REAL ESTATE - A NEW PATH TO HOME OWNERSHIP

REAL ESTATE - A NEW PATH TO HOME OWNERSHIP

Home Partners of America Creates New Homeownership Opportunities for Consumers While Creating New Business Opportunities for Agents.​

Not surprisingly, renting skyrocketed in the U.S. in the wake of the housing crisis—and whether it’s due to continued financial restrictions, misinformation about options or other reasons, a decade later, a large swath of the population is still choosing to rent.

However, many of today’s renters would likely opt for homeownership given the proper guidance and the right circumstances—and this is exactly where Home Partners of America comes in. Founded in 2012 with the ambitious yet simple mission to make homeownership a reality for more people, the Chicago-based firm offers a simple solution to put people on the path to buying a home.


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Low Inventory, Rising Rates and a Bustling Spring Market

Low Inventory, Rising Rates and a Bustling Spring Market

RECBL - Real Estate News

Spring is here, and, with it, a busy home-buying and -selling season. While real estate markets can vary widely by region, housing is currently seeing similar developments across the country.

The Kiplinger Letter, an online source for personal finance advice and business forecasts, recently shared spring market trends. According to Kiplingers David Payne, staff economist, and Rodrigo Sermeño, reporter, REALTORS(R) can expect tight inventory, increased buyer competition and a rise in interest rates across the board this spring.

The biggest obstacle? Not enough homes, particularly in heavily-populated areas and others that are growing quickly.

"Buyers should expect tight inventory of existing homes across the nation, particularly in fast-growing metro areas such as Denver, Dallas, Seattle and Portland-but also most major metros in the West and in the South," say Payne and Sermeño.

Buyers are out in full-force, and with less inventory to choose from, they are flocking to any available homes in their price point and submitting aggressive bids.

"Buyers should expect more competition for entry-level homes, both existing and new," Payne and Sermeño say. "Tight inventories of existing homes will likely lead to bidding wars in many markets."

What the industry sorely needs right now is new construction, and that’s where the South is prospering.

"The South is seeing strong growth in residential construction, including starter homes," say Payne and Sermeño. "Builders are gradually adding entry-level homes in certain markets in the South, such as Dallas, Phoenix and Atlanta. Some builders are focusing on peripheral areas around these cities, where it is cheaper for them to build entry-level homes."

According to The Kiplinger Letter, buyers in the South and West can expect new homes on the market later this year, especially duplexes and townhomes; however, new-construction growth is generally slow across the U.S. due to high costs and insufficient land to build.

"Builders will continue to gradually bring starter homes to the market, but the rising cost of labor and building materials will make it difficult," Payne and Sermeño say.

While skyrocketing prices have been a concern with tight inventory, REALTORS(R) can breathe a small sigh of relief, as growing home prices seem to be slowing down, if only slightly, for the foreseeable future.

"Home price growth will slow a bit, to 5 percent from 6.5 percent last year," say Payne and Sermeño. "Price appreciation has been strong for a while, and some areas are seeing demand hurt by affordability problems, especially for high-end homes; however, the slowdown this year will only be modest because of continuing lack of inventory, especially at the low-to-middle price ranges."

REALTORS(R) are watching the market closely, as one factor could change the status of todays market. Rising interest rates are homebuyers biggest concern, and contributing to this springs flurry of home-buying activity.

"The prospective rise in interest rates this year and next is actually boosting buyer demand to purchase before rates rise further, according to REALTOR(R) surveys," Payne and Sermeño say. "Next year, once it appears that mortgage rates will be stabilizing, then the higher rates will have a somewhat depressive effect on prices and demand."​


Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at jason@cashbuyerslists.com.





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Smart Home Technology Is the Smart Way to Sell

Smart Home Technology Is the Smart Way to Sell

RECBL - Real Estate News

Potential homebuyers are looking to buy smart, even if they have to pay more to do it.

