Condo FHA approvals extended
Published December 10, 2010 | 
If you are buying or selling a condo, there are rules and regulations on if a buyer can use an FHA loan to purchase a condo. Condo projects have to apply with HUD to get approval per their guidelines. Thousands of approvals were set to expire this week, but HUD announced an extension on the expirations. See the article below by Jocelyn Predovich. There is a link at the end of the article where you can look up a condo area to see if it is FHA approved.
FHA CONDO UPDATE
by Jocelyn Predovich
Condo, Condo, Condo. Important to read this if you:
- Have a listing that is a condo
- Are under contract on a condo
- Have a FHA approved client shopping for a condo
Thousands of condos’ FHA approvals expired on 12/7/2010. An extension just released by HUD.
FHA Condominium Project Approvals Expiration Dates Extended:
FHA announces extension of condominium project approvals with an expiration date of December 7, 2010. Provided below are the extension dates based on five-year time frames with the exception of those condominium projects with original approval dates from 1972 -1985.
Initial Project Approval Dates Current Expiration Date New Expiration Date
1972 – 1980 December 7, 2010 December 31, 2010
1981 – 1985 December 7, 2010 December 31, 2010
1986 – 1990 December 7, 2010 May 31, 2011
1991 – 1995 December 7, 2010 July 31, 2011
1996 – 2000 December 7, 2010 August 31, 2011
2001 – 2005 December 7, 2010 September 30, 2011
2006 – 2008 (Sept) December 7, 2010 March 31, 2011
The extensions were granted to reduce the impact of processing and reviewing the number of project approvals expiring at the same time while recognizing current housing market conditions. Lenders and/or other interested parties are encouraged to begin the re-approval or recertification process as early as possible as it is not anticipated that any further extensions of project approvals will be issued.
The Condominium look-up page and the FHA Connection databases were updated on December 7, 2010 and now reflect the extended expiration dates. The links to the sites are:
Condominium look-up page: https://entp.hud.gov/idapp/html/condlook.cfm
FHA Connection: https://entp.hud.gov/clas/index.cfm
Denver Home Prices Up and Outperforming the National Average
Published December 10, 2010 | Stats from Denver’s Metro List show that prices were up in November 2010 compared to November 2009. In November 2009, the average price of a single family home in the Denver area was $265,498 and in November 2010 was $281,466. Of course, results vary by area, but overall, we are looking up.
At the same time, the Denver Business Journal just published an article about how prices in Denver are outperforming the national average. An excerpt from the article is below and the full article can be seen at http://bizjournals.com/denver/news/2010/12/09/clear-capital.html
Home prices in Denver have outperformed the rest of the nation in recent years, according to a new report on prices nationwide from real estate data provider Clear Capital.
“While current quarterly and yearly price changes indicate Denver is performing similarly to the nation, overall trending from the home pricing run-up to today shows that Denver is clearly outperforming national prices,” says Truckee, Calif.-based Clear Capital in its latest monthly Home Data Index Market Report, issued Thursday.
Denver home prices “avoided the extreme run-up experienced nationwide” since January 2002, and “subsequently fell by much smaller margins [down 29.9 percent] and have recovered more rapidly than the rest of the nation,” the report says.
It says average home prices in the Denver area are now 18.5 percent below their all-time peak of August 2005, half the national price decline of 37 percent over that same period.
2010 Home Buyer Survey Results – Good Info for Sellers
Published December 2, 2010 | The National Association of Realtors performs an annual survey of buyers to help Realtors and sellers know what type of marketing helps get a house sold. Here is an excerpt of a summary written by Bob Hunt for the RealtyTimes.com. The full article can be seen at http://realtytimes.com/rtpages/20101130_survey.htm.
While the survey results are not significantly different from those of recent years, the trends continue. For example, this year 74 percent of buyers said that they used the internet frequently during the search process, about the same as 76% last year. In 2003 that number was 42%.
Thirty-six per cent of buyers went to the internet as the first step in the home search process. 19 % contacted a real estate agent first, and 7% began by driving through neighborhoods looking for homes for sale.
Buyers use multiple sources of information in the process of looking for a home. Far and away the most used sources are the internet (89%) and real estate agents (88%). What is the third most used information source? Yard signs (57%).
Multiple Listing Service (MLS) websites were the primary source of information for buyers who used the internet in their search process. 59 percent of those buyers went to MLS sites. Of course, many went to a variety of different sites. 45 percent used Realtor®.com, 43% went to real estate company websites, and 42% went to sites hosted by individual agents. Aggregators such as Zillow, Homegain, and Yahoo were visited by 41% of buyers.
While there is a lot of intriguing information about the sources of information used by prospective homebuyers, certainly the most relevant has to do with where they actually found the home that they ultimately purchased. It is still the case that, more than any other source, a real estate agent is responsible for informing the buyer about the home that is ultimately purchased. That is how 38 percent of buyers found their home.
