Home prices rise 5% year over year: Septmeber 2012

Buy now with awesome home prices and interest rates!

CoreLogic has announced the release of its September Home Price Index (HPI) report, which found that home prices nationwide, including distressed sales, increased on a year-over-year basis by five percent in September 2012 compared to September 2011.

This change represents the biggest increase since July 2006 and the seventh consecutive increase in home prices nationally on a year-over-year basis.

Marty, you were really great at explaining things! Testimonial at closing: November 5, 2012

"Thanks for the great job you did of explaining things to us!"

Marty, we appreciated that you were always available, even when it was late in the night you took our phone calls! When I needed help and you were there to answer my questions whenever I needed you! 

As first time home buyer's you answered our many questions and you were really good at explaining things to us on a level that we could understand because this was our first time doing this. You never talked over our heads and you helped us to be comfortable with the whole mortgage process, even as stressful as some of it becomes.  :)

Our waiting time for our offer acceptance was a LONG time (because it was a short sale offer) and you kept in really good contact with us during the past 5 months.  We felt we couldn't have had a better team to help us with you and Jon DeYoung!

We will refer you to our friends and family when ever we can, you can be sure of that!  Thank you!!!!

Adam and Amber Garrison, November 5, 2012

Don't hire an inferior Real Estate Agent

No one wants to hire an inferior Real Estate Agent, but how do you spot one?

Here's 5 Tips from money guru Dave Ramsey that will let you know you are working with the wrong agent, or if you haven't hired one yet, how to find a great agent to work with.

If you don't like to take chances, I can refer you to one of my Realtor Business Partners who will help you meet your needs! 

How to Spot an Inferior Real Estate Agent:

Your real estate agent is a marketing consultant with just one goal: getting your home sold. And since you'll pay thousands of dollars whether the agent does a poor job or an outstanding job, it just makes sense to hire the best agent you can find.

Most home buyer's hire the first agent they interview. That's a great way to hire a terrible agent. Here are five signs you're working with an inferior agent:

Interview an agent who is recommended by someone you trust!

• They sell the "average" number of properties. The top 10–15% of agents handle nearly all real estate transactions. If you're not working with one of those top agents, you're going to be disappointed. And don't be fooled by how many millions of dollars worth of homes they sold last year. In an average market, $1 million of real estate represents just eight homes.
  
  
• They're a part-time or discount agent. You want a high-octane, high-energy agent who knows what needs to be done and is willing to do the work to get your home sold. Part-time and discount agents won't have the time or marketing dollars to devote to selling your home.
  
  
• They don't have a knack for selling. If your agent can't sell you on what a great agent they are, they won't be any good at selling your home either. Selling is an art—and you're looking for a natural.
  
  
• They're too nice to tell you the truth. Ask potential agents to give you suggestions on what to change in your home to help it sell. You want an agent to give a tough critique of your home without worrying that their honesty might lose you as a client.
  
  
• They haven't gotten the job done. The latest numbers show that half of all homes sell in 70 days or less. Click here for my previous blog post Homes sales stronger for more information on where our Real Estate market is and is going.  If your home has been on the market more than three months with few showings and no offers, it's time for a serious talk with your agent. The longer your home stays on the market, the tougher it will be to sell for the price you want.

Home for sale: # of days on the market decreasing!

Home prices are going UP and selling FASTER!

The National Realtors Association "Existing Home Sales Report" last week has revealed other relevant housing data for today's home buyers and sellers. Most notably, the average home's "Number of Days on the Market" slipped to just 70 days nationwide.

This tells us that homes are selling 31% faster as compared to a year ago. Now, some might say that homes are selling more quickly because they're being priced more appropriately (i.e. "cheaper"). As it turns out, that's not the case. The median home sale price is up 11 percent from last year and prices appear headed higher still.

The primary reason why home prices are rising is because buyers outnumber sellers, and mortgage financing has become cheap.

Call me to get your credit approval into place and before beginning your home search, click here for my blog post on Tips for the Home Shopper in a changing market.

Things to avoid when purchasing or refinancing

There are four major things to avoid doing before applying for a loan and during the loan process itself.  Any one of these four things can greatly impact your ability to qualify for a mortgage loan, so it is critical to avoid doing any of the following until AFTER your loan is closed. 