Buying "smart" means purchasing a home with pre-installed smart home technology; a trend which is reinvigorating real estate.

Smart technology refers to devices that are connected to the internet and can be controlled and monitored from any location via your smartphone, tablet or computer.

From single mothers to married couples entering retirement, owners of smart homes spend less time and energy managing their homes and more of their valuable resources on career goals, personal relationships, daily tasks and hobbies. Studies predict that smart homes will be the norm by 2020, and real estate agents need to be well-versed.

According to a recent survey, the four main categories of smart products that are important to homebuyers are security (e.g., locks and alarm systems); temperature (e.g., thermostats and fans); lighting (e.g., light bulbs and lighting systems); and safety (e.g., fire/carbon monoxide detectors and nightlights).

Homebuyers across the board are most attracted to smart security and temperature. According to the report, Americans prefer security and temperature over smart appliances and entertainment. Older generations are more likely to have these types of smart home technology: 40 percent of homeowners over 65 years of age have smart temperature products, compared to 25 percent of millennials.

Potential homebuyers of all ages and genders are interested in smart home technology. In fact, 45 percent of Americans either have smart home devices or plan to incorporate them. Of respondents who said they have smart products in their homes, 43 percent are millennials, 33 percent are between 33 and 54 years of age, and 24 percent are 55 and older. Of these, 57 percent are male and 43 percent are female.

Agents looking to work with smart homes need to pay close attention to women homebuyers, a fast-growing segment. Smart home technology may be a valuable resource for increasing women’s homeownership, as single women-especially those with families-will be attracted to owning a home that makes their lives easier and makes them feel safe.

Not only are smart homes safer, but they also have high value. Homebuyers and sellers are willing to pay more for homes with smart technology. Fifty-four percent of homeowners said they would install smart home products if doing so would ensure they could sell their homes faster. Of these, 65 percent said they would pay $1,500 or more. For millennials, this number increases to 72 percent.

Real estate agents can utilize this information in selling homes at a faster rate and higher price to potential homebuyers who understand the value of smart homes. Make sure the homes you sell are equipped with eye-catching smart technology, and communicate to potential buyers the increased value these devices bring to their home and the safety they bring to their families.

DesirEe Patno is president and CEO of the National Association of Women in Real Estate Businesses (NAWRB).

For more information, please visit www.nawrb.com.

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Staging the Most Important Rooms in Your Listing

Staging the Most Important Rooms in Your Listing

RECBL - Real Estate News

Staging every room in a for-sale listing may sound ideal; however, it may be a daunting task to both the seller and the listing agent.

If your seller can’t afford to invest in staging the entire home, it’s OK to scale down-after all, it’s better to do a good job on a few rooms than to do nothing at all.

When deciding which rooms to cut and which to keep, remember that not every room is created equally and that half the battle is de-cluttering.

Why Stage?
Because it’s primarily individuals rather than companies who buy homes, it’s important to appeal to the largest number and widest range of buyers possible. Even the most basic DIY staging (like having your client pack up their extensive porcelain doll collection or take down their numerous hunting trophies) can help buyers without those specific interests envision themselves in the home.

When buyers picture themselves in the home, they’re willing to pay more. NARs 2017 Profile of Home Staging reported that 29 percent of sellers agents reported a 1 to 5 percent increase in offer amount compared to similar homes. A further 21 percent reported a 6 to 10 percent increase in their offer amount. Staging also decreases the amount of time a listing will spend on the market. Photos of a nicely staged home make people more willing to walk through a property they found online.

What to Stage?
You don’t have to stage every room in a house to get good results. For example, it’s far more important to stage the living room than the laundry room. Here are the most popular rooms to stage, according to the 2017 Profile of Home Staging, as well as some ideas of what you can do in each:

Living Room
Remove the oversized couch and other bulky furniture and substitute smaller, narrower options. This will make the whole room feel larger. Also, remove all personal photos and enough books, movies and knickknacks to give the shelves extra room, emphasizing how the home offers plenty of "room to grow."

