Home Prices expected to firm as downward trend of homes available for sale

Nationally there is a trend of decreasing inventory of homes available for sale. Because of this, home prices are seen firming up and are expected to continue to do so. This is especially so in Colorado Springs.

As quoted in Realtor.org on February 26, 2010 “Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Lawrence Yun, NAR chief economist, said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”

Colorado Springs Real Estate market has seen an above average return to equilibrium. With multiple offers being seen on real estate that is fairly priced and a reduction of inventory available for sale, I am expecting to see areas like Colorado Springs lead the way for an increase in real estate values.

Obviously there are markets such as Las Vegas where recovery will take longer to recover beacuse they were the hardest hit in the downfall of real estate.

For prudent buyers who have waited out the market, the days of deep deals may be over. It is time to purchase while there are still a few deals available. Once the market shifts back into the seller's favor, you will be at the mercy of the market and suspect to higher interest rates.

Courtesy of William Szilagyi Williams HomeSellers Real Estate www.WilliamsHomeSellers.com,www.ZColorado.com

 

 

 

 

 

 

 

 

 

 

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New EPA regulation targets homes built prior to 1979

If your home in Colorado Springs is built prior to 1979 and you are replacing windows, this is a must read. Window replacement will now require certain types of disclosure/requirements for lead base hazards.

To obtain a copy of the EPA guidelines email William@WilliamsHomeSellers and place "EPA Brochure" in the subject line.

Courtesy of William Szilagyi Williams HomeSellers 719-646-2634

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IRS Home Buyer's Tax Credit Page Link

Are you a recent or perspective buyer Colorado Springs Real Estate and are looking for the link to the IRS Home Buyer Tax Credit? Click here for the page.

 

William Szilagyi Williams HomeSellers www.WilliamsHomeSellers.com Colorado Springs Real Estate

 

 

 

 

 

 

 

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The One "Must Have" you must have when buying a Short Sale

So I will use ficticious names to protect the innocent, but March 2009, I listed Jane and Bob's house.

Now, like many sellers in today's Colorado Springs Real Estate market they were upside down, had some important personal issues and HAD to sell. The only viable option - Short Sale it!

Fast forward January 5, 2010 (that's right were talking 10 months later, 3 buyer's walking away due to frustration and details  of which iI won't bore you with which happened between) we get a call from the bank: "The contract looks good approval within 2 weeks!" ...Oh yeah!

February 15, after many calls and e-mails with no return I actually LOL'ed (Not really but if you don't laugh, you'll cry!). We escalate the file for the fifth time with no response. Now, Like Rocky Balboa, I have the eye of the tiger! I pick up the phome and dial again.

Finally, I get someone who cares  only to find out that the file has been (As they describe it) "On some desk in a back room  in Houston for weeks with hundreds of others". Wow, the incompetence of this lender is blinding. Are they really this cavalier when peoples lives and futures are on the line? It must be so, how else can you explain it? Thank God for Nate, he has picked up the ball and is now running full speed with it and making progress.

As of today, we have a preliminary approval with the current buyer. The final details are being worked out and because of the buyer's patience, they have endured and are going to get a good deal on their new home which should be set to close in March 2010.

The one thing that the final buyer had was PATIENCE. They have hung in there and rolled with the punches. Now to be fair, not all deals are like this one but like a famous movie character once said "Short sales are like a box of chocolates, you never know what you get until......."

When considering purchasing a short sale in Colorado Springs often times you will get an idea of what to expect simply by finding out who the lender is and how many loans there are. The lender not mentioned in this story is one of the largest nationwide lenders out there and we all know who they are. They have developed a reputation for themselves and stories like this are not uncommon. However, not all lenders perform the same way. Ask your Broker to do some research before writing an offer on a short sale. The frustration saved will be your own!

