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Showing posts with label buying a home. Show all posts
Showing posts with label buying a home. Show all posts
Tuesday, March 12, 2013
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Wednesday, June 6, 2012
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Thursday, November 11, 2010
Thursday, April 15, 2010
Monday, February 15, 2010
Monday, January 19, 2009
My numbers for 2007
The measure of a good real estate professional is results. That's it. Period. Just results. Can your agent close deals?
Well, for 2006 and 2007, there have been no agents with Keller Williams Coppell that have sold more real estate than I. 2008 wasn't as good a year for me but my drop to third can be explained by my market.
In 2007, I sold 68 houses. The average agent will sell 15 houses. Last year In fell to 45 houses. My main market (North Collin county) has been devastated by high gas prices and high foreclosure rates.
I still had a great year. But for my goals, the results don't match up to what I expected.
To get the results you need out of your 2009 real estate transaction, put my experience work for you today!
Well, for 2006 and 2007, there have been no agents with Keller Williams Coppell that have sold more real estate than I. 2008 wasn't as good a year for me but my drop to third can be explained by my market.
In 2007, I sold 68 houses. The average agent will sell 15 houses. Last year In fell to 45 houses. My main market (North Collin county) has been devastated by high gas prices and high foreclosure rates.
I still had a great year. But for my goals, the results don't match up to what I expected.
To get the results you need out of your 2009 real estate transaction, put my experience work for you today!
Friday, August 1, 2008
Dallas area home prices fall 3.8%
According to Standard and Poor, Dallas area home prices have fallen 3.8%. The good news is that only Charlotte home prices (a decline of .3%) are better than the Dallas area.
Housing prices in Miami and Las Vegas have dropped by 28% and lead the US in worst valuation declines.
Click on this link for the entire article
Housing prices in Miami and Las Vegas have dropped by 28% and lead the US in worst valuation declines.
Click on this link for the entire article
Monday, July 14, 2008
Mortgage companies and bad lending practices
With news that IndyMac is being absorbed by the government, Freddy Mac and Fannie Mae are in trouble and the bailout of Bear Stearnes, it just makes me realize that the last 8 years of lending practices has been the worst thing for our industry.
Sure, the last 8 years have been great for business. From lenders, title companies, Realtors, home warranty providers and anyone else that benefits from real estate....the business was great.
I often time found myself wondering, "how are these lenders able to give people that can't verify their income a loan for 105% of the homes worth?". But of course, I like so many others just figured that the banking industry knew what they were doing.
I am proud to say, that only one of the couples that I have sold a house to have been foreclosed on. That foreclosure had more to do with health than a bad loan product. I always make sure that my clients are NOT getting into a situation where I wouldn't place myself in. That's what a good agent does. They are your fiduciary. They act in your best interst.
Now, the "mortgage meltdown", as it has been named, is affecting everyone. The home that forecloses down the street affects my property value just as much as anyone else. To top it off? These bailouts will be paid by us, the taxpayers. The last 8 years were to good to be true. Now, it seems, the house of cards has come crashing down.
Sure, the last 8 years have been great for business. From lenders, title companies, Realtors, home warranty providers and anyone else that benefits from real estate....the business was great.
I often time found myself wondering, "how are these lenders able to give people that can't verify their income a loan for 105% of the homes worth?". But of course, I like so many others just figured that the banking industry knew what they were doing.
I am proud to say, that only one of the couples that I have sold a house to have been foreclosed on. That foreclosure had more to do with health than a bad loan product. I always make sure that my clients are NOT getting into a situation where I wouldn't place myself in. That's what a good agent does. They are your fiduciary. They act in your best interst.
Now, the "mortgage meltdown", as it has been named, is affecting everyone. The home that forecloses down the street affects my property value just as much as anyone else. To top it off? These bailouts will be paid by us, the taxpayers. The last 8 years were to good to be true. Now, it seems, the house of cards has come crashing down.
Thursday, July 3, 2008
Discount brokers
ex-employee
As an insider, I wanted to chime in. I bought a BuyOwner internet only package in August of 05' for $2,000. I was so impressed with the program, I applied for a job, and to my suprise, I was hired.
I started in Oct. of 05' and quit in March 06'. I still have not sold my house, one year later. I quit because I came to the conclusion that in my geographical location, BuyOwner does not work effectively. I could not justify selling a product that was not up to par.
