It's time for a program that really addresses the foreclosure problem. One that would help homeowners stay in their homes and at the same time firm up the real estate market. Increased foreclosures, lower home values and people upside down in their homes is not the answer. There are a lot of hard working people out there who are losing their homes and need help.
New round of foreclosures threatens housing market - washingtonpost.com
www.washingtonpost.com
The housing market is facing swelling ranks of homeowners who are seriously delinquent but have yet to lose their homes, and this is threatening a new wave of foreclosures that could hit just as the real estate market has begun to stabilize.
If you're looking to take advantage of the first-time homebuyer or move-up buyer tax credits, you're running out of time. The tax credits are set to expire on April 30th. http://www.federalhousingtaxcredit.com/ Don't miss out. Interest rates are still great!
The wait is over. Greeley's new and improved Verizon Wireless store is now open. Earlier this week I had the chance to stop by and check it out. The new store is 4,000 square feet which is a big improvement from their last space at the Greeley Mall. The "evolution store" offers more interactive displays and allows customers to try out any phone, access the internet, and try out other applications.
This Saturday Verizon Wireless will be having their Grand Opening Celebration from 11AM to 1PM. There will be a live remote from 103.5 The Fox and the company's NASCAR show car will be there. 4650 Centerplace Dr, Greeley CO.
According to Realtor.org, approximately 1 million borrowers have started the application process to have their loans modified. As of January 2010, about 116,000 or 12% have been successful in modifying their loans since the federal foreclosure prevention program was announced a year ago. It is reported another 76,000 applications have been approved and are waiting on signatures.
http://bit.ly/bTF7hR
SOURCES: Realtor.org, CNNMoney, Tami Luhby and USA Today, Stphanie Armour
Mayor Tom Norton is heading back to Pilgrim's Pride headquarters in Texas to pitch Greeley, CO. He will be accompanied by a group of local business representatives to reach out to potential new residents who could be transferring to the area later this year.
http://www.greeleytribune.com/article/20100219/NEWS/100219603&parentprofile=search
SOURCE: Greeley Tribune
Help-U-Sell®.com mobile searches available
by helpusell
By TAMARA PATZER
Help-U-Sell® Real Estate Search from its corporate website is now available for any mobile device with internet access. The free Help-U-Sell® Real Estate Search application can be accessed at http://helpusell.mobi/ or from http://helpusell.com. Both sites allow users to find and locate Help-U-Sell® listings in the United States.
In the past year, Help-U-Sell® has developed proprietary websites that allow for quality searches by consumers using traditional computers or mobile devices. “We built an intelligent search, so consumers can type in what type of property they want and get complete results with a map and listing information,” said Tech VP Robert Stevens.
The mobi site features seven key attributes including property search, office search, mortgage calculator, affordability calculator, news and an inquiry form.
“The mobi site is very useful for buyers who see a Help-U-Sell sign in their favorite neighborhood. They can quickly access information directly from their phone,” said John Powell, Chief Operating Officer for Help-U-Sell® Real Estate.
In the past year, Help-U-Sell® has developed propriety websites that allow for quality searches by consumers. “We built an intelligent search, so consumers can type in what type of property they want and get complete results with a map and listing information,” said Tech VP Robert Stevens.
The mobi site is just one of several new applications under development by Help-U-Sell® Real Estate to enable buyers to save time and money when looking at property. Last month, Help-U-Sell® released a map application at Google Maps. To find the Help-U-Sell® Real Estate Search, go to google.com, maps, select my maps, browse directory, and type in ‘Help-U-Sell Real Estate Search’, click add. To start browsing listing by location. Type in the city and state or zip code to find Help-U-Sell® real estate listings across the United States.
Since 1976, Help-U-Sell® Real Estate has been America’s premier provider of professional real estate services empowering consumers with access to information and choice, while offering a set-fee alternative to paying traditional broker commissions.
For more information about Help-U-Sell® Real Estate, visit http://helpusell.com.
We're excited to see in The Tribune that as many as 200 employees from Pilgrim’s Pride corporate in Texas may be relocating to JBS USA's Greeley headquarters. This is great news for the Greeley CO real estate market. This year, we’ve already sold one of our listings to a Pilgrim’s Pride employee and look forward to seeing an increase in real estate sales for the Greeley CO area.
SOURCE: The Tribune
I agree with respected housing expert Barbara Corcoran, who says, "Buy Now!"
Low interest rates and the first time homebuyer and move-up/repeat homebuyer tax credits make it a great time to purchase a new home. Don't be one of those people that says I wish I would have bought in 2010. Woulda, shoulda, coulda. Don't wait!
A Tycoon's Tips
BUY NOW! That's the hot advice of respected housing expert Barbara Corcoran, who says she's never seen a better time to purchase a home. “Typically when real estate prices are low, interest rates are high. This is the first time I’ve seen cheap money and cheap prices simultaneously. This is the good old days we’ve dreamt about.”
Corcoran is known for borrowing $1,000 from her boyfriend at the time to start a real estate firm called The Corcoran Group. In 2001, before the market crashed, she sold the company for $70 million dollars.
Corcoran is the real estate contributor for NBC's Today Show and CNBC. She is also an investor on ABC’s Shark Tank and encourages buyers to jump at the abundance of good deals. She says “It’s a perfect time to snatch a bargain or to upgrade.”
SOURCES: AARP Magazine & BarbaraCorcoran.com
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