Written by William Szilagyi Williams HomeSellers www.WilliamsHomeSellers.com Colorado Springs Real Estate

 

 

 

 

 

 

 

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Tides are Turning! Market Stats and Market Action Update for Colorado Springs Area 2/22/10 Available-William Szilagyi Williams HomeSellers Colorado Springs Real Estate

Good news on all fronts Take a look at this weeks market information for Colorado Springs Real Estate, Fountain Real Estate and Monument Real Estate. All indicators are positive for upward swings. Let's hope that economic indicators allow for this trend to continue.

To See This Weeks Stats, Click Here

 

For information regarding your specific area contact William Szilagyi Williams HomeSellers www.WilliamsHomeSellers.com 719-646-2634 Colorado Springs Real Estate, Fountain CO Real Estate, Fort Carson Housing, Monument CO Real Estate,

 

 

 

 

 

 

 

 

 

 

 

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New Listing Beautiful Home with Fabulous Pikes Peak Views, Model Condition $89,500

<br>William Szilagyi Williams HomeSellers Colorado Springs Real Estate Fountain CO Real Estate Fort Carson Housing, Contact www.WilliamsHomeSellers.com 719-646-2634 office<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br>

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Williams HomeSellers Sells Paul and Deb's home for FULL PRICE

Paul discusses his home sold for full price with a few hurdles that required some tenacity.  He and Deb were great to work with and kept theit home in fantastic condition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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When selling your home, do foreclosures have the edge? I think not, here's why - William Szilagyi Williams HomeSellers Colorado Springs Real Estate

So, you want to get your Colorado Springs home sold not you are NOT in foreclosure and current on payments.

We have all heard about the bargains available in the Colorado Springs Real Estate market...but do you really want to compete with their price?

Many sellers are discouraged with the news of the real estate market and have little hope of being successful in selling their home. Is this only perception or reality? Let's take a closer look!

The Colorado Springs real estate market certainly has it's share of foreclosures, bank owned homes, short sales. It sure seems like this current trend makes it impossible to sell, but what is often overlooked may be the very difference that helps "Regular" guys and gals who want to sell.

Distressed homes may appear to dominate the Colorado Springs Real Estate market because they are priced lower,  seem like a bargain and are definitely receiving ALL of the hype in the media and news. How often do you hear about the downsides...almost never right?

Pitfalls of distressed homes include:

• Properties are sold "As-is" and in most instances their condition is sub par
• Financing these homes is difficult at best and won't be in acceptable condition for the appraiser's inspection
• Many lenders are unwilling to pay closing cost and most FHA and VA buyer's do not have enough money for a down payment AND their closing cost
• Buyer's of distressed homes often face multiple offer scenarios and when the bidding is done they are either outbid or end up paying more than they wanted to spend...and now they have to fix up the home and must deal with that expense too. TOTAL FRUSTRATION!
• Oh yeah who can forget the excruciating time it takes to find out that the short sale offer you had in was rejected or countered for more money

Getting the picture yet??

Now that we have ripped apart the beauty of distressed sales, lets flip the coin and look at what you must do to compete with them

Strategy to compete against Colorado Springs distressed homes. You MUST!:

• Update and clean. A fresh coat of paint (Neutral colors are best but avoid too much white as it looks too sterile), fixing any broken items, cleaning carpets and sprucing up the yard will go a long way. (Any questions on this will be answered to a simple visit to a sales office of a new home subdivision).
• Pricing the home to move will create demand. We just received 2 offers on the same day for one of our listings. Now who has the power? Pricing too high puts the power of no squarely with the buyer.
• Staging creates the feel of home. Furnished rooms are better than empty ones. Creating a "Wow" factor makes it easy for a buyer to choose your home
• Don't overstage. Doing too much like candles, music, cookies may seem impressive to the seller but will most likely be perceived by the buyer as an obvious sales pitch,
• Hire an aggressive agent with modern technology. Don't kid yourself, the agent makes the deal. Be sure that their technology is up to date. Like everything else, advertising mediums has a lifecycle. Print is out! SEO, blogs and informational advertising is in. It is where buyer's are seeking useful information to use while making a decision and it is how they will find their next home. Be ahead of the curve, not behind it.