Kitchen
Pack up all the small appliances and do-dads cluttering up the counter, from the coffee pot to the can opener. Clear off the top of the fridge and get rid of all coupons, magnets, personal bulletins, etc. Once all the useful but non-decorative clutter is gone, consider adding a fruit bowl or flowers to add some color to the kitchen. It’s also important to de-clutter inside the cabinets to make them seem more spacious when interested buyers start poking around.

Master Bedroom
Again, start by de-cluttering. The only things on the floor should be furniture and maybe a rug. Most bedrooms don’t need much more than the bed, dresser, end tables, and a mirror. Make sure the surfaces of the furniture are cleared of all personal items. Remove any laundry baskets, TVs, and items visible under the bed. Dress the end tables up with a nice decorative lamp and make sure the bed is neatly and attractively made. If the master bedroom is particularly large, you can also add a comfy sitting area.

Dining Room
Dress the table up with a nice centerpiece and some simple but attractive place settings, but don’t make the table feel cluttered. If the table sits six, lay out four places. If it sits four, lay out two. This will ensure the table looks spacious and inviting. Remove any extra chairs that are gathered around the room, and make sure there is plenty of light, as well.

Bathroom
If you want the bathroom to appeal to buyers, make sure it is spotless. Everything from the tub to the walls should look fresh and clean. You should also remove any medications from the bathroom and put out fresh rugs and towels. Adding a few decorative candles or jars to the shelves will help create a more spa-like environment, as well.

Outside
The first thing a buyer sees when they visit your listing is the outside. Make sure the lawn is freshly mown, the bushes are trimmed, the driveway is clear of leaves and weeds, the windows are clean, and you have an inviting threshold.

Child’s Bedroom
Start by packing up anything that will identify who the child in the room is, such as school memorabilia, sports jerseys, trophies or photos. Most of the toys and all electronics devices should go, as well. Try to emphasize the child’s bedroom as a creative space. A desk or table can help with this. Keep the center of the room clear to emphasize plenty of play space, and use a gender-neutral color scheme to help buyers imagine their children in the room.

Once your client's home is staged, it's your turn to step up to the plate and get it sold. Homes.com makes it easy to find interested buyers and sellers with Featured Agent ads, which display your listings at the top of Homes.com, just one click away from popular Google searches.

For more information, please visit connect.homes.com.

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Struggling With Mortgage Payments? HARP May Help

Struggling With Mortgage Payments? HARP May Help

RECBL - Real Estate News

(TNS)-HARP, or the Home Affordable Refinance Program, is a great way to refinance your mortgage and save a ton of money in interest charges. HARP allows homeowners who have little or no equity in their homes to refinance their mortgages and get lower interest rates. You can even refinance if your mortgage is upside down.

The program was due to expire in September, but it has been extended through December 2018, adding 15 months to this popular initiative.

The 2008 housing crisis left many homeowners owing more on their mortgages than their homes were worth. The rate of foreclosures rose 81 percent in 2008 alone and more than 860,000 homeowners lost their homes.

In 2009, mortgage finance giants Fannie Mae and Freddie Mac launched HARP. More than 3.4 million homeowners have refinanced their mortgages through HARP since then.

By refinancing your home through HARP, you may be able to reduce the interest you pay.

If you don’t want to start over with a 30-year mortgage, that’s OK-your loan terms can be set from 10 to 30 years. HARP also offers a streamlined refinancing process that requires less documentation than traditional refinance programs.

For homeowners whose mortgage rates are much higher than current interest rates, they’re likely see an immediate drop in their house payments.

HARP loans are specifically designed for homeowners whose mortgages have a loan-to-value ratio of 80 percent or more.

To calculate your loan-to-value ratio, divide the amount of money you owe on your mortgage by your homes appraised value. For example, if you owe $170,000 on your mortgage and your homes appraised value is $200,000, your loan-to-value ratio is 85 percent.

