Selling AZ With Rebecca : September 2013

Monday, September 30, 2013

What a Government Shutdown Means for FHA Lending

DAILY REAL ESTATE NEWS | MONDAY, SEPTEMBER 30, 2013

As of early afternoon on Sept. 30, lawmakers were discussing short-term budget legislation, called a continuing resolution, to pay for federal government operations after midnight tonight. U.S. Department of Housing and Urban Development officials have updated the National Association of REALTORS® on what to expect concerning the status of Federal Housing Administration loans with a federal government shutdown looming at midnight eastern time.

The Office of Single Family Housing will endorse new loans under current multi-year appropriation authority in order to support the health and stability of the U.S. mortgage market. (FHA endorsements currently represent 15% of the market.) Approximately 80% of FHA loans are endorsed by lenders with delegated authority. The remaining 20% are endorsed through the FHA Homeownership Centers, leveraging FHA staff with a contractor that works on-site.
The Office of Single Family Housing will maintain the minimum operations necessary to support FHA’s existing portfolio.
The FHA Call Center and the National Servicing Center’s Call Center will remain open.
Any function of FHA that is funded through a multi-year appropriation or where the failure to perform those functions would result in an imminent threat to the safety of human life or the protection of property will continue. FHA's portfolio of insured mortgages – multifamily, healthcare, and single family, as well as commitments entered into for project-based rental assistance are within those functions.
The Office of Housing will continue to work on planned sales of defaulted notes, as required for the orderly termination of HUD’s fiduciary insurance and servicing obligations.

In anticipation of a possible shutdown, NAR is consulting with officials from the U.S. Department of Housing and Urban Development, Fannie Mae, Freddie Mac, Ginnie Mae, FHA, VA, and the Rural Housing Service, among other agencies, and will post information on how a shutdown is expected to affect these agencies’ operations.

Source: Government Shutdown Update, The National Association of REALTORS® (Sept. 30, 2013)

http://realtormag.realtor.org/daily-news/2013/09/30/what-government-shutdown-means-for-fha-lending

http://www.rebeccasellsaz.com

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Thursday, September 26, 2013

Study: $50 More Per Square Foot for Homes Near Good Schools

DAILY REAL ESTATE NEWS | THURSDAY, SEPTEMBER 26, 2013

Home buyers are willing to pay a premium in order to live in a top-ranked school district, a new study finds. They're forking over an average of $50 more per square foot for homes near top-notch schools, according to Redfin. The brokerage used MLS databases to calculate the median sales price and price per square foot of homes within school zones during the period of May 1 to July 31.

Redfin’s analysis found that even within the same neighborhoods, home buyers are willing to pay substantially more for homes that fall in a top school district than for homes served by average-ranked schools.

“Homes just a short distance apart with nearly identical attributes are selling for drastically different prices,” the report says. “We’ve looked across the country at homes that have sold in the last three months and found five examples where prices vary on identical homes by as much as $130,000.”

Coastal California showed the biggest differences in home prices in the country based on school districts. Homes in the highest-ranked school zones in Los Angeles sold for $300,000 more than comparable homes in lower-ranked school zones; in San Jose, the price difference was $500,000.

The smallest differences in home prices based on school districts were in Queens, N.Y., Raleigh, N.C., and Eugene, Ore., the study found.

Source: Redfin

http://realtormag.realtor.org/daily-news/2013/09/26/study-50-more-square-foot-for-homes-near-good-schools

http://www.rebeccasellsaz.com/

Wednesday, September 25, 2013

As Rates Fall, Loan Demand Rises Again

DAILY REAL ESTATE NEWS | WEDNESDAY, SEPTEMBER 25, 2013

Mortgage applications bounced back in the most recent week as interest rates fell, offering some temporary relief to borrowers, the Mortgage Bankers Association reported Wednesday.

The MBA’s index of mortgage application activity, which reflects both refinancing and home purchase demand, increased 5.5 percent for the week ending Sept. 13. The previous week the index had posted an 11.2 percent gain.