Certainly there are finer points and additional things you must consider to be successful. For a free evaluation of your homes price and condition AND to get a list of competing distresses sale homes, contact William Szilagyi Williams HomeSellers www.WilliamsHomeSellers.com 719-646-2634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Colorado Springs, Fountain and Monument Market Trends Updated for 2/15/2010

Great News for this weeks Colorado Springs Real Estate market trends, all areas seem to have "Bottomed out". With national real estate outlook gaining some momentum, look for the Colorado Springs Real Estate market to post stronger numbers over last year.<br><img src="http://charts.altosresearch.com/altos/app?pai=52924640&st=CO&c=COLORADO+SPRINGS&z=a&service=chart&rt=sf&ra=c&q=a&s=median_market_heat&ts=e&sz=a" alt="Landscape Chart"><br/><img src="http://charts.altosresearch.com/altos/app?pai=52924640&st=CO&c=FOUNTAIN&z=a&service=chart&rt=sf&ra=c&q=a&s=median_price&ts=e&sz=a" alt="Landscape Chart"><br/><img src="http://charts.altosresearch.com/altos/app?pai=52924640&st=CO&c=MONUMENT&z=80132&service=chart&rt=sf&ra=c&q=a&s=median_price&ts=e&sz=a" alt="Landscape Chart"><br><br>William Szilagyi Williams HomeSellers Colorado Springs Real Estate, Colorado Springs CO Real Estate, Fountain Real Estate, Fountain CO Real Estate, Fort Carson Housing

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Kenton and Ricky discuss their transaction with William Szilagyi Williams HomeSellers Colorado Springs Real Estate Fountain Real Estate Fort Carson Housing

Past Clients Kenton and Ricky Discuss their experience with Williams HomeSellers in the sale of their home. This one went down to the wire, but with a good ol' "CAN DO" attitude. Job done! William Szilagyi Williams HomeSellers Colorado Springs Real Estate Fountain Real Estate Fort Carson Housing www.WilliamsHomeSellers.com 719-646-2634

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Just Listed 407 Shield Rd. Fountain, CO 80817 William Szilagyi Williams HomeSellers Colorado Springs Real Estate Fountain Real Estate Fort Carson Housing

 

 

 

 

William Szilagyi WIlliams HomeSellers Colorado Springs Real Estate Fountain Real Estate Colorado Springs CO Real Estate Fountain CO Real Estate  Fort Carson Housing

 

 

 

 

 

 

 

 

 

 

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Alvaro and Laura discuss their experience with Williams HomeSellers in the sale of their Colorado Springs Real Estate

>br>William Szilagyi Williams HomeSellers Colorado Springs Real Estate Colorado Springs CO Real Estate Fountain Real Estate Fountain CO Real Estate Fort Carson Housing

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How to buy a Colorado Springs Foreclosure-William Szilagyi WilliamsHomeSellers Colorado Springs Real Estate

So you are looking to buy a Colorado Springs area foreclosure home....Here is a quick guide on how to do it:

The first thing is to have the right mindset and understand that when buying a Colorado Springs foreclosure, the process is more competitive than for regular real estate transactions where the home is not a distressed sale. Keep in mind that Colorado Springs foreclosures are on high demand. Often there is many Buyers offering on the same properties and time is of the essence.

Step 1: Select a real estate agent who is experienced in Colorado Springs real estate and specifically distressed properties. Their knowledge of local values can better help you select a property with equity. An agent shoould be able to provide you with Just-In-Time lists that notify you ASAP once a new listing is available.

Step 2: Get pre-approved! If you are not paying cash, having your financing in-line is crucial. The acceptance of your offer may hinge upon your financial strength to purchase the home. If you are a cash buyer, you have the ability to shop at the auction. This is where the best deals are found. Those shopping for real estate at the auction have less competition because only a small percentage of buyers can shop at the Colorado Springs public trustee's sale.

Step 3: Make an offer. When making an offer, the temptation to low ball an offer is strong. Resist it! Low ball offers will normally be met with other offers or no counterproposal from the bank. Under most circumstances low ball offers never win. Know your value upfront and set a maximum number for which you will pay. Leave room for negotiations if you wish but use reason here. FYI when shopping for Colorado Springs foreclosure real estate, be prepared to make numerous offers.

