Home Prices: It’s About Supply

May 29, 2012 by Leave a Comment

I’ve always believed that Real Estate was the ultimate Supply and Demand economic index. It appears we are starting to see this again depending on where you live. The Spring season has been strong throughout most of the USA. Though certain areas have begun to see multiple offers again, it does not necessarily mean that prices are starting to increase greatly. There still is a good amount of shadow inventory (distressed properties that banks are slowly getting selling) in many states.

Keeping Current Matters has just released an interesting quick read on this very subject. Check out the full article here:  Home Prices: It’s About Supply. There are also some good links to other information (such as State by State shadow inventory). One (I should say two) things I found interesting:

  • Demand has strengthened, showing a 10% national increase over the same month last year.
  • The supply of homes for sale is down 20% from the same time last year.

Some good food for thought as you head out looking to buy this season.

Filed Under: Home Buying, Pricing

Another Positive Housing Report!

May 25, 2012 by Leave a Comment

NAR has put together an interesting report again showing the “Perfect Storm” the Real Estate market has entered. This is good news all around – if you have been wanting to sell – there are buyers out in the market looking to buy. If you have been wanting to purchase, interest rates are even lower, and the sellers are motivated to move on.

 

Filed Under: Chicago Real Estate, Home Buying

Where Are House Prices Actually Headed?

May 22, 2012 by Leave a Comment

One of the most popular questions being asked of Realtors currently is “When will home prices begin to increase?”  Though real estate remains one of the most localized industries recently three national index have announced they believe home prices will begin to appreciate in the next few years. Think of their answer as more tortoise than hare, but remember who won the race!

The three separate reports that have been published in the last 60 days: the Home Price Expectations Survey (HPES), the Urban Land Institute Real Estate Consensus Forecast (ULI) and the Demand Institute’s Report (DIR): The Shifting Nature of U.S. Housing Demand. 

Filed Under: Chicago Real Estate, Home Buying

Mortgage Forgiveness Debt Relief Act: Will It Be Extended?

May 16, 2012 by Leave a Comment

I’ve been asked recently my thoughts as to if I think the Mortgage Forgiveness Debt Relief Act will be extended. In our current economical environment, I feel as if this is a no brainer – but I’m not the government.

Many homes that are being sold today are in some form of distress. Essentially, the home owner is selling via a short sell or they have a mortgage that has given them some relief. This act makes the relief the homeowner receives  not taxable.

For more info on this subject, check out Keeping Current Matter’s take: Mortgage Forgiveness Debt Relief Act: Will It Be Extended?.

Filed Under: Uncategorized

Short Sale vs Foreclosure – 10 Common Myths Busted

May 10, 2012 by Leave a Comment

 

Are you upside down on your home’s mortgage? Do you feel as if a Short Sale or letting your house fall into Foreclosure is your best option?  If  you are looking at one of these options, it is best to learn as much as possible about both of these paths. My friends at Keeping Current Matters have a great blog post about the myths of Short Sales and Foreclosures. Check out this link for the full article here for more details —>Short Sale vs Foreclosure – 10 Common Myths Busted.

Filed Under: Chicago Real Estate, Mortgages, Short Sales

Are You a Buyer Looking to Purchase a Short Sale?

May 8, 2012 by Leave a Comment

In the market to buy a new home? Want a great deal and think that a Short Sale is the best option or vehicle for your discounted home purchase. A short sale real estate transaction may not be as smooth or as “discounted” as you may believe. If you are going to purchase real estate in a short sale, here are 4 items to consider:

1) On average the approval time for a short sale can take 60 to 90 days.

2) A misconception is that a short sale can sell for a big discount below the listed price (40% – 60%). Remember a bank will conduct its own valuation (BPO) to determine market value of the property. A discount yes, but not “half off.”

3) The entire short sale process can be tedious, make sure you work with both a Realtor and Attorney who are familiar with the short sale process.

4) Most short sale transactions are sold “As Is.”

For a more in depth look at these 4 points, check out my good friends at Keeping Current Matters. Here is a link to their full story:  Are You a Buyer Looking to Purchase a Short Sale?.

Filed Under: Home Buying, Short Sales