At the sales meetings I kept asking what my customers were asking me, 'what is the average time on market, and what percentage of houses sell'? In training, we are told to respond, 100% of our homes sell, because we advertise until sold. O.k., than what is the average time on market? We don't know, because we only advertise the property, not sell the property.
A lot of customers do not tell us when their house sells. (I personally do not believe this). The reality of it is that if BuyOwner wanted to know these statistics, all they would have to do is a simple follow up phone call to the customer. It states in the contract that after six months of no contact, you will be taken out of the system. This would lead me to believe that BuyOwner does know.
These statistics, are held closely to the vest, and are not givin to consultants. In addition, all the people you see in the comercials, are from other parts of the country (Florida) where real estate is 'HOT', not Houston.
Best regards,
Lyle
Houston, TX
As an insider, I wanted to chime in. I bought a BuyOwner internet only package in August of 05' for $2,000. I was so impressed with the program, I applied for a job, and to my suprise, I was hired.
I started in Oct. of 05' and quit in March 06'. I still have not sold my house, one year later. I quit because I came to the conclusion that in my geographical location, BuyOwner does not work effectively. I could not justify selling a product that was not up to par.
At the sales meetings I kept asking what my customers were asking me, 'what is the average time on market, and what percentage of houses sell'? In training, we are told to respond, 100% of our homes sell, because we advertise until sold. O.k., than what is the average time on market? We don't know, because we only advertise the property, not sell the property.
A lot of customers do not tell us when their house sells. (I personally do not believe this). The reality of it is that if BuyOwner wanted to know these statistics, all they would have to do is a simple follow up phone call to the customer. It states in the contract that after six months of no contact, you will be taken out of the system. This would lead me to believe that BuyOwner does know.
These statistics, are held closely to the vest, and are not givin to consultants. In addition, all the people you see in the comercials, are from other parts of the country (Florida) where real estate is 'HOT', not Houston.
Best regards,
Lyle
Houston, TX
Friday, June 13, 2008
73000 homes went into foreclosure in May
73,000 homes lost to foreclosure in May
Filings for the month jumped by 48%. Nevada, California, and Florida continue to bear the brunt of the crisis.
NEW YORK (CNNMoney.com) -- The housing crisis grew worse in May, as more than 73,000 American families lost their homes to bank repossessions, up a staggering 158% from the 28,548 households that were dispossessed in May 2007.
Foreclosure filings of all kinds, including default notices, notices of sheriff's sales and bank repossessions, were up 48% from May 2007, according to the latest release from RealtyTrac, the online marketer of foreclosed properties. Filings increased 7% from April.
"May was the 29th straight month we've seen a year-over-year increase," RealtyTrac's CEO James Saccacio said in a statement.
The report follows months of increasingly gloomy housing market conditions with home prices, existing home sales and new housing starts all plummeting. The S&P Case/Shiller Home Price Index posted a record 14.1% decline in national home prices for the 12 months ending March 31, while April's existing-home sales were down 17.5% year over year.
Worst-hit cities
Nevada remained the most troubled default state for the 17th consecutive month. One out of every 118 households there received some kind of foreclosure filing during May, up 24% from the previous month and 72% from a year ago.
California led the nation in the sheer volume of filings, with nearly 72,000 properties in some stage of default, which works out to one out of every 183 households. More than 20,000 Californians lost their homes, more than any other state.
Florida recorded over 37,000 filings and 4,300 bank repossessions. Nine of the top 10 cities with the most foreclosure filings were in either Florida or California.
Stockton, Calif., was the worst-hit city last month, with one filing for every 75 households. Cape Coral, Fla., where one out of every 79 homes received a filing, was second. Other hard-hit places were Merced, Calif., which ranked third, Modesto, Calif., which was fourth and Riverside, Calif., which was fifth.
Las Vegas was the only city outside of California and Florida to crack the top 10. In May it had one filing for every 96 households - about five times the national average - which put it in sixth place.
Default rates will rise for many more months, according to RealtyTrac vice president Rick Sharga, who thinks that there could be another 18 months of this activity left. Several factors will continue to boost filings.
"We haven't even seen the full effects of the Alt-As (mostly loans issued without verification of income and assets) yet," said Sharga. Many of these mortgages are option ARMs, negative amortization loans that let borrowers make very small, minimum payments that don't even cover the interest they owe each month. But soon, these payments will spike.