Step 4: Inspections. Make sure you can do a home inspection once your offer is accepted. This will protect you from encountering major problems in the future. Keep in mind that most foreclosures are sold "As-is" and you will be responsible for repairs. Inspections will often identify how much money you will need to spend to bring the home up to desired condition.

Step 5: Close! You are now Colorado Springs real estate owner.

 

 

 

Consumer info provided by William Szilagyi Williams HomeSellers Colorado Springs Real Estate Fountain Real Estate Colorado Springs CO Real Estate Fountain CO Real Estate Fort Carson Housing

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Colorado Springs Home Sellers Stick to their Prices?-William Szilagyi Williams HomeSellers Colorado Springs Real Estate

Nationally a trend is developing as reported by real estate brokerage ZipRealty.  According to the Inman News Article on February 1, 2009*: Sellers reduced the asking price on 40.4 percent, or 229,306, of available homes, down from 44.8 percent in December, to an average discount of $21,925, a rate 6.54 percent lower than the month before.

How do these national trends compare with the Colorado Springs Real Estate market?

In December 2010 the total number of Homes for sale in the Colorado Springs Real Estate market was 3951 down from a recent high of 5546 in November 2008,* LESS INVENTORY.

Homes Under Contract in January 2010 is 1243 as compared to January 2009 (874), January 2008 (899) and January 2007 (759).* MORE HOMES SELLING.

Median Price For January 2010 is $178,290 up from the low experienced in January 2009 ($173,000)* TRENDING UPWARD

Finally for the first time in 4 years, the TOTAL NUMBER OF HOMES SOLD IS GREATER than the year before.*

Combine these statistics together and all indicators for the Colorado Springs Real Estate market are showing signs of pending recovery.

Consumer information provided by William Szilagyi Williams HomeSellers Colorado Springs Real Estate Fountain Real Estate Fort Carson Housing For more information contact William Szilagyi 719-646-2634 www.WilliamsHomeSellers.coom

 

 

 

 

 

 

* Sources Inman News www.Inmannews.com February 11, 2010, Pikes Peak Association of Realtors www.PPAR.com.Statistics.aspx

 

 

 

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What issues can you expect if you are considering a Short Sale?

The  increase in the number of short sales in the Colorado Springs Real Estate market, and the short sales process itself present a number of problems for local agents, short sale sellers and buyers. My top 5 common issues in the short sale process include:

Inexperienced agents and lenders - Most agents have little experience with short sales. What makes matters worse is that many lenders' do not have enough employees and those they do have bring little experience processing short sales.
 

No industry standards - Each lender has their own specific requirements and processes for processing short sales. If you have no experience for point of reference you have no way of knowing what to expect or if you will be successful in avoiding foreclosure.

Who is your lender may effect the outcome -Results may vary from lender to lender due to internal policies. Some lenders are much more difficult to deal with than others. Timeframes may be longer and negotiations tougher. An experienced agent will know what to expect from which lender. This will better help you know what to expect up front.

Having a Second mortgage or equity line of credit - If you have a second mortgage or equity line of credit, the process is more difficult. Seconds have to be negotiated IN ADDITION to completing a short on the first. If they don't release, the short sale will not happen. You must know what powers you have in negotiating with the Second.

Having Buyers walk away at the end - This is a common problem. You get all the way through the process and the buyer is gone. What do you do?  Buyers must be prequalified about the short sale process, in addition to their financing, before you sign the contract with them. 

If you or someone you know is considering a short sale you must hire an agent who is experienced, someone with competent negotiation skills and who has an internal staff to monitor the process. The wrong combination of agent/lender/buyer may lead you straight to foreclosure!

