Some good economic news shows the economy is starting to recover and the Fed is buying less mortgage backed securities which means that rates have seen their lows…probably for a long, long time. A melt down in the stock market would give us a brief reprieve, but rates are headed up…BANK on it.
More importantly, for our buyers who need mortgages to buy homes, is the issue of disputed credit accounts. Since credit has tightened, there has been a proliferation of ‘Credit Repair’ companies. The standard practice is to dispute all accounts (whether the bad credit is correct or not) and hope to catch the creditor on a technicality and get the bad credit removed. NO MORE! NOW, Fannie and Freddie will NOT underwrite any loan that has trade lines reported as ‘disputed’. So, while credit repair might remove some of the bad accounts, if any of the trade lines still show up as disputed, YOUR BUYER can’t get a loan! Yep, my guess is that the credit card companies had better lobbyists than they credit repair people. So, BEFORE you send your buyers to credit repair, SEND THEM TO US. Credit repair is now VERY tricky and time consuming when it comes to getting a mortgage. Don’t loose a buyer by letting them go it alone.
STATE BOND MONEY HAS BEEN RESOLVED FOR FHA BUYERS! SORRY TO PUT THE CONCERN OUT THERE LAST WEEK, BUT THE BOND AUTHORITY HAS BEEN ABLE TO GET IT WORKED OUT, AND THE MORTGAGE CLOSERS & POST CLOSERS WILL HAVE A BIT MORE WORK. The Bond Money is moving so if you have a buyer that is interested in receiving this assistance they can possibly still get it, I recommend a 45 day contract which might put them past the November 30th close date, so they may not be able to get the tax credit.
Please give me a call if questions or if you need to have a buyer pre qualified for a Mortgage!!!
Make it A Great Weekend!!
Thank you,
Ted Clay
Sr. Loan Consultant
Office: 405-341-8644
Cell: 405-826-1320
tclay@wrstarkey.com
www.TedClay.com
Monday, October 19, 2009
Friday, October 9, 2009
Important Lending Updates of Edmond Real Estate
DOOM AND GLOOM? YES, we are in the middle of a recovery and unemployment is high, but all the talking heads and nay-sayers in your offices seem to forget the good stuff – so here goes:
• New home sales have risen for five straight months.
• Existing home sales are up in four of the last five months.
• Construction of new homes increased for the third straight month in August.
• Home inventories down.
• Average home prices in the conforming price range are up for the 3rd month in a row.
• The Case-Shiller Index shows prices for homes in ALL price ranges in 18 of the top 20 cities up two months in a row, and up 3 months in a row in 15 of the largest 20 cities.
Why is this not important anymore? But there’s more….
• Last week’s economic data that showed a 30% drop in corporate layoffs vs last year.
• The ISM Manufacturing report shows that, although weaker than anticipated, we’ve had the second consecutive month of growth in the manufacturing sector.
• 90% of our workforce is working.
AND FINALLY
• With the slide in the dollar rates have dropped back to where they were last May – 4.75% to 5.25% depending on program and credit…
• AND with the low rates and lower home prices, NOW is the MOST AFFORDABLE TIME IN THE LAST 30 YEARS to buy a home. Tell you buyers to BUY NOW!
Yes, we have some bumps yet to go through, but don't forget the positive. Have a great weekend. Call me if your ready to buy or selling and get you talking to a reputable lender.
• New home sales have risen for five straight months.
• Existing home sales are up in four of the last five months.
• Construction of new homes increased for the third straight month in August.
• Home inventories down.
• Average home prices in the conforming price range are up for the 3rd month in a row.
• The Case-Shiller Index shows prices for homes in ALL price ranges in 18 of the top 20 cities up two months in a row, and up 3 months in a row in 15 of the largest 20 cities.
Why is this not important anymore? But there’s more….
• Last week’s economic data that showed a 30% drop in corporate layoffs vs last year.
• The ISM Manufacturing report shows that, although weaker than anticipated, we’ve had the second consecutive month of growth in the manufacturing sector.
• 90% of our workforce is working.
AND FINALLY
• With the slide in the dollar rates have dropped back to where they were last May – 4.75% to 5.25% depending on program and credit…
• AND with the low rates and lower home prices, NOW is the MOST AFFORDABLE TIME IN THE LAST 30 YEARS to buy a home. Tell you buyers to BUY NOW!
Yes, we have some bumps yet to go through, but don't forget the positive. Have a great weekend. Call me if your ready to buy or selling and get you talking to a reputable lender.
Friday, October 2, 2009
Thursday, August 20, 2009
Some local recommendations! For Oklahoma City restaurant and entertainment
Well, this summer I have tried some new things that I am recommending to my existing and new clients. My husband saw that the Lyric Theater was having some great productions this summer. Now I have to admit, when I first had heard about this, I thought it was a small town production and I was not excited to go. We headed downtown to Bricktown to dinner and it was just too busy for our time frame. We decided to head west of Bricktown and see what else might be available. To our pleasant surprise as we circled the Civic Centre we found on Main just west of Walker a place called Trattoria Il Centro. Me being in sales and all about expectations, I went in and told them, we unfortunately had only 50min and needed to be at the play. They were packed. I figured for sure we were heading to Subway. The hostess stated, "if you dont mind sitting over here, I will have Sean take care of you." They sat us at a counter overlooking the brick oven prep area, which actually was fun to watch, and almost private from all the other diners. Sean came to the table told us he knew we were on a time line and that he would have us out of there in 30 min. AND He DID!! Not only that but, if you know me sometimes I just cant decide what I want to eat, and it being a new place, I was just exhausted anyways from a day of showings and listing appts. Well, Sean suggested all of our meals, and it was not normally something that we would have ordered ourselves. They were great!! We were very impressed and out in time for us to see "The Producers". The Civic was a great place to watch a quality show. Well, last night we were headed out again to see "Little Shop of Horrors" and went back to see Sean at Trattoria Il Centro. We were seated and again he met all of our expectations. This is a place I will recommend for my clients that want great service, great food, and a good time in Oklahoma city, you dont have to be just in Bricktown!!! Stop in to see Sean and tell him I sent you, I think you will be pleasantly surprised!!! As always if you are moving to this area, please contact me for the best areas, locations and top service!!
