Real Estate Information Archive

Blog

Displaying blog entries 1-10 of 11

New Home Construction Rising

by Tim Hart

I read an interesting article today on new construction for July. More and more people are putting their faith in the housing market. Here’s what I took out of it.

 

New home construction continued to rise in July which should continue to boost the economy in the coming months. Housing start ups climbed 16% last month to an annual rate of 1.093 million units, showing a renewed faith in the housing market. July levels hit the highest level of construction since November. Construction on new apartments has seen the greatest increase in the US. Total home construction rose 22% all the way up through July, and building permit applications.

 

http://realestate.msn.com/blogs/post--us-housing-starts-up-sharply-in-july

Resources for Distressed Sales Offered by U.S. Treasury

by Tim Hart

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 Foreclosure Alternatives short sales, and foreclosure prevention.

Real Estate and Money

“Her work at Treasury has not only helped servicers and investors adopt HAFA short sales, but also led to new guidelines that include making deficiency releases and relocation money standard when it comes to these transactions. Maggiano and her team were also responsible for programs that have helped so many people across the country avoid foreclosure.”

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:

  • adjusting short-sale timeline
  • change occupancy restrictions in addition to
  • an increase in payments to second mortgages and relation assistance to sellers.
 

Related Content: 

Beating the Odds on Short Sales

Expect Gradual Changes at Fannie & Freddie

FHA: Unsung Hero of the Recovery

Lenders: What’s Holding Back Loans

http://realtormag.realtor.org/news-and-commentary/feature/article/2013/04/us-treasury-offers-resources-for-distressed-sales

 

 ATHOMEINBOZEMAN
Keeping Bozeman Realtors up to date on real estate around Gallatin County
Is this email not displaying correctly?
View it in your browser.

Super Price on Gorgeous
Deer Run Unit


Fantastic Deer Run condo - convenient Meadow location on ridge for incredible 'front row' views of the Canyon and Meadow Village. 3 bedrooms with BONUS room on 3 levels. Main level has great open floor plan with kitchen, great room and BR - hickory cabinets, granite tile - rock WB fire place, and beautiful faux wood Pergo floors. Entire upper level is a huge master suite with 3/4 bath with steam shower, office and walk in closet. Lower level has bonus room, laundry, deep 1 car garage, owner lockoff.

72 Blacktail Buck


$329,000

Listing Information

MLS: 183422
Bedrooms: 3
Baths: 3
Partial Baths: 2
SQ FT: 2613
Copyright © 2012 Bozeman Montana Real Estate.net, All rights reserved.
Fellow Realtors
Our mailing address is:
Bozeman Montana Real Estate.net
2101 Durston Suite
4
Bozeman, MT 59718

Add us to your address book
Email Marketing Powered by MailChimp

 

BUY A HOME NOW: 4 Undeniable Reasons

by Tim Hart

 

  • PRICE IS RIGHT- Single-family home prices are at a decade low with their median reaching $154,600 in January! During the house market’s peak, this same figure was $230,900.
  • BUYING V. RENTING BALANCE– As many of my blogs have been emphasizing, the balance that is ever shifting between home-ownership and renting is firmly on the side of home-ownership. Rents are on a sharp rise and home affordability is as well. Two trends that make a big statement.
Read more about this issue:
  • INVENTORIES– Inventories are shrinking. “When excess supply dries up, people start building more new houses, which has the virtuous effect of reducing the unemployment rate and increasing the economy generally,” according to a USA Today article.
  • MORTGAGE RATES– The average 30-year fixed rate mortgage (most popular choice for hoem buyers) is 3.59% just above the all time record setting rate of 3.49% that was recorded in July.
“It’s hard to argue against buying a house now, assuming you can get a loan,” writes John Waggoner, a columnist with USA Today. Sure, Waggoner says that getting a credit check for approval of a mortgage can be a “only slightly less intrusive than a CIA background check,” but for those who are able to qualify, a lot of analysts say that now can be a good time to purchase a home.
Source: “If You Can Pull it Off, a House is a Smart Investment,” USA Today (Aug. 9, 2012) 

Buying Continues to Trump Renting

by Tim Hart

 

Yeah yeah, we have all heard the pros of buying a home versus renting, but when it comes down to it; do consumers act upon all that advice? Yes.

A new study has shown that in more than 75% of metro areas in the US, home owners would start saving money after only three years of home ownership as compared to renting. This figure includes down payments, closing costs, mortgage payments, property taxes, utilities, and even maintenance costs. Three years is just the average. In Miami, the turn-over to benefit only takes 1.6 years where as in California the same figure is 8.3!

"Historic levels of affordability make buying a home a better decision than ever, especially considering rents have risen more than 5 percent over the past year," says Stan Humphries, Zillow’s chief economist.

Source: “Buying Beats Renting in Most Cities,” CNNMoney (Aug. 2, 2012)

Read More

The Buy vs. Rent Debate: Why Buying Wins
Rents Keep Rising as Demand Soars

 

 

 

Trending News, Apartment Rents Rising! What does this mean for the Real Estate World?

--------------------------------------------------------

Apartment rents in the U.S. climbed the most in almost five years in the second quarter as shrinking vacancies allowed landlords to charge more, Reis Inc. (REIS) said. This is positive news for the markets that have been struggling.

Supply Side: For the past year, new construction has been ‘quite weak by historical standards.’ But construction of both rental units and new home building are now seeing an upturn. It is estimated that next year, 150,000-200,000 new units will be completed in 79 metropolitan markets. Confidence in new construction is rising!

Demand Side: Demand for rentals jumped during the real estate slump due to insufficient income, bad credit, and lack of confidence in real estate. The national apartment vacancy rate fell to 4.7% in the second quarter, the lowest since 2001. Confidence in real estate is rising!