Williams HomeSellers handles many short sales and has many references on which they base their reputation. If you are considering a short sale call Williams HomeSellers 719-646-2634 and ask for William Szilagyi Williams HomeSellers Colorado Springs Real Estate Fountain Real Estate

 

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For Sale By Owner-The Secret is in the Numbers-William Szilagyi WilliamsHomeSellers Colorado Springs Real Estate Fountain Real Estate Fountain Real Estate Colorado Springs CO Real Estate

Sure, you see “FSBO” signs around Colorado Springs every once in a while.  But, like many other do-it-yourself projects around the house, marketing your home is better left to a professional.

Colorado Springs “FSBO” sellers often do not think beyond buying a sign at the hardware store, sticking it in the yard, and possibly taking out a classified ad in the newspaper. Now to be fair, there are options for seeking larger to seek potential buyers but they are long on promise and short on delivery.

To illustrate this point, according to the National Association of Realtors and Realtor.org,  the median selling price of an open market "FSBO" home was $150,100, while the median price for agent-assisted sales was $211,000. Furthermore the average numbers break down like this: 9% "FSBO" Sales, 5% Sales to friends or family members and 85% are Realtor Assisted Sales.

If you have had second thoughts of paying commission to real estate agents look at the numbers. An agent who specializes in Colorado Springs Real Estate and who has an aggressive marketing plan will justify their money on the bottom line. Remember, all agents are independent contractors of some sort. They may work for a large franchise or be an independent Broker.

When interviewing an agent the most important factor is their individual productivity. Having an area of specialty or a "Geographic farm" is an idea from the past. Technology has opened up to a global market and understanding how to operate in the age if the internet, as well as other tangibles is a must when considering your options.

Consumer information provided by William Szilagyi Williams HomeSellers  719-646-2634 william@williamshomesellers.com Colorado Springs Real Estate Fountain Real Estate Fort Carson Housing Monument Real Estate

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Colorado Springs Mortgage Approvals Are Getting More And More Scarce

The economy's improving but lending standards are not. Nationally, banks are making mortgage approvals harder to come by. This also effects Colorado Springs Real Estate

Underwriting guidelines are tightening.

The data comes from the Federal Reserve's quarterly survey to its member banks.  The Fed asks senior bank loan officers around the country to report on "prime" residential mortgage guidelines over the most recent 3 months and whether they've tightened.

For the period October-December 2009:

• Roughly 1 in 4 banks said guidelines tightened
• Roughly 3 in 4 banks said guidelines were "basically unchanged"

Just 2 of 53 banks said its guidelines had loosened.

Combine the Fed's survey with recent underwriting updates from the FHA and generally tougher standards for conventional loans and it's clear that lenders are much more cautious about their loans than they were, say, in 2007.

Today's home buyers and would-be refinancers face a bevy of new borrowing hurdles including:

• Higher minimum FICO scores
• Larger downpayment requirements for purchases
• Larger equity positions for refinances
• Lower debt-to-income ratios

So, if you're on the fence about whether now is a good time to buy a home, or make that refi, consider acting sooner rather than later.  It doesn't necessarily matter that mortgage rates are low, or that there's an up-to-$8,000 home purchase tax credit for households that qualify.  With each passing quarter, fewer and fewer applicants are eligible to take advantage.

William Szilagyi Williams HomeSellers Colorado Springs Real Estate Fountain Real Estate Fort Carson Real Estate

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Updated Market Trends For Week Of February 7, 2010-William Szilagyi Williams HomeSellers Colorado Springs Real Estate

Trend data is substantially different from area to area this week as determined by zip code. Visit: http://www.williamshomesellers.com/custompages_reports/market_trends.htm to see how the market in your area is this week. Courtesy of William Szilagyi Williams Homesellers Colorado Springs Real Estate, Fountain Real Estate, Fort Carson Housing

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Pending Home Sales Stabilize, Remain Above Year-Ago Levels

Washington, February 02, 2010

Pending home sales have leveled from a market swing driven by response to the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in December, increased 1.0 percent to 96.6 from 95.6 in November, and remains 10.9 percent above December 2008 when it was 87.1. In November, the monthly index had fallen by 16.4 percent from surging activity in preceding months.

