Yes, winter is coming! For some of us this is a good thing for others its more of a time to relax and hibernate. Here are some tips to keep you ahead of old man winter that go beyond sharpening your skis and getting out your holiday decorations.
-Change your batteries in your smoke detectors
-Vacuum the coils on the back of the fridge, this will help your fridge run more efficiently.
-Service your heating system, now is the best time to make sure it is in good working order and running efficiently.
-Empty the gas from your lawn mower. This will ensure that it works better come spring time.
-Clean your gutters properly, to prevent from icing up or overflow.
-Trim back your trees
-Clean the garage out, make sure to put paints and liquids that can freeze into a warm location.
-Sharpen your hockey skates and get the old skis tuned.
Its just a couple ideas, but it should make the winter go by a little smoother. Oh...and one last thing, contrary to popular belief, houses do still sell in the winter time. So, if it is that time for you, call your local Realtor. I know just the guy. Call me anytime!
-
Friday, November 12, 2010
Wednesday, November 10, 2010
A Short Sale as an Alternative to Foreclosure
Let's face it, it's not enjoyable going through financial hardships, especially when you are on the edge of losing your home. Try to avoid going down the foreclosure route by entertaining the idea of doing a short sale. Let's face it a short sale is far from hassle-free, however, it is a better alternative than foreclosure.
A short sale is an agreement between you and the lender to sell your home for less than you owe. Although, there is no guarentees that your lender will allow you to avoid foreclosure by going the short sale route, Uncle Sam has put forth regulations intended to encouraging lenders to do so. HAFA or the Home Affordability Foreclosure Alternatives program provides incentives for lenders and borrowers to avoid foreclosures and pursue short sales and deeds in leiu of foreclosures.
Advantages of a Short Sale:
- You can purchase a home much sooner after a short sale rather than a foreclosure. Fannie Mae guidelines help you qualify more a mortgage in as little as 2 years after a short sale rather than the 7 years of a foreclosure-
-No social stigma of "Foreclosure"
-You have more control over the sale, where as in a foreclosure the bank has control.
-Some lenders may not report to credit bureau, though some will report, "Settled"
-Credit scores tend to raise quicker after a short sale.
-Help your communities home values by not having the foreclosure stigma.
Disadvantages of a short sale:
-Your credit score will still take a hit (probably already has since you most likely missed payments before the short sale)
-In some states the lender may be able to come after you for the difference in sales price and mortgage payoff amount. Check with your lender and state laws.
If you are considering a short sale it is best to contact myself or a local qualified Realtor® in your area. It is a good idea to speak to an attorney about your options ( I am not an attorney and can not give legal advice.) If you decide to proceed with a short sale, gather all information you can to support your need to sell your house short (loss of income, divorce, debt, illness, etc). You will need to write a hardship letter (your opportunity to complain about your situation) and you will have to provide the lender with financial information.
Please feel free to contact me with any questions - Mark Zoeller (603) 817-4113
Realtor®- NH and Maine
A short sale is an agreement between you and the lender to sell your home for less than you owe. Although, there is no guarentees that your lender will allow you to avoid foreclosure by going the short sale route, Uncle Sam has put forth regulations intended to encouraging lenders to do so. HAFA or the Home Affordability Foreclosure Alternatives program provides incentives for lenders and borrowers to avoid foreclosures and pursue short sales and deeds in leiu of foreclosures.
Advantages of a Short Sale:
- You can purchase a home much sooner after a short sale rather than a foreclosure. Fannie Mae guidelines help you qualify more a mortgage in as little as 2 years after a short sale rather than the 7 years of a foreclosure-
-No social stigma of "Foreclosure"
-You have more control over the sale, where as in a foreclosure the bank has control.
-Some lenders may not report to credit bureau, though some will report, "Settled"
-Credit scores tend to raise quicker after a short sale.
-Help your communities home values by not having the foreclosure stigma.
Disadvantages of a short sale:
-Your credit score will still take a hit (probably already has since you most likely missed payments before the short sale)
-In some states the lender may be able to come after you for the difference in sales price and mortgage payoff amount. Check with your lender and state laws.
