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Top 10 Tips To Win The Bidding War

2/4/2014

1.Cash is King

2.Start 4 months ahead

3.Get pre approved

4.20% down payment

5.Have all your paperwork in order

6.Forget Lowball offers – Make your best offer now

7.Keep contingencies reasonable and short

8.Escalator clause. It’s a newer,  yet old technique – with which you agree to increase your offer if there’s a      higher bid from another buyer.

9.Write a love letter to the sellers

10.Find out the Seller’s timeline and offer to meet it

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5 Ways to Pick the Perfect Time to Sell

2/4/2014

Smart sellers spend a whole lot of time and energy strategizing about how to sell their homes for top dollar. They factor in buyer demand, the competition, the job market, the mortgage market and their agent’s track record. And that doesn’t even account for all the time spent understand recent home sales in the area as an indicator of how local buyers will react to this listing.

Many a smart seller will also try to time their listing just right, too. And most often this looks like waiting until they feel buyers are sufficiently ready, willing, and able to pay a good price for the property. One timing consideration that sometimes gets short shrift is this: the calendar.

1. The Academic Calendar. Families with school-aged children often find it less disruptive to house hunt in the late Spring/early Summer with the aim of moving in before school starts.

2. The Tax calendar. For instance, many new professionals will seek to close escrow on homes between the time they graduate and the end of that same year, in an effort to deduct their closing costs and mortgage interest from their newly large incomes and avoid a big tax bill the following April.

3. The Weather Calendar. Many sellers who live in cold-weather climates are aware that wintry weather conditions can dramatically cut down on the numbers of buyers who are out viewing properties. 

Be selling a pool house in the winter, consider making sure it is steamy and heated, if it has those features. Stage it with lounges, towels, lights – anything that showcases the pool to offset cold-weather buyer’s psychological tendency to discount the appeal of a pool in the winter.

4. The Holiday Calendar. During the holidays, many buyers simply prefer to spend their downtime celebrating with family and friends vs. house hunting, especially in locales where the winters are wet or cold. Our listing search data backs this up: nationwide, December is the slowest month of the year for home searches, and November is the second-slowest.

5.The Gregorian Calendar (the regular old January through December calendar, that is). A survey just released by Fidelity Investments revealed that 54% of Americans said they typically consider setting New Year’s Resolutions related to their personal finances. 

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Decline in Foreclosures Outpaces Decline in Loan Modifications

1/30/2014

 

An estimated 44,000 homeowners received permanent loan modifications from mortgage servicers during the month of November under both proprietary servicer programs and the government’s Home Affordable Modification Program (HAMP), HOPE NOW reports. While that total represents a 12 percent decrease from the 50,000 loan mods completed in October, the most recent data show a steeper 20 percent decline in foreclosure sales and a 17 percent decline in foreclosure starts between October and November.

The 44,000 loan mods granted in November brings the total number to approximately 6.8 million since HOPE NOW began tracking the data in 2007. Some 5.5 million homeowners have received proprietary loan modifications since 2007, and another 1,297,954 have received HAMP modifications.

“As we approach the seven million mark for completed loan modifications, we remain convinced that the collaborative efforts of the industry, non-profits, government agencies and local community groups continues to make a positive impact on the nation’s housing market,” commented Eric Selk, executive director of the private-sector alliance of mortgage servicers, investors, mortgage insurers, and nonprofit counselors.

Provided Courtesy of DSNews

New Home Sales Jumped 16 Percent in 2013

1/30/2014

New-home sales increased by 16.4 percent in 2013, rising to 428,000 from 368,000 in 2012, according to data released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

In December 2013, they fell by 7 percent month over month to a seasonally adjusted annual rate of 414,000 from a November revised rate of 445,000, the report said. But on an annual basis, sales of new single-family homes increased by 4.5 percent.

Source: U.S. Census Bureau

 

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