Property Management
Time is money, right? Using these tools
MLS organizations are getting more aggressive about providing point-of-listing lead generation tools for agents. From enhancing access via WAP phone for consumers and agents, to providing brokers with Internet listing sites, to e-mailing links instead of attachments, these MLSs are taking their members into the Internet age.
With constant advances in technology, the most difficult question facing the average real estate agent today is exactly which technologies they should take advantage first, which come last, and which ones might be a waste of time altogether.
Like everything the Internet touches, the real estate industry continues to evolve in new exciting directions. I’ve spoken before about the extensive impact that the Internet has had on real estate, and it continues to do so, enhancing the customer experience every step of the way.
The California Association of REALTORS has just released a ground-breaking report comparing Internet and traditional homebuyers.
When I first met the team with OnePipeline, I thought they had the coolest business plan of 2000. They were the only technology company with a clear, provable idea of how to put money into real estate agents" pockets. OnePipeline had created a way to allow real estate agents to legally collect the loan origination fee by automating compliance in a patent-pending engine.
The Obama administration announced a blockbuster policy change over the holidays that didn"t get a lot of press attention, but will affect the housing market for years.
Homestore has expanded its alliance with iPIX into a $12 million licensing agreement which allows Homestore the exclusive right to sell IPIX tours in the U.S. real estate industry. Why is this deal so important?
With his courtly manners and Southern drawl, 22-year real estate veteran Jim Lee hardly seems the type to lead an uprising. In 1999, he was voted as the Knoxville Area Association of Realtors 1999 "Realtor of the Year," a popular and respected member of the old guard of the double-dip. But, like the Revolutionary War"s Swamp Fox, Lee has a double life. He"s also the unofficial leader and negotiator for a growing militia of real estate cyberguerrillas. Their self-appointed mission is to monitor Realtor.com and make sure that the NAR"s partner does right by Realtors.
It may not be the traditional way of unveiling new loft condos in an urban setting, but a Chicago developer hosted a warehouse fete complete with svelte models, tight fitting promotional t-shirts on a runway, and strobe-highlighted music. The promotional center piece? Eco-friendly loft condos in Chicago"s trendy community of Bucktown.
Are you disappointed with your web site? You"re not alone.
One of the most frustrating problems facing the AOL user is the inability to use professional level email software to send and receive their email, but now help is on the way.
You are serving a relocation client who breezes into town for one mission-critical home-buying day. The buyer selects a home in a hot neighborhood, and you discuss terms while racing back to the airport. Before you leave the airport, you can have your client"s offer populated into your offer/ transaction manager (TM.) Supported by digital signature software, your online business system is also linked to lenders and loan products you have shown the buyer. Your client reviews the offer details from the family Palm VII at the concourse and on the way to boarding the flight, signs the offer with a digital signature. Meanwhile the seller and his/her agent reviews the offer in a transparent, secured window of your TM, and makes their counter-offer. Your e-mail alerts the buyer"s Palm VII that an counter offer has been made, and while the plane lands and taxis to the gate, the buyer accepts the offer, and digitally signs off on a loan product application.
Realtors® are always asking me, “How can I get the search engines to rank my Web site higher.”
Here"s some unexpected good news for investors who own rental apartment properties and are having trouble financing or refinancing because of the credit freeze: FHA has decided to step up to the plate and provide more long-term multifamily mortgage money -- at least for the next six months.
Dear Mr. Internet:
For the past several years I"ve been an advocate of getting a permanent email address and having your mail forwarded to your actual ISP.
Two years ago, many large MLS systems were reluctant to adopt browser-server MLS information management systems, but market momentum and education about how they work and how easy they are for agents to use, has eroded fears for MLS executives. Internet MLS is here to stay for large MLSs as well as for smaller associations.
The latest trend in online real estate is for the bank to come to the agent via the desktop.
So, you have email addresses gathered because you have been asking people. And, you have set up your databases in your real estate or email software. If you are like many agents, you now have the problem of what to send and how often.
The following is a short list of fun, free tools that will help you in your real estate business to save time and make more money using the Internet.
Two sales associates at the Northwest Office of Prudential Alliance Real Estate Group say they made Oklahoma real estate history when they posted a property listing on the company’s web site from the seller’s kitchen within minutes of signing the listing contract.
The NAR"s latest home buying and selling survey offers lots of good news for REALTORS®, particularly those who do business on the Internet. According to the latest statistics compiled by the NAR, nearly four in 10 buyers now use the Internet to shop for their next home, but instead of disintermediating the Realtor, the survey found that 87% of Internet shoppers are more likely to use a real estate professional compared to 76% of offline buyers.
