Real Estate Market

It is our pleasure to give you another newsletter.  We hope you find this both informative and entertaining.  Please feel free to share this with anyone you know and also let them know that if they would like to get their own copy we will be happy to add them to our Subscribers list.  Tell them to e-mail me:  Dave@ButlerTeamHomes.com  to request their own copy.

This month I’m giving you lots of statistics. 

Why?  Well, overall they are looking good, much better than they have for quite a while.  The National real estate market is trending toward improvement, but more importantly the Local market is improving too.  Sometimes we need to take Baby Steps or look for the little things that give us hope as we look towards the future. 

The first article says: the Annual Rate of Decline (National) isn’t as bad as it has been in previous months.  The next article quotes local stats which indicate our number of sales has increased the last few months.  We aren’t out of the woods yet; the local article mentions there is currently a 9.5 month inventory of residential homes on the market in the Hampton Roads area, just slightly lower from the previous month.  That is a lot of homes available to buy/sell.  Owners thinking of selling need to be aware of the competition and the possibility it may take longer to sell than they had hoped.  Buyers should recognize this as a great time to buy, especially with the low interest rates currently available and the Federal Tax Credit program (Chart attached). 

So, take heart, the local real estate market is “In Recovery” and we can look forward to much better days ahead.  Give us a call or e-mail to let us know you have questions or are ready for our help in your home buying or selling.  Would you like a copy of our book we co-authored: "Get the Best Deal When Selling Your Home... Hampton Roads, VA Edition”? You could be working with the Agent who wrote the book on real estate!

RE/MAX and the 2009-2010 Homebuyer Tax Credit (Video)

The chart below was prepared just before President Oboma signed the bill.  This IS the current Tax Credit Information.

RE/MAX Chairman Lauds Government Action

RISMEDIA, December 3, 2009—The U.S. Treasury Department recently announced new guidelines to the short sale process that could speed the housing market recovery, a move RE/MAX Executives have been promoting in Washington D.C. for the past year.

Short sales, transactions that can occur when a lender accepts the sale of a home at a price below the actual amount owed on the home, have become an increasing part of the real estate business as besieged homeowners look for alternatives to foreclosure. RE/MAX Chairman and Co-founder Dave Liniger has promoted a streamlined short sale process since foreclosures began flooding the market and has presented specific proposals to government officials.

Liniger believes that a streamlined short sale process would help many families avoid the trauma of foreclosure and help the housing market remain on the road to recovery. “Short sales are absolutely critical as more and more people continue to face foreclosure and as our housing market struggles to recover,” said Liniger, who’s closing out a 28-city, cross-country speaking tour encouraging thousands of agents to become educated on the short sale process. “While not all of our recommended changes were implemented, the Treasury’s new guidelines go a long way in incentivizing both lenders and homeowners to work together to keep homes from falling into foreclosure.”

Until now, the short sale process has been cumbersome for all involved and took upwards of eight to ten months for a transaction to close. But, through the Foreclosure Alternatives Program and the recently issued guidelines, short sale transactions will increase dramatically, which means less vacant and vandalized properties in neighborhoods across the country.

The new guidelines enhance the short sale process in several ways:

-Speeds up the process – Mortgage servicers have 10 days to say yes or no to a short sale request, and after the transaction is complete, the borrower could be completely released from debt.
-Provides financial incentives – Borrowers are eligible to receive a $1,500 moving allowance if they sell their home through a short sale, and mortgage-servicing companies will in turn receive $1,000 for every completed short sale transaction.
-Limits proceeds to second lien holders – Second mortgage holders can only receive up to $3,000 of the sales proceeds to release their liens and investors who hold the first mortgages can collect up to $1,000 for allowing such payoffs.

The program also facilitates the transfer of ownership by a borrower through a “deed in lieu of foreclosure,” another helpful alternative to assist home owners in foregoing a foreclosure.

Read more: http://www.remax.com/LearningCenter/ArticleViewer.aspx?id=32

If you are or may soon be in a position where you may need Short Sale assistance we can help.  We are CDPE trained and ready to help.  Give us a call or e-mail us to learn how we can help you or someone you know.