This week, the purchase index, viewed as a leading indicator of future home sales, jumped 7 percent during the week.

Meanwhile, the refinancing index increased 4.9 percent. Two weeks ago, the refinancing index had dropped to its lowest level since June 2009 as mortgage rates had risen.

The MBA reports that the 30-year fixed-rate mortgage eased 13 basis points last week, averaging 4.62 percent. Earlier this month, 30-year rates had matched a 4.8 percent high for the year.

Source: “U.S. mortgage applications gain as rates slip - MBA,” Reuters (Sept. 25, 2013) and “U.S. Mortgage Applications Rose 5.5% Last Week,” The Wall Street Journal (Sept. 25, 2013)

http://realtormag.realtor.org/daily-news/2013/09/25/rates-fall-loan-demand-rises-again

http://www.rebeccasellsaz.com/

Tuesday, September 24, 2013

5173 N SAN MARCOS DR Apache Junction, AZ 85120

More 'Whisper Listings' Than Ever Before?

DAILY REAL ESTATE NEWS | TUESDAY, SEPTEMBER 24, 2013

Off-market real estate deals, also referred to as "whisper listings" or "pocket listings," appear to be on the rise in major housing markets — and they're not just for luxury properties at $20 million or more. These top-secret listings, which are marketed off the MLS, are now happening among transactions below $1 million, as more sellers try to test the market without the commitment of officially putting their properties up for sale.

In Manhattan, for example, "sellers feel cocky. Sellers feel like they have the ball," Brian K. Lewis, an associate broker at Halstead Property, told The New York Times. He says he has taken on seven whisper listings in the past six months from clients who did not want to list their apartments on the open market. The sellers, however, were still willing to accept offers from all potential buyers. "In an improving economy with no inventory, they have the asset people want," Lewis says.

Off-market listings seem to be rising most in markets with inventories that are particularly stretched thin, such as San Francisco, Los Angeles, and Miami, the Times reports.

"There's more of it now than ever before," says Shaun Osher, CEO of New York brokerage CORE. "We as brokers know everything is always for sale at a price."

Some sellers are opting to go the route of whisper listings because they believe, by keeping their homes off the open market, they won’t have to deal with the hassle of constantly getting their homes ready for showings.

New technology also is causing a growth in whisper listings. Yapmo, a mobile software company, is one such innovation. Its mobile app allows brokers to share information about properties with each other before the properties hit the market. Chicago firm @properties, which adopted the software in January, says an average of 41 properties per month — or 5 percent of the firm's transactions — have gone into contract before being put on the market.

Still, some real estate professionals say they have a distaste for these under-the-radar deals. Those who represent buyers may like that there's less competition, but on the seller side, some brokerage firms argue that these deals inevitably shut some brokers out. Also, sellers hoping for a quick full-price sale are limiting their buyer pool and their chance of securing the highest price possible.

"It's sort of like saying, 'Achieve this great price and do all of this, but don't tell anybody about it,'" says Brown Harris Stevens President Hall F. Willkie.

But sometimes you just have to do what the client wants, other real estate professionals say.

“It’s really up to the seller in terms of how they want a real estate broker to represent them,” says Neil Garfinkel, broker counsel to the Real Estate Board of New York.

Source: “For Your Ears Only,” The New York Times (Sept. 20, 2013)

http://realtormag.realtor.org/daily-news/2013/09/24/more-whisper-listings-ever

http://www.rebeccasellsaz.com/

Monday, September 23, 2013

Younger Buyers to Dominate Luxury Market

DAILY REAL ESTATE NEWS | MONDAY, SEPTEMBER 23, 2013

A new survey by Coldwell Banker Previews International and the Luxury Institute finds that wealthy younger buyers are driving the luxury real estate market, and they are willing to pay more than similar wealthy buyers age 55 and older.

