Displaying blog entries 1-10 of 105
HUD—Who are They?
In 1937, the U.S. Housing Act planted the seeds for the development of the Department of Housing and Urban Development in 1965. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable home for all.
The U.S. Department of Housing and Urban Development is reportedly releasing more of its homes to the market here shortly in order to counterbalance the slim inventory being seen across the country and the backlogged foreclosures/short sales.
“The inventory is there, [it’s] just not being released during the banks/servicers review of the loan/mortgage documents,” says Nat Genis, a HUD listing broker in Riverside County, Calif., which is already seeing an increase in HUD-owned homes.
"HUD homes are back," Genis told HousingWire. "FHA financing went away with the 'creative' financing of the 80/20 loans, and now with the increase of
As it is well known, the housing market is uniquely bound to the U.S. Treasury. This is never more apparent than a policy found within the Treasury Department’s Office of Home Ownership. Laurie Maggiano is the architect of a plethora of the government-backed Making Home Affordable program, uniform guidelines for loan modifications, Home Affordable
“Her work at Treasury has not only helped servicers and investors adopt HAFA
The changes Maggiano will affect the tools provided to agents and consumers if they get bogged down in the midst of their short-sale process by:
We are a community, joined together by schools, jobs, our love of the outdoors and the sharing of the services and amenities our great town has to offer. However, we are separated in groups as we choose to live in subdivisions and neighborhoods. I frequently find myself in a similar conversation with people new to the area. From these conversations, I have found that the average buyer has several parameters they look at in choosing location. Generally, the factors are price, convenience, and individual amenities of a particular home and neighborhood. So, I thought it would be helpful to peer into some of our wonderful neighborhoods.
I chose to evaluate Valley West first because we recently moved and call this neighborhood home. We were drawn to the neighborhood early in its development because of the park, lake and architectural interest and diversity. Since moving here, I realize just how convenient it is. My third grader walks or rides his bike to school. My teenagers drive to the high school in 6 minutes (so I am told). Four groceries, a fish market, banks, gas stations and the mall are all within a short bike ride or up to a four minute drive. I am also 4 minutes from my office, which comes in handy when I’m late for dinner.
Valley West offers traditional and contemporary architecture, condos and single family residences with or without attached dwelling units. Small lots encourage neighbors to congregate in the park to get to know one another, play with their kids and walk their dogs. Kids meet at the park to play tag and tube on the creek. Common walk areas were designed to “flow” through the neighborhood, providing a safe and natural connection to the community. Groups frequent the pavilion in the summer and gather for ice skating at the pond in the winter.
The neighborhood’s residents’ life stages are diverse, ranging from the college student renting an ADU to retired individuals investing their lives in the community. Therefore, several property choices are available. Currently on the market are 5 condos ranging in price from $143,000-$239,000 and an average price per square foot of $132.00. There are 7 single family homes on the market, including 4 existing homes and 3 new constructions. The prices range from $234,900 - $499,500, with an average price per square foot of $150.00.
In the last 6 months, 7 single family homes have sold, ranging in price from $184,000-$485,000. The average sold price per square foot was $142.00. Ten condos have sold, ranging in price from $144,750-$261,250. Of the sold condos, the average price per square foot was $111.00.
This is a series that will continue with blogs and newsletters. The next article in the series will feature Harvest Creek. If you would like to share your perspectives, I would love to include them in future articles. If you would like to hear about a particular neighborhood, email me and I will be happy to include it.
The American Dream has at its core the idea of home ownership. The dream, according to CNBC-All-American Economic Survey, is being acknowledged more and more. 79% of Americans believe home ownership is the essential piece of the American dream. 69% of Americans think owning is more advantageous to renting. Home ownership is regaining the confidence it had in re-recession times.
“The housing numbers are all heading in the right direction,” reports Diana Olick for CNBC. “Home prices up, foreclosures down and, perhaps the most important, consumer confidence in housing is swelling.”