If you are considering a short sale it is best to contact myself or a local qualified Realtor® in your area. It is a good idea to speak to an attorney about your options ( I am not an attorney and can not give legal advice.) If you decide to proceed with a short sale, gather all information you can to support your need to sell your house short (loss of income, divorce, debt, illness, etc). You will need to write a hardship letter (your opportunity to complain about your situation) and you will have to provide the lender with financial information.
Please feel free to contact me with any questions - Mark Zoeller (603) 817-4113
Realtor®- NH and Maine
Friday, February 5, 2010
FHA Changes
Hi Everyone,
I just wanted to let you know what changes will be happening in FHA. First, there will be no more spot approvals for condos. All associations must be newly approved through FHA every 2 years (Effective February 1, 2010). Second, FHA's MIP (Mortgage insurance) will be increasing from 1.75% to 2.25% as of April 5, 2010. Third, Seller contributions will be reduced from the allowable 6% to 3%. This possibly may take effect sometime this spring. FHA has not finalized the allowable closing costs, yet. If you have any questions about these changes please feel free to call me and I will try and answer them for you.
I just wanted to let you know what changes will be happening in FHA. First, there will be no more spot approvals for condos. All associations must be newly approved through FHA every 2 years (Effective February 1, 2010). Second, FHA's MIP (Mortgage insurance) will be increasing from 1.75% to 2.25% as of April 5, 2010. Third, Seller contributions will be reduced from the allowable 6% to 3%. This possibly may take effect sometime this spring. FHA has not finalized the allowable closing costs, yet. If you have any questions about these changes please feel free to call me and I will try and answer them for you.
Tuesday, August 4, 2009
Pending home sales rise in June for 5th consecutive month
Pending home sales index rises again in June
More good news: Pending home sales rise in June for 5th consecutive month
On Tuesday August 4, 2009, 11:01 am EDT (An article from the Associated Press)
WASHINGTON (AP) -- Pending U.S. home sales rose in June for the fifth straight month, another encouraging sign of life for the embattled U.S. housing market, the National Association of Realtors reported Tuesday.
For June, the Realtors group said its pending home sales index rose 3.6 percent to 94.6, from an upwardly revised reading of 91.3 in May. The last time there were five consecutive monthly gains was July 2003.
The results were far better than analysts expected. Economists surveyed by Thomson Reuters expected the index to come in at 91.2.
The report tracks signed contracts to purchase previously owned homes and is considered a barometer for future home sales. Typically there is a one- to two- month lag between a sales contract and a completed deal.
The jump in pending home sales coincides with other positive trends in the residential real estate market.
"The housing market is healing and the patient is getting healthier at an accelerating pace," said economist Joel L. Naroff, president of Naroff Economic Advisors Inc.
For the first time in five years, home resales have risen for three months in a row, increasing almost 4 percent in June. Low prices, attractive mortgage rates and a first-time homebuyers tax credit of up to $8,000 have kick-started sales.
"Because housing is so affordable in today's market, job security and the first-time buyer tax credit are bigger factors in influencing home sales," said Lawrence Yun, the Realtors group's chief economist, in a statement.
Also Tuesday, homebuilder D.R. Horton Inc. said its fiscal third-quarter losses shrank from the year-ago period, as it took smaller charges against the falling values of its land and unsold homes.
D.R. Horton's results followed similar numbers from Pulte Homes Inc. and Centex Corp., which reported quarterly earnings Monday that showed new-home orders picked up during the first half of the year.
Yun said he expects existing home sales to gradually rise over the balance of the year, with conditions varying around the country.
"It appears home sales are on a sounder footing and inventory is gradually being absorbed," he said.
Regionally, the pending home sales index jumped 7.1 percent to 100.7 in the South and 2.9 percent to 100.4 in the West. The index inched up 0.4 percent to 81.2 in the Northeast, and up 0.8 percent to 89.9 in the Midwest.
More good news: Pending home sales rise in June for 5th consecutive month
On Tuesday August 4, 2009, 11:01 am EDT (An article from the Associated Press)
WASHINGTON (AP) -- Pending U.S. home sales rose in June for the fifth straight month, another encouraging sign of life for the embattled U.S. housing market, the National Association of Realtors reported Tuesday.