Real estate professionals are taking advantage of the power of CyberSpace. Members of the Real Estate CyberSpace Society,share their tips and tricks for using thesetools to leverage their effectiveness and profitability. I"m a quarterback receiving those tips and it is one of my joys to pass these
Editor"s note: This series is designed to help real estate professionals evaluate the large listings services as potential
It seems that everyone is using the Internet in one form or another, but you just aren’t sure if your clients are; and how do you get their email addresses anyway? How can you keep in touch with them without offending them or making them feel that you are just sending "junk" ?
Alice, of Wonderland fame, said things got “curiouser and curiouser.” But unlike Wonderland, the Web gets simpler and simpler for Realtors.
A new study says that hosting the Olympic Games does not prompt an increase in local house prices, nor do prices crash after the games are over. In Vancouver, where the Winter Olympic Games get underway this month, that may be a good thing. Another report says the city has the least affordable housing of 272 urban centres examined around the world, including San Francisco, New York, London and Sydney, Australia.
With constant advances in technology, the most difficult question facing the average real estate agent today seems to be which technologies they should take advantage first, which come last, and which might be a waste of time altogether.
Most metropolitan area median home prices, impacted by distressed sales, trended down in the fourth quarter from a year earlier. At the same time, existing-home sales rose in only six states from the fourth quarter of 2007, according to the latest survey by the National Association of Realtors®.
How do you build an online following for your realty business? According to Jim Lee, a Knoxville Realtor with Realty Executives Associates, at least part of the answer lies in maximizing online exposure through multiple sites and listings.
Dear Mr. Internet:As my business grows I seem to have less time to devote to developing and implementing new marketing strategies. Is there some way the Internet can help me with this?
You"ve heard the outrageous prices being paid for desirable domain names. Drugs.com was purchased for $823,456.00 in September. Question.com sold for $175,000 in August. Real estate-related domain names are doing well, too. One name, eopenhouses.com, reportedly went for $260,000. Great Domains, a domain name brokerage site, has already received an offer of $1.1 million for Loans.com.
Whether you are a broker, a lender, an agent or other real estate service provider, you"ll be interested in the newest Internet business management suite, 1parkplace.com, which will launch at the NAR convention and trade show in Orlando.
The Zip format for compressing files has been around for so long, that it"s
OK. You’ve got a Web site, therefore you have a domain. You or your Web
Question: A unit owner asked for permission to enclose his carport space like a garage. Is that okay?
By now, you have a digital camera, right? You should, since digital cameras
Yet another survey has been performed that proves what many of us already
With the advent of Internet technology, more agents are investing in the
In last week"s column, I wrote about how one can use
As you already know, it"s of critical importance to allow visitors to your Web
Low cost Internet MLS solutions to system conversions are available for the asking. Yet many MLSs are afraid to consider the Internet. So what does the Internet really have to offer?
Virtual tours, a panoramic digital camera technology which showcases
You"ve outlined your marketing budget for 1999. How does Internet marketing
When you are considering getting a web site on the Internet,
Technology and the use of "tech toys" only mean one thing. Tools. They are
Today"s technology has had a dramatic impact on many areas of our business.
The first year I had a Web site, sales were somewhat slow, but they quickly
REALTORS® are often accused of being out of touch with technology, but a
People don"t just buy houses. They buy the neighborhood, the community, and
What ever happened to the real promise of the robotic age? Where are the
Homeowner associations (HOAs) are the fastest growing form of home ownership in America. In metropolitan markets, they can account for over 2/3rds of all new home construction. As more buyers choose this form of housing, condos and planned communities are becoming a dominant force to be reckoned with. HOAs are quasi-governments that collect mandatory fees to pay for services and enforce architectural standards and rules in the same way that any government can. Like other forms of government, if you choose to live there, opting out of fees and controls is not an option. When you buy into an HOA, you automatically agree to be subject to its authority.
As by now you are aware, the Internet shines when used as it was meant
News travels fast. Right now, there is a rumor circulating that less than 95% of REALTORS® make no money with their Web sites. This is in spite of the fact that 18% of buyers used the Internet in their search for a home in 1997. Many estimate that figure to as much as double in 1998.
Virtually every real estate broker has a presence on the Internet today. But many of these sites are basically boring static pages with stale "About Us" descriptions and little else of value other than to retrieve agent profiles and current listing information - not very exciting stuff by itself.
