FRIDAY FACTS
June 25, 2010
From TBWS Daily: GE is offering subprime loans in the United Kingdom, but they’ve changed the name to “complex loans”. Rates are fixed at 5.99% for two years, then float, and the borrower can have up to two defaulted loans (including a mortgage) and a judgment.
From an article by Bernice Ross in Inman News: Negotiate face to fact, not by fax. Control the offer process, and don’t miss the clues offered by body language. As a buyer’s agent you need to remember that the listing agent has a fiduciary duty to get the highest possible price for the seller. If you’re not personally presenting your offers, you are depriving your buyers of the representation they need to get the best possible deal.
As of May 27th, Fannie Mae will not finance a foreclosed home until the state law redemption period has passed.
Inman News reports that Doug Duncan, chief economist for Fannie Mae says that the overhang of housing inventory will cause a delay in housing recovery until 2013.
The real estate research site Housing Predictor forecasts a drop of at least 30% in real estate value in the areas of Louisiana and Mississippi affected by the oil spill.
From Inman News, the quote of the day by Kris Berg, “Now I’m all about analytics, so I can tell you that in the last 72 hours we have received 6 phone calls and 4 email inquiries about properties. Wow! That’s almost 10 prospects! What I can also tell you is that every one of them contacted us because they stumbled across a home for which they thought we were the listing agent.”
Monday, June 28, 2010
Friday, June 18, 2010
Friday Facts June 18, 2010
FRIDAY FACTS
June 18, 2010
Global Edge Marketing reports on the 1st iPhone app for overseas property, HomesGoFast.com. It provides access to 50,000 properties in over 70 countries and gives the ability to store favorites and view property slide shows.
Want them to open your email? Pay attention to the “from” and “subject” lines. Surprisingly, 60% of readers decide whether to delete or read by the “from” line, and 35% from the “subject” line.
NAR submitted three questions to Fannie Mae regarding HAFA (Home Affordable Foreclosure Alternatives Program). Here are the answers:
1. Buyer’s agents are not permitted to rebate a portion of their commission to the buyer.
2. Sellers who are real estate agents must list their home for sale with another broker, not their own broker.
3. The incentive allowed for subordinate lien holders (6% of any one subordinate lien, up to a total of $6,000 for all subordinate liens) is a hard cap and may not be supplemented from any source.
§ Remember that on July 10th, 2010 the new Massachusetts law concerning home heating oil systems goes into effect. There are two major provisions:
1. The installation of either an oil safety valve or an oil supply line with protective sleeve on systems that do not currently have these devices (most systems installed after 1990 most likely are in compliance)
2. Insurance companies that write homeowners policies must offer coverage for leaks from heating systems that use oil. The insurance companies are mandated to provide the coverage, but purchasing the insurance is optional for the homeowner.
§ From Susie Hale’s Frog Pond Newsletter, 3 Tips for Asking Better Questions:
1. Be curious. Doing all the talking doesn’t make your effective. Be inquisitive and ask about topics that are important to you and the person with whom you are talking.
2. Be open-ended. Use what, how, and why questions. Don’t just ask about events, but about thoughts and motivations as well.
3. Dig Deeper. Don’t accept the first answer you get. Ask follow-up questions to get more detail and surface the real story.
June 18, 2010
Global Edge Marketing reports on the 1st iPhone app for overseas property, HomesGoFast.com. It provides access to 50,000 properties in over 70 countries and gives the ability to store favorites and view property slide shows.
Want them to open your email? Pay attention to the “from” and “subject” lines. Surprisingly, 60% of readers decide whether to delete or read by the “from” line, and 35% from the “subject” line.
NAR submitted three questions to Fannie Mae regarding HAFA (Home Affordable Foreclosure Alternatives Program). Here are the answers:
1. Buyer’s agents are not permitted to rebate a portion of their commission to the buyer.
2. Sellers who are real estate agents must list their home for sale with another broker, not their own broker.
3. The incentive allowed for subordinate lien holders (6% of any one subordinate lien, up to a total of $6,000 for all subordinate liens) is a hard cap and may not be supplemented from any source.
§ Remember that on July 10th, 2010 the new Massachusetts law concerning home heating oil systems goes into effect. There are two major provisions:
1. The installation of either an oil safety valve or an oil supply line with protective sleeve on systems that do not currently have these devices (most systems installed after 1990 most likely are in compliance)
2. Insurance companies that write homeowners policies must offer coverage for leaks from heating systems that use oil. The insurance companies are mandated to provide the coverage, but purchasing the insurance is optional for the homeowner.
§ From Susie Hale’s Frog Pond Newsletter, 3 Tips for Asking Better Questions:
1. Be curious. Doing all the talking doesn’t make your effective. Be inquisitive and ask about topics that are important to you and the person with whom you are talking.
2. Be open-ended. Use what, how, and why questions. Don’t just ask about events, but about thoughts and motivations as well.
3. Dig Deeper. Don’t accept the first answer you get. Ask follow-up questions to get more detail and surface the real story.
Friday, June 11, 2010
FRIDAY FACTS
June 11, 2010
The Case Schiller Index reports that home prices fell in the first quarter of 2010 compared to the fourth quarter of 2009, but were up 2% from the first quarter of 2009.
From an article, “Tracking Homebuyer’s Fickle Tastes” by Mary Umberger in Inman News:
Say good-bye to the subdivision clubhouse, whirlpool tub, home theaters, traditional living and dining rooms, mud rooms, and hobby/game rooms. Still in demand are walking paths, energy efficient windows, big kitchens with islands and granite, oversized showers with seating, home office space and “green”.
