Smell is one the most memorable experiences one can have. Often times some of our oldest memories can be tied to a smell... moms apple pie, cookies, jellies and jams;
These scents can be a factor to some when purchasing a home.
On the other hand certain smells can make the potential buyer feel at home. Fresh cookies and or a roast, lavendar, vanilla can create a sense of home .
Basically the idea is to entice the buyer into feeling like this home could be their home.
Today’s market is a is a beauty contest and a price war... Staging the home for sale properly is one of the ways to differentiate a house for sale in today’s competitive market. Cut out the clutter today.. and reap the benefits at the closing table
Wednesday, February 16, 2011
NEWS you can use...FHA update
Good morning everyone,
I'm sure you have probably heard the news about the changes being made by FHA, but I thought I would give you a quick synopsis on the recent changes.
FHA has now approved our accepting and closing loans for borrowers with credit scores down to 500. Wells Fargo's minimum score up until this change has been 600. As you can imagine, with the additional risk involved with the lower scores, other changes have been put in place regarding down payment, source of funds, and possible required reserves. A quick review:
With credit score of less than 600, seller concession is limited to 3.00%
With credit score of less than 600, no gifts funds are allowed in order for the borrower to reach their minimum required investment
If I do not get an "approved" response when first decisioning the loan, the qualifying ratio is going to be limited to 31/36 (down from 31/43), and the borrower is required to have two months house payments in reserve after closing
If I do get an "approved" response when first decisioning the loan, the qualifying ratio is limited to 31/43 with NO exceptions
Credit score 500 - 579:
10% down payment required
Borrower must have two months house payments in reserve after closing
Borrowers down payment and cash reserves must be their own funds - they cannot be a gift
Credit score 580-599:
5.00% down payment required
Borrowers down payment must be from own funds - they cannot be a gift
If no "approved" initial decision, borrower will be required to have 2 months payments in reserve after closing
In my personal opinion only, these loan will still be a challenge. Lenders are taking on additional risk at a time when most are very much risk averse. I'm excited about the new opportunities for all of us, but I have no doubt there will be a learning process for a while on what will fly and what will not. I plan on sending out an another update next week on borrowers with no credit score and "non-traditional" credit
I'm sure you have probably heard the news about the changes being made by FHA, but I thought I would give you a quick synopsis on the recent changes.
FHA has now approved our accepting and closing loans for borrowers with credit scores down to 500. Wells Fargo's minimum score up until this change has been 600. As you can imagine, with the additional risk involved with the lower scores, other changes have been put in place regarding down payment, source of funds, and possible required reserves. A quick review:
With credit score of less than 600, seller concession is limited to 3.00%
With credit score of less than 600, no gifts funds are allowed in order for the borrower to reach their minimum required investment
If I do not get an "approved" response when first decisioning the loan, the qualifying ratio is going to be limited to 31/36 (down from 31/43), and the borrower is required to have two months house payments in reserve after closing
If I do get an "approved" response when first decisioning the loan, the qualifying ratio is limited to 31/43 with NO exceptions
Credit score 500 - 579:
10% down payment required
Borrower must have two months house payments in reserve after closing
Borrowers down payment and cash reserves must be their own funds - they cannot be a gift
Credit score 580-599:
5.00% down payment required
Borrowers down payment must be from own funds - they cannot be a gift
If no "approved" initial decision, borrower will be required to have 2 months payments in reserve after closing
In my personal opinion only, these loan will still be a challenge. Lenders are taking on additional risk at a time when most are very much risk averse. I'm excited about the new opportunities for all of us, but I have no doubt there will be a learning process for a while on what will fly and what will not. I plan on sending out an another update next week on borrowers with no credit score and "non-traditional" credit
Tuesday, February 15, 2011
Getting an Inspection
It is so important that you get an inspection. It seals the nail on the contract.. DO you want the house? Only you the consumer can make that decision. You will get a sellers disclosure, review it completly... you can also do an independent investigation.. the power of GOOGLE is amazing. You can find out a lot about a property on line. Do not let an AGENT speculate on the inspectors report. It is the realtors job to NEGOTIATE the contract and work on your behalf. The opinion of the realtor on the inpsection results is purely an opinion.. it is up to YOU
Friday, February 11, 2011
Lakewood Glen
Thursday, February 10, 2011
Newly Formed Howard Hughes Corp Now Owns Bridgelands
The newly formed Howard Hughes Corporation announced in January that it now owns Bridgeland, one of northwest Houston's largest master-planned communities.
