Wow! Talk about priorities.
A new study by TransUnion shows, the percentage of consumers delinquent on mortgages, but current on credit cards rose to 6.6 percent in the third quarter of 2009 from 6.3 percent in the previous quarter and 4.9 percent in the same quarter a year earlier.
http://bit.ly/dvmgGm
SOURCE: More Consumers Pay Credit Card Before Mortgage: Study
It has been reported by the Greeley Tribune that JBS recently purchased 2401 2nd Avenue for $2.3 million dollars. The 104,000 square foot building sits on approximately 13 acres and used to house Con Agra Inc until 1999. More recently the property was used as a roof and floor truss manufacturing plant until 2007.
http://www.greeleytribune.com/article/20100205/BUSINESS/100209851/1002&parentprofile=1001
SOURCE: Greeley Tribune
Thought I would share with you an article from yesterday's Greeley Tribune.
Credit Boots Home Sales
Federal homebuyer tax credits provided a much-needed shot in the arm to an ailing real estate industry last year, and it promises to boost the area's immunity to the economy for at least the first few months of 2010, area real estate agents predict.
But there likely won't be a real housing turnaround this year.
“This year, we've just been bumping along the bottom,” said John DeWitt, managing broker with ReMax Alliance in Greeley. “2010 will probably be a little better but more of the same, even with the (federal tax) credit. That will help us. Interest rates are still low, but that tax credit is definitely going to help things into spring.”
In all, buyers purchased 1,428 homes in the Greeley and Evans areas last year, 2 percent shy of 2008, which was the year many in the industry say the market bottomed out. The condo market, on the other hand, grew more than 26 percent last year. With their lower prices, those sales are likely a product of the federal tax credit for homebuyers, agents say.
That credit helped double sales of homes under $100,000 last year to 84 in 2009 from 45 the year before, reports Chalice Springfield, managing broker of Sears Real Estate in Greeley.
“We'll continue to see strong numbers in first-time homebuyer range because we've always been the affordability community,” said Springfield of what to expect in 2010. “We even have some new construction stuff with pre-sales. There may be a few even (building) permits started. I'm kind of excited to see it come back, but don't think we'll see a huge boom. We'll slowly recover. It will not happen overnight like they were” in the early part of the decade.
Greeley's real estate market essentially tanked in the past couple of years after some incredible highs. As an example, the market was performing so well from 1998 to 2004 that there were easily more than 1,000 homes on the market at any given time for sale. In 2004, the city of Greeley issued a high of 706 residential building permits, and there were 1,845 homes sold that year.
By the end of 2009, there were about 500 homes on the market in Greeley, including a host of tough-to buy short-sale properties and foreclosures; the city only issued 46 residential building permits, as well.
The market now is varied, with many issues that still have an effect on the market:
• Foreclosures are rising, but there are only 57 foreclosed properties in the Greeley/Evans inventory. Part of that reason is that homeowners facing foreclosure have four months to get out of foreclosure before their properties go to sale.
• There are only 113 short-sale properties on the books now, but they've become increasingly hard to unload, given their uncertain timing. Lenders have typically held out on these properties, waiting for better offers, which could extend the homebuying process for months.
• Inventory of homes on the market is down to about 370 if you take out foreclosures and short sales, giving buyers a lot less to look at. Still, inventory in the $200,000-and-under market — the price range most buyers want in this area — is down to about 200.
“Frankly, we could handle 300-400 homes hitting market overnight,” said Wayne Kohl, an agent with Re/Max Alliance in Greeley. “We have buyers ready to go. They're qualified and ready, but we can't find them the house they're looking for.”
Factor in the looming deadlines to get those federal tax credits — buyers must be under contract by April 30 and close by June 30 — with impending interest rate hikes, which are expected this summer, and real estate agents say buyers better act fast.
“I think people will look back and say, ‘I wish I would have taken advantage of the market or bought an investment or first house,” Springfield said. “This is that time. This is it.”
At the same time, with inventories so low, now may be the best time for sellers to pull the trigger and put their existing homes on the market.
The federal credit, $8,000 for first-time homebuyers, and $6,500 for existing homeowners in their homes for at least five consecutive years out of the past eight years, is good on all homes under contract by April 30. Interest rates are expected to spike shortly thereafter as the Federal Reserve System will stop buying mortgage-backed securities, Kohl said. Even three-quarters of a percent can reduce the amount of mortgage a buyer can get and keep a comfortable monthly mortgage amount, Kohl said.
“If your comfort level is around $1,200 payment, that would be $200,000 home under current interest rates ... let's say June comes and interest rates are at 6 percent, you now would qualify for $180,000 house, instead of $200,000,” to keep the same mortgage payment, Kohl said.
Agents say the market is stabilizing, as evidenced by the shrinking inventory, which means demand will go up.
