Fannie Mae Expands Investor Financing Options

Fannie Mae recently announced expansion of it's Homepath Mortgage product that provides home buyers and investors financing for the purchase of Fannie Mae-owned properties.
The new product will allow eligible individual and LLC borrowers to finance up to 20 properties using the Homepath Mortgage. NAR has long called for expansion of financing opportunities for investors as a way to increase the absorbtion of REO properties. Fannie Mae will offer flexible lending terms and will not require appraisals of the properties.
Visit Homepath.com for more information on the program and participating lenders.

Mortgage rates fall again

NEW YORK (CNNMoney) --

Mortgage rates fell to record low levels once again last week, as the Federal Reserve's decision to buy billions in home loans for the foreseeable future helped bring lending costs down for home buyers and owners.

Mortgage finance backer Freddie Mac's weekly survey of mortgage rates showed the average 30-year fixed-rate mortgage fell to 3.49% from 3.55% the previous week. That matched the previous record low set in July. The fixed-rate 15-year mortgage reached a new record low of 2.77%, down from 2.85% a week earlier.

Check out this great MSN video - Selling your house? Let there be light!

Check out this great MSN video - Selling your house? Let there be light!

Buy Dallas

Median home price: $163,100

Median rent : $1,030

Breakeven time: 2.1 years

Texas' largest metro area is blessed with plenty of open land to build on and a local government policy that's friendly to development, which has helped keep housing here extremely affordable.
The median home price in the Dallas metro area is 20% below that of the nation and, as a result, it takes only a couple years of ownership for buyers to break even on their investments, according to Zillow. Meanwhile, demand from a steady flow of new residents has pushed rents slightly higher than the average city.
The wealthy suburb of Westover Hills, west of Ft. Worth, boasts some of the most expensive home prices compared with rental costs. The breakeven time there is nearly 11 years. But in nearly every other community in the metro area, the breakeven time is less than three years.

Now is the Time

Timing Is Everything In Real Estate...Now Is The Time..The Clock Ticks

Timing is everything in real estate. The time is right; the numbers are right; the interest rates are right; new homes are under construction; and there is a great demand for resale properties in Franklin MA. This is the time to select your lot and build your next custom home.

We no longer need to be concerned about your present home selling. The market has changed and the resale inventory in our town has slimmed to minimal levels. If a home is priced within a reasonable range, that home will sell quickly. There are more buyers in the marketplace than listings to satisfy their needs.

If your dream is to own a new home, NOW IS THE TIME. There are some positives that result from a down economy. The advantage is to existing homeowners who still have equity in their homes; who are still employed; and who have maintained their credit rating. Take advantage of the incredibly low prices of new construction compared to several years ago.

New construction is on the move. The time is right; the numbers are right; the interest rates are right; and homes are being built. Timing is everything in real estate.

I have a question:
HI,
I have been monitoring my home on zillow. We have used this in the past to look for homes to buy. I am sure many other people do now.
I am concerned though, because now, we have our house listed in zillow. The valuation of our house is about $85 per square ft and the other houses in the neighborhood are over $100 per sq foot. Our houses were built by the same builder and at the same time. We have had our house on zillow, and the valuation keeps dropping.  Can you please explain why this is?  I am concerned about the validity of your valuations and am sure this is affecting the sale of our house. Because savvy buyers do look at your site. Our house seems overpriced according to your valuation and there is no "value" to our house. It appears that we are trying to rip people off. Our realtor says there is nothing she can do to help us on this site and that it is priced just right, esp when compared to recent sales.

Also, I know someone whose house a few miles away whose valuation has gone up about $80K in the last month. Is there some magic formula-using or special calculus to help some and not others.    
This does not make sense and is making it difficult for us to refinance and sell our home. It is not fair to those who are in hardships.


Dear Concerned Seller:

As an agent that advertises on Zillow I asked this same question to my Zillow rep just yesterday. The answer is Zillow looks at many different numbers in order to calculate the estimate of your home but it is not able to look at your actual home and see all the updates that you have done to it.

Your agent is able to update your listing on Zillow and add all of the updates to your home such as granite counters, hardwood floors, number of bedroom, school districts, or size of lot to change the estimate. Keep in mind though that buyers are smarter than you think and know what current house values are, they likely know you house is worth if it priced right.  Buyers are using sites like Zillow to see what is available on the market and see pictures of the inside of the house so make sure you have plenty of QUALITY pictures of your home available.   

Good luck in the sell of your home!

3 Reasons You Need to Love Your Real Estate Agent

 

 

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For the best odds of an enjoyable house hunt and a smart home purchase, take the time to find a good agent.

Wouldn’t it be nice to be able to say, “I love my real estate agent?”
While you don’t really need to love your real estate agent, you do need to be satisfied with the level of service provided. Real estate transactions are complicated, and success depends largely on the skills of key players like real estate agents and lenders.

So whether you end up marrying your agent or simply referring him to a friend, here are three key reasons it’s important to have a good relationship with your real estate agent:

1. You’re going to spend a lot of time together.

You’re going to spend a lot of time with your buyer’s agent. You want that time to be as pleasant as possible.
The average buyer tours 12 homes over a period of 12 weeks before purchasing, according to the National Association of Realtors. Considering that the average home tour may take 30 minutes from start to finish, you’re probably committing to a bare minimum of 6 hours with your agent upon signing a buyer’s agency agreement.
And don’t forget pre-showing meetings with your agent, negotiations, final walkthroughs, and the closing appointment. Your agent will become an integral part of your life once you start a house hunt. Make your house hunt as enjoyable as possible by selecting an agent you love (or at least like).

2. You need to trust your negotiator.

You’ve found the home of your dreams. You’re ready to make an offer. Get set for the next stage of the process: negotiations. During negotiations, your agent goes to bat for your best interests.
If you’ve gotten to know and trust your agent, you can be certain that you’ve picked the perfect advocate for this (sometimes heated) stage. The best agents respect your budget and can carefully advise you during negotiations. Battle-tested agents understand the seller’s motivations, the ebb and flow of the current market, and how to get the most for a buyer’s money.
Think of it this way: You wouldn’t head into a courtroom without adequate legal representation. Nor should you enter real estate negotiations without a trusted agent.

Failure to communicate can bring your home search to a disastrous end.

3. You need to be able to communicate with your real estate agent.

For an agent, every new client is a blank slate. Buyers vary drastically in their home preferences and budgets, making personalized service a must.
But without open lines of communication, personalized service is unreachable. That’s why honesty and two-way conversations are essential, both in the early stages and at the closing table.
Buyers need to be able to express their needs and wants without restriction. Budget, location, size and style are just a few of the hundreds of factors that go into choosing a home. Buyers who feel disrespected or unheard during the house hunt can’t possibly choose the best home for their needs.
Whether you’re looking to buy or sell, make sure that your voice is being heard. Your feedback and direction should be integral to your real estate transaction. If you’re not able to communicate effectively with your agent, it may be time to seek out new representation.

Photos courtesy Nrico and Joe Houghton