Bridgeland, located off Fry Road and Hwy. 290, had been owned by General Growth Properties Inc. The Howard Hughes Corp. has been created by General Growth to own, manage and develop commercial, residential and mixed-use real estate assets previously held by the development company.
According to the company's press release, this “portfolio of master planned communities” includes Bridgeland and The Woodlands in the Houston area.
There have been no major changes in the development of Bridgeland and all managing staff still remains the same within the community.
Bridgeland, located off Fry Road and Hwy. 290, had been owned by General Growth Properties Inc. The Howard Hughes Corp. has been created by General Growth to own, manage and develop commercial, residential and mixed-use real estate assets previously held by the development company.
According to the company's press release, this “portfolio of master planned communities” includes Bridgeland and The Woodlands in the Houston area.
There have been no major changes in the development of Bridgeland and all managing staff still remains the same within the community.
Tuesday, February 8, 2011
On FOX news
Please consider the news on FOX about the housing market. This is not HOUSTON. I will update more.
Monday, February 7, 2011
Houston .. the place to be
Jobs, Jobs, Jobs:
This article is nothing that I am surprised at... look all around and our HOUSTON economy is booming. The day after our FREEZE OUT... you would have thought it was BLACK FRIDAY. The stores and eateries were PACKED. ROCK on Houston
Three major jobs reports were released last week and all showed unexpected strength - all of which is good for the housing market.
Friday's Unemployment Report stunned economists by dropping from 9.4% to 9.0%. The Unemployment Rate has now dropped from 9.8% to 9.0% in just two months. But many question the drop due to how the data is collected via phone surveys, so let’s focus on two other reports that hit last week which are much more scientific.
The ADP Private Payroll report showed much stronger than expected growth. They reported that private corporations hired 187,000 people last month. Economists had expected a gain of only 151,000. The Challenger Job Cuts report measures downsizing. This report showed that the number of layoffs companies have announced plunged 34% in December to its lowest level in 13 years.
As the employment picture continues to brighten, it will add fuel to the very strong levels of Existing Home Sales that we have seen over the past two months.
This article is nothing that I am surprised at... look all around and our HOUSTON economy is booming. The day after our FREEZE OUT... you would have thought it was BLACK FRIDAY. The stores and eateries were PACKED. ROCK on Houston
Three major jobs reports were released last week and all showed unexpected strength - all of which is good for the housing market.
Friday's Unemployment Report stunned economists by dropping from 9.4% to 9.0%. The Unemployment Rate has now dropped from 9.8% to 9.0% in just two months. But many question the drop due to how the data is collected via phone surveys, so let’s focus on two other reports that hit last week which are much more scientific.
The ADP Private Payroll report showed much stronger than expected growth. They reported that private corporations hired 187,000 people last month. Economists had expected a gain of only 151,000. The Challenger Job Cuts report measures downsizing. This report showed that the number of layoffs companies have announced plunged 34% in December to its lowest level in 13 years.
As the employment picture continues to brighten, it will add fuel to the very strong levels of Existing Home Sales that we have seen over the past two months.
Saturday, February 5, 2011
IRS Deductions... Great news
The IRS allows many deductions related to home ownership. Everyone knows about the interest and real estate taxes deductions, but are you missing any other tax savings on your home? For instance, did you know that your mortgage insurance premiums may be tax deductible? If you own a home and have equity of less than 20% (or have a VA loan) you probably are paying mortgage insurance each month in your payment. Congress has extended the tax deduction for Mortgage Insurance premiums through 2010 so don’t forget this possible tax savings when filing your tax return. Attached is the IRS Form 936 which has a complete list of all the deductions associated with home ownership (the mortgage insurance deduction info is on page 7). Coutesy of Diane Rifia..
Thursday, February 3, 2011
Memorial Landscaping and Irrigation.. A perfect meeting
Some of my favorite meetings are at Starbucks... today I met Chad Touchet. He is just an awesome guy. He was kind enough to share information with me. Where I am sure he would love to have everyones business... he shared this wonderful tip.
Wrap your backflow device or write a check for $287.00 made out to Memorial Landscaping and Irrigation 281-802-7657.
You can send this out to the friends that you like……………… to your other friends you can forward my number after the freeze!
The backflow device will break in these low temperatures. I have a photo below of what the device looks like.