Did you hear about the agent who said, "I didn"t understand that I was supposed to connect to the Internet to check my e-mail!" By the time someone helped her open her e-mail she had 269 messages, including one from last Christmas, saying, "We are transferring there next month and would like your help."
The one thing missing from the real estate Web sites is a live response. Many people want the personal interaction they get from talking with another human being, especially when they have questions that need immediate answers. Consumers key in their e-mail addresses, the nature of their request and often don"t get a response for up to 12 or 48 hours, and sometimes, not at all.
The expired listing is one of the easiest sources of inventory for a savvy agent. Most homeowners who have experienced the marketing process without a sale are disillusioned by the lack of satisfaction from the initial listing agent, making it an easy addition to your inventory when you just ask the right questions to make it yours. The questions you ask will offer you the blueprint for meeting the expectations of the property owner, while offering you an insight as to what other challenges may have prevented the property from selling in the first place.
It"s a beautiful sunny day, and you decide that it would be perfect to venture out and do some farming. But, you have never done this before and you fear that you"ll be wasting your time. After all, everyone knows that farming is a hit or miss thing and doesn"t work most of the time. Why, to hear it told, thousands of agents are out in their fields farming their little fingers to the bone with little to show for it.
As a new agent you have a big challenge to appear as if you have been in the business a long time. Many of your prospects are going to be seeing you for the first time either at open houses
I am frequently asked if I recommend that agents send or drop off a pre-listing package before the actual listing appointment. You bet I do! Let’s face it; everything helps when the competition is stiff.
Not a day goes by in the life a busy real state agent that some thought of marketing does not cross their mind. The questions that run through agents" heads are the same no matter where they live, from coast to coast. Am I doing enough marketing? Is the marketing I"m doing cost effective? How much of my annual income should I be allocating to marketing? Do I need a personal brochure? The list goes on and on.
We all know the key to more real estate sales is living in a place where everyone knows your name and immediately thinks of you when they hear “real estate.” The term for this sort of name recognition is “top of mind awareness.” The burning question, of course, is how to achieve top of mind awareness. In the past, you did it using the traditional forms of media: newspaper, radio, and television. Those forms of advertising still have their place but as more and more people go online to house hunt, a well-rounded marketing plan must give increasing weight to online promotion.
So you want to significantly increase your personal productivity and success in all areas of your life? You can
[Note: To follow is an excerpt of an interview with Anthony J. Buonicore, Chairman and CEO of Buonicore Partners, LLC, publisher of the daily newsletter, Building Energy Performance News and a nationally recognized expert on energy and environmental issues as they impact property. To listen to the show archive or download an MP3, go to www.IncomePropertyInvestmentTalk.com/011409.]
You need confidence in the beginning, but what does that mean? You came into this business confident that you would make a sale immediately and have tons of money coming in. Then reality set in. It was much harder than you thought—people weren’t calling you; people were asking questions that you were not sure of the answers; you didn’t know what to do with your time; you didn’t completely understand the sales contract and so couldn’t get people comfortable to sign it; and so on.
Everyone has a preferred method of marketing to the for-sale-by-owner. One of our most successful methods has always been to offer the owners free information. The security tips listed below are particularly effective, as they plant a seed in the owner’s mind about the advisability of allowing strangers into the house.
Think perversely? What?! Just the sound of the word itself conjures up images of... well, take your pick. But "perversion" actually means deviation. So "perversely" simply means the act of doing something that deviates from the usual way of doing things. And that can be good for a Realtor®.
Editor"s Note: This is Part III of a four part series: All About Online Classifieds If you missed any part of the series, you can read it here:Part I: Why Classifieds Have Migrated to the Internet Part II: Getting the Most From Paid, Low-cost, and Free Online ClassifiedsPart IV: The Best Classifieds Online
Editor"s Note: This is Part I of a four part series: All About Online Classifieds. Part II can is available at: Getting the Most From Paid, Low-cost, and Free Online Classifieds
The e-PRO is the first new certification to be offered by the National Association of REALTORS® in years. And according to the e-PRO course architect, Michael Russer, it will be among the most challenging to earn. The very visibility of the e-PRO will mean the polarization of the real estate industry separating those who can cut it on the Internet and those who can"t.
Like it or not, FSBOs make up anywhere from 15 percent to 35 percent of available home inventories, depending on individual markets. That"s a lot of homes! Although many FSBO homeowners can be convinced to list with Realtors after receiving a few bad offers or none at all, as long as there"s a sign in the yard, FSBO properties are a hazard to Realtors.