Mark Zandi, chief economist for Moody’s Economy says, “The tougher circumstances for twenty “something’s” and fifty “something’s” will weigh on housing demand over the coming decade. The first time buyer and second home markets will be most directly impacted.”
Think Big Work Small gives two warnings:
On some sold short sales, accounts are being marked as delinquent for up to ten months after closing. Have the seller call the ex-servicer and insist they not continue reporting “lates” after the close.
An under-reported story is the delay some buyers may experience when they expect to close at the end of June. If they don’t have a tax credit, but do have an end of June closing date, they may be moved to the back of the line.
Kathleen Kuhn, President of HomeMaster notes: “Approximately 40% of resale homes have at least one defect that can cost a buyer a minimum of $500 to repair. She recommends that the buyer:
1. Inspect the inspector. Ask for length of time in the business, training and ongoing education, and E&O insurance.
2. Ask for a sample of a report.
3. Arrange for ancillary inspections such as septic, water, radon, termite and mold.
4. Go on the inspection
June 11, 2010
The Case Schiller Index reports that home prices fell in the first quarter of 2010 compared to the fourth quarter of 2009, but were up 2% from the first quarter of 2009.
From an article, “Tracking Homebuyer’s Fickle Tastes” by Mary Umberger in Inman News:
Say good-bye to the subdivision clubhouse, whirlpool tub, home theaters, traditional living and dining rooms, mud rooms, and hobby/game rooms. Still in demand are walking paths, energy efficient windows, big kitchens with islands and granite, oversized showers with seating, home office space and “green”.
Mark Zandi, chief economist for Moody’s Economy says, “The tougher circumstances for twenty “something’s” and fifty “something’s” will weigh on housing demand over the coming decade. The first time buyer and second home markets will be most directly impacted.”
Think Big Work Small gives two warnings:
On some sold short sales, accounts are being marked as delinquent for up to ten months after closing. Have the seller call the ex-servicer and insist they not continue reporting “lates” after the close.
An under-reported story is the delay some buyers may experience when they expect to close at the end of June. If they don’t have a tax credit, but do have an end of June closing date, they may be moved to the back of the line.
Kathleen Kuhn, President of HomeMaster notes: “Approximately 40% of resale homes have at least one defect that can cost a buyer a minimum of $500 to repair. She recommends that the buyer:
1. Inspect the inspector. Ask for length of time in the business, training and ongoing education, and E&O insurance.
2. Ask for a sample of a report.
3. Arrange for ancillary inspections such as septic, water, radon, termite and mold.
4. Go on the inspection
Friday, June 4, 2010
Friday Facts June 4, 2010
FRIDAY FACTS
June 4, 2010
Web metrics firm Hitwise reports that real estate related search fell 22% in April 2010 compared with April 2009, an 11th straight month of decline. However, non-vacation rental searches have increased 45% when comparing April 2010 to April 2009.
Here we go again! Congress left town without reauthorizing the National Flood Insurance Program (NFIP) and the Section 502 Rural Housing Programs. Until they extend NFIP, no new or renewal flood policies can be issued, and that means thousands of residential and commercial transactions are on hold. Please respond to NAR’s Call for Action.
As of June 1st, Fannie Mae will require a credit check of every applicant prior to funding a loan.
From Inman News: Something new that opens the door to myriad possibilities is the use of camera-equipped smart phones that click on scannable quick response bar codes to bring the user directly to a website. A New York broker in the Hamptons is putting the bar codes on hats and shirts to market her properties to vacationers.
From “How to Sell to Women” by Donna Stott, Quantum Training Systems:
. Women make or influence over 80% of all consumer purchases
. Women directly purchase or have controlling influence in the purchase of 91% of all new homes
. A female client will refer up to 28 individuals if she’s happy with the experience where a
malewill refer an average of 13.
. When men and women buy as partners, women control at least 4 of the 5 stages of the
purchasing process.
. 48% of working women contribute more than half of household income.
http://www.capeandislandsmls.com/library/NAR%20MIDYEAR%20LEGISLATIVE%20MEETINGS%202010.pdf
http://www.capeandislandsmls.com/library/CRS%20PANEL.pdf
June 4, 2010
Web metrics firm Hitwise reports that real estate related search fell 22% in April 2010 compared with April 2009, an 11th straight month of decline. However, non-vacation rental searches have increased 45% when comparing April 2010 to April 2009.
Here we go again! Congress left town without reauthorizing the National Flood Insurance Program (NFIP) and the Section 502 Rural Housing Programs. Until they extend NFIP, no new or renewal flood policies can be issued, and that means thousands of residential and commercial transactions are on hold. Please respond to NAR’s Call for Action.
As of June 1st, Fannie Mae will require a credit check of every applicant prior to funding a loan.
From Inman News: Something new that opens the door to myriad possibilities is the use of camera-equipped smart phones that click on scannable quick response bar codes to bring the user directly to a website. A New York broker in the Hamptons is putting the bar codes on hats and shirts to market her properties to vacationers.
From “How to Sell to Women” by Donna Stott, Quantum Training Systems:
. Women make or influence over 80% of all consumer purchases
. Women directly purchase or have controlling influence in the purchase of 91% of all new homes
. A female client will refer up to 28 individuals if she’s happy with the experience where a
malewill refer an average of 13.
. When men and women buy as partners, women control at least 4 of the 5 stages of the
purchasing process.
. 48% of working women contribute more than half of household income.
http://www.capeandislandsmls.com/library/NAR%20MIDYEAR%20LEGISLATIVE%20MEETINGS%202010.pdf
http://www.capeandislandsmls.com/library/CRS%20PANEL.pdf
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