But the internet is a very close second (37%). Moreover, the differences in less than a decade are fascinating. In 2001, 48 percent of buyers learned about their home through a real estate agent, and only 8 percent found their home on the internet. The times they have changed.
Some things though, remain persistently the same – or close to it. In 2001, a yard sign was the third most likely source of information leading to the home that was purchased (15%). And this year? It is still the third leading source at 11%. Print media may not be dead, but it has shrunk to insignificance in this arena. In 2001, 7% found the home they purchased through a newspaper ad; in 2010 it was 2%. Fewer than 1% found their home through a home book or magazine.
Predictions from Realtor’s Chief Economist
Published November 19, 2010 | Dr. Lawrence Yun, the National Association of Realtor’s chief economist was in Denver this week and offered some insights into what he expects could happen next year: higher interest rates, flat home prices, and a rebound in home sales. His predictions below are a national forecast and not specific to Colorado which he has said in the past is a strong market compared to others in the country.
Yun expects U.S. home sales to reach 5.2 million next year, up from 4.8 million this year and matching the pace of 2000. He also thinks that more jobs in 2011 will increase home sales. His forecast calls for mortgage rates, which briefly approached 4 percent, to return to 5 percent next year and 5.9 percent in 2012 as inflationary pressures build in the economy.
Although some analysts worry about the foreclosure shadow market, Yun believes that we are entering a stable, “virtuous” housing cycle.
Posted in Advice, Buyers, Mortgages, Real Estate, Sellers | 
Housing Predictions, Housing Trends, Mortgage Rates | 
Leave a commentHow Can A Realtor Aid During The Buying And Selling Process?
Published November 15, 2010 | Folks looking to either buy or sell a house may be thinking about doing so without the aid of a realtor. It is understandable in the present economy that one would like to save money everywhere they can. Most people will discover, however, that it is much easier to buy or sell a house with the assistance of a professional realtor.
The multifarious procedure involved in buying a home is a shocker to individuals who have never been through the process, and also to individuals who have not gone through it for many years. There are inspections, mortgages, insurance, deeds, settlements, etc.; and, all of this is rather involved. A realtor can handle this process with speed and efficiently, and several homebuyers discover that they could not have done it without the assistance of a professional. If realty is not your specialty, you may find that you do not know the rules or recognize the vocabulary being used. Unlike regular people, professional realtors recognize the terminology, and have worked under the established framework. Because realtors go through this complicated process on a consistent basis, their advice can be invaluable. Finally, buying a house is a nerve-racking and emotional event; a realtor can be an objective voice of reason in a difficult time.
Selling a house too has its fair share of stress attached to it. Realtors can help pilot this process since they go through it on a regular basis. For example, realtors know what is reasonable to require of the seller, and what ought to be the buyer’s responsibility. Realtors also understand what people have in mind, and can make suggestions to homeowners about upgrades or changes that could make their house more desirable. Furthermore, they can get the most current statistical information about neighborhoods, and the latest homes on the market. The realtor’s guidance also takes the burden off of his or her client to understand the process and paperwork involved in selling a house. Additionally, coming up with the best deal for their client is their responsibility. Selling a house is a long process; realtors can also be there for you to assist with problems that occur after the closing.
Basically, a person needs to decide whether or not to employ a realtor. Educating oneself on the role of the realtor in the buying and selling process is the only way to make a good choice. The intricacies involved in buying and selling a house are clear. Realtors make those experiences easier, and for the majority of people that is motivation enough to have one supporting them.
By : Mary Clogenmeir
Social Media and Real Estate
Published November 15, 2010 | Social media sites are not just for finding and making friends anymore. The list of real estate agents using these online tools has reportedly expanded, particularly during the start of the housing market crisis in the U.S. Property agents and brokers have reportedly become big users of Facebook, Twitter and other media social sites and most have also incorporated application downloading and microblogging in their list of daily tasks.
Most real property agents who make use of online social media tools have revealed that these applications have helped them secure a number of deals and net additional clients. Meanwhile, property agencies are reportedly giving a lot of boardroom meeting time to discussing how these sites can be incorporated into their companies’ practices.
With the real estate market proving to be a challenging business for agents, securing clients online has become the way for most of them. Nowadays, agents are reportedly using these sites, not only to communicate with potential and existing clients, but also to launch marketing campaigns and spread the word about the properties available under their books.
As the list of real estate agents using online media tools to connect with consumers continues to expand, the reach of social media world also continues to grow. According to agents, sites like Facebook and Twitter are like countries where clients and consumers can be reached easily by merely logging online.
Most real estate companies have launched their own pages in Twitter and Facebook and have established channels in YouTube. These pages allow visitors to gain access to real estate firms’ online property listings and employee agents. In these channels, potential property buyers can find out which homes are available and where they can be found.