Wrap it with towels or a blanket and put a trash bag over everything. Make sure to tape the bag tight so that it does not blow off in the wind.
Chad Touchet
Snow Day in Houston.. Coming
| The whole state of TEXAS is having Rolling power outages to conserve energy. http://www.khou.com/news/local/Officials-Statewide-rolling-blackouts-issued-to-conserve-energy-115093329.html I really feel a little left out.. and everyone else in the country has so MUCH snow. It is really a very interesting time in Houston when snow comes.... the whole city shuts down. So if you are coming to HOUSTON to live... expect maybe once a year it MIGHT snow... you see all the SNOW people out.. recalling days of sledding, building snowmen, hot chocolate.. wet clothes.. warm up and do it again.... and then you see the faces of people who have never seen snow. I know my son AL.. gets very excited when it snows.. he still calls me when it does snow here. |
Wednesday, February 2, 2011
Wedneday.. Whats UP in Real Estate
Yes.. home ownership is still POPULAR. It is what makes this business so AWESOME. I know you hear of the DOOM and Gloom... but life goes on, people get married, divorced, families blend... it is the circle of life in real estate. See a segment from Realtor.org
A substantial majority of both home owners and current renters agree that owning a home is a smart decision over the long term. That’s according to the results of a National Association of Realtors® survey of 3,793 adults conducted online by Harris Interactive.
The American Attitudes About Homeownership survey found that in today’s challenging economy, 95 percent of owners and 72 percent of renters believe that over a period of several years, it makes more sense to own a home. In addition, an overwhelming majority of home owners are happy with their decision to own a home – 93 percent of owners surveyed would buy again.
“Home owners and renters agree that home ownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy,” said National Association of Realtors® President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “The results of this survey illustrate just how important issues related to home ownership are to people in this country.”
The survey uncovered some differences between home owners and renters, as well. While more than half of owners are “very” or “extremely” satisfied with the overall quality of their family life, only one-third of renters report the same levels of satisfaction. Similarly, 43 percent of home owners are very/extremely satisfied with their community life, compared with 30 percent of renters.
A majority of renters – 63 percent – said that it was at least somewhat likely that they would purchase a home at some point in the future. Among this group, young adults (18-29 years old) have the strongest aspirations for home ownership; only 8 percent of young adults said that it was “not at all likely” that they would purchase a home at some point in the future.
A substantial majority of both home owners and current renters agree that owning a home is a smart decision over the long term. That’s according to the results of a National Association of Realtors® survey of 3,793 adults conducted online by Harris Interactive.
The American Attitudes About Homeownership survey found that in today’s challenging economy, 95 percent of owners and 72 percent of renters believe that over a period of several years, it makes more sense to own a home. In addition, an overwhelming majority of home owners are happy with their decision to own a home – 93 percent of owners surveyed would buy again.
“Home owners and renters agree that home ownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy,” said National Association of Realtors® President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “The results of this survey illustrate just how important issues related to home ownership are to people in this country.”
The survey uncovered some differences between home owners and renters, as well. While more than half of owners are “very” or “extremely” satisfied with the overall quality of their family life, only one-third of renters report the same levels of satisfaction. Similarly, 43 percent of home owners are very/extremely satisfied with their community life, compared with 30 percent of renters.
A majority of renters – 63 percent – said that it was at least somewhat likely that they would purchase a home at some point in the future. Among this group, young adults (18-29 years old) have the strongest aspirations for home ownership; only 8 percent of young adults said that it was “not at all likely” that they would purchase a home at some point in the future.
Snow coming to Houston
| The whole state of TEXAS is having Rolling power outages to conserve energy. http://www.khou.com/news/local/Officials-Statewide-rolling-blackouts-issued-to-conserve-energy-115093329.html So I recall 17 years ago when I moved to HOUSTON.. we had like 4 snow days.. okay.. ICE DAYS. My husband said.. it never snows, never cold... LOL. Well it does not very often. I rather think it is fun when it snows here. YEAH.. a snow days. Oh I remember the days in Omaha.. 1977.. we built igloos from my dad's battery boxes ( compliments of John Deere)... they lasted clear into the Spring. I loved the SNOW when I was a kid... okay I still love it now. Nothing beats a good snowball fight.. some hot cocoa.. and soing it all over again. Houston will be on SHUTDOWN.. and you see all kinds of things. People that have never seen snow, people that look at the snow gazing like an old firend... I love it.  |
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