You may be eligible to refinance your mortgage through HARP if you meet the following criteria:

• You’re up to date on your mortgage payments, have not been 30 or more days late in the past six months and have not been late more than once in the past 12 months.

• The home is your primary residence, a one-unit second home or a one- to four-unit investment property.

• Your loan is owned by Freddie Mac or Fannie Mae.

• Your loan-to-value ratio is 80 percent or greater.

• You had the mortgage before May 31, 2009.

Many people don’t know if their mortgage is owned by Fannie Mae or Freddie Mac, but you can use their online tools to find out.

If you were previously denied a HARP-sponsored mortgage because you were upside down on your mortgage, it may be time to apply again. Borrowers who owe more on their loan than their homes values are now eligible.

Like with refinancing any mortgage, you’ll have to pay closing costs (which can be rolled into your loan). While a lower mortgage payment reduces your monthly expenses, you’ll want to calculate whether the savings in your monthly payment outweigh your costs.

When you apply for your loan, the lender will give you a "good faith estimate" and a "truth in lending statement." This outlines your costs for the life of the loan. Compare these documents to your current loan terms to determine if you’ll come out ahead with your new refinancing package.

If your existing mortgage includes mortgage insurance, you’ll be required to have the same amount of mortgage insurance with your new loan. If your existing mortgage doesn’t have mortgage insurance, you won’t be required to carry it for the new loan.

If you think a HARP refinancing might save you money, gather your most recent financial records, including mortgage statements, pay stubs and income tax returns. Contact your lender and ask if it participates in HARP. If your lender doesn’t, contact a HARP lender approved by Fannie Mae or Freddie Mac on their websites or on the Federal Housing Finance Authority website.

Visit Bankrate online at www.bankrate.com.

(C)2017 Bankrate.com
Distributed by Tribune Content Agency, LLC




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New Homeowner Statistics Unveiled

New Homeowner Statistics Unveiled

RECBL - Real Estate News

Owning a home is a key component of the "American Dream," as well as a primary driver of wealth creation for many Americans. However, the fruits of homeownership are not shared equally across demographic groups. A new report from Apartment List offers interesting insights.

After analyzing Census data from 1980 to 2015, looking at trends in owner and renter populations nationwide, broken down by race, education and income, Apartment List researchers found that white households have a significant advantage in achieving homeownership, and that this advantage persists regardless of education or income.


Some of the highlights of the latest Apartment List report include:

• Nationally, the homeownership rate for white households is 64.4 percent, compared to 32.7 percent for black households, 41.1 percent for Hispanic households, 54.0 percent for Asian households, and 45.8 percent for households classified as "other."

• Since 2000, the gap in homeownership rates has closed by 8 percent for Asian households, by 2.5 percent for Hispanic households and by 2.4 percent for households classified as "other." However, the gap for black households has widened by 3.9 percent.

• Prime working age households in the U.S. are 61.8 percent white, 13.1 percent black, 16.7 percent Hispanic, 5.7 percent Asian, and 2.7 percent "other."

• The nation is growing steadily more diverse, with the share of white households falling by 18.7 percent points since 1980.

• The Census Bureau projects that more than half of the American population will belong to a minority group by 2044.

• Nationally, Apartment List researchers found that homeownership rates for minorities with college degrees are lower than those for whites with only a high school diploma.

• Gaps in homeownership rates by race tend to be worst in metros in the Northeast and Midwest, with smaller gaps found in metros across the South and on both coasts, particularly in California, Texas, and Florida.

Overall, the data shows gaps have been narrowing over time, but gaps for black households have grown worse. And while more diverse metro regions tend to have smaller gaps in homeownership rates, many of these metros also have corresponding low overall rates of ownership.