Also driving foreclosures is the fact that more people are walking away from homes they bought at the top of the market that have since lost a lot of value, according to Keith Gumbinger of HSH Associates, a publisher of mortgage industry data.
"These people are looking at the present value of their homes and at their debts and saying, 'What's the point of paying the mortgage?'" said Gumbinger. "We may have not finished wringing these people out of the market yet."
Sharga says that price declines are probably the market's biggest problem right now. "If prices stabilize, foreclosures will too," he said.
As more people than ever are losing their homes, some state and local governments are trying to slow the foreclosure tsunami. Colorado has extended the initial default period to as much as 125 days, and Maryland has increased it to 150 days.
In Philadelphia, homeowner's can't be foreclosed on without having the opportunity to go through a court-sponsored reconciliation session.
Additionally, the administration's foreclosure prevention initiative Hope Now says it has helped over one million at-risk borrowers avoid foreclosure.
These measures help, according to Sharga, but to really break the spiral, more intervention on the federal level may be needed.
"The quickest solution is to get buyers buying again," he said. "The government may have to take some strong action to make that happen."
Filings for the month jumped by 48%. Nevada, California, and Florida continue to bear the brunt of the crisis.
NEW YORK (CNNMoney.com) -- The housing crisis grew worse in May, as more than 73,000 American families lost their homes to bank repossessions, up a staggering 158% from the 28,548 households that were dispossessed in May 2007.
Foreclosure filings of all kinds, including default notices, notices of sheriff's sales and bank repossessions, were up 48% from May 2007, according to the latest release from RealtyTrac, the online marketer of foreclosed properties. Filings increased 7% from April.
"May was the 29th straight month we've seen a year-over-year increase," RealtyTrac's CEO James Saccacio said in a statement.
The report follows months of increasingly gloomy housing market conditions with home prices, existing home sales and new housing starts all plummeting. The S&P Case/Shiller Home Price Index posted a record 14.1% decline in national home prices for the 12 months ending March 31, while April's existing-home sales were down 17.5% year over year.
Worst-hit cities
Nevada remained the most troubled default state for the 17th consecutive month. One out of every 118 households there received some kind of foreclosure filing during May, up 24% from the previous month and 72% from a year ago.
California led the nation in the sheer volume of filings, with nearly 72,000 properties in some stage of default, which works out to one out of every 183 households. More than 20,000 Californians lost their homes, more than any other state.
Florida recorded over 37,000 filings and 4,300 bank repossessions. Nine of the top 10 cities with the most foreclosure filings were in either Florida or California.
Stockton, Calif., was the worst-hit city last month, with one filing for every 75 households. Cape Coral, Fla., where one out of every 79 homes received a filing, was second. Other hard-hit places were Merced, Calif., which ranked third, Modesto, Calif., which was fourth and Riverside, Calif., which was fifth.
Las Vegas was the only city outside of California and Florida to crack the top 10. In May it had one filing for every 96 households - about five times the national average - which put it in sixth place.
Default rates will rise for many more months, according to RealtyTrac vice president Rick Sharga, who thinks that there could be another 18 months of this activity left. Several factors will continue to boost filings.
"We haven't even seen the full effects of the Alt-As (mostly loans issued without verification of income and assets) yet," said Sharga. Many of these mortgages are option ARMs, negative amortization loans that let borrowers make very small, minimum payments that don't even cover the interest they owe each month. But soon, these payments will spike.
Also driving foreclosures is the fact that more people are walking away from homes they bought at the top of the market that have since lost a lot of value, according to Keith Gumbinger of HSH Associates, a publisher of mortgage industry data.
"These people are looking at the present value of their homes and at their debts and saying, 'What's the point of paying the mortgage?'" said Gumbinger. "We may have not finished wringing these people out of the market yet."
Sharga says that price declines are probably the market's biggest problem right now. "If prices stabilize, foreclosures will too," he said.
As more people than ever are losing their homes, some state and local governments are trying to slow the foreclosure tsunami. Colorado has extended the initial default period to as much as 125 days, and Maryland has increased it to 150 days.
In Philadelphia, homeowner's can't be foreclosed on without having the opportunity to go through a court-sponsored reconciliation session.
Additionally, the administration's foreclosure prevention initiative Hope Now says it has helped over one million at-risk borrowers avoid foreclosure.
