Housing survey shows link between consumer attitudes, experience

WASHINGTON – Nov. 4, 2011 – Fannie Mae’s third quarter National Housing Survey provides in-depth findings on attitudes of consumers who know of people in their area or neighborhood that have defaulted on their mortgage. This latest survey shows that those exposed to default have similar attitudes about buying a home as those who do not know people that have defaulted.

However, the survey also finds greater pessimism about the economy and personal finances among consumers who know defaulters.

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Florida’s existing home and condo sales up in September

ORLANDO, Fla. – Oct. 20, 2011 – Florida’s existing home and existing condo sales continued their upswing in September, according to the latest housing data released by Florida Realtors®. Existing home sales increased 10 percent last month with a total of 15,036 homes sold statewide compared to 13,723 homes sold in September 2010, according to Florida Realtors.

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Bank of America offers up to $20,000 to entice short sales

By Mark Puente, Times Staff Writer
In Print: Saturday, October 8, 2011

Bank of America is offering up to $20,000 to select Florida homeowners willing to agree to a short sale instead of entering foreclosure.

To sweeten the deal further, the nation’s largest lender will consider waiving the deficiency on the loan, which allows homeowners to sell the house for less then they owe without having to make up the difference to the bank. It can save homeowners thousands of dollars.

Not every Bank of America customer in Florida will be eligible for the program, which pays a minimum cash incentive of $5,000. It’s targeted toward home­owners who cannot afford their mortgages.

To quality, the short sales must be submitted for bank approval by Nov. 30 and must close by Aug. 31. Sales already under contract are not eligible; neither are properties outside of Florida.

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Q3, 2011: Cumberland Trace Townhomes of Largo update

In Q3 of 2011 there were 2 sales in Cumberland Trace of Largo:

1. 13304 Thoroughbred Loop sold for $72,000
2. 13309 Thoroughbred Loop sold for $73,000

As of 10/03/2011 there are 4 townhomes for sale in Cumberland Trace of Largo:

1. 13123 Thoroughbred Loop is Active at a current list price of $74,000
2. 8038 Thoroughbred Loop is Pending with a current list price of $77,900
3. 8013 Appaloosa Dr. is Active with Contract with a list price of $84,900
4. 13058 Thoroughbred Loop is Active with Contract listed at $90,000

UF: Rise in Florida’s consumer confidence

GAINESVILLE, Fla. – Sept. 28, 2011 – Florida’s consumer confidence index rose this month to 64, up three points from a revised mark of 61 in August. However, confidence still remains low, according to the University of Florida (UF) survey.

Of the five components used by UF researchers to measure overall confidence, four edged upward. Expectations that personal finances would rise in the coming year went up five points to 78, and consumer anticipation that the U.S. economy will improve in the coming year rose by one point to 52. There was also a four-point increase to 66 in the overall expectation that the country will see economic gains during the next five years. Confidence that now is a good time to purchase retail big-ticket items, such as laptops and cars, rose six points to 74.

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Can I save money by using the sellers old survey? Is this wise?

There are a lot of things you can do that you probably should not do. Using an old survey may be legal and acceptable to your lender but is it wise?

I’d like to suggest that using a past survey, as opposed to ordering your own fresh survey, is a risky endeavor that you might want to think twice about. Yeah, people are doing it a lot these days. But people do all sorts of foolish things. If your neighbor jumped off a bridge….

So why shouldn’t you use the sellers past survey? They are offering it for free and last time you checked free is a wonderful price. All the seller has to do is sign an affidavit saying there haven’t been any changes to the property since the last survey was conducted and you just saved about $375.00.

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Obama challenged by RE/MAX broker

Selling your home on your own? Think again…

Cumberland Trace Townhomes of Largo – Market Update

A few people have recently been inquiring about current market numbers for Cumberland Trace Townhomes in Largo, FL so I’m going to answer their questions right here.

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Why won’t Realtors return my phone call?

One of the hardest aspects of being an independent real estate salesperson is deciding how to spend my precious time each day. There are only so many hours in each work day and if I am marketing myself properly (and I am) my cell phone will be ringing from morning till night. On busy days I can take a few dozen incoming calls that can range from a few minutes long to over an hour in length.

On any given day my phone will ring when I am driving my car, eating dinner with my wife, changing my babies diaper, or taking a shower. My phone rings every single day of the year including, amazingly enough, most holidays. People call me at 7:30 in the morning, before I have even had my first cup of coffee, and at 10:00 at night, as if am supposed to get out of bed and go back into real estate mode.