 

Top Reasons Real Estate Home Loans Do Not Get Approved

by Tim Hart

At Home in Bozeman Celebrates the Fourth of July

 

Before listing them all, I just want to comment on the importance of precedent. What you do in your life, financially and professionally, matters. Try to strive to improve in the areas you know you falter in.

Loan Approval Precedent

Disapproval of past loans stay on your history and will weigh into the decision of future loans. This does not mean if you were denied you will be again, but in the complex picture, it will play a role.

Lack of Full Documentation

Required documents are just that… required. The lender has a huge choice in their hands and little errors like forgetting documents will raise doubts about the honesty of the paperwork. Be transparent and fully disclose all needed documents.

Credit Score

One of the most important numerical decision factors is your credit score. Again, this number establishes precedent. How you have handled your monetary responsibilities in the past is a strong indication of how you will handle them in the future.

Employment History

Monthly income is used to evaluate your fiscal ability. Frequently shifting jobs, demotions, or a high incidence of being fired will paint the picture of an unstable candidate.   

Income:Purchase:Saving Ratio

We all have a baseline income. Where that money goes has a steady pattern. Expenditures and rate of saving develop a portfolio on what you prioritize. One common mistake made by those applying for a loan is the purchase of a large dollar item after applying for the loan. This instantly reduces you ability to quickly pay back the loan and to the lenders, the risk may seem too high.  

Dream Home

The listing you pick to be your home is evaluated just as the applicant is. The house must be legal by all standards for the investment to even be considered.

Avoid the possible mistakes and try to find solutions for the issues that might lead to disapproval. Devote good amount of time and take professional help to prepare your home loan application.

~

406.570.5730-call me, Real Estate Professional Broker Tim Hart, if you have more questions or need assistance in purchasing  a home.

Source http://www.findbadcredithomeloan.com/top-9-reasons-that-lead-to-home-loan-application-rejection.html

Tim Hart

 

At Home In Bozeman--Tim Hart

Today's Real Estate: It's A Race to the Finish Line

by Tim Hart

 

Real Estate always has its challenges. When it is doing poorly, buyers are struggling to finance their dream. When news turns positive, like in today’s market, when even with the market getting healthier by the day, the challenge is now high competition. A shortage of good homes in a market that is primed for buyers leads to intense multiple off situations in nearly every transaction.

“Would-be buyers are packing open houses and scrambling to make offers on properties before they are even listed. Bidding wars are erupting. And real estate agents are vying fiercely to represent the few sellers that do exist. Housing inventory has sunk to levels not seen since the bubble years. The number of American homes with a "for sale" sign hit 2.5 million in April, the lowest number for an April since 2006, according to the National Assn. of Realtors.

 

The sharp drop in inventory paired with the record low interest rates have proved to be effective in stabilizing some of the hardest hit markets in the US (Southland, Vegas, Phoenix, and Miami). Furthermore, the dreaded wave of foreclosures that was predicted to hit the market with a sucker punch has not yet come and with fewer and fewer borrowers entering default, it is starting to look like it may never materialize.

  

So on this Friday, exactly halfway through the year, remind yourself even as you struggle through highly stressful and competitive offers, this is a problem of a healthier market compared to where we sat last year.

Source: http://www.latimes.com/business/la-fi-inventory-20120610,0,1637144.story

 

REO Price Increases Bode Well for Overall Market

by Tim Hart

 

DAILY REAL ESTATE NEWS | THURSDAY, JUNE 07, 2012

Recent price increases with bank-owned homes are helping to provide an overall boost to the housing market, a recent report from Clear Capital says. 

Prices of REOs nationally rose 8.1 percent over year-ago levels on a median price-per-square-foot basis, according to Clear Capital’s May housing data. 

“Strength in the REO-only price trends as well as some early indications of price gains spreading from low-tier sectors to the mid- and higher-priced homes is helping confirm that the country continues to make progress on its recovery,” says Alex Villacorta, director of research and analytics at Clear Capital. “We are expecting to see improvements extend over the next several months.” 

Clear Capital also reported quarterly increases to overall prices, rising 0.4 percent for the quarter, the first quarterly gain posted since November 2011. The West saw the most growth in prices, rising 2.7 percent, followed by the South, with a 1.2 percent quarter-over-quarter gain, according to the report. 

Source: “Improving Foreclosure Prices Drive Recovery,” RISMedia (June 6, 2012)

 

 

Bidding Wars of Real Estate

by Tim Hart

 

Trends of the real estate market have shifted from “seller’s market” to a “buyer’s market” and with those shifts have come dramatic change in pricing. When foreclosures anchored the prices of homes at lowered prices, buyers began to view overall value of the average house to be lower. With that mindset, buyers are low-balling offers and the offers are coming in at a higher frequency.

Inventory of homes are all an all time six-year slump. Low supply mixed with a heightened demand due to employment rates rising means buyers feel overly confident and eager when they enter the market.

Existing-home sales and pending home sales are up more than 8 percent compared to a year earlier, the National Association of REALTORS® recently reported. Trulia Inc. also reported that falling home values and low mortgage rates have made home buying a better deal than renting in 98 of the 100 largest metro areas.”

Source: “Bidding Wars Erupt as Supply of Available Homes Shrink,” Bloomberg News (March 31, 2012)

Read More

February Existing-Home Sales Slip But Up Strongly From a Year Ago

Buying Is Cheaper Than Renting in Nearly All Major Cities

 

Displaying blog entries 1-10 of 11

406-570-5730 | Contact Tim Here | Bozeman Brokers