These measures help, according to Sharga, but to really break the spiral, more intervention on the federal level may be needed.
"The quickest solution is to get buyers buying again," he said. "The government may have to take some strong action to make that happen."
Tuesday, April 29, 2008
Process for buying a HUD foreclosure
Who doesn’t love a bargain? For the thrifty capitalist, investing in HUD foreclosures—residential properties owned by the U.S. Department of Housing and Urban Development—appears to be exactly that. Furthermore, the possibility that HUD foreclosure homes might become increasingly available in the coming years should pique renewed interest among investors; however, investors should be aware of limitations in the process of purchasing HUD foreclosures that may or may not fit their personal aims for the investment.
A HUD foreclosure, or HUD home, is a single family or multi-family residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage, according to hud.gov. In the wake of the subprime lending crisis, FHA-insured mortgage loans are becoming more popular among homebuyers who experience difficulty in qualifying for traditional bank loans. An increase in the number of FHA-insured loans distributed to homebuyers is likely to be accompanied by an eventual increase in HUD foreclosures. As a result, investors could stand to reap high profit margins resulting from the affordability and availability of HUD homes on the market.
Most HUD properties are hardly dream homes, however, and are almost never found in high-cost urban areas. FHA-insured mortgages for properties in high-cost areas such as New York and Los Angeles must not exceed a maximum loan limit of $362,790, according the FHA.com—a prohibitively low amount when compared to the actual selling prices of most homes in those areas. Furthermore, all HUD homes are sold as is, and selling prices are discounted based on the extent of repairs and renovations that need to be done.
The process of buying a HUD foreclosure is significantly different than that of purchasing a traditional home. HUD homes are sold through a bidding process that puts investors in line behind intended owner-occupants. During the first 10 days that a HUD home is listed for sale, only owner-occupants are permitted to place bids; if a successful bid is not accepted by the time the initial priority period has elapsed, bidding is opened to investors as well.
HUD homes for sale are posted on Internet listing sites by special HUD-contracted management companies. Bids for HUD homes must be placed through a HUD-registered broker or agent and are usually submitted electronically.
In addition, HUD will pay for some closing and sales commission costs. According to Harrington, Moran and Barksdale, Inc. (HBMI), a company that markets and manages HUD single family homes for several states, HUD will pay up to 5 percent for broker commission costs and up to 3 percent for standard closing items, excluding the closing agent fee. HUD will pay the entire closing agent fee if buyers use HUD closing agents; conversely, buyers who choose to use a non-HUD agent must pay the fees and work with a HUD agent on some legal items.
Although HUD will pay broker commissions and other closing costs, the amount that HUD has to pay is subtracted from the net worth of the bid. Therefore, a bid offer that includes a broker commission of 2 percent would be viewed as more favorable than the same bid amount that includes a 5 percent commission.
Consumers must provide an earnest money deposit to their real estate broker by the time of electronic bidding; deposits can be as low as $500 for properties selling for less than $50,000, according to ForeclosuresToGo.com. Earnest money deposits for winning bids are immediately submitted to the HUD closing agent.
Once a bid is won, the purchaser must close within a time period specified by the closing agent and the correct sales contract must be submitted quickly—within 48 hours for most states. A strict settlement deadline is set, usually 30 to 60 days from the date of the accepted contract.
Investing in HUD foreclosures offers affordability and potential for good returns, but investors, as always, should do their research and exercise patience when dealing with a bidding process that generally caters to owner-occupant buyers. For more information on purchasing HUD homes and internet listing sites, email J.J. at JJ@JJChapa.com .
A HUD foreclosure, or HUD home, is a single family or multi-family residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage, according to hud.gov. In the wake of the subprime lending crisis, FHA-insured mortgage loans are becoming more popular among homebuyers who experience difficulty in qualifying for traditional bank loans. An increase in the number of FHA-insured loans distributed to homebuyers is likely to be accompanied by an eventual increase in HUD foreclosures. As a result, investors could stand to reap high profit margins resulting from the affordability and availability of HUD homes on the market.
Most HUD properties are hardly dream homes, however, and are almost never found in high-cost urban areas. FHA-insured mortgages for properties in high-cost areas such as New York and Los Angeles must not exceed a maximum loan limit of $362,790, according the FHA.com—a prohibitively low amount when compared to the actual selling prices of most homes in those areas. Furthermore, all HUD homes are sold as is, and selling prices are discounted based on the extent of repairs and renovations that need to be done.
