

6:30 Doors Open, 7:00 PM Main Speaker begins, Recap and Adjourn 9:00 PM!

Wholesaling Subgroup 6:00 – 7:00PM

See you then, Mike

SpringHill Suites Hotel, 43 Newbury Street (Route 1 North just before Sonic carhop), Peabody, MA 01960 No charge for Members, Only $99.00/year to join or $25 for Guests which can be used towards membership that night only.

Mike Hurney, Director MassRealEstate.net PO Box 307, Marblehead, MA 01945 Office 781-639-8616 [email protected]

 

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