For June, the Realtors group said its pending home sales index rose 3.6 percent to 94.6, from an upwardly revised reading of 91.3 in May. The last time there were five consecutive monthly gains was July 2003.
The results were far better than analysts expected. Economists surveyed by Thomson Reuters expected the index to come in at 91.2.
The report tracks signed contracts to purchase previously owned homes and is considered a barometer for future home sales. Typically there is a one- to two- month lag between a sales contract and a completed deal.
The jump in pending home sales coincides with other positive trends in the residential real estate market.
"The housing market is healing and the patient is getting healthier at an accelerating pace," said economist Joel L. Naroff, president of Naroff Economic Advisors Inc.
For the first time in five years, home resales have risen for three months in a row, increasing almost 4 percent in June. Low prices, attractive mortgage rates and a first-time homebuyers tax credit of up to $8,000 have kick-started sales.
"Because housing is so affordable in today's market, job security and the first-time buyer tax credit are bigger factors in influencing home sales," said Lawrence Yun, the Realtors group's chief economist, in a statement.
Also Tuesday, homebuilder D.R. Horton Inc. said its fiscal third-quarter losses shrank from the year-ago period, as it took smaller charges against the falling values of its land and unsold homes.
D.R. Horton's results followed similar numbers from Pulte Homes Inc. and Centex Corp., which reported quarterly earnings Monday that showed new-home orders picked up during the first half of the year.
Yun said he expects existing home sales to gradually rise over the balance of the year, with conditions varying around the country.
"It appears home sales are on a sounder footing and inventory is gradually being absorbed," he said.
Regionally, the pending home sales index jumped 7.1 percent to 100.7 in the South and 2.9 percent to 100.4 in the West. The index inched up 0.4 percent to 81.2 in the Northeast, and up 0.8 percent to 89.9 in the Midwest.
Thursday, May 28, 2009
First Time Homebuyer Seminar
Are you a first-time homebuyer?
DO YOU KNOW…
YOU may qualify for an $8,000 tax credit just for buying a home this year?
YOU may qualify as a 1st time homebuyer even if you previously owned a home?
YOU can amend your filed 2008 tax return and receive your $8,000 in 2009?
YOUR 2009 Tax Credit is not a loan and does not have to be repaid?
COME GET THE FACTS…
ROCHESTER PUBLIC LIBRARY
65 South Main Street, Rochester, NH 03867
THURSDAY, JUNE 4, 2009
6:30-7:30 PM
THE AMERICAN RECOVERY & REINVESTMENT ACT OF 2009 ESTABLISHED THE $8,000 FIRST-TIME HOMEBUYER TAX CREDIT ON FEBRUARY 17, 2009
IF YOU ARE A 1ST TIME HOMEBUYER WHO HAS PURCHASED OR PLANS TO PURCHASE A HOME BY DEC 1ST 2009 YOU NEED TO CHECK THIS OUT!
THIS WILL BE A FREE INFORMATIONAL SESSION:
* GET THE LATEST UPDATES ON THE PROGRAM
* LEARN HOW TO DETERMINE IF YOU QUALIFY
* LEARN HOW 2009 TAX CREDIT CAN IMPACT YOUR FINANCING
* ASK QUESTIONS OF TAX PROFESSIONALS
* COME AND GET THE INFO FOR SOMEONE WHO CAN’T ATTEND
IF YOU CAN’T USE THIS INFORMATION, PLEASE PASS IT ON TO SOMEONE WHO CAN!
This event is free and open to the public.
Sponsored by the Strafford County Board of REALTORS®
DO YOU KNOW…
YOU may qualify for an $8,000 tax credit just for buying a home this year?
YOU may qualify as a 1st time homebuyer even if you previously owned a home?
YOU can amend your filed 2008 tax return and receive your $8,000 in 2009?
YOUR 2009 Tax Credit is not a loan and does not have to be repaid?
COME GET THE FACTS…
ROCHESTER PUBLIC LIBRARY
65 South Main Street, Rochester, NH 03867
THURSDAY, JUNE 4, 2009
6:30-7:30 PM
THE AMERICAN RECOVERY & REINVESTMENT ACT OF 2009 ESTABLISHED THE $8,000 FIRST-TIME HOMEBUYER TAX CREDIT ON FEBRUARY 17, 2009
IF YOU ARE A 1ST TIME HOMEBUYER WHO HAS PURCHASED OR PLANS TO PURCHASE A HOME BY DEC 1ST 2009 YOU NEED TO CHECK THIS OUT!
