Will the Housing Market Get Better
Posted on | November 19, 2008 | No Comments
The short answer to this question is yes. The defining question after that is; when? And that’s the one thing no one knows. I tune in and listen to the financial news almost daily and read several blogs and articles each week to try and stay on top of what is going on for my clients; mostly so they feel good about locking a loan and when.
The truth is that no one has ever had a crystal ball. If they had, we wouldn’t be in this mess. So what do you do if you want to buy a house or need to sell a house? If you qualify to buy a house, buy a house. It’s a good time to buy because the inventory is up and rates are still down. If you need to sell a house, sell a house. You may take a loss on it but I can tell you from experience, I have seen many people hang onto a house to their detriment. You play the hand you’re dealt when you have to play.
Where’s the Bottom?
Posted on | November 17, 2008 | No Comments
Yesterday I listened to all the pundits on Sunday morning TV. Almost all of them predicted a gloom and doom economic picture all the way through 2009 in the overall economy as well as housing and mortgages. Now I am not an economist and won’t pretend to know any different information than they do, however, I look at things a little differently.
The first thing I think about is the $6.00 a gallon gas I should be paying at the pump this month. After all, it was the “experts” that forecasted that number not even 6 months ago. I figure if the experts can miss that one, they can miss this one as well. The other thing I think of is all the misses the news and media have made, not over the past 5 to 8 years, but over the last 25 to 28 years. It seems instead of digging for the real answers they just pass on the opinions of the so called “experts”. I believe in America so I don’t really care about if and when or where or why we hit bottom; I care about moving forward and creating a better world. If we concentrate on that, the economy will turn around.
THDA Rates Change
Posted on | November 14, 2008 | 1 Comment
Tennessee Housing Development Agency has announced new rates for its first time homeowner programs as well as its new refinance program for those who are in danger of foreclosure due to sub-prime mortgages. Here are the new rates.
Great Rate Program 6.10%
Great Save Program 6.10
Great Advantage 6.60
Great Start Program 7.10
These and many other programs are available to you if you are currently in the market to purchase a home.
Tags: first time homeowners > refinance program > THDA
For Every Negative There is a Positive
Posted on | November 10, 2008 | No Comments
What most of us have heard of and the news has certainly reported over and over again is the fact that there are, and have been recently, a historical amount of foreclosures happening in this country. That is not in question. However, what we have not heard about is the great opportunity for buyers it is right now if you are in the market for a home.
When this issue first came to the public eye, banks and lending institutions were not very cooperative with those who were falling behind on their mortgages as well as with those who were trying to purchase a bank owned property. It was understandable because the loans the banks held were also above the value of the now foreclosed properties. It is their job to get the most they can to pay back the original loans. Because of this, they were passing on many offers. It seems that in the last few months both of these situations have changed. Banks are now working with their clients more often than not to get the loans renegotiated as well as starting to release properties to buy even when the losses are greater than they had expected. This means that everyone takes a hit or two and the biggest winners are the ones that pick up the bank owned property. However, they also potentially end up paying more for closing costs than normal so you do need to be aware.
Tags: bank owned properties > Buying a home > foreclusures > REO
After the Election is Over
Posted on | November 8, 2008 | No Comments
It depends on who you listen to as to what is happening to the economy. I always like to listen and see what people say about the markets as they ebb and flow. If you follow the markets like I do, you realize that there were several key elements of information that was released right after the election. The first was retail numbers released on Wednesday indicating that retailers are having a tough time this year. This coupled with the news in the auto industry brought the Dow down.
It stayed down and continued to tumble on Thursday as unemployment numbers were released. This downward trend is expected to continue until we get to the bottom. Unfortunately, no one knows where the bottom is. For anyone who believes the stock market has turned downward due to the election only need to look back at the news on Monday. There were several reports that indicated the no matter who won on Tuesday, they would be experiencing a probable downturn by the end of the week once these pivotal numbers were released. The market is not down due to who was elected on Tuesday. Sometimes, it just is what it is.
Go Vote!
Posted on | November 4, 2008 | No Comments
No matter whom you are for or how long it takes, I want to encourage you to make your voice heard and vote. If nothing else has been accomplished during this election season, people seem to be more engaged and ready to get involved and vote. I hope you are one of those people.
More FHA Changes Coming
Posted on | November 2, 2008 | No Comments
The government continues to make changes to the FHA program and the people I have talked to don’t think the changes are over with as of yet. Though these changes are supposed to help people continue to get into homes and to protect them, I’m not sure there are any changes that can protect you more than good basic knowledge of how to purchase a house.
I met a young lady today that has a good deal of knowledge because she took the time to attend a first time home buyer’s class. Though it was on a day that she had many other things that she would have rather done, she took the class. I asked her if there was anyone in the class that she felt didn’t need the class and after pausing and thinking about her fellow students told me every one of the people needed the class.
Please, whether you are a first time home buyer or not, if you have never set in on one of these classes and are looking to purchase a home over the next year or so, find a class and attend. You may know some of it and get a little bored but overall, you will not regret it. Untimely, it is up to you to protect yourself from the unscrupulous that still exist in the real estate business.
Have a Great Halloween
Posted on | October 29, 2008 | No Comments
I find it very interesting that Halloween is just behind Christmas as the most popular holiday. It certainly doesn’t surprise me as it is another holiday around our children and grand children. It gives the rest of us a chance to enjoy the utter delight that the kids have in getting the dickens scared out of them or the candy and goodies they get to partake in, if just for the evening. It’s fun.
For those who are preparing to scare the children with a trick or treat, good luck. And for their parents who will have to endure the sugar rushed and tired kiddies when it’s all said and done; have a great Halloween and remember, this year it’s on a Friday and hopefully you can recover over the weekend.
You Must Look at Loan Fees & Compare
Posted on | October 26, 2008 | 1 Comment
Once again I had a potential customer who decided to go with another company who got them a rate that was .250% below what anyone else was quoting and it looked like a great deal from the original GFE that they were given. Then, about a week after they closed the refinance loan, the wife started to put two and two together and realized the balance they refinanced was really high. She pulled out the paperwork and saw over $9,000 in fees and wondered if that was right. After pulling out the Good Faith Estimates she had received from a couple of other companies, I got a phone call.
It wasn’t good news that was delivered and there was nothing they could do about it now. They DID get the rate and they DID pay for it. You must understand the rate is not always the most important thing to consider on your loan; the overall cost is. Make sure you get with your loan officer and he or she explains thoroughly how much your loan will cost you in terms of time of ownership vs. money saved by rate. It is very easy to pay more money for a lower rate and never make up the difference. You are responsible to ask the right questions and know what you are signing and not to fall for the smoke and mirrors.
A Way to Save on Your Electric Bill
Posted on | October 23, 2008 | No Comments
You can take an online energy audit on the Nashville Electric Service’s website and receive a package called and Energy Conservation Kit to help you save energy in your own home.
The kit includes:
- 2 compact fluorescent bulbs
- Outlet & light switch gaskets
- Filter whistle
- 2 faucet aerators
- Hot water temperature gauge
- Home thermometer
- How to Save brochure
It’s a great start and a good way to learn more about what you can do to help yourself.
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