The one demographic that still seems to be the unknown element within the market is that of the first-time home buyers. There is a surge in first-timers looking for their first home, but they are highly dependent on their low down payment financing, and that may cause a plateau of actual home purchases. What are your predictions?
Companies from Bozeman to Billings have seen an uptick in investing in working ranches. Cattle prices are good and the prospect of the global world developing a stronger middle class only speaks of the demand for cattle to increase in the future. Grey Fay, a Bozeman-based real estate businessman, “sees the interest in ranch purchases as a play by American billionaires to add a tangible, low-return
Seeing the investment:
In 1972, a ranch could sell for $36/acre. In 2011, that same land sold for $500/acre. Even
How does this inform Montanan values?
Places to hunt, fish, spend quality and semi-isolated time with family and friends are all strong central values of Montanans at large. With the city centers of Montana growing rapidly, the return to where Montana started speaks of how deep these important land and family ethics run. Time on a ranch is hard work and togetherness.
Trusting this strong market entirely is a bit naïve so those monitoring the market ought to remain skeptical. Fay sees ranch prices as bottomed out, but not yet appreciably rising making this moment in time as a good time to buy. Tomorrow, who knows… All that can be said is that there are “excellent opportunities everywhere right now.” (http://billingsgazette.com/news/state-and-regional/montana/ranch-sales-rise-as-wealthy-investors-put-cash-in-land/article_c0b70ee3-2e86-5a23-83f3-81e1eb281b5a.html)
People, especially those who are thinking of selling, are eying the market with calculated hesitancy. They are waiting to see by how much home prices will appreciate before they commit to the decision and plunging into the market for themselves.
Oddly enough, the time to decide may be based on when they purchased their home rather than watching the current market like a hawk. If your home was purchased during the sluggish market in the last few years, moving up in 2013 is their prime opportunity.
"Because they bought near the bottom, these home owners should have built up some good equity that can go toward the purchase of a
“The Time to Sell Is a Waiting Game for Some,” HousingWire (March 21, 2013)
Home inventory is reaching its lowest point since 1999. This is stabilizing home prices in many markets, and since buyer traffic is continuing to pick up, multiple offers and bidding wars are going to become the common state of things. Many sellers still remain underwater while buyers are ready to buy, causing the housing inventory to continuously shrink. Currently, there is a 4.2-month supply of existing homes for sale, down from January’s 4.5-month supply, according to data from NAR.
“Buyer traffic is continuing to pick up, while seller traffic is holding steady," Lawrence Yun, the National Association of REALTORS®’ chief economist says. "In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We've transitioned into a seller's market in much of the country."
Buyers and sellers alike are finding themselves in better positions then they found themselves at last year at this time. Price gains are being counter-balanced by low mortgage rates, and it is shifting to a seller’s market…. But it is not all good news.
In all the recovery of the housing market, there are clear trends developing within the houses that have sold versus the homes that have not. The National Association of Home Builders (NAHB) conducted a large study to pinpoint on how having a recession followed by a recovery has influenced the lifestyle preferences of home buyers. The survey found the top three items sought for in a home are: energy star appliances, energy efficient laundry rooms, and double sink, French doors, full house technology luxury items. In contrast, buyers do not want: elevators, golf course homes, and
The housing market as a whole is moving to the periphery of the city centers with only 8% looking to buy within the core of a city which is a return to pre-recession movement. During the height of the recession, urban lifestyles boomed to save in gas prices, transit time, and the living out of town expenses.
The return to the rural/suburb shift of buyer movement means we will be soon seeing a rise in current urban renters looking to buy. Stats show 60% of single-family renters plan to buy within the next five years! “demand for single-family homes, the fastest growing rental category, will be more stable than multi-family demand,” according to the
Buyers want energy efficiency and buyers want to buy at an increasing rate beyond what the real estate market has seen in years past. This will be one heck of a year!
"It is noteworthy that affordability remains historically high thanks to favorable mortgage rates even as national home price indexes show some rise in values," says NAHB Chief Economist David Crowe.
The exterior limits of this trend are found in Utah, with 94% of