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30,000 BORROWERS IN TEXAS COULD GET A BREAK FROM BAD COUNTRYWIDE LOANS
NEW YORK (New York Times) – Countrywide Financial, in an effort to resolve lawsuits against it, has launched the largest program ever to help struggling homeowners in Texas and ten other states.
The lender, recently acquired by Bank of America, will provide a total of $8.7 billion to borrowers, $8.4 billion of which will be through direct loan relief that will affect about 400,000 people. Countrywide will also waive $79 million in late fees and $56 million in prepayment penalties, and suspend foreclosures on delinquent borrowers with the riskiest loans. A foreclosure relief fund will be created with $150 million from Countrywide to help borrowers who are four or more months behind on their payments or whose homes have already been foreclosed on. Additionally, Countrywide will reduce principal balances in some cases and cut interest rates in others.
To qualify, the borrower's first payment must have been due between Jan. 1, 2004, and Dec. 31, 2007. The loan balance must be at least 75 percent of the current value of the home, and the borrower must be able to afford the adjusted monthly payments.
Here is something you won't see on the news..... Latest stats from the National Association of Realtors, who have been tracking market conditions since 1979, show that home buyers are responding to lower prices in many of the hardest hit areas. Comparing the second quarter 2008 to first quarter 2008- number of sales are up 25% in California, 25% in Nevada, 20% in Arizona and 10% in Florida. These are the same areas where prices have dropped 30-35%. It appears that buyers are returning to those markets, and therefore most of the price declines have already occurred. This tells me that the bottom of the market has passed in those areas, and excess supply will start to be eliminated, slowly but surely.
The recently passed Homeowner Relief Bill may help speed up the recovery. The First Time Home Buyer Tax Credit is in effect through June 2009. Another stimulus to sales would be gently rising mortgage rates. History has shown that more buyers will act when rates are going up than when they are going down or flat.
Closer to home, in Austin things are competely different. July 2007 to July 2008 saw the average home price rise 3% to $195,000. However number of sales is down 21%. How can that be? Well, it appears that there are more higher priced homes beingsold than ever before, driving the average up. Austin still has positive job growth, in fact double the national average, and a growing population which has kept the overal housing market healthy. Individual neighborhoods though, vary greatly. The demand for downtown and urban areas is greater than ever, with less than 30 days on market the norm. Many of the outer perimeter areas were overbuilt, and thus some have over 12 months supply of homes, a strong buyers market. There are many exceptions though, and it is almost impossible to generalize. The bottom line: each neighborhood and property needs to be analyzed individually.
All Real Estate is Local and though general market conditions have an effect, the value range of your property is determined by Micro-Markets: The area of the city, the neighborhood, even down to the particular street or side of the street. This is where a professional can offer valuable insight, and help you position yourself to attract the most buyers.
Tips for selling in a slow market
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If your home has been on the market for a considerable period of time and has not had any offers, the market is telling you
it is OVERPRICED. Where inventory levels are high, buyers are only looking at the best priced homes.
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The True Cost of Being Overpriced: Calculate the monthly cost of mortgage interest, taxes, insurance, maintenance, HOA dues and any other expenses associated with your property. Every month your home doesn't sell you are reinvesting this amount. Even if you eventually get your price, what has it cost you? Also consider the extra stress and hassle of keeping your home "showing ready" for an extended period of time.
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There is some good news if you'll be reinvesting in the same market, and buying a more expensive home. You'll come out ahead even if you have to discount the price of your property, by saving at least the same percentage and likely more on the home you'll be buying.
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SELLERS- Hire an Agent Who Makes Selling Your Home a Priority
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Helping you get the highest price for your home is my primary goal. Over the past 17 years I have helped hundreds of people sell a home. If you choose to work with me as your listing agent I will use all of that experience and knowledge to your benefit.
From preparing your home to sell, to negotiating a contract and closing, I will be looking out for you and advising you.
I only carry a few listings at a time, so finding a buyer for your home is a priority every day, and I won’t rest until it’s done!
In addition I will:
- Advertise your home prominently in local media as well as on more than 25 internet sites, where over 80% of buyers begin their home search.
- Help you set the highest price that will attract the greatest number of potential buyers .
- Advise you on what changes and improvements will be most cost-effective.
- Help you evaluate offers and negotiate strongly on your behalf.
- Manage your transaction from start to finish, coordinate with the other parties involved and communicate the progress to you.
- Whether or not you have already relocated I will take care of all the details so your house is the last thing you need to worry about.
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THE
BASICS
How to Sell A House
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Price
Be realistic. Your neighborhood determines the range. The condition, upgrades, view, location determine if your home will sell at the top, bottom or middle of the range.
Presentation
Clean, uncluttered, well maintained homes sell first. Depersonalized and staged to appeal to most buyers.
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Access
In our area electronic keybox access with little or no notice required is the norm. Anything less will greatly reduce the number of showings.
Let Go
You must mentally transition from “this is my home” to “this is a house I am selling”. It usually happens naturally as you pack up personal items and stage the home. I have personally witnessed the power of this step many times, as well as the delayed sales where one or both sellers were not ready to let go.
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