The Kallhoff Team

Thursday, April 18, 2013

Loan Demand Picks Up Steam

DAILY REAL ESTATE NEWS | WEDNESDAY, APRIL 17, 2013

Mortgage applications rose 5 percent last week as mortgage rates declined, the Mortgage Bankers Association reported in its weekly mortgage market survey for the week ending April 12, which was released Wednesday.

Applications for refinancings, which make up the biggest bulk of the index, rose 5 percent, reaching its highest level since mid-January.

Meanwhile, mortgage applications for home purchases, viewed as a leading indicator of future home sales, ticked up 4 percent for the week, reaching its highest level since May 2010.

MBA reported 30-year fixed-rate mortgages, which are the most popular choice among home buyers, saw rates drop slightly last week averaging 3.67 percent, compared to 3.68 percent the prior week.

Source: “U.S. Mortgage Applications Rose 5% Last Week - MBA,” The Wall Street Journal (April 17, 2013)

http://realtormag.realtor.org/daily-news/2013/04/17/loan-demand-picks-up-steam

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Wednesday, April 17, 2013

5 Ways Sellers Can Prepare for a Home Inspection

DAILY REAL ESTATE NEWS | WEDNESDAY, APRIL 17, 2013

David R. Leopold, owner of Pillar to Post Home Inspection in Fairfield County, Conn., says home sellers and their real estate professionals have an important role in preparing for a home inspection to help ensure it goes smoothly. Leopold offers up some of the following tips in a recent article in RISMedia, including:

1. Don’t hide what isn’t working: If an appliance isn’t working, leave a note that indicates what isn’t working and how you’re getting it fixed. Don’t try to conceal defects because it can make the inspector start to view you as dishonest and wonder what else you’re hiding.

2. Make things accessible: Ensure the location of the attic and crawlspace are identified and easy to access. Don’t make a home inspector move your belongings in order to gain access.

3. Check the lightbulbs: If a lightbulb isn’t working, the inspector will need to determine if the fixture is inoperable. Save them time by making sure all the lightbulbs in the home operate, including those in the crawlspace, attic, and furnace rooms.

4. Note septic systems: If you have a septic system in the yard, be sure to leave a sketch that includes the location of it. It’ll avoid home inspectors, buyers, and real estate professionals having to conduct prolonged searches for it, Leopold says.

5. Keep appliances clear: Don’t leave dirty laundry in the washing machine or dryer because the inspector will need to test the appliances, and he doesn’t want to have to pull out dirty clothes in front of everybody, Leopold says. “Also, make sure your oven and stovetop are clear and clean, so we can easily test them without setting off the smoke alarm,” he adds.

Source: “Ask the Experts: What Should Home Sellers Do to Prepare for a Home Inspection?” RISMedia (April 16, 2013)

http://realtormag.realtor.org/daily-news/2013/04/17/5-ways-sellers-can-prepare-for-home-inspection

Tuesday, April 16, 2013

7 Housing Markets That Are Roaring Back

DAILY REAL ESTATE NEWS | TUESDAY, APRIL 16, 2013

The latest FNC Residential Price Index, an index created for the mortgage industry, recorded a 28-month high for home prices in February, the most recent data available. The index increased 6.1 percent — the fastest rate it's grown since July 2006.

The index shows the strongest price momentum is occurring in Phoenix, where prices have surged nearly 30 percent in the past year.

“The city’s rapid price climb is attributable to active investment purchase of distressed properties that has pushed up overall home prices,” according to FNC.

Many of the hardest-hit markets during the housing crash are showing some of the strongest comebacks. The following housing markets have posted double-digit price gains in percentages year-over-year, February 2013 versus February 2012, according to FNC.

1. Phoenix: 29.3 percent

2. Las Vegas: 14.5 percent

3. Detroit: 13.1 percent

4. San Francisco: 12.3 percent

5. Denver: 11.3 percent

6. Sacramento: 10.8 percent

7. San Diego: 10.6 percent

Source: FNC Residential Price Index

Read More

10 Top Markets for Investor Buyers

http://realtormag.realtor.org/daily-news/2013/04/16/7-housing-markets-are-roaring-back

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Monday, April 15, 2013

10 Top Markets for Investor Buyers

DAILY REAL ESTATE NEWS | MONDAY, APRIL 15, 2013

RealtyTrac recently released a study revealing some of the best markets for highest returns when becoming a rental-housing landlord of single-family homes. The following 10 markets emerged on top of its list:

1. Memphis, Tenn.
Median sales price of a 3-bedroom home: $72,605
Average rent for a 3-bedroom home: $1,047

2. Saginaw, Mich.
Median sales price: $63,240
Average rent: $907

3. Toledo, Ohio
Median sales price: $67,617
Average rent: $963

4. Ocala, Fla.
Median sales price: $75,357
Average rent: $1,070

5. Las Vegas
Median sales price: $115,000
Average rent: $1,575

6. Palm Bay, Fla.
Median sales price: $91,950
Average rent: $1,248

7. Atlanta
Median sales price: $84,000
Average rent: $1,132

8. Jacksonville, Fla.
Median sales price: $90,000
Average rent: $1,198

9. Deltona, Fla.
Median sales price: $94,000
Average rent: $1,225

10. Springfield, Mo.
Median sales price: $75,102
Average rent: $969

Source: “Bang for the Buck: Where Investing in Rental Homes Is Most Profitable,” The Wall Street Journal (April 4, 2013)

http://realtormag.realtor.org/daily-news/2013/04/15/10-top-markets-for-investor-buyers

Friday, April 12, 2013

Mortgage Rates Sink Lower Again This Week

DAILY REAL ESTATE NEWS | FRIDAY, APRIL 12, 2013

For the second consecutive week, fixed-rate mortgages edged down, providing ongoing support for the housing recovery, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 3.43 percent this week, which is near its 65-year record low.

Here’s a closer look at rates for the week ending April 11:

30-year fixed-rate mortgages: averaged 3.43 percent, with an average 0.8 point, dropping from last week’s 3.54 percent average. A year ago at this time, 30-year rates averaged 3.88 percent.
15-year fixed-rate mortgages: averaged 2.65 percent, with an average 0.7 point, falling from last week’s 2.74 percent average. Last year at this time, 15-year rates averaged 3.11 percent.
5-year adjustable-rate mortgages: averaged 2.62 percent, with an average 0.5 point, dropping from last week’s 2.65 percent average. Last year at this time, the 5-year ARM averaged 2.85 percent.
1-year ARMs: averaged 2.62 percent, with an average 0.3 point, dropping from last week’s 2.63 percent average. A year ago at this time, 1-year ARMs averaged 2.80 percent.

Source: Freddie Mac

http://realtormag.realtor.org/daily-news/2013/04/12/mortgage-rates-sink-lower-again-week

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Thursday, April 11, 2013

Some Agencies Add New Services to Lure More Clients

DAILY REAL ESTATE NEWS | WEDNESDAY, APRIL 10, 2013

Some real estate agencies are adding business services to their brokerages in trying to be a one-stop shop that can help customers with more than just than your real estate needs. Real estate brokerages may partner up on a single storefront with a notary public, insurance broker, travel agent, or even a place where you could do your income taxes.

“I try to supplement my income with a little bit here, a little bit there,” Joseph Fabrizio, owner of Top Realty Company in Ridgewood, Queens, N.Y., told The New York Times. “I became the tax preparer and the real estate broker. And I’m also a funeral director.”

The real estate professionals who offer tax preparation services say it can increase foot traffic, and that clients are easily referred back and forth between the businesses.

In some cases, it’s two businesses splitting the same office and rent, or sometimes even one person who can wear the multiple hats.

For example, in Brooklyn, N.Y., a sign reads “Ula’s Real Estate” as well as “Income Tax.” In this husband-wife team, he sells insurance and does taxes while she and her daughter handle real estate transactions.

“There is a synergy between the businesses,” Alexander Doukhowetzky, the husband part of the team, says.

But some real estate professionals aren’t in favor of the hybrid agencies. For example, Aroza Sanjana, president of Warren Lewis Sotheby’s International Realty, told The New York Times that she thinks “it dilutes our brand to have other businesses. In this market, as competitive as it is, and with as many people in real estate as there are, you can’t afford to give less to that one task. We need all hands on one deck.”

Source: “Buying a House? Selling? They Can Do Your Taxes, Too,” The New York Times (April 8, 2013)

Read More

8 Money-Making Ideas

http://realtormag.realtor.org/daily-news/2013/04/10/some-agencies-add-new-services-lure-more-clients

The Kallhoff Team

Thursday, April 18, 2013

Loan Demand Picks Up Steam

Wednesday, April 17, 2013

5 Ways Sellers Can Prepare for a Home Inspection

Tuesday, April 16, 2013

7 Housing Markets That Are Roaring Back

Monday, April 15, 2013

10 Top Markets for Investor Buyers

Friday, April 12, 2013

Mortgage Rates Sink Lower Again This Week

Thursday, April 11, 2013

Some Agencies Add New Services to Lure More Clients

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