THIS WILL BE A FREE INFORMATIONAL SESSION:
* GET THE LATEST UPDATES ON THE PROGRAM
* LEARN HOW TO DETERMINE IF YOU QUALIFY
* LEARN HOW 2009 TAX CREDIT CAN IMPACT YOUR FINANCING
* ASK QUESTIONS OF TAX PROFESSIONALS
* COME AND GET THE INFO FOR SOMEONE WHO CAN’T ATTEND
IF YOU CAN’T USE THIS INFORMATION, PLEASE PASS IT ON TO SOMEONE WHO CAN!
This event is free and open to the public.
Sponsored by the Strafford County Board of REALTORS®
Thursday, May 14, 2009
Why has my house not sold, yet?
Whether your home has been on the market for a week or a year, there is a buyer for your home. The problem we are seeing right now is it's a buyers market, which means a buyer wants the best value, or they will move on to something else.
Your home has to be at its very best, or at least in the top 10% of the homes in your price range and/or town. I am not just pulling this number out of the sky, it is what is referred to as the absorption rate.
Right now in the town of Rochester, NH the absorbtion rate is roughly 10% over the past year. Now what this means is that in any given price range only 10% of the homes are selling, the rest are remaining on the market. To simplify things further; If your house is in a price range/area with 40 other homes. There are enough buyers out there right now to buy 4 of those homes a month. So, out of the 40 homes that are on the market in that price range every month, yours has to be in the top 4, or you won't get it sold, let alone, an offer.
If you truly need to get your home sold, and have the motivation to do what it takes, make your home one of the top 10% of the homes out there. (I have very detailed information that I provide to all of my sellers to make sure they know what it takes to be in that top 10%, and I help them achieve it.)
***Note that the numbers I have given are for Rochester, NH only. These numbers will vary from town to town. If you would like to know the absorption rates for your town. Please feel free to contact me.
Your home has to be at its very best, or at least in the top 10% of the homes in your price range and/or town. I am not just pulling this number out of the sky, it is what is referred to as the absorption rate.
Right now in the town of Rochester, NH the absorbtion rate is roughly 10% over the past year. Now what this means is that in any given price range only 10% of the homes are selling, the rest are remaining on the market. To simplify things further; If your house is in a price range/area with 40 other homes. There are enough buyers out there right now to buy 4 of those homes a month. So, out of the 40 homes that are on the market in that price range every month, yours has to be in the top 4, or you won't get it sold, let alone, an offer.
If you truly need to get your home sold, and have the motivation to do what it takes, make your home one of the top 10% of the homes out there. (I have very detailed information that I provide to all of my sellers to make sure they know what it takes to be in that top 10%, and I help them achieve it.)
***Note that the numbers I have given are for Rochester, NH only. These numbers will vary from town to town. If you would like to know the absorption rates for your town. Please feel free to contact me.
Wednesday, May 6, 2009
Tax Credits on Energy efficient improvements
Many of you are aware of the $8000 tax credit that went into effect with the "American Recovery and Reinvestment Act of 2009", however, many are not aware of the many other benefits that were introduced in this legislation. There are significant tax benefits to those who make energy efficient upgrades to their home.
You may be eligible to receive a tax credit for home improvements placed in service from January 1, 2009 through December 31, 2010. These tax credits may apply to windows, doors, insulation, roof, HVAC, water heaters, biomass stoves, geothermal heat pumps, solar panels, solar water heaters, small wind energy systems, fuel cells. Visit www.energystar.gov for more information.
You may be eligible to receive a tax credit for home improvements placed in service from January 1, 2009 through December 31, 2010. These tax credits may apply to windows, doors, insulation, roof, HVAC, water heaters, biomass stoves, geothermal heat pumps, solar panels, solar water heaters, small wind energy systems, fuel cells. Visit www.energystar.gov for more information.
Subscribe to:
Posts (Atom)