“Our phones have been ringing off the hook the last two weeks because people are feeling things are happening,” Springfield said.
Source: Greeley Tribune
Real Estate statistics 2009
Town Single Family Home sales Avg. Days on Market Condos/Townhome sales Avg. Days on Market
Greeley 1,428 (-2.1%) 100 177 (26.4%) 123
Fort Collins 2,239 (-5.1%) 110 618 (-16.3%) 121
Loveland 1,297 (-6.7%) 128 164 (6.5%) 113
* Percent change is from 2008.
Source: Information and Real Estate Services via Sears Real Estate
Nationwide sales
Nationwide sales of new single-family homes in December 2009 fell 7.6 percent from November and declined 8.6 percent from December 2008, to 342,000. For the full year 2009, new home sales fell 22.9 percent from 2008.
Source: Economics and Statistic Administration
Homebuyer credit expanded, extended
The Worker, Homeownership and Business Assistance Act of 2009, signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit.
Under the law, an eligible taxpayer must buy, or enter into a binding contract to buy a principal residence on or before April 30 and close on the home by June 30. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.
The law also:
* Authorizes the credit for longtime homeowners buying a new principal residence.
* Raises the income limitations for homeowners claiming the credit.
For more information, go to http://www.irs.gov/newsroom/article/0,,id=215791,00.html.
Source: IRS.gov
We love our office space at St Michaels and can't wait for new businesses to come and join us. Help-U-Sell Greeley is located on the south side of St Michael's Town Square under the clock tower and flag. We are really missing The Harvest, The Hobknobber and Cranberries. Matter of fact, Cranberries just went on the market for $989,175 and The Harvest is for sale at $1,995,000.
It looks like the skies are clearing over Greeley CO which is great so we can all catch a glimpse of the first full moon of the year. Did you know that tonight's full moon is supposed to be the largest and brightest of 2010? According to Spaceweather.com, tonight's moon will be about 14% wider and 30% brighter than lesser full moons of the year. Don't miss it!
http://www.msnbc.msn.com/id/23521649/ns/technology_and_science-space/?GT1=43001
Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).
Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.
Here are a few reasons why:
On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.
Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.
There is only one way to avoid being affected by all of these costly changes that lie ahead – submit all FHA mortgage applications by the last week of March.
If I can answer any questions you may have about how these changes could impact you, call me. I appreciate your business.
The homebuyer tax credit is not as simple as you might think. This information is critical for those who plan to claim the credit on their 2009 tax return. - To qualify for the move-up tax credit, a homeowner must have occupied the same principal residence for five of the last eight years consecutively.
- Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.
- Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms online. The wait for a refund is three or four months.
- The home can be a mobile home or travel trailer that is fixed to land owned or leased by the homeowner. A mobile home or travel trailer that is actually mobile doesn’t qualify.
- The home can’t be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.
- A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.
Source: Bankrate.com, Marcie Geffner (01/21/2010) / Realtor.com 01/22/10
This week, 30-year mortgage rates fell for the third straight week bringing the average interest rate down to 4.99% for a 30-year mortgage. Last week it averaged 5.06% and 5.16% ayear ago.
SOURCES: http://www.realtor.org/RMODaily.nsf/pages/News2010012202?OpenDocument
http://realtytimes.com/rtpages/20100122_rates.htm
Stay up to date with the latest mortgage rates by visiting http://www.helpusellgreeley.com/ where Bank of America and Cherry Creek Mortgage Company's interest rates are updated daily.
Spring is right round the corner. If you're looking to sell your home in Greeley CO, here is a list of 10 cheap ways you can boost your home's selling price without breaking the bank. These inexpensive improvements can make all the difference when it comes to selling your home.
http://bit.ly/7cUn52
In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan on Friday announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties.
This temporary waiver will waive the 90 day flipping rule that currently states the investor has to wait 90 days before reselling the property which will give FHA borrowers access to a broader array of recently foreclosed properties.
The waiver will be effective February 1, 2010, and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. “FHA borrowers, because of the restrictions we are now lifting have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”
To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
· All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the transaction.
· In cases in which the sales price of the property is 20% or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
· The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
Specific conditions and other details are in the text of the waiver available on HUD’s website.
SOURCE: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011
Water Valley president and developer Martin Lind has placed an 1,133 acre parcel on the market known as the "Hilltop," with the subdivision name of Water Valley West. He is asking for $20 million for the Northern CO land and mineral rights for the property. Lind believes the land is "probably the most attractive master-planned piece of property in Colorado - a crown jewel." http://bit.ly/89waTw
SOURCE: The Coloradoan
For all of you bird lovers out there.
Earlier today The Greeley Tribune reported two local
birdwatchers spotted a
red-shouldered hawk living in
Windsor CO off HWY 257 and the entrance to the
Poudre River Trail. This is extremely rare for this type of bird since they are typically found along the
California coast and in the east.