Lawrence Yun, NAR chief economist, said it’s important to recognize how the tax credit is skewing market data. “There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded,” he said. “These swings are masking the underlying trend, which is a broad improvement over year-ago levels. December activity was the fifth highest monthly tally in two years.”

Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for a tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

The PHSI in the Northeast rose 2.3 percent to 76.1 in December and is 14.9 percent higher than December 2008. In the Midwest the index increased 5.2 percent to 86.9 and is 8.7 percent above a year ago. Pending home sales in the South rose 2.2 percent to an index of 98.4, and are 5.5 percent higher than December 2008. In the West the index fell 3.8 percent to 119.9 but is 18.6 percent above a year ago.

Yun projects the extended and expanded tax credit will encourage 2.4 million households to take the credit in 2010. “While new-home sales will remain low due to a lack of construction, existing-home sales are projected to rise to around 5.6 million in 2010,” Yun said. Last year there were 5.16 million existing-home sales.

He added that one of the greatest benefits of rising sales will be firming home prices. “For several months now we’ve been seeing stabilization in all of the home price measures as inventory is pulled down,” Yun said. “As a result, the housing wealth for many middle class families has begun to stabilize.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries....

Copyright National Association of REALTORS®. Reprinted with permission.  By William Szilagyi, Williams Home Sellers, Colorado Springs Real Estate, Fountain, CO Real Estate, Monument, CO Real Estate, www.WilliamsHomeSellers.com

 

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3 Factors to Take Into Consideration Before Jumping Into Housing Market- Williams HomeSellers, William Szilagyi, Colorado Springs Real Estate, Fountain Real Estate. Fort Carson Real Estate

RISMEDIA, February 6, 2010—(MCT)—If you have a good job and good credit, the next few months might be a good time to go house hunting. Fence-sitters take the risk that Congress may let a rich tax credit expire, and that interest rates may rise. Buyers and sellers should consider the following factors as they consider jumping into the housing market.

-Mortgage rates are blissfully low, and that may not last. The rate on a 30-year mortgage averaged 5% last week, according to Freddie Mac. Rates are low in part because the Federal Reserve has been buying up about $3 trillion in mortgage-backed securities and mortgage agency debt. The aim is to hold down interest rates and keep mortgages available. But the Fed is slowly removing that financial crutch as the economy improves. It has no plans to buy any more past March 30, 2010. The likely result is an uptick in rates. Meanwhile, the recovering economy by itself should raise rates as the year goes on. Economists at the Mortgage Bankers Association expect to see a 6.1% rate by year end. Such a rise would add about $104 to the monthly payment on a $150,000 mortgage

-The home buyer tax credit expires on April 30, 2010 and no one knows if Congress will renew it a second time. Expect a clash between the real estate lobby and fiscal conservatives worried about the $1.35 trillion federal deficit. To qualify for the credit, you must sign a purchase contract by April 30, 2010 and close by July 1, 2010. First-time buyers get up to $8,000. “First-time” is defined as someone who hasn’t owned a home in three years. Move-up buyers get up to $6,500 when they purchase a new primary residence. To get the credit, you have to have lived in the old home for at least five out of the last eight years. The credits start phasing out at $125,000 in adjusted gross income for singles and $225,000 for joint filers.

-There are indications that home prices are near a bottom in some areas and may actually be rising a bit. That statement is dicey, because conditions vary by neighborhood and the data can be tricky.

Things might look different if you’re a seller though. Do you want to put your house on the market near the bottom of a price cycle? Homeowners who have a choice in the matter—those who can still pay their mortgages—are largely saying no. Inventories of homes for sale are down about 10% from this time last year, and 30% from the mid-decade peak of the housing boom, says Kevin Cottrell, chief economist at Kelsey Cottrell Realty Group. On the other hand, if you’re planning to move up to something grander, you might find a bigger bargain when you buy. And that $6,500 tax credit could swing a close decision.

Home sales peaked in some areas October and November, as buyers raced the expiration date of the original first-time home buyer’s credit. Congress later extended and expanded it. That rush satisfied some pent-up demand, but real estate agents are hoping for another rush around April. “People will wait to the very last second,” said Mike Travaglini, a vice president of Coldwell Banker Gundaker’s office in south St. Louis County.

