Hire a Buyer’s Agent Even for New Construction

 

I love receiving referrals from my past clients. I often receive phone calls from potential clients stating, “my friend spoke highly of you, he/she recommended you as a Realtor to help us with our home search.” Elated that my clients continue to think and speak of me when it comes to Real Estate, is not only a compliment, but an indicator that I have exceeded my client’s expectations.

This call was very similar. My past client gave me a ring, which I thought was a “just touching base” phone call. However, as it turned out, one of his co-workers were stressing about getting into a new place by December. He said my Realtor will take care of you. Within the same phone call, my past client asked me to hold on. Not knowing what to expect, I heard another person speaking on the phone. Hello she said. My co-worker spoke highly of you and said I should speak to you about helping me find a home. She said, “I looked at resales but wanted to take advantage of the new construction incentives while they last”. She then explained to me that she has worked with another Realtor that was recommended, but she was not very response and that she has been to a few builders already to look into the option of new construction.

Armed with the information I needed, I asked that she gave me a couple days to do some research and see what I can come up with. I emailed her two options that would be best. An option A and option B. She loved both, but thought option A would be best. We visited the site and she loved the new construction community. After meeting with her, she got a second opinion from family members then contacted me the next day and said that she wanted to sign a contract. I was able to work with the builder to get my client a great down payment to get the process started. After a month of frustration, I was able to turn it around for this hopeful buyer in just two days. This is why it’s best to hire a Buyer’s Agent even when considering new construction homes. They can narrow in on your needs and provide the best options that meet your needs, saving you time and frustration. Contact me today to begin your home search.

Short Sales, Shorter Process

 

 

The short-sale process is expected to get shorter starting June 15. New guidelines issued under the Federal Housing Finance Agency will require Fannie Mae and Freddie Mac to give homebuyers of short sales notice of their final decision within 60 days. The new guidelines also will require the mortgage giants to respond to initial short-sale requests within 30 days of receiving an offer.

The speedier process is expected to be a boost to the housing market, Michael McHugh, president of the Empire State Mortgage Bankers Association, told the New York Times. Homebuyers and sellers often have to wait months before they receive a short sale decision from a lender. Some deals fall apart just from the wait alone.

Short sales have been increasing in recent months as many lenders find them more appealing than foreclosures, which can cost more and take longer to remove from their books.

Short sales now outpace foreclosure sales in many parts of the country. Short sales represent more than 14 percent of existing-home sales, according to CoreLogic housing data from March, the most recent month available.

McHugh says that a faster short-sale process may be particularly helpful in speeding the recovery in judicial states, where foreclosures must go through the courts before they are approved. Now short sales may be viewed by defaulting homeowners as more of an option if they want to avoid foreclosure.

“There should be a significant improvement in the turnaround,” McHugh said regarding housing markets with judicial foreclosure processes.

Source: “Speeding Up Short Sales,” The New York Times (May 24, 2012)

Top 10 Reasons to Own Rather than Rent

I read this article by FloridaRealtors that emphasized the top 10 reasons why it’s better to own rather than rent. With home prices really low and interest rates even lower, the market is perfect for those who have considering owning. Still on the fence? Review the list below. Hopefully it will tip you over into the field of home buyers.

 

Top 10 Reasons to Own Rather than Rent
1. You own it: With no landlord, you make the decisions.
2. You deduct it: Mortgage interest, property taxes and some costs involved with buying a home can be deducted from federal income taxes.
3. Interest rates: The cost to borrow mortgage money is at an all-time low. If you’re going to buy, this is the time to jump into the market.
4. You invest in it: Rent money is gone forever. Mortgage payments build home equity ownership interests.
5. You save for the future: Home equity is a ready-made savings plan. Sell it and you can make up to $250,000 cash without owing any federal income tax on the profit.
6. You can predict expenses: Unlike rent, a fixed-mortgage payment doesn’t get more expensive over time.
7. You pick it: Choose from different neighborhoods, styles and price ranges.
8. You create it: Decorate, renovate, get a pet or paint the walls whatever color you want – it belongs to you.
9. You live in a neighborhood: You and your neighbors take pride in the local schools, roads and more – and you work together to build a friendly community.
10. You spend money on yourself: When you buy a chandelier or hardwood floor or kitchen cabinet, you’re spending hard-earned money on yourself and building your equity at the same time.

 

Call me if you are ready to buy a home in Tampa… I look forward to working with you.

Could Google soon power homes?

The Internet giant is increasing its stake in the solar home power business with a $75 million “initial investment” to buy and own solar-panel generators on roofs of thousands of homes. Google is investing in Clean Power Finance, a start-up company that matches solar-panel installers with investors willing to buy rooftop solar-panel systems. “With Google’s investment, solar-panel installers can find homeowners who want solar panels on their roofs but don’t want to have to pay several thousand dollars to own the system,” according to an article in The Wall Street Journal.

“We’re excited about the opportunity to really help accelerate residential solar,” says Rick Needham, Google’s director of green business operations. The latest investment will likely help fund up to 3,000 home rooftop solar systems. In June, Google made a $280 million investment in residential rooftop solar-panel installations with SolarCity Corp. Google’s total investment in renewable energy has been more than $850 million. Rooftop solar demand is growing, and homeowners are finding paybacks too. Earlier this year, a study by Lawrence Berkeley National Laboratory found that solar panels not only saved homeowners money on electricity bills but also helped boost a home’s resale value, particularly for existing homes.

Source: “Google Invests $75 Million in Home Solar Venture,” The Wall Street Journal (Sept. 27, 2011)

Calling All Investors to the Rental Market

I recently read an article from Money Magazine entitled, “Cashing in on Rental Property”. This article solidified my belief in the rental potential of the current real estate market. Low priced homes become available on the market, week after week, many with tenants already in tact.

According to a recent study, nearly 35% of occupied U.S. homes were rentals in 2010, which is a 33.8% increase from 2000. The demand for rentals is apparent. Homeowners who have lost the loan modification battle have circumstantially become renters.  Over 500 cities nationwide are experiencing an increase in home rental demand.

From an investment perspective, this rise in rental demand yields an opportunity for increased rental income. According to the real estate research firm Hotpads.com, the price of rent increased 11.6% nationally in 2010 to $1,320 a month on average. The ‘flipping’ opportunities that were prevalent back in 2005 may be slim in today’s market; however, if investors are looking to own rental properties and build their real estate portfolio, this is the time to capitalize. According to a survey by the National Association of Realtors® (NAR), investors say they plan to hold onto their rental property for 10 years before selling.

Investing in today’s real estate market is an excellent long-term strategy. If you are looking to build your real estate portfolio, give me a call. I’ve been working with investors since 2006. My niche is helping Tampa’s savvy investors own in today’s market. Whether you are looking for a fixer-upper, or a great deal in a desirable community, I can help you accomplish your goal.