The survey looked at Americans age 21 or older with a minimum gross annual household income of $250,000. It found that 43 percent of younger wealthy consumers are considering purchasing residential property in the next 12 months, compared to 21 percent of those age 55 and older. These younger, wealthy buyers spent an average of $2.1 million on their most recent purchase of residential property, approximately twice the average amount spent by older and similarly wealthy buyers.

“Luxury homes are for more than successful and retired empty nesters,” says Milton Pedraza, CEO of the Luxury Institute. “Today’s luxury buyer is both dynamic and diverse, and it’s reflected in the homes and products they’re buying.”

So what are these younger buyers looking for? The survey found they are significantly more likely than wealthy buyers age 55 and older to want homes with amenities such as a pool, outdoor kitchen, home gym, home theater, wine cellar, and four or more garages. They are also more than twice as likely to value green or LEED-certified properties.

“This trend toward younger luxury buyers is leading a change in desired home amenities,” says Betty Graham, president of Coldwell Banker Previews International NRT. “Whether these younger buyers have young families or are single without children, they are looking for homes that fit their active and unique lifestyle.”

For most luxury buyers, location is the most important factor when considering the purchase of residential property. And though they may travel internationally, only 6 percent of wealthy homeowners surveyed own residential property located outside the U.S.

Source: Coldwell Banker Previews International Wealthy Consumer Survey.

http://realtormag.realtor.org/daily-news/2013/09/23/younger-buyers-dominate-luxury-market

http://www.rebeccasellsaz.com/

Friday, September 20, 2013

Mortgage Rates Move Lower as Fed Delays Taper

DAILY REAL ESTATE NEWS | FRIDAY, SEPTEMBER 20, 2013

Mortgage rates inched lower this week, following the Federal Reserve’s recent announcement that it would delay tapering its bond buying program. Mortgage rates have climbed more than one percentage point since May when speculation began that the Fed would start winding down its $85 billion per month bond buying program, which had helped keep mortgage rates low.

"Mortgage rates drifted downwards this week amid signs of a weakening economic recovery,” says Frank Nothaft, Freddie Mac’s chief economist. "This, in part, was why the Federal Reserve chose to maintain its MBS and bond-buying program. [The Fed] also cited the tightening of financial conditions observed in recent months, which in the case of the housing market means the rise in mortgage rates since May."

Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 19:

30-year fixed-rate mortgages: averaged 4.50 percent, with an average 0.7 point, dropping from last week’s 4.57 percent average. Last year at this time, 30-year fixed-rate mortgage averaged 3.49 percent.
15-year fixed-rate mortgages: averaged 3.54 percent, with an average 0.7 point, dropping from last week’s 3.59 percent average. Last year at this time, 15-year rates averaged 2.77 percent.
5-year adjustable-rate mortgages: averaged 3.11 percent, with an average 0.5 point, dropping from last week’s 3.22 percent average. A year ago, 5-year ARMs averaged 2.76 percent.
1-year ARMs: averaged 2.65 percent, with an average 0.4 point, dropping from last week’s 2.67 percent average. A year ago, 1-year ARMs averaged 2.61 percent.

Source: Freddie Mac

http://realtormag.realtor.org/daily-news/2013/09/20/mortgage-rates-move-lower-fed-delays-taper

http://www.rebeccasellsaz.com/

Selling AZ With Rebecca

Monday, September 30, 2013

What a Government Shutdown Means for FHA Lending

Thursday, September 26, 2013

Study: $50 More Per Square Foot for Homes Near Good Schools

Wednesday, September 25, 2013

As Rates Fall, Loan Demand Rises Again

Tuesday, September 24, 2013

5173 N SAN MARCOS DR Apache Junction, AZ 85120

More 'Whisper Listings' Than Ever Before?

Monday, September 23, 2013

Younger Buyers to Dominate Luxury Market

Friday, September 20, 2013

Mortgage Rates Move Lower as Fed Delays Taper

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