This new study is interesting but not necessarily a surprise. Study provided by the National Association of Realtors, you can download the full article under “Reports for Buyers” on my document page by clicking the link.
Homeowners and renters have generally positive views about homeownership and the financial and non-financial benefits it provides to families and communities. A large share of renters aspire to homeownership, despite the financial obstacles of buying a home including accumulating a down payment and concerns about job security. The tax benefits of homeownership are valued by both homeowners and renters with large percentages noting that it is important to keep these benefits in place.
Homeowners and renters agree that owning a home is a positive choice. A majority of homeowners and a sizable percentage of renters agree or strongly agree that owning a home provides a healthy and stable environment for raising a family (87 percent among homeowners and 64 percent among renters), that it helps them meet long-term financial goals (77 percent among homeowners and 55 percent among renters) and it helps them realize the American Dream (70 percent among homeowners and 48 percent among renters).
Most homeowners (95 percent) and renters (72 percent) believe that over a period of several years, it makes more sense to own a home than to rent. More than 8 in 10 homeowners (82 percent) and half of renters (50 percent) would prefer to buy a home if they had to move in the next six months. Furthermore, 78 percent of homeowners consider now a good time to buy as do 58 percent of renters. (Read Full Article)
Monday, January 24, 2011
Sunday, January 23, 2011
Good things happening in Boise!
For the most part as a Real Estate professional, you try to write about things related to selling homes and property. This is your life blood and your way of living in the current times.
But you must stop and go back to what is really going to make the difference in our businesses and life styles. We can promote our City and State for everything that we hold dear to our hearts, but, when there is little change and economic problems that prevent a forward thinking attitude it makes words hard to place into action as we write.
Believing that many of a city’s problems begin with politics is probably a just beating a dead horse. But good news is coming from the city of Boise lately. It started with the changes in the planning and zoning board which paved the way for the beginning of the new Simplot facility in downtown and continued with the approval of the Whole Foods store plans.
With the encouraging new of the Micron expansion in the past week we are on the right track. Today the statesman published an article on the 30th street development plans for growth and recreation. I have to say kudos to the City of Boise for realizing the importance of not doing business as usual. This will make my job more exciting to promote a positive outlook for businesses moving to our great city.
But you must stop and go back to what is really going to make the difference in our businesses and life styles. We can promote our City and State for everything that we hold dear to our hearts, but, when there is little change and economic problems that prevent a forward thinking attitude it makes words hard to place into action as we write.
Believing that many of a city’s problems begin with politics is probably a just beating a dead horse. But good news is coming from the city of Boise lately. It started with the changes in the planning and zoning board which paved the way for the beginning of the new Simplot facility in downtown and continued with the approval of the Whole Foods store plans.
With the encouraging new of the Micron expansion in the past week we are on the right track. Today the statesman published an article on the 30th street development plans for growth and recreation. I have to say kudos to the City of Boise for realizing the importance of not doing business as usual. This will make my job more exciting to promote a positive outlook for businesses moving to our great city.
Saturday, January 22, 2011
Breaking down a short sale Part 3
Bank short sales of course are where the seller of the property is requesting the bank to allow the sale of their home for much less than the original lien note was secured. Selling short is not a right of the seller, banks decide on individual basis weather or not to allow the sale. It is of the utmost importance to have the full cooperation of the home owners in order for the Realtor to ask for a short sale.
One of the most important pieces of documentation is the “Hardship Letter”, this is a gathering of all reasons the owners are not able to continue on the present course. In writing the letter included documentation must be any reasons for the current financial position of the seller. This would include job loss, medical bills, and poor sales in the case of being self employed.
Your Realtor will then write a proposal letter to the bank or lien holder giving reference to the hardship letter, but mostly documenting the current state of the loan such as what is owed how far behind etc. This letter will lay out the plan of action for the sale of the home which includes the listing price, marketing plan and any liens that may be or could be encountered.
The final area of the sale would be the actual listing of the property including all pertinent MLS documentation, market analysis or comparative sold prices and short sale listing addendums. Addendums are basically telling any buyers this is a short sale and probably will not have the same safety nets associated with a “normal sale”, such as the home being sold as is. Contact me with any further questions.
One of the most important pieces of documentation is the “Hardship Letter”, this is a gathering of all reasons the owners are not able to continue on the present course. In writing the letter included documentation must be any reasons for the current financial position of the seller. This would include job loss, medical bills, and poor sales in the case of being self employed.
Your Realtor will then write a proposal letter to the bank or lien holder giving reference to the hardship letter, but mostly documenting the current state of the loan such as what is owed how far behind etc. This letter will lay out the plan of action for the sale of the home which includes the listing price, marketing plan and any liens that may be or could be encountered.
The final area of the sale would be the actual listing of the property including all pertinent MLS documentation, market analysis or comparative sold prices and short sale listing addendums. Addendums are basically telling any buyers this is a short sale and probably will not have the same safety nets associated with a “normal sale”, such as the home being sold as is. Contact me with any further questions.
