Let's Talk Real Estate

According to the National Association of REALTORS®, resales of single-family homes, townhouses, condominiums and co-ops increased 2.3% in July from June to a seasonally adjusted annual rate of 4.47 million after an unexpected fall in June. Resales jumped 10.4% compared with the same month last year. Economists at the association believe sales could reach 5 million next year. Nationwide, prices have increased substantially, with the median rising 9.4% from a year ago to $187,300 last month. The increase is the largest since a 10.2% boost in January 2006. According to economists, demand is stronger due to low mortgage interest rates and rising rents.  Distressed homes, which include foreclosures and short sales, made up 24% of sales in July, down from a quarter the previous month and nearly 30% a year earlier. The median price of a single-family home was $188,100, up 9.6% from the same period in 2011. Sales of such properties rose 9.9% over the same period to an annual rate of

As we see signs of a housing market recovery and the glimpse that things seem ready to return to normal, major markets across the U.S. are about to be impacted by a new housing crisis… a shortage of housing. According to the National Association of Realtors, a comparison of the second quarter of 2011 to the second quarter of 2012 indicates: Existing home sales are up 8.6% Existing inventory for sale is down 24.4% Median home prices are up 7.3% Individually, each of these statistics indicates a major market transition. Collectively, they show unprecedented one-year movement in the housing market. According to the U.S. Census, the recent history of housing construction has been relatively consistent (between one and two million homes produced since 1968): Between 1968 and 2008 at least one million homes were constructed each year The year with the greatest output was 1973 at 2,100,500 homes The year with the lowest output was 1982 at 1,005,500 homes The average output

For some time now, we have attempted to shed light on the fact that pricing in today’s real estate market, as it is in the markets for every other saleable item, will be determined by the concept of ‘supply and demand’. According to dictionary.com, “the relationship between supply and demand determines the price of a commodity. This relationship is thought to be the driving force in a free market.” In real estate, supply and demand is represented as the current month’s supply of homes for sale (the number of homes for sale divided by the number of homes sold in the previous month). Most real estate professionals know, or at least have a good idea of, the month’s supply of inventory in their market. But why? Because of its effect on pricing moving forward. While there is no steadfast rule that will apply to pricing in every category of housing, here is a great guideline by which to go: 1-4 months’ supply creates a sellers’ market where there are not enough homes to satisfy b

According to forecasters surveyed by The Wall Street Journal, the housing market has reached bottom. Of 44 economists surveyed only three said they didn’t think the market had reached bottom yet. The recent momentum in housing has many economists and forecasters convinced that the worst is behind us. Many real estate indexes indicate that home prices are up, sales of existing and new homes are picking up year-over-year, and inventories of for-sale homes have fallen dramatically. Many economists believe that the decrease in for-sale inventory is the key and will likely help maintain the rise in home prices.  According to the Wall Street Journal, the number of vacant homes is at its lowest point since 2006. Now that the “bottom” has been reached, economists admit there’s still a long way to go for a full recovery.  In particular, more than one in every four home owners with mortgages are still underwater, owing more on their loan than their home is currently worth. However, analy

As you gather up your belongings and pack them away to prepare your home for potential buyers, try to picture your home through the eyes of a buyer. Consider which items should be left out for buyer appeal. Often the wrong items are left on display -- things like family photos, personal keepsakes, and treasured belongings. All of these items should be safely packed away which very often creates open space (a plus for buyers) on shelves, refrigerator doors, and desktops. Buyers often make a decision within just seconds of seeing your home about whether or not they want to buy it. So What do you see in about 10 seconds? When you walk up do you see children’s toys scattered across the front lawn. Do you see overgrown shrubs and weeds? Do you see chipped paint on the front door, a screen that’s torn? Do you spot oil spills on the driveway? Answering yes to just one or two of these questions can be damaging to the buyer's first impression of your home -- before the buyer has eve

A lower cost funding source has allowed a reduction in interest rates for MaineHousing . The interest rate decrease is effective immediately. MaineHousing offers programs and services that make housing more affordable to Maine people. For more information on a mortgage visit the MaineHousing website or click here . For more more real estate news , visit my website at CristinaTheREALTOR.com .

Maine Open House Weekend is scheduled for Saturday and Sunday, June 4 and 5, 2011 , in line with the Nationwide REALTOR® Open House Weekend across the country to help showcase and promote the great housing inventory on the market available for Buyers. To add an additional boost to the event, the Maine Association of REALTORS is promoting the event statewide across multiple media and social media outlets, and offering everyone who attends a Maine Open House over the weekend to enter into a drawing for a Theme Park Adventure, including 2 one-day passes to your choice of amusement parks, plus 3 days/2 nights hotel accommodations for 2 at the Hilton, Marriott or Hyatt Regency, as well as a Lowe's $500 gift card . Individuals over the age of 18 can enter to win at participating open houses across the State of Maine on June 4 and/or June 5 and enter to win with the agent hosting the open house . In order to be entered for a chance to win, participants will need to provide the real es

Service members and veterans moving to southern Maine to settle down or relocate have the privilege of financing a home through the VA Home Loan program. VA loans in Maine combine a handful of benefits that make buying a home less financially burdensome for military members. Even active-duty personnel can use a Maine VA loan, especially if they are looking for property near the, soon to close Brunswick Naval Air Station located northeast of Portland. There is a general consensus among VA loan borrowers about the program's best benefit: the next-to-nothing down payments. Maine VA loans come with zero percent down to qualified borrowers. Almost all service members and veterans who receive a VA loan have the option to pay nothing down, while the rest of the borrowers pay less than 5 percent down. Despite this one amazing perk, it's easier to qualify for a VA loan than a conventional loan. Of those who qualified for a VA loan, about 80 percent would not qualify for a traditional o

100% financing is still available through Rural Development. Many of my buyers are finding this program hard to pass up: No Down Payment No Monthly PMI (until Oct 1st – so don’t delay!) Allows Closing Costs to be rolled into the loan Unlimited Seller Concessions (great opportunity for a "buy down" & lower monthly payments) 30yr Fixed Rates ranging from 5.0 to 5.25% over the last 6 months No Re-capture Period or Pre-payment Penalty – Ever! Credit Scores all the way down to 640 However, beginning October 1, 2011, all RD purchase loans transactions will be charged an annual fee of 0.3 percent of the unpaid principal balance (monthly PMI). On a $200K home, this is $50/month or $600/yr. These changes will not be effective until October 1, 2011. So there is plenty of time between now & October for buyers to still avoid this additional cost. Click here for more real estate news and advice. For more mortgage and finance information, visit my website's mortgage center .

Qualifying for a FHA loan just got easier! Most lenders have required a 640 minimum FICO score for FHA purchases and refinance transactions. Effective TODAY, the minimum credit score for FHA Fixed Rate loans has been lowered to 620. Another good reason for buyers to get off the fence!!! Click here for more real estate news and advice. For more mortgage and finance information, visit my website's mortgage center .