Aside from providing a wider customer reach, online social sites also offer a cheaper way for property businesses to market their services and products. Industry experts have stated that agents who are Internet-savvy have an advantage over others since they can readily use the online world where thousands of potential clients can be found. Meanwhile, the list of real estate agents engaging in online marketing and communication continues to expand, with most of them reporting great returns for a minimum amount of investment.
By : John Cutts
Things you Should Learn when Marketing your Home to Sell
Published October 8, 2010 | In these times, selling a house is like passing through a needle’s eye. It is a given fact that the economy is still on the verge of recovering from the terrible financial crisis. Almost all sectors have been affected by the economic downturn. And real estate industry is not spared from this.
If you try to notice, the market has been very slow in the turnover of homes for sale. The rate of foreclosed houses has been gradually increasing. For homeowners who have been planning to sell their house will definitely have a hard time disposing their house. Thus, it means serious business for these home sellers if they do not prevent their house to end up sleeping in the market.
When you are planning to sell your house, the first thing you should secure is the overall appearance of the place. It is very important that the house is at its best. You have to make sure that every part of the house should look clean and organized. Although, you do not really need a major overhaul, but you simply have to clean the place. Repairing minor damages should be done to eliminate the flaws.
After fixing all the damages, you have to concentrate on the best features of the house. It is important that you accentuate these areas to give plus factor to the buyers. These people would always consider those houses which have additional features. Remember they will also be making an investment. So it should also be a worthwhile one on their part.
Another great suggestion in adding value to your house is to convert an extra room into something more functional. Sometimes, there are homeowners who just leave their basement, attic or any room empty. They only make it an extra storage room. To maximize its uses, you can convert it into a media room, guest room or bedroom. Think of something which you think your house does not have yet and make a good one. Look over through magazines or websites for home improvement and home addition projects.
After all the home improvement projects, you can now go to the marketing side of the home selling process. Join the online listing. There are several sites which you can register your house. Make use of the print, radio, TV ads and more. These things can also help create awareness about your house. If you can make stickers, you can post them on the vehicle or your friends’ vehicles. Your neighbors can also help in disseminating the info about the house for sale.
Selling your house will require your full participation. The home selling process would be faster if you help the agent. Sometimes, agents do not have the complete capacity to do the selling alone. The owner of the house is also needed in this endeavor.
By : Flynna Jones
Are they really stopping foreclosures?
Published October 6, 2010 | There has been a lot of press about Bank of America, Chase, and GMAC halting foreclosures. What does that mean for someone facing foreclosure? This moratorium does not affect people in Colorado – we are not one of the 23 states where the foreclosures have been halted.It is also important to note that Wells Fargo does not plan to halt foreclosures because they are confident their paperwork was processed correctly.
The Colorado foreclosure process is different than in other states. Our foreclosures are processed through the public trustee, not through the court. The majority of our foreclosures are not challenged because homeowners rarely hire an attorney to help fight it.
There are some people who think the moratorium should be extended to Colorado, but right now, that is not the case and people who have already been issued their Notice of Election and Demand are still facing foreclosure in 110 days.
The Purpose of Staging
Published August 30, 2010 | The purpose of staging a home is to create a sense of calm. When a buyer walks into a calm house, he or she can begin to feel at home in the house. Buyers are looking for a home – a place of solace and peace.
There are websites and books on how to stage a home, but you can also hire a stager to come to your home for a couple of hours to help you stage.
When staging, there are some goals to keep in mind.
1. You want the buyer to feel like they can make your house their home. By removing family photos and personal items, the buyer will not feel like they are intruding on your space and will help them envision their belongings in the house.
2. Rearranging furniture and packing up unnecessary furniture and items will make a house feel bigger. Buyers want to get as big a house as they can afford so rooms need to feel spacious. If they see two exact homes, but one feels tight and small, they will gravitate to the one they feel is bigger, nicer, and cleaner.
3. Neutral colors are best.
4. Use pictures and decorations to be centerpieces and draw buyer’s into a room.
5. Make it feel like a model home. Go through some models at new-build community and see what they do – they use professionals too.
6. You’re moving anyways, so pack it up! Less is more.
How much should you improve a house?
Published July 26, 2010 | Recently I met with a client who is trying to decide if he should sell a house or rent it again. It is a 1959 ranch home in Northglenn that was rented to the same lady for 20 years. In trying to weigh his decision, he asked me how much work he should do to the house to get it ready to sell. We talked about his options – sell it as is at a lower price or fix it and sell for a higher price. Then he asked how much he should upgrade.
I think people looking to fix and flip a house need to be careful not to overly update. We looked at comparable sales in the neighborhood, considered who the target buyer would likely be, and came up with a value that I thought would get the house sold. Now the client has an idea of how much he should update and not be too high for the neighborhood.
If you are considering updated your property to get it ready to sell, call a Realtor for a professional pricing consultation.