The process of buying a HUD foreclosure is significantly different than that of purchasing a traditional home. HUD homes are sold through a bidding process that puts investors in line behind intended owner-occupants. During the first 10 days that a HUD home is listed for sale, only owner-occupants are permitted to place bids; if a successful bid is not accepted by the time the initial priority period has elapsed, bidding is opened to investors as well.
HUD homes for sale are posted on Internet listing sites by special HUD-contracted management companies. Bids for HUD homes must be placed through a HUD-registered broker or agent and are usually submitted electronically.
In addition, HUD will pay for some closing and sales commission costs. According to Harrington, Moran and Barksdale, Inc. (HBMI), a company that markets and manages HUD single family homes for several states, HUD will pay up to 5 percent for broker commission costs and up to 3 percent for standard closing items, excluding the closing agent fee. HUD will pay the entire closing agent fee if buyers use HUD closing agents; conversely, buyers who choose to use a non-HUD agent must pay the fees and work with a HUD agent on some legal items.
Although HUD will pay broker commissions and other closing costs, the amount that HUD has to pay is subtracted from the net worth of the bid. Therefore, a bid offer that includes a broker commission of 2 percent would be viewed as more favorable than the same bid amount that includes a 5 percent commission.
Consumers must provide an earnest money deposit to their real estate broker by the time of electronic bidding; deposits can be as low as $500 for properties selling for less than $50,000, according to ForeclosuresToGo.com. Earnest money deposits for winning bids are immediately submitted to the HUD closing agent.
Once a bid is won, the purchaser must close within a time period specified by the closing agent and the correct sales contract must be submitted quickly—within 48 hours for most states. A strict settlement deadline is set, usually 30 to 60 days from the date of the accepted contract.
Investing in HUD foreclosures offers affordability and potential for good returns, but investors, as always, should do their research and exercise patience when dealing with a bidding process that generally caters to owner-occupant buyers. For more information on purchasing HUD homes and internet listing sites, email J.J. at JJ@JJChapa.com .
Thursday, April 10, 2008
Friday, February 29, 2008
Bonuses of Using a Realtor When Buying a Home
- It's FREE - As a buyer, you pay absolutely nothing for the services.
- You Could SAVE THOUSANDS- Realtors are experienced in the market, and have the ability to negotiate any price on a home for you.
- You SAVE TIME - With a good Realtor, you just find the home, choose whether or not you want to view it before putting in an offer. Then, you just tell your Realtor how much you're willing to pay, and he/she will put in the offer. They will set up the closing, and all you have to do is sign.
- Did I mention it's FREE - The seller will pay all Realtor fees from the proceeds of his/her home's sell.
Tuesday, February 12, 2008
Coppell
One of DFW's most desierable areas is Coppell. A strong school district coupled with strong resale values has made Coppell one of the areas most desired neighborhood.
Friday, January 25, 2008
Inspections
I can never stress enough, the importance of doing "due dilligence" when buying a home. Buying a home is most Americans largest purchase. It is imperative that you protect that investment by getting a home inspector to look at your upcoming purchase.
U.S. real estate a 'bargain' for foreign buyers
Many paying cash as dollar falls in value
Wednesday, January 23, 2008
By Tom Kelly Inman News
Two years ago, while attending a home-builder convention in Orlando, Fla., a top-producing local real estate agent was bubbling over the interior design features of a vacation home.
"All of my international buyers are just going to love this," the agent said. "I can't wait to tell them what's now available."
I was intrigued. How many international buyers did she have?
It turned out that more than 60 percent of the agent's clients were buyers from overseas. And, she is not the only real estate professional cultivating the foreign market. According to the National Association of Realtors, 65 percent of Florida Realtors had at least one international customer, and the trade group's "Profile of International Home Buying Activity" indicated that at least 7 percent of home sales in Florida were to foreign purchasers.
"When you consider how the U.S. dollar has slid in value compared to other international currencies, you begin to understand why investors are purchasing real estate in this country," said Mitch Creekmore, senior vice president of Stewart Title Co. "Real estate prices here are a bargain compared to many areas in western Europe and Asia."