To see the bird, drive to Windsor off HWY 257 and park at the entrance to the Poudre River Trail. It may be spotted a half-mile east on the trail.
Not only do we love living in Northern CO but apparently so do the birds!
Help-U-Sell® was created more than 30 years ago and was the pioneer for providing an alternative to the dated 6% commission structure, something that had virtually gone uncontested for years in a market overrun by a monopoly of traditional brokerage firms. Help-U-Sell® is a full-service set-fee organization and our Brokers, who are fully licensed by their local Board of Realtors and are members of the National Association of Realtors®, manage the entire home sale process from start to finish, including marketing your home with our comprehensive direct mail program, pricing your home with the most current sales comparables, negotiating and handling counter-offers, taking care of all inspections, attending closings, providing a lender referral when needed, and more. And of course we have a powerful website that drives millions of visitors to our corporate site.
Help-U-Sell®'s model breaks down the services that a traditional Broker provides, such as advertising costs, staging a house for sale and holding open houses, in turn allowing consumers to save a significant amount of money compared to what they would have spent on the traditional 6% broker fee. With no extraneous fees or inflated commissions, consumers are given full transparency knowing from the initial stages of the transaction what they will be left with after the sale. On average, Help-U-Sell® Brokers close more than two or three times the number of transactions than the competition. Who would you rather trust your dream home with? Getting homes under contract is just the first step, but taking care of all the details to make sure the home really closes is where our expertise takes over.
Unlike most traditional real estate companies, we also offer our Sellers choices. Our Sellers have the option of showing their home themselves, and thus saving more money, and our Sellers have the option of placing their home on the Multiple Listing Service (MLS). By giving you choices we allow you to take advantage of our business model efficiencies by giving you control over the process.
To learn more about selling your home with Help-U-Sell Greeley click here.
Each year, Help-U-Sell® Real Estate also helps thousands of Buyers as well. We sell all homes on the MLS in addition to our own inventory of exclusive properties. In essence, we have more homes than any other office in town as we have all the MLS properties plus our own listings that may not be on the MLS.
We also give Buyers choices. While Buyer programs vary from office to office, in general, you can elect to be personally shown the homes in their community by a Help-U-Sell® Licensed Expert or Help-U-Sell® Real Estate can compensate the buyer through a rebate where permitted by law if the buyer chooses to do some of the leg work. The Help-U-Sell® Office will provide the buyer with all the inventory of homes and the Buyer's duty is to search and narrow the list of homes on their own.
For more information about buying with Help-U-Sell Greeley click here.
Today's savvy real estate consumers are demanding an alternative, and Help-U-Sell® Real Estate is the answer - we are the largest and oldest set-fee real estate company, and have set the standard in the industry. To list your home with Help-U-Sell Greeley give us a call today at (970) 515-5322.
Source: Help-U-Sell.com
Now that I spent all of 2009 getting back in shape, my goal for 2010 is eat healthier food. While looking for tips for healthier eating, I came across LiveWell Weld County which is a grant-funded collaboration with the non-profit LiveWellColorado. This website is intended to be a reliable site for information to help you make better choices for a healthier lifestyle. For tips on developing healthy eating habits, recipes, information about exercise, the food pyramid, and more visit http://www.stepstoahealthierweld.org/ToolsforHealthyHabits.html. Who woulda thought the information I was looking for was right here in Greeley CO?
Check out how Weld County compares to the rest of Colorado when it comes to health.
Adults
| | Weld County | Colorado |
Diabetes | 6.5% | 5.3% |
Obesity | 26.4% | 19.3% |
Current Smokers | 17.8% | 18.7% |
Any Exercise | 78.5% | 82.7% |
Eat 5 A Day Fruits or Vegetables | 25.6% | 25.8% |
Source: 2007 Weld County Behavior Risk Factor Surveillance Survey
High School Students
| | Greeley District 6 | Colorado |
Overweight | 11.9% | 9.8% |
Current Smokers | 15.9% | 18.7% |
< 3 hrs/day TV Viewing | 75.0% | 73.2% |
60 Minutes A Day of Exercise | 33.3% | 37.2% |
Eat 5 A Day Fruits or Vegetables | 18.0% | 19.2% |
Source: 2007 Greeley District 6 Youth Risk Behavior Survey
According to the 2009 NAR (National Association of Realtors) Profile of Home Buyers and Sellers, last year 77% percent of buyers purchased their home through a real estate agent or broker. 44% of buyers found their agent through a referral from a friend or family member. In regard to sellers, 85% of them were assisted by a real estate agent when selling their home. 40% of sellers who used a real estate agent found their agents through a referral by friends or family, and 26% used the agent they worked with to buy a home.
SOURCE: NAR 2009 Profile of Home Buyers and Sellers