Real Estate Trends

Top Real Estate and Mortgage Headlines for October 19th

Although Apple managed to sell more than 4 million iPhone 4S over the weekend and arguably more than any analyst expected, those sales could not satisfy the expectations of investors. US stocks fell today on the heals of disappointing earnings from Apple even amongst all the buzz about Siri and iOS 5.

If you’re amongst the millions who purchased an iPhone 4S or upgraded to iOS 5, take a break from your new found technology and review what the top real estate and mortgage headlines are today according to the National Association of Realtors.

• New-Home Building Soars 15% in September
  Last month, homes were built at the fastest pace in 17 months, the Commerce Department reported Wednesday.
• What’s the Best Day to List a Home?
  A new study pinpoints the day of the week that a home should be listed for the best chance of selling it.
• Lenders Are Making More Loans
  While the growth has been modest, lenders are finally starting to make more loans.
• Court: Owner Never had Legal Ownership of Foreclosure
  The Supreme Court in Massachusetts ruled that a home owner who had purchase a home in foreclosure did not have legal ownership of the property because the bank failed to properly process the title during the foreclosure.
• Riding for a Cure
  Challenging his own limits, Good Neighbor Award finalist LeRoy Bendickson discovered a lifelong mission to help people with multiple sclerosis challenge theirs.
• Houston’s Housing Market Posts Big Gains
  The Houston market is off to a strong start for the fall buying season posting lower inventories, a record-breaking median home price, and a big jump in home sales.

These are the top real estate and mortgage headlines for Wednesday, October 19, 2011.

Want to know how these national real estate headlines could impact you right here locally in Northwest Indiana? Subscribe to this blog, Today’s Real Estate Reality, and let our collective years of real estate experience in Northwest Indiana guide you to an informed and successful real estate transaction today.

Real Estate Trends

Remodeling Your Home In Today’s Real Estate Market

It is time to think twice about remodeling a home in Chesterton, Indiana if it is going to be listed for sale in the real estate market.

A recent study conducted by Remodeling Magazine in partnership with the National Association of Realtors (NAR) shows that home renovation projects in 2010 are bringing less returns to home sellers than it had in previous years.

This study shows that a renovation project completed in 2010 vs. 2009 will cost more for the renovation and bring less money back in the sale price of the home.

For example, the national average cost to complete a major kitchen remodel project increased $1,152. When looking at what of the costs can be recouped by the sale of the home, the return on investment lowered by $1,134.

In previous years, it was advantageous for a home seller to take on renovation projects in the interior or exterior of the home in order to sell at a higher price. That is not always the case in today’s real estate market though.

Although a complete remodeling project may not work for your home, making some minor updates may.

According to CNNMoney.com, making some minor updates to your kitchen the right way can cost as low $2,000 but  make your kitchen more attractive to home buyers.  Some suggestions they provided was to upgrade the backsplash, dress up old appliances, and make your own concrete countertops.

When thinking about remodeling your home, especially if you are planning on listing your home on the market in the near future, it is always best to consult professionals in your local area. While the figures above reflect national averages, the Chesterton, Indiana and Northwest Indiana market can result in higher or lower costs and resale values.

Contact me if you have questions about whether home remodeling is the right move for you to make right now.

Real Estate Trends

Top Real Estate Headlines for Week Ending: November 19th

Although the stock market survived a flurry of economic reports released this past week, the mortgage bond market received a good old fashioned beat down. Both home buyers and homeowners were disappointed as the week ended with higher mortgage rates.

Now that folks have changed their focus to the upcoming holiday, let’s take a break to review what the top real estate and mortgage headlines were this week according to the National Association of Realtors.