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In 65 seconds why you need to hire a Realtor

Short Sale My Home?: A Homeowners Guide to a Short Sale by Lou Lollio

Book Description
A Homeowners guide and help to answer questions about the Short Sale process. Author Lou Lollio and Tim & Julie Harris

About the Lou Lollio
Lou Lollio is a Real Estate Broker who has been selling Foreclosures for over 20 years and Short Sales for over 10 years. His name has been in the Wall Street Journal, Los Angeles Times Hot properties section, and featured on the front page of American Lifestyle Magazine. His real life experience has helped him to maneuver through the mine fields of purchasing distressed properties for many Americans and those from abroad. He has trained on how to purchase distressed properties and held continuing workshops to help people buy distressed properties both Foreclosures and Short Sales. He has a SFR Short Sale and Foreclosure Specialist certification and designation from the National Association of REALTORS. Tim and Julie Harris have been leaders since day one of their careers. After selling more than 100 homes in their very first year and every year there after. They gained great acclaim when the National Association or Realtors named them Agents of the Year in 1997. They were consistently rated on the Knars lists of top 500 Agents in the US. The youngest and fastest to achieve the Remax Platinum award.

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The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket

Here is a new book coming out in September of 2011 to help homeowners deal with foreclosure..

Facing foreclosure? Know your options!

Foreclosures climbed a record 81% in 2008, with over 860,000 families losing their homes. In 2009, an additional 3 million foreclosures are predicted as temporary postponements end and homeowners are increasingly incapable of paying the mortgage during this brutal recession.

If you’re having trouble making your mortgage payments or are already in jeopardy of foreclosure, The Foreclosure Survival Guide compassionately gives you the practical information you need, step by step.

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Cumberland Trace of Largo – May 2011 Update

So you’re looking for an update on Cumberland Trace townhomes of Largo? You’ve come to the right place.

I get frequent phone calls from potential buyers interested in buying a Cumberland Trace townhome so I thought I’d make a post updating everyone on the current availability of townhomes in this subdivision. If you’re in need of more specific info just give me a call or shoot me an email. I’d be happy to help you.

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Thanks for the referrals everyone!

Just a quick note to express my gratitude for all of the buyer and seller referrals that have been coming my way in 2011. It really is flattering and as you know I’m doing my best to take good care of each referral. Even though the Tampa Bay real estate market is still in a slump I’m still able to help buyers and sellers meet their personal real estate goals. You guys are awesome. Thank you so much.

Tampa Bay, FL Home Prices over the past 5 Years

Tampa Bay, FL Home Prices over the past 10 Years

What do I need to do to sell my Florida home?

If you’re interested in selling your Tampa Bay, Florida home in 2011 you’re going to need to learn how to look at your situation as objectively as possible. By “objectively” I mean “Uninfluenced by emotions or personal prejudices.”

Easier said than done? Tell me about it.

But you’re going to need to do it nonetheless, so perhaps now is the time to start practicing. A good place to start is by walking out of your home and then back in the front door, pretending you’re an actual home buyer seeing the “property” for the first time. You’ve never been in the house before so look around at what you think a buyer would look at if they were seeing your home for the first time.

Is it clean and organized? Are there unfinished repair or maintenance projects obvious? How does the home smell? Is it light or are all the windows covered making the place feel more like a cave than an inviting home?

These are the physical steps to attempting to see your home objectively – as buyers might see your home. You might also ask some friends to do the walk-through with you and to be honest about what they think a buyer might think. Read more

Sell Now!: The End of the Housing Bubble

Home prices are seriously overvalued in many regions of the United States. The question is no longer if, but rather how far, home prices will fall and over what time frame this bubble will deflate. Home values have been escalating in real terms since 1981, the year nominal interest rates last peaked. And the greatest price increases in percentage terms have been in the wealthiest and most exclusive cities in the world.

Sell Now! analyses the evidence and offers clear explanations of these perplexing issues. Overly aggressive mortgage lenders have fueled this overheated market by extending too much credit to home buyers and by offering ever-more exotic forms of mortgages. Many home buyers have been caught in a never-ending race to achieve status, often overpaying for homes in the “right” neighborhoods. And people’s pursuit of easy profits has pushed prices to unsustainable levels.

Finally, there is a reasoned analysis that not only explains how home prices got this high, but why they are sure to fall and by what amount. Sell Now! debunks many theories that purport to show that home prices are either reasonable or are sustainable at their
current high levels.

How bad can it get? Unlike previous home-price declines, this cycle has the potential to be not only national, but international in scope. The national economy, so dependent on the housing, mortgage, real estate, banking, and construction industries for growth, is at risk and the entire banking system might come under fire.

You owe it to yourself to become better informed about the possible impact on you, your family and your most important asset—your home.