You can put a positive spin on anything, and more often than not, you have
You"ve seen the unassuming agent who quietly takes consistent actions and
REALTOR® associations and MLS organizations are being phased out of the
As condo sales continue to hit bottom on resales in metro area after metro area, New Jersey water front is still all the rage across from the Big Apple. A piece in the Hudson Reporter states that "the resurrection of Journal Square, the possible rise of an 80-story office tower near the Hoboken train station, two new luxury hotels near the Hudson County waterfront, and the long-awaited opening of the retail and entertainment complex Xanadu in the Meadowlands will be the main topics of development discussion in 2009."
The generation gap isn"t just a phrase from the "60s. It still exists. Each
If you just take the information compiled by the National Association of REALTORS® bi-annual survey
Turn to the back of any business opportunity type magazine and you"ll see
Despite the popularity of the Internet and its ability to open the doors of listed homes to the viewer with multiple photos and stop action tours, nothing takes the place of the buyer being able to see the home in person. For that reason alone, the open house will continue to be one of the most effective marketing tools for agents, and a compelling reason to have a real estate agent involved in the transaction.
As a listing agent, you must walk a fine line with your client when it comes to telling them the "awful truth" about their home"s shortcomings. You know that overcoming these "objectionables" will position the home to compete with others on the market, but your seller may view your suggestions as overly critical. You want to tell them what absolutely must be fixed and what has to be hidden out of sight. And all or most of the work needs to be done as soon as you get the listing agreement signed before you put the home in the MLS system.
Good real estate markets bring out a plethora of agents, the way April showers bring May flowers. What"s a professional to do? Here is a great way to get the racer"s edge on listing presentations, especially when the competition is: the next door neighbor, or the wife"s best friend, or some other family acquaintance who just happens to have a real estate license.
Would you like to try something different in the way of a business card? You can design and print your own card and other kinds of cards that can help you in your business.
One of the most popular features on the Agent News site is the Site of the Day. This is where Realtors can find the best-looking, most informative sites to admire and where consumers can find the most "Net service-oriented Realtors. We discovered that a few of our favorites had the same designer in common, 4 Guys Web Design Group.
Realigent, Inc., formerly known as HomeSeekers, and Realty Times have signed a multi-year agreement designating Realigent as a preferred distributor of Realty Times" lead generation and customer contact/lead retention products for real estate professionals.
Realty Times, the Internet"s leading real estate news service, has named Peter G. Miller as its new publisher.
Blanche Evans, publisher of Agent
Homestore CEO Mike Long has a short-term nasty job with a long-term bright outlook. Sort of like inheriting a money pit of a house, Long was overwhelmed by the mess left behind by former management, but he also has the vision to see what a gem of a company he can build with his remodeling skills.
When it comes to real estate salespeople there"s a lot of movement. Like the rest of us, real estate licensees are a mobile group both in terms of communities and jobs. Salespeople move and when they relocate they routinely work for a new brokers. And even when they stay in the same community it"s not unusual for a salesperson to switch brokerages from time to time.
In an exclusive interview with Realty Times editor, Blanche Evans, VISTAinfo
972-248-5402
According to Dr. Jonathan Cutler, President of SettlementRoom The alliance with REcyber.com is a perfect fit for us since the Society shares our vision for using technology as a tool to maximize efficiency and organize the hundreds of communications and documents that bog down every real estate transaction. REcyber.com and its thousands of Society members clearly understand the technology and marketing needs of real estate professionals. We are very proud that REcyber.com has chosen our system for their members.
During news broadcasts, the local television affiliates actively encourage consumers to log on to their news channel"s Web site for the most up-to-date local information. On the home page of these sites, consumers are presented with the "Real Estate" channel, which features REALTOR.com®, the official site of the National Association of REALTORS®; HomeBuilder.com(TM) and Homestore.com(TM) Apartments and Rentals as well as Homestore.com"s "Mortgage" and "Home Affordability" calculators. Through this agreement, Homestore is putting valuable information, including real estate providers and their properties, in the hands of the nearly six million unique users that rely on IBS and their Web sites for local coverage each month.
Ozonian was appointed president of REALTOR.com®, the official Internet site of the National Association of Realtors® (NAR), in May 2000. He previously served as chairman and chief executive officer of Prudential Real Estate and Relocation Services, where he helped revolutionize the real estate sales and relocation industry through the creation of innovative computer systems and software, and the design and implementation of groundbreaking marketing tactics. Among his many accomplishments was the launch of the eCertification program, which trains and certifies real estate professionals to use emerging technologies to better serve online consumers. Prior to Prudential, the MBA graduate from Loyola University served as senior vice president for Coldwell Banker, building its residential real estate and relocation business. He also