Mortgage lenders have been tightening credit standards, which means fewer eligible buyers, says John Frank, president of Paramount Mortgage in Creve Coeur. Mo. “It’s getting tighter and tighter,” he said.

Lenders are insisting on credit scores of 640 to 660 for loans sold to Fannie Mae, Freddie Mac and 620 for FHA guaranteed loans. Those standards are higher than the federal agencies themselves insist on. FHA—which guarantees loans for people with low down-payments—has been raising its own insurance charges to borrowers and demanding higher premiums from people with poor credit scores.

(c) 2010, St. Louis Post-Dispatch. Brought to you by William Szilagyi Williams HomeSellers

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Determining your homes value: Smoke and Mirrors?

You, like many of us may have experienced the "Market analysis" scenario when a Real Estate Agent comes to your home and presents a CMA.  And, have you ever sought more than one opinion to get a better feel of the market? Often times this leads to a variety of values and opinions which can leave you sctatching your head and wondering why there is such a difference between them.

Lets take a moment to look at the  word "Appraisal".  In Real Estate terms, the definition is An OPINION of value. A Real Estate Appraiser's opinion is backed up by considerably more data than is contained in the CMA, which often contains fancy graphs and charts to dazzle you, but at the end of the day it is still an opinion.

Understanding trends in Real Estate is as important as evaluating the "Comps". Even in the same general location, trends can be moving in different directions. Knowing what the APSORPTION RATE in your specific area helps complete the picture. If your neighborhood only has a one or two months supply of homes, your value may be much different than a similar home in a neighborhood with a much higher supply.

There is no exact number for a home's value. Eventhough the formal appraisal does determine a final value, there can be differences in value because OPINIONS vary.

Smoke and mirrors? Maybe. But let's look at it like this. A home's value is really a range of values. If selling or refinancing, you want the value to be as high as possible within that range. If buying, vice-versa.

The most crucial piece of determining value is dertemining the agenda of the person giving the opinion. When listening to the numbers, ask yourself: Do they seem to good to be true? Are they trying to give a falsely high number to get me to list with them?, Do they seem to be "Low Balling" to get a quick sale? or Do the numbers add up and are backed by solid data and a thorough MARKET ABSORPTION ANALYSIS.

Smoke and mirrors are often that. Understanding the agenda behind the numbers is the key to clarity.

By William Szilagyi, Williams HomeSellers

 

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Auctions: Good deals or not?

Yes you can get a good deal at the auction however there are downsides to be careful of:

1. Bidding to high due to the social pressure and excitement of the auction environment
2. ALWAYS do an inspection prior to the auction
3.Keep a professional at your side and on your side to work through the details.

Get the advice of a professional who works with a lot of buyers and Bank Owned Properties. Have them show you several properties so can learn this market - but you do not want to learn at your expense - a wrong purchase. And NEVER be afraid to bow out if the bidding goes too high!

Brought to you by William Szilagyi Broker Williams HomeSellers

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LoanModifications may become easier to accomplish

The Treasury outlined new guidelines Thursday aimed at streamlining requirements for mortgage relief under the administration's Home Affordable Modification Program launched a year ago.

The guidelines specify that borrowers must provide three items to loan servicers, the companies that collect mortgage payments: a form requesting a loan modification, authorization for the servicer to seek tax information from the Internal Revenue Service and evidence of income, such as two recent pay stubs. Previously, some servicers have asked borrowers to fax in copies of their tax returns. Borrowers sometimes couldn't find the needed tax forms or complained that servicers repeatedly lost material faxed to them.

The previous documentation requirements were "somewhat overwhelming" for some borrowers, says Morgan McCarty, head of mortgage servicing at Regions Financial Corp., a banking company based in Birmingham, Ala. Source WSJ.com january 28, 2010 4:49 P.M. E.T.

If loan modification is not an option and you wish to aoid foreclosure, Call Williams Home Sellers for more info on options. 719-646-2634

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