The currency environment probably played a major role in the proportion of foreign buyers who paid cash for their homes. The cash group (28 percent) was much greater than that of the general U.S. home buyer population (8 percent). In addition, international buyers who can afford a home abroad often are from wealthier households with higher monthly incomes and cash reserves. Also, the tax benefits of mortgage-interest deductions may not apply -- depending on the buyer's home country's tax code -- which lowers the incentive to take out a mortgage.
Buyers come from around the world to buy different types of properties at various prices. They plan on using the U.S. property for different reasons. Here are some common factors from NAR:
The typical international buyer purchased a single-family home or townhouse. The primary purpose in purchasing the home was as a vacation venue for family and friends.
The median sales price paid by the typical foreign buyer was $299,500, and the purchase was financed through a mortgage loan.
The typical foreign buyer in the U.S. spends 4.2 months in his or her U.S. property. U.S. visa rules allow nonresidents (unless under a student or work visa) to remain in the country for only six months. Because foreign buyers are nonresidents of the U.S., most of them plan to spend less than six months in their U.S. home. A small percentage -- 6 percent -- spend less than two weeks. Forty-four percent intend on using their U.S. property for one to six months.
While the top three state destinations for foreign home buyers in the NAR study were Florida, California and Texas, significant overseas buyers surfaced in all areas of the country. Dolly Lenz, a New York City residential specialist who led all salespersons with $748.3 million in gross sales in 2007, reported that approximately 35 percent of her customers were second-home buyers and about 50 percent of that group lived outside the U.S.
The median price foreign buyers paid for a home was $299,500 in 2006 -- significantly greater than the national median sales price of $221,900. More than 20 percent of international buyers purchased a home that cost between $200,001 and $300,000. Fourteen percent of foreign home buyers paid more than $750,000 for their U.S. property, according to the NAR study.
Among international clients, the top five countries of origin were Mexico, the United Kingdom, Canada, India and China. Although more than two-thirds of Realtors report that their international clientele accounts for about the same level of business during the past five years, fully a quarter of them indicate that their international business has increased. Despite the recent slowdown in the U.S. housing market, U.S. real estate is still a popular option for many people outside of the country.
Foreign buyers from the United Kingdom and China paid the most for their U.S. property -- a median of $335,000 and $340,000, respectively. Those from Mexico paid the least -- $227,300. Buyers from Canada were more likely to have purchased homes priced over $1 million. The median price of homes purchased by Indian buyers -- $292,000 -- was closest to the overall median price paid by all foreign home buyers.
The American dream of home ownership is more popular than ever -- especially overseas.
Wednesday, January 23, 2008
By Tom Kelly Inman News
Two years ago, while attending a home-builder convention in Orlando, Fla., a top-producing local real estate agent was bubbling over the interior design features of a vacation home.
"All of my international buyers are just going to love this," the agent said. "I can't wait to tell them what's now available."
I was intrigued. How many international buyers did she have?
It turned out that more than 60 percent of the agent's clients were buyers from overseas. And, she is not the only real estate professional cultivating the foreign market. According to the National Association of Realtors, 65 percent of Florida Realtors had at least one international customer, and the trade group's "Profile of International Home Buying Activity" indicated that at least 7 percent of home sales in Florida were to foreign purchasers.
"When you consider how the U.S. dollar has slid in value compared to other international currencies, you begin to understand why investors are purchasing real estate in this country," said Mitch Creekmore, senior vice president of Stewart Title Co. "Real estate prices here are a bargain compared to many areas in western Europe and Asia."
The currency environment probably played a major role in the proportion of foreign buyers who paid cash for their homes. The cash group (28 percent) was much greater than that of the general U.S. home buyer population (8 percent). In addition, international buyers who can afford a home abroad often are from wealthier households with higher monthly incomes and cash reserves. Also, the tax benefits of mortgage-interest deductions may not apply -- depending on the buyer's home country's tax code -- which lowers the incentive to take out a mortgage.
Buyers come from around the world to buy different types of properties at various prices. They plan on using the U.S. property for different reasons. Here are some common factors from NAR:
The typical international buyer purchased a single-family home or townhouse. The primary purpose in purchasing the home was as a vacation venue for family and friends.
The median sales price paid by the typical foreign buyer was $299,500, and the purchase was financed through a mortgage loan.