Wednesday, July 22, 2009
Wanna buy a home with the $8000 tax credit/incentive
Hey Oklahoma City, Edmond, Piedmont, Moore, Mustang, Yukon real estate buyers.....time is ticking. On Aug 1st there is a new procedure put into effect that will slow down the title companies and lender process. They have to have a HUD to a buyer within 3 days of closing (this is good news for buyers, right now it has sometimes been last minute). What does that mean though, if your in the market and waiting like most people think is a good tactic, dont!! It will get very busy in Oct/Nov and if your closing does not make the deadline, that incentive is NO good. Plan at the very least on 45 days for closing. So, that means that you should be out now looking at homes to find the one you love. I would be happy to help you with that. Not every Realtor is "in" this business full time and paying attention to market trends. Make sure you work with a Reputable Realtor one that does multiple transactions, we have done over 112 last year, those numbers beat ALOT of people. We have repair people that are ready for any problems we need to overcome. Dont go it alone. Call me to help!!!
Monday, July 6, 2009
REAL ESTATE -- Home staging is IMPORTANT!!
Home Staging Invites Buyers Into Your Home
Before gaining popularity and becoming the theme for several HGTV shows, many homeowners were skeptical about the impact home staging would make on prospective buyers. Barb Swarz is credited with inventing home staging in 1972 and starting the International Association of Home Staging Professionals, which now has over 9,000 members. Did you know a form of home staging has been around for thousands of years?
Roberto Gonzales blogs about his first experience selling a home that has been staged with Feng Shui:
“I recently had a listing that makes me realize how important the feeling of a home is. It was a very peaceful feeling, as I enter this home, this very pleasant, very open feeling. Even though the house was small, the atmosphere was terrific. I noticed a center fireplace in the family room, the colors throughout the house were all earthy, it was like everything was in perfect harmony with all the pieces on the walls as well as furniture. Nothing fancy, just simple. Then the owner ask edme if I ever heard about Feng Shui, so my answer was no, and she explained to me in great detail all she had done to the house. We had 5 showings, and everyone said they loved it. We got a contract in less than 30 days–did you think this could be possible? Well I do, so now my first advice to my sellers is to rearrange some things in the house. Less is more, and do not overdo with personal touches.”
Home staging has become a must for sellers who are looking for a speedy sale and increased value. Whether your technique is modern and savy or rooted in an ancient culture, creating an inviting atmosphere will help buyers visualize themselves in the home.
We can assist in staging your home when we list your property. Call Heidi today at 405-274-9210.
Before gaining popularity and becoming the theme for several HGTV shows, many homeowners were skeptical about the impact home staging would make on prospective buyers. Barb Swarz is credited with inventing home staging in 1972 and starting the International Association of Home Staging Professionals, which now has over 9,000 members. Did you know a form of home staging has been around for thousands of years?
Roberto Gonzales blogs about his first experience selling a home that has been staged with Feng Shui:
“I recently had a listing that makes me realize how important the feeling of a home is. It was a very peaceful feeling, as I enter this home, this very pleasant, very open feeling. Even though the house was small, the atmosphere was terrific. I noticed a center fireplace in the family room, the colors throughout the house were all earthy, it was like everything was in perfect harmony with all the pieces on the walls as well as furniture. Nothing fancy, just simple. Then the owner ask edme if I ever heard about Feng Shui, so my answer was no, and she explained to me in great detail all she had done to the house. We had 5 showings, and everyone said they loved it. We got a contract in less than 30 days–did you think this could be possible? Well I do, so now my first advice to my sellers is to rearrange some things in the house. Less is more, and do not overdo with personal touches.”
Home staging has become a must for sellers who are looking for a speedy sale and increased value. Whether your technique is modern and savy or rooted in an ancient culture, creating an inviting atmosphere will help buyers visualize themselves in the home.
We can assist in staging your home when we list your property. Call Heidi today at 405-274-9210.
Monday, June 29, 2009
Dec 1 is coming soon, dont miss the $8000
With the recent signing of the $787 billion American Recovery and Reinvestment Act, it’s an ideal time to buy a new home. If you are a first-time homebuyer and close on a home before December 1, 2009, you could receive a tax credit of up to $8,000.
With historic low interest rates, you’re now closer than you think to achieving the dream of homeownership. Call Heidi Rose today at 274-9210 for your next step….
With historic low interest rates, you’re now closer than you think to achieving the dream of homeownership. Call Heidi Rose today at 274-9210 for your next step….
Subscribe to:
Posts (Atom)