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More homeowners cashing in on their new housing wealth

More homeowners cashing in on their new housing wealth

More homeowners cashing in on their new housing wealth
#realestate #cashbuyerslists #home #owner #cash #housing #wealth #piggy #bank #value #investment

Homeowners are opening their favorite piggy bank again — their homes. As home values rise faster than expected, that increased homeowner wealth suddenly seems more enticing. It's showing up in big remodeling growth and higher profits for retailers like Home Depot and Lowe's, but it also serves as a warning sign. Now, as millions of borrowers come up from underwater on their home loans and many more see their home values jump sizably on paper, borrowing more is back in favor.
Read More> http://bit.ly/RECBL-March7




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Millennials drive housing confidence higher, despite red-hot prices

Millennials drive housing confidence higher

Millennials drive housing confidence higher, despite red-hot prices
#realestate #cashbuyerslists #millennials #confidence #home #buyers #sellers #housingmarket #housing #income #hot #spring #time 

Both buyers and sellers alike are feeling very good about the housing market this spring, even as home values hit new highs and mortgage rates move up. "Millennials showed especially strong increases in job confidence and income gains, a necessary precursor for increased housing demand from first-time homebuyers,"
Read More> http://bit.ly/RECBL-March7



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Save Big on Energy Costs

Save Big on Energy Costs

Cash Buyers Lists How to Save Big on Energy Costs
#realestate #cashbuyerslists #energy #savemoney #home #homeownership #environment #gogreen

Those of us juggling mortgage payments, monthly phone and cable bills, and electric bills know the financial strain of homeownership. 
And while you may not be able to reduce that mortgage payment right now, you can certainly curtail your energy costs with a few tweaks. Here are 7 tips on how to save big on energy costs.
Read More> http://bit.ly/RECBL-March3

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IS YOUR SMART-HOME DEVICE A SECURITY THREAT?

Is Your Smart-Home Device A Security Threat?

Cash Buyers Lists News​​

Did you recently welcome a Google Home or Amazon Echo into your home? How about a smart TV or a fancy new Apple Watch? While all of these devices can work wonders in terms of making our lives easier, they can also pose a security threat to your privacy. Internet-connected devices provide endless possibilities, but they rely on technology and collected data to deliver on their promises.

"I don’t necessarily think about someone hacking into my new smart thermostat and accessing temperature preferences," says Steve Platt, global executive vice president of Fraud and Identity for Experian.

But if they can access my thermostat, they can get into my Wi-Fi network. From there they can access my computer or other connected devices where I have a lot more private and valuable information. The Internet of Things is only as strong as its weakest link. That’s why it’s so important to understand and treat each connected device as part of a broader network."

According to Platt, you can have both convenience and privacy, as long as you know how to secure your devices along the way.

Here are eight tips from Experian for protecting your identity while enjoying your new gadget:

1. Make sure the products and services you are connecting were purchased from reputable companies.
2. Take a few minutes to review the privacy and data usage policies for each product or service. These privacy policies and data-use statements should be clear, easy to read and easy to understand. It’s important to know how your personal data is used, stored or shared and to be comfortable with the terms before using the device.
3. Look for devices that use end-to-end encryption, meaning third parties can’t read or listen to your communications. More and more products are including this terminology right in the product description. If it’s not there, ask.
4. Be careful when turning on features for less secure devices. Remember that a less secure device can open a door into your network, which can lead to access to other connected devices.
5. Change the default password before connecting the device to your network and enable two-factor authentication options, when available, for additional security. For example, you might use a username and password plus something else that only you know.
6. Pay extra attention to your Wi-Fi network and leverage all available security options, including things like router and network passwords, encryption, firewalls and firmware.
7. Be aware of the applications installed on devices, and download applications only from reputable providers. Also, only download apps created by trusted entities.
8. Make sure children are supervised when using Internet-enabled devices, especially when downloading apps and connecting to other devices.

Following these tips will allow you to make your home smarter and safer.

Source: Experian

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