The typical foreign buyer in the U.S. spends 4.2 months in his or her U.S. property. U.S. visa rules allow nonresidents (unless under a student or work visa) to remain in the country for only six months. Because foreign buyers are nonresidents of the U.S., most of them plan to spend less than six months in their U.S. home. A small percentage -- 6 percent -- spend less than two weeks. Forty-four percent intend on using their U.S. property for one to six months.
While the top three state destinations for foreign home buyers in the NAR study were Florida, California and Texas, significant overseas buyers surfaced in all areas of the country. Dolly Lenz, a New York City residential specialist who led all salespersons with $748.3 million in gross sales in 2007, reported that approximately 35 percent of her customers were second-home buyers and about 50 percent of that group lived outside the U.S.
The median price foreign buyers paid for a home was $299,500 in 2006 -- significantly greater than the national median sales price of $221,900. More than 20 percent of international buyers purchased a home that cost between $200,001 and $300,000. Fourteen percent of foreign home buyers paid more than $750,000 for their U.S. property, according to the NAR study.
Among international clients, the top five countries of origin were Mexico, the United Kingdom, Canada, India and China. Although more than two-thirds of Realtors report that their international clientele accounts for about the same level of business during the past five years, fully a quarter of them indicate that their international business has increased. Despite the recent slowdown in the U.S. housing market, U.S. real estate is still a popular option for many people outside of the country.
Foreign buyers from the United Kingdom and China paid the most for their U.S. property -- a median of $335,000 and $340,000, respectively. Those from Mexico paid the least -- $227,300. Buyers from Canada were more likely to have purchased homes priced over $1 million. The median price of homes purchased by Indian buyers -- $292,000 -- was closest to the overall median price paid by all foreign home buyers.
The American dream of home ownership is more popular than ever -- especially overseas.
Wednesday, January 23, 2008
Refi applications climb 16.9%
Refi applications climb 16.9%
Lower rates fuel rush, but tighter credit could deny many
Wednesday, January 23, 2008
Inman News
Applications for home loan refinancings jumped by double digits last week as interest rates continued to fall, the Mortgage Bankers Association reported today.
The group's market composite index, a measure of home loan application volume, got an 8.3 percent boost last week on a seasonally adjusted basis from the second week of January as refinance applications climbed 16.9 percent during the period. Filings for purchase loans, however, fell 4.6 percent, MBA reported.
Since the beginning of November 2007, refinance applications have risen 92 percent and purchase-loan applications are up 7 percent, according to Jay Brinkmann, MBA's vice president of research and economics. "With tighter credit conditions we do not know how many of these applications will become loans, but it is clear that borrowers are responding to the 40- to 80-basis-point drop in rates we have seen since Nov. 2 across products."
Borrowing costs on all loan products sank again last week, as the average contract interest rate on 30-year fixed-rate mortgages fell to 5.49 percent from 5.62 percent; the average rate on 15-year fixed loans dropped to 4.96 percent from 5.07 percent; and average rates on the one-year adjustable-rate mortgage (ARM) tumbled to 5.51 percent from 5.77 percent.
Points, or loan-processing fees expressed as a percent of the total loan amount, averaged 1.07 on the 30-year loans, 1.22 on the 15-year, and 1.01 on one-year ARMs. These points include the origination fee and are based on loan-to-value ratios of 80 percent.
According to MBA, the refinance share of applications increased to 66 percent last week from 62.7 percent the previous week, and the ARM share grew to 9.3 percent from 9.2 percent.
The Mortgage Bankers Association survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.
Lower rates fuel rush, but tighter credit could deny many
Wednesday, January 23, 2008
Inman News
Applications for home loan refinancings jumped by double digits last week as interest rates continued to fall, the Mortgage Bankers Association reported today.
The group's market composite index, a measure of home loan application volume, got an 8.3 percent boost last week on a seasonally adjusted basis from the second week of January as refinance applications climbed 16.9 percent during the period. Filings for purchase loans, however, fell 4.6 percent, MBA reported.
Since the beginning of November 2007, refinance applications have risen 92 percent and purchase-loan applications are up 7 percent, according to Jay Brinkmann, MBA's vice president of research and economics. "With tighter credit conditions we do not know how many of these applications will become loans, but it is clear that borrowers are responding to the 40- to 80-basis-point drop in rates we have seen since Nov. 2 across products."