• 3 Reasons to Sell a Home Soon
  Steve McLinden says to focus on your local situation when deciding whether to sell, look at comparative sales, investment potential, lending standards, and interest rates.
• Banks, Congress to Face Off on Foreclosures
  As the Hill heads into a “lame duck” session of Congress, both the Senate and House will hear testimony from banks regarding housing financing.
• Credit Score Requirements Stifling Borrowers
  Big lenders keep raising minimum credit scores, increasing the number of borrowers who can’t obtain financing.
• Big Banks Fixing Foreclosure Processes
  A Treasury official notes that 11 federal agencies contend that the foreclosure document problems don’t represent a threat to U.S. financial stability.
• 7 Trends That Will Drive the Future of Housing
  From decreases in the average size and cost per square foot for housing to Baby Boomers living with children, these are the likely changes for housing in the upcoming years.
• NAR Praises FHA’s Increased Stability
  An independent audit shows that the Federal Housing Administration cash reserve levels have increased over the past year.
• Mortgage Bankers: Foreclosures Are Falling
  The percentage of homes in some stage of foreclosure went down between the second and third quarter of this year, due in large part to banks’ investigations of their processes.
• Mortgage Rates Back on the Rise
  Average rates for 30-year mortgages shot up this week, according to Freddie Mac.
• America’s 10 Dirtiest Cities
  Forbes magazine names cities across the country that could use a little clean up.
• Analysts Say Housing Is Better But Still Fragile
  Low interest rates coupled with stabilizing home prices could give the economy a boost, analysts say.
• 6 Helpful Tools For Your Virtual Assistant
  These free and low-cost online tools can save you and your virtual assistant time and help get your business organized.
• Signs Mortgage Fraud Might Be Picking Up
  Information group says investment companies are involved in a high number of suspicious resales.

These were the top real estate and mortgage headlines for the week ending November 19, 2010.

Want to know how these national real estate headlines could impact you right here locally in Northwest Indiana? Subscribe to this blog, Today’s Real Estate Reality, and let our collective years of real estate experience in Northwest Indiana guide you to an informed and successful real estate transaction today.

Real Estate Trends

Top Real Estate and Mortgage Headlines for October 11th

It’s Monday, October 11th and there is much fanfare for Columbus Day celebrations. Let’s discover what’s new in real estate and mortgage talk in the spirit of the great explorer Christopher Columbus. Here is today’s top real estate headlines according to the National Association of Realtors.

• BofA Freezes Foreclosures Nationwide
  Last week, Bank of America announced it would halt foreclosures in all 50 states to ensure accuracy in its documentation.
• Government Moves Toward Foreclosure Moratorium
  Some legislators are pushing for a nationwide stoppage of foreclosures, but a few observers say this is a “bad idea.”
• Practitioners Wrestle With Foreclosure News
  Real estate professionals who specialize in selling REOs say foreclosure issues bring new challenges for themselves and their clients.
• Social Media Marketing Gaining Traction
  More real estate pros are leveraging the reach of social networking platforms.
• Top 10 Cities Where Buying, Renting Pay Off
  The economic benefits of buying and renting can depend on where you live.
• More Condos, Apartments Going Smoke-Free
  Although smokers maintain they have a right to smoke in their own homes, some property managers are exploring ways to ban the practice.

These are the top real estate and mortgage headlines for today, October 11, 2010.

Want to know how these national real estate headlines could impact you right here locally in Northwest Indiana? Subscribe to this blog, Today’s Real Estate Reality, and let our collective years of real estate experience in Northwest Indiana guide you to an informed and successful real estate transaction.

Real Estate Trends

Home Sellers – Feeling Lucky With Your Real Estate Sale?

In case you missed this morning’s headline, Existing Home Sales Swan Dive. That’s right. Sales of existing home sales plummeted 27.2 percent in July. Furthermore, the National Association of Realtors stated that July’s existing home sales is the lowest reading since NAR has been keeping track.

It should also be noted that total housing inventory increased by 2.5 percent in July. It will now take up to 12.5 months to sell the existing homes inventory.

What does this mean for home sellers?

If you’re a home seller, there’s no more time to waste on hoping for a buyer to come along and pay you what you think your home is worth. It’s time for home sellers to get serious and figure out what is their liquidation home sale price.

