Jude's Real Estate Rumblings

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Hilarious! Courtesy of Jeff Turner

3 comments • Jude Sandvall, CNE, SFR 720-255-1021 • May 29 2008 01:26PM

Become a Second-Home Specialist

 WASHINGTON — Home sales in many areas remain sluggish but you might find opportunity in the second-home market, real estate economist John Tucillo told REALTORS® at the NAR Midyear Legislative Meetings this week.

The former NAR chief economist and author of How a Second Home Can Be Your Best Investment said favorable demographics are helping the second home marketplace, but you need to understand the niche. Here are some key groups of buyers:

  • Baby boomers who are are auditioning their last home. “They’re unwilling to make a predetermined choice. They’re all about finding places that suit them.”
  • Younger people who are looking for a weekend getaway. Those who work in the financial industry, in particular, are prospering.
  • Non-Americans who are seeking a second home in the U.S.

http://www.realtor.org/rmodaily.nsf/pages/News2008051505

source: Daily Real Estate News  |  May 15, 2008

0 comments • Jude Sandvall, CNE, SFR 720-255-1021 • May 29 2008 01:19PM

Housing starts post surprising rebound

An article from MSNBC.com, reports that during the worst downturn in housing in more than two decades, construction of new homes posted the biggest increase in more than two years in April.  According to the Commerce Department, housing construction rose by 8.2% in April to a seasonally adjusted annual rate of 1.03 million units.  The growth came from a big increase in apartment construction.  Apartment building, defined as two or more units, jumped by 36% to a seasonally adjusted annual rate of 340,000 units, while the larger single-family sector dropped by 1.7% to an annual rate of 692,000 units.  Considered a good sign of future activity, applications for building permits also recorded an increase in April, rising by 4.9% to 978,000 units.  This was the first gain in permits in five months.
http://www.msnbc.msn.com/id/24664672/



0 comments • Jude Sandvall, CNE, SFR 720-255-1021 • May 29 2008 01:16PM

Colorado Foreclosures Climb, But At A Slower Pace

An article from The Denver Post, reports that according to the Colorado Division of Housing, foreclosure filings in Colorado continued to surge in the first quarter, but at a slower pace than last year.  Reports from public trustees show 23% more foreclosure starts in the first quarter of 2008 than in the same period last year.  However, the pace is slower than the 40% jump seen across 2007 and the 31% pace of 2006.  Ryan McMaken, a Housing Division spokesman who compiles the quarterly survey said, "We are hopeful we are looking at a 15 percent to 20 percent increase in foreclosures for the year."  Public trustees recorded 11,630 foreclosures between January and March, and 5,875 cases where a borrower lost the home at auction.  According to McMaken, the change in foreclosure rules at the start of the year extended the time that delinquent borrowers have to get caught up on their loans before the home goes to auction, which reduced the number of auction sales in March and April.
http://www.denverpost.com/business/ci_9275172

 

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0 comments • Jude Sandvall, CNE, SFR 720-255-1021 • May 29 2008 01:14PM

Mortgage Tip

Many lenders are rolling out new credit guidelines that require borrowers to have a minimum of 3 accounts showing on their credit report.  The rules are different for every lender (some allow an account to be closed, some want them all to be open for 12 months, some want at least one of them to be open for 24 months, etc.). 
 
This is important to know because we have seen loans get denied if a borrower has too few open accounts.  Do NOT recommend to your buyers that they close accounts in order to improve their credit scores.  Not only will it lower their score (closing accounts lowers credit scores because it raises the ratio of debt to available credit), closing an account may also keep a buyer from qualifying for a loan altogether.


0 comments • Jude Sandvall, CNE, SFR 720-255-1021 • May 29 2008 10:50AM

Renting out your vacation home can have tax advantages

An article from USA Today, reports that according to Christine Karpinski, director of the owner community for HomeAway.com, a vacation-rental website, it's not unusual for vacation home buyers to overestimate the amount of time they'll spend at their homes.  One option to help keep up with the cost of maintenance is renting out your home.  The U.S. tax code also offers generous tax breaks for people who rent their homes.  The biggest break comes if you rent your home for 14 days or less in a given year, you don't have to pay any tax on the rental income, according to Bob Scharin, senior tax analyst for Thomson Reuters.  He said you don't even have to report the income to the IRS.  A great way to market your vacation home as a rental is to use the Internet.  More people are using vacation-rental websites to search for a vacation home.  Also, be certain to study the rental rates for similar properties.