IMPORTANT: Your loan is funded and recorded (closed) when you get your keys on a purchase transaction and for a refinance transaction your loan is closed when you have gone through the 3 day right of rescission period and your loan has been funded and recorded (you will receive a phone call or an e-mail from me or my processing team that your loan has been completed!).  

Here are the 4 things to avoid when purchasing or refinancing: 

Low rates increase home buying power!

Low rates increase buying power!

When mortgage rates get this low, buyers feel less sting from rising prices and are willing to "extend themselves" a little bit. Purchasing power climbs 11% for every 1 percent drop in rates. That's a significant shift with mortgage rates at all-time lows.

As buyer's, when things are "on sale", like mortgage rates are and like home prices are, we feel we can afford more.  And we can. 

On the flip side, as the housing market continues to recover and we begin to see higher prices, coupled with slowly increasing mortgage rates.

Click here for my blog post Mortgage rates to rise, slowly in 2013 when borrowing ability will decrease on TWO fronts.  In the future we will see:

• Higher rates and 

• Higher home prices

Take advantage of a perfect market! Call me to explore your mortgage options.  :)

Existing Home Sales: Strongest Quarter Since 2010

Existing Home Sales UP! 

The National Association of Realtor's (NAR's) Existing Home Sales report tallies home sales of previously-occupied homes and not since the tax-credit fueled Spring of 2010 have so many "used homes" been sold.

In addition, the trade association reports that just 2.32 million homes remain for sale nationwide -- the sparsest supply since March 2005. At the current sales pace, the entire U.S. stock of homes for sale would sell in just 5.9 months.

Housing market analysts believe that a 6.0-month supply represents a market in balance between buyers and sellers; neither group benefiting from much negotiation leverage. With supply below 6.0 months, then, leverage tends to shift toward sellers.

When home supply falls, more buyers compete for fewer homes, a situation which leads to "multiple offers" and competitive bidding. Homes sell more quickly, at higher prices.

It's tough to get "great deals" (Click here for my blog post How to win a bidding war) in a seller's market -- just ask a buyer who's won a bidding war. (Click here for my blog post Tips for buyer's in a changing market)

Homes are selling 31% faster than 1 year ago!

Home values will be increasing with higher sales numbers and volume

According to the National Association of REALTORS®, the September Existing Home Sales showed 4.75 million units sold on a seasonally-adjusted, annualized basis.

The September 2012 reading marks an 11 percent increase from one year ago.

With the sales number in the NAR report, home are selling 31% faster when compared to one year ago. 

Click here for my blog post on advice on how to be prepared to win in a bidding war.

Post Card just went out to my clients! Refinance Opportunities!

Refinance opportunities have arrived again!  Call me to review your options!  801-540-5108

Mortgage rates to rise, slowly

After reaching record lows in 2012, mortgage rates are expected to creep up slowly in the year ahead, the Mortgage Bankers Association predicted on Tuesday, October 23, 2012. 

Mortgage rates predicted to rise in 2013, slowly

Rates on the 30-year fixed-rate mortgage are expected to average 3.8% in the fourth quarter of 2012, rising to 3.9% in the first quarter of 2013 and eventually rising to an average 4.4% by the fourth quarter of next year, the MBA said. The 30 year mortgage rate is expected to average 4.1% for all of 2013.

Call me to review your purchase or refinance options at today's 'best rates in our lifetime!".  :)

Helpful personable guidance! Loan closing October 24, 2012

Brandon and Marty celebrating a great interest rate! 

Marty, your help when we bought our home 3 years ago was awesome and the help you have given us on this refinance was awesome as well!

When we call you we know we will get the most helpful guidance and this time was no exception!  The new FHA streamline refinance program with the special rates were perfect for us!  Thanks for the analysis, we are going to save a ton of interest!  :)

We appreciate how personable you are!  We will recommend you to our friends and family whenever we can!  Thanks, Brandon

I would also like to add how much we appreciate the time you take to keep us updated throughout the loan process. Thanks again for helping us with this refinance and getting us into this house to begin with!  We loved working with you both times. 

Thanks again,

Crystal



Brandon and Crystal Malby  Closing October 24, 2012