Deed restrictions protect the value of your home

Last week I was visiting with a client when I noticed the neighbor had a beautiful collection of toilets adorning his or her driveway. These porcelain thrones appear to be in great condition and are very colorful. But why are they sitting out in the front yard like this? Had this been a deed restricted community these commodes would have been a violation and unacceptable, but because this is not a deed restricted subdivision the neighbors can only look on in frustration.

Sell Your Home Fast in a Buyer’s Market: Secrets from an Expert Green Feng Shui Staging Designer

In 9 easy steps, Sell Your Home Fast in a Buyer’s Market: Secrets from an Expert Green Feng Shui Staging Designer reveals how to create a home that buyers desire and want to buy. The steps include what it takes to make the reader’s home look and feel great–tips that will sell the home. The book also provides information on selling the home for the best price. It is the first in its subject to address the hot new sought-after green home improvements and features to sell the buyer’s home fast.

The risks of renting your house instead of selling

No, this not a reenactment. This is the real deal. I took these photos earlier today of a client’s duplex. His tenant abandoned the unit late at night about a week ago.

The scary thing is there is sufficient evidence to support the idea that this tenant was actually living in the property in this condition. Clearly, the water and power had been turned off for a long time at this address. Millions of maggots are pouring out of the refrigerator and flies are swarming. Everywhere you look there is food rotting on counters, in cabinets and all over the floor.

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The New Masters of Real Estate: Getting Deals Done in the New Economy

The New Masters of Real Estate is a collective MasterMind effort of America’s leading real estate experts teaching their best strategies on how to profit from real estate in the new economy. From how to find the right properties and tie them up with no money down, all the way to marketing and selling properties to cash in on current opportunities, this book will teach you the secrets you need to know (including pitfalls to avoid). The book taps the minds of twenty-four leading experts who have figured out how to profit from real estate in the new economy. Your newfound knowledge gained from this book will allow you to intelligently shift your money to your most effective investing options, discard wasted strategies that don’t produce, and show you how to increase your profits on the real estate in which you invest.

The Complete Idiot’s Guide to Selling Your Home

In today’s uncertain real estate market, sellers are deeply concerned with getting the most value for their home. Now more than ever, readers need books that will help them find the most effective ways to make their homes attractive to buyers, save money, and make the sales process easier. This unique guide will teach readers everything real estate agents and brokers know-and more!

Where is the Shadow Inventory?

WASHINGTON – Sept. 20, 2010 – For the last year, the real estate industry has been talking about shadow inventory and the coming flood of distressed properties. Where are they?

Here’s what’s happening, according to a recent paper by Alan Mallach, a senior fellow the Brookings Institution:

• Some delinquencies have been resolved through loan modifications or people working out the problems on their own.

• Banks are getting better at managing short sales.

• Investors are aggressively buying up properties, sometimes in bulk, directly from the banks or at courthouse auctions so they don’t hit the market.

The likeliest outcome, Mallach predicts, is a steady flow of foreclosures over a long timeframe that will prevent another crash in home prices – but it will probably lead to low or no appreciation in home prices for a while.

Source: The Wall Street Journal, Nick Timiaros (09/16/2010)

Bill could speed up short sales

WASHINGTON – Sept. 17, 2010 – Homeowners underwater on their mortgage may find relief through a bill strongly supported by the National Association of Realtors®. The bill, if passed by Congress and signed by President Obama, would force lenders to respond to a short sale request within 45 days.

The legislation, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010,” was filed yesterday in Congress by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.).

“The short sale, which requires lender approval, is an important instrument for homeowners who owe more than their home is worth,” says NAR President Vicki Cox Golder. “While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times. As the leading advocate for homeownership issues, NAR believes that quicker attention to the short sales process is vital to help homeowners … as well as the nation’s economy.”

The number of potential short sale properties is rising across the country. According to NAR data, in the second quarter of 2010, four states have a significant share of properties with short-sale potential: Florida has 27 percent, Nevada 32 percent, California 28 percent, and Arizona 24 percent.

“Unfortunately, homeowners who need to execute a short sale are severely hampered because lenders (loan servicers) are unable to decide whether to approve a short sale within a reasonable amount of time,” Golder said. “Potential homebuyers are walking away from purchasing short sale property because the lender has taken many months and still not responded to their request for an approval of a proposed short sale price. Many consumers have mentioned that the delay in short sale price approval exceeds 90 days, and in many cases never arrives.”

Golder says she commends Reps. Andrews and Rooney for their efforts on the bill and urges Congress to pass the bill quickly.