0 comments • Jude Sandvall, CNE, SFR 720-255-1021 • May 27 2008 12:39PM

Denver-area home sales prices down 10 percent

An article from the Denver Business Journal, reports that existing single-family home sales in the Denver area fell by 3% during the past year, while the median sales price decreased by 10.28%.  According to figures for April by MetroList, the area's home sales declined from to 4,265 from 4,399 April 2007.  The sales price fell to $222,550 from $248,000 during the same period.  Gary Bauer, an independent Denver-area real estate broker and MetroList analyst said, "Clearly, Denver continues to exceed Western and national figures. ... That's basically because we have grown from a one-economy town to a multiple-economy town."  The National Association of Realtors found some good news on the housing front.  The organization's president, Richard Gaylord said in a statement, "In the past week, Freddie Mac and Fannie Mae announced they were eliminating their 'declining market' policies, effective June 1." 
http://www.bizjournals.com/denver/stories/2008/05/19/daily47.html?surround=lfn


0 comments • Jude Sandvall, CNE, SFR 720-255-1021 • May 27 2008 12:36PM

Driving New Clients to Your Door Using Local Search Marketing

Faster, easier and more cost-effective than print advertising

By Bruce Crair

RISMEDIA, May 27, 2008-It used to be that all you had to do to get noticed and drive potential clients to your door was to advertise in the local newspaper, community magazine or on a city billboard. Year after year, you would place what was often a costly print ad, and then wait for new clients to call or come knocking on your door - assuming, of course, the ad was actually viewed or found by potential clients in the first place.

Today, the Internet has changed everything.

read more at:

http://rismedia.com/wp/2008-05-26/driving-new-clients-to-your-door-using-local-search-marketing/

 

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0 comments • Jude Sandvall, CNE, SFR 720-255-1021 • May 27 2008 12:29PM

Builders Tout Incentives In Bid to Sell Homes

An article from The Wall Street Journal Online, reports that in their attempt to sell houses, builders are bringing back incentives such as mortgage rates that start low, help with down payments and zero out-of-pocket expenses.  This weekend, the nation's largest builder by revenue, Lennar Corp., will start interest rates at 2.88% for the first year and 3.88% for the second, before a slightly higher rate locks "for life."  While acknowledging things are tough, builders promise they are being responsible: To keep people out of houses they can't afford, they are scrutinizing income and credit scores and making sure loans don't reset with unbearable payments.
http://online.wsj.com/article/SB121150981381316483.html?mod=RealEstateMain_1

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0 comments • Jude Sandvall, CNE, SFR 720-255-1021 • May 27 2008 12:13PM

Colorado fares better than U.S. on home prices

State fares better than U.S. on home prices, an article from the Rocky Mountain News, reports that according to an index considered to be the most comprehensive, home prices in Colorado generally fared much better than the U.S. market as a whole during the first quarter of 2008.  Nationwide, home prices posted the sharpest decline in the index's 17-year history, and analysts say housing has yet to hit bottom.  The report by the Office of Federal Housing Enterprise Oversight said that home prices fell 3.1% in the first quarter compared with last year.  In Colorado, Grand Junction posted the second-highest appreciation among U.S. cities, with a year-over-year increase of 9.1%.  Boulder posted a 4.1% increase; Colorado Springs 0.29%; and Denver-Aurora 0.9%.  As a whole, Colorado averaged a 2.29% home-price appreciation compared with the first three months of 2007.
http://www.rockymountainnews.com/news/2008/may/22/state-fares-better-than-us-on-home-prices/

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0 comments • Jude Sandvall, CNE, SFR 720-255-1021 • May 27 2008 12:11PM