What are the odds that home sellers will actually sell their homes?

Every real estate market is different, but the growing consensus is the same. Successful real estate transactions are becoming more difficult by the day whether it is due to inflexible home sellers, home buyers remorse, unflattering home inspections and/or below market value home appraisals.

Other mind numbing real estate headlines for home sellers to think about.

• Redfin: Less Than Half of All Home-Sale Attempts Successful in ’09 - The Wall Street Journal
• Nearly Half of the Homes on the Market in July 2010 Had Prices Cut, According to ZipRealty – RISMedia

If home sales is a game of numbers, wouldn’t you want to be on the side with the highest probability of success. Understanding the dynamics of the real estate market is one aspect that your real estate professional must grasp. Working with a local real estate professional who can provide clarity is a must.

Otherwise, if you’re feeling lucky your best bet for your home sale may come down to the flip of a coin.

Real Estate Trends

How Far Has Google Come to Help Sell Your Home

Ever heard of Google? In case you’ve been living in a cave since 1997, here’s The Google Story in 2 minutes.

Did you recognize any features and/or applications that Google has released over the past 10 years? Better yet, do you use any of them? I know I certainly do. So, how can Google help sell your home faster?

Understanding patterns and trends were just the beginning for Google but it also happens to be the start point for every real estate agent. Not understanding real estate cycles and patterns in your local real estate market can lead to lost dollars and much frustration.

Think about it for a second. Why is every home offered for sale start with a comparative marketing analysis (aka CMA) and end with a valuation of property through a licensed appraiser?

The answer is simple. Home sellers and home buyers want to know which direction home prices are trending. This allows home sellers a solid foundation on how to price their home for today’s real estate market. It will also reaffirm the home buyers confidence that they did get a great deal on the purchase of a home today.

Beyond getting a grasp on real estate market trends, did you know that Google can help sell your home faster through it’s vast brand awareness and marketing prowess. It’s true.

How would anyone know that you actually wanted to sell your home if you never marketed your home for sale. They wouldn’t! Consequently, that’s why every Realtor offers to put a home for sale sign in your yard and broadcast that your home is for sale to other Realtors through the mulitple listing service (MLS).

Is this good enough in today’s real estate market? Absolutley not.

The whole premise of using a yard sign and the MLS is to get your home marketed to the largest eligible pool of home buyers. Where better to market your home for sale than on the number one website in terms of web traffic, unique visitors and page views. That’s right! Google.

If you would like to learn more about Google Tools for Real Estate Professionals, by all means buckle up and go for it. Or, you can work with a local Realtor who already knows how Google can help sell your home faster.

Real Estate Trends

Could You See Yourself In A Home Under 600 Square Feet

The rise in popularity of green building standards and smaller footprint homes in real estate has finally made it’s way to the heartland of America.

In case you missed it there has been lots of real estate media buzz over the Small Homes movement.

The best known advocate is Resources For Life. They are a green/sustainable advocacy group who is at the core of this new community. Their site describes developments across the US where the principles of sustainable resources for living are implemented.

Then there is Jay Shafer from Tumbleweed Tiny House Company. He has published a book on how to build your own tiny home. He even offers floor plans. Most notable is a model home that is just 70 square feet.

According to a survey by National Association of Home Builders, most Americans still prefer a home size averaging 2,070 square feet. The same survey also revealed that Americans WANT to downsize their yard work, prompting a home buying trend toward more compact lots. Consequently, more two-story homes and split level homes are replaicing ranch style homes since homes need to go up in height to build on a smaller size footprint.

Wait a second. You maybe asking yourself what does the small homes movement have to do with homeowners here in Portage Indiana?

You might be surprised that small homes is not a new phenomena here in Portage Indiana. Pictured above is one of the smallest homes in Portage Indiana. This home offers an expansive space of only 780 square feet and was built in 1943.

Believe it or not, tiny homes is just a remnant of our storied past.

Can you see yourself living in a “Tiny House” in Portage Indiana?