Buying a Listing

You’ve decided to sell your home and you think you know what it’s worth. So you set up a few appointments with the local Realtors that have been mailing you their postcards for years. Each real estate professional provides a “Competitive Market Analysis” for you showing their opinion of the current market value of your home.

Oddly enough the first two Realtors have come up with probable sales prices similar to one another, yet below what you feel your home is worth. You’re quite frustrated. But then you meet with the third Realtor and he presents his Competitive Market Analysis which shows your home worth significantly more than the first two Realtors seemed to think it was worth.

If you’re like most people the news the third agent brings puts a smile to your face. You hire him on the spot. Clearly he is going to work harder for you to bring in top dollar for your home. If the first two agents had such a low opinion on the value of your home how are they going to negotiate and bring in the best and highest contract?

The third Realtor just engaged in a practice called “Buying a Listing”

He “bought” the listing by suggesting you might be able to get a higher sales price than the other agents recommended. More than likely he knows fully well you will never sell at the suggested list price. But he knows once he secures the listing (buys it!) he will probably be able to convince you to reduce the price over time.

Why do some agents buy listings?

Because it works. It is human nature to want to be around people that say things that make you feel good. The liar that tells you that your home is worth more than it really is worth is taking advantage of basic human psychology. He says what you want to hear, which makes you happy, and you hire him. Then, over time, he slowly breaks it to you that your home mysteriously isn’t attracting any buyers and he suggests repeated price drops.

As a Realtor who doesn’t believe in buying a listing I strongly suggest you don’t reward the liar by giving him or her repeated price reductions. His dishonesty and unethical behavior cost you time and money.

How long can you breathe underwater?

Inman News

Top 10 states with highest share of negative equity mortgages

1. Nevada (68 percent of 592,000 mortgages)
2. Arizona (50 percent of 1.3 million mortgages)
3. Florida (46 percent of 4.5 million mortgages)
4. Michigan (38 percent of 1.4 million mortgages)
5. California (33 percent of 6.9 million mortgages)
6. Georgia (28 percent of 1.6 million mortgages)
7. Idaho (24 percent of 243,000 mortgages)
8. Virginia (23 percent of 1.2 million mortgages)
9. Maryland (22 percent of 1.4 million mortgages)
10. Utah (20 percent of 470,000 mortgages)

Largo Florida Townhomes & Condos

Are you looking to buy a condo or townhome in Largo, Florida? You owe it to yourself to take a look at Cumberland Trace townhomes. Built in 2004 Cumberland Trace is one of the newest and nicest townhome or condo subdivisions in the city of Largo. Next time you’re out take a drive through the community and you’ll see that Cumberland Trace not only makes a nice investment, but it’s a fantastic community to call home.

Town houses, by definition, have 2 stories. The town homes in Cumberland Trace of Largo all have 1,271 square feet (not including the 1-car garages) with both huge bedrooms upstairs. The master bath is incredible featuring dual sinks and a garden tub larger than I have personally EVER seen in any townhome, condo or even house. You can almost swim in it. The master baths also have volume ceilings so they feel extra large. Walk-in showers too.

Cumberland Trace has a great swimming pool – and it’s heated year round! The pool is fenced in and private to residents only. There are bathrooms and a shelter for family BBQ’s.

If you’re interested in additional information about the townhomes of Cumberland Trace please call Chris at 727-804-5319. I’d be happy to help you find your next home, whether it be a purchase or a rental.

Pending home sales drop as expected

WASHINGTON – July 1, 2010 – Following a surge driven by the homebuyer tax credit, pending home sales fell, according to the National Association of Realtors® (NAR). To qualify for the credit, homebuyers needed a signed contract by April 30, 2010.

The Pending Home Sales Index (PHSI), a forward-looking indicator, dropped 30.0 percent to 77.6 based on contracts signed in May from a reading of 110.9 in April, and is 15.9 percent below May 2009 when it was 92.3. The falloff comes on the heels of three strong monthly gains as homebuyers rushed to take advantage of the tax credit.

The data reflects contracts and not closings, which normally occur with a lag time of one or two months. However, many closings have been delayed recently from a rush of buyers into the system and slow processing of short sales, in addition to the heavy volume and a more thorough loan underwriting process.

“Consumers are rational and they rushed to meet the (April 30) tax credit eligibility deadline in April,” says NAR chief economist Lawrence Yun. “The sharp decline in contract signings in May is a natural result with similar low levels of sales activity anticipated in June. Surprisingly, though, some local markets such as Portland, Maine, and Jacksonville, Fla., actually experienced an increase in contract signings from a year ago without the tax credit.

“Existing-home sales that close in June will remain elevated, but we’ll then see a notable decline for July and August.” Read more

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