Friday, January 21, 2011
Breaking down a short sale Part 2
As we discussed in the previous post yesterday, short sales are probably one of the most time consuming sales to deal with. The amount of energy before the home goes on the market probably takes more than half of the time constraints. Getting all of your information together ahead of time will make or break the deal.
Bank authorizations are a key piece of documentation that has got to be signed in order for the Realtor agent to communicate with the lean holder of the property. It allows communication back and forth and keeps the seller out of the negotiation process. This prevents any personal feelings from entering into the transaction.
The seller financial worksheet is what the home owner owes for all of the assets. This must be true to the best of the seller’s ability. Any asset such as cars, credit cards, medical, and including utilities etc. This worksheet places everything on paper that the lean holder can evaluate the current state of the seller’s financial situation.
Part three will be next!
Bank authorizations are a key piece of documentation that has got to be signed in order for the Realtor agent to communicate with the lean holder of the property. It allows communication back and forth and keeps the seller out of the negotiation process. This prevents any personal feelings from entering into the transaction.
The seller financial worksheet is what the home owner owes for all of the assets. This must be true to the best of the seller’s ability. Any asset such as cars, credit cards, medical, and including utilities etc. This worksheet places everything on paper that the lean holder can evaluate the current state of the seller’s financial situation.
Part three will be next!
Thursday, January 20, 2011
Breaking down a short sale Part 1
For the next few entries I am going to explain the process to sell your home as a short sale. Not going into what a short sale is, but what is involved to get your home on the market and take contracts.
A bank short sale is a different animal both to take as a listing and to negotiate prices and Earnest Money agreements. The Bank must agree to allow the sale and we need to gather certain documents prior to the sale.
We will discuss the following documents needed:
• The Bank Authorization
• Seller Proposal Letter
• Seller Hardship Letter
• Seller Financial Worksheet
• Listing Documents
• Comparative Market Analysi
• Short Sale Listing addendums
Our next few entries will include these breakdowns. We will also discuss why it is good to go with a Realtor that has Experience with these types of transactions!
A bank short sale is a different animal both to take as a listing and to negotiate prices and Earnest Money agreements. The Bank must agree to allow the sale and we need to gather certain documents prior to the sale.
We will discuss the following documents needed:
• The Bank Authorization
• Seller Proposal Letter
• Seller Hardship Letter
• Seller Financial Worksheet
• Listing Documents
• Comparative Market Analysi
• Short Sale Listing addendums
Our next few entries will include these breakdowns. We will also discuss why it is good to go with a Realtor that has Experience with these types of transactions!
Wednesday, January 19, 2011
Idaho Business Expansion
When looking at the economic outlook for our county, it doesn’t look all that good, except in Idaho. Just this week Micron Technology Inc. announced that it is going to expand. From all of the job websites the number of new hires is going to be in the area of 165 new employment opportunities.
Micron is the State of Idaho’s second largest employer; the new expansion will involve building a new building of 50,000 square feet to house the wafers and microchips. 25,000 feet will be used to start and 25,000 feet will be used for future expansion.
This is good news for the Boise and treasure valley area.
Micron is the State of Idaho’s second largest employer; the new expansion will involve building a new building of 50,000 square feet to house the wafers and microchips. 25,000 feet will be used to start and 25,000 feet will be used for future expansion.
This is good news for the Boise and treasure valley area.
Monday, January 17, 2011
Our Private Idaho
What is it that attracts a person to an area that they would move the family and settle down? We all have that special place that we love to work, play and relax. For most of us it is a childhood area that we grew up or remember with fondness.
One of the biggest selling points when assisting people moving into Idaho is the vast open area with lots of choices when it comes to the play time. Our closeness of our largest city to being able to drive a short while into the mountains and return the same day is such a pleasing selling point. Many of the people I have talked to about our State of Idaho, is the fact they either visited here or grew up in Idaho and want to move back.
What makes it the business of a Realtor selling real estate to be in the Relocation and marketing of their State? First and foremost you must have a love for the area that you represent; it makes it a normal function of a Real Estate agent to sell the things they love.
Idaho has all things that people like to come home to. Four seasons with changes in the weather, activities for the sportsman and wonderful sites to remember are all things that make Idaho home. Idaho is the place to retire.
One of the biggest selling points when assisting people moving into Idaho is the vast open area with lots of choices when it comes to the play time. Our closeness of our largest city to being able to drive a short while into the mountains and return the same day is such a pleasing selling point. Many of the people I have talked to about our State of Idaho, is the fact they either visited here or grew up in Idaho and want to move back.
What makes it the business of a Realtor selling real estate to be in the Relocation and marketing of their State? First and foremost you must have a love for the area that you represent; it makes it a normal function of a Real Estate agent to sell the things they love.
Idaho has all things that people like to come home to. Four seasons with changes in the weather, activities for the sportsman and wonderful sites to remember are all things that make Idaho home. Idaho is the place to retire.
Subscribe to:
Posts (Atom)