Borrowing costs on all loan products sank again last week, as the average contract interest rate on 30-year fixed-rate mortgages fell to 5.49 percent from 5.62 percent; the average rate on 15-year fixed loans dropped to 4.96 percent from 5.07 percent; and average rates on the one-year adjustable-rate mortgage (ARM) tumbled to 5.51 percent from 5.77 percent.
Points, or loan-processing fees expressed as a percent of the total loan amount, averaged 1.07 on the 30-year loans, 1.22 on the 15-year, and 1.01 on one-year ARMs. These points include the origination fee and are based on loan-to-value ratios of 80 percent.
According to MBA, the refinance share of applications increased to 66 percent last week from 62.7 percent the previous week, and the ARM share grew to 9.3 percent from 9.2 percent.
The Mortgage Bankers Association survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.
Monday, January 21, 2008
Mortgage rates mixed
Long-term mortgage interest rates were either flat or slightly higher Thursday, and the benchmark 10-year Treasury bond yield fell to 3.62 percent.
The 30-year fixed-rate average edged up to 5.43 percent, and the 15-year fixed rate stayed at 4.93 percent. The 1-year adjustable rate was up at 5.3 percent.
The 30-year Treasury bond yield dropped to 4.25 percent.
Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.
Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.
In other economic news, the Dow Jones Industrial Average plummeted 306.95 points, or 2.46 percent, finishing at 12,159.21. The Nasdaq tumbled 47.69 points, or 1.99 percent, closing at 2,346.9.
Stock figures are current as of 7:30 p.m. Eastern Standard Time.
***
The 30-year fixed-rate average edged up to 5.43 percent, and the 15-year fixed rate stayed at 4.93 percent. The 1-year adjustable rate was up at 5.3 percent.
The 30-year Treasury bond yield dropped to 4.25 percent.
Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.
Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.
In other economic news, the Dow Jones Industrial Average plummeted 306.95 points, or 2.46 percent, finishing at 12,159.21. The Nasdaq tumbled 47.69 points, or 1.99 percent, closing at 2,346.9.
Stock figures are current as of 7:30 p.m. Eastern Standard Time.
***
Friday, January 18, 2008
Shh! Don't tell anyone....this is our secret!
Local builder announces their intent to leave Texas
An area home builder has announced their intent to withdraw their homebuilding venutres in the State of Texas.
With these plans, the homebuilder is having a blow out "fire sale" to get all their inventory sold within the next 30 days.
This is great news for local buyers who can capitalize on instant equity. Homes with hard surface counter tops, ceramic tiles, stainless appliances and large and open floorplans are up for sale at drastic discounts.
In one instance, there was a 2700 sf home listed at $240k sold to a lucky buyer for only $170k. Don't miss out on this great opportunity. Call 972-254-2011 for more information.
Thursday, January 3, 2008
Hot Spots, Cold Spots
According to CNN Money, the market for the Dallas/Fort Worth region looks like we will continue to see an increase in our housing market.
"The housing market looks healthy for the [South] region, which may boast 12 of the 20 hottest markets for 2007."
The Dallas-Irving area had a projected price change of +4.1% for 2007 and is expecting to increase another 3.9% in 2008 with the median home price at $161,210.
For those in Fort Worth-Arlington area, the projected price change for 2007 was +4.4% and an increased 3.8% for 2008 with the median home price at $127,470.
For those of you who are looking to sell your home this new year, don't get discouraged. Our market only continues to increase while others--like California--are expecting another year of major decline in the housing market.
For those of you who are looking to buy, it continues to stay a buyer's market because of the overall national housing market, so don't think you can't get the best deal for your dream home.
For more information on this click here or call J.J. at 972-254-2011.
lh
"The housing market looks healthy for the [South] region, which may boast 12 of the 20 hottest markets for 2007."
The Dallas-Irving area had a projected price change of +4.1% for 2007 and is expecting to increase another 3.9% in 2008 with the median home price at $161,210.
For those in Fort Worth-Arlington area, the projected price change for 2007 was +4.4% and an increased 3.8% for 2008 with the median home price at $127,470.
For those of you who are looking to sell your home this new year, don't get discouraged. Our market only continues to increase while others--like California--are expecting another year of major decline in the housing market.
For those of you who are looking to buy, it continues to stay a buyer's market because of the overall national housing market, so don't think you can't get the best deal for your dream home.
For more information on this click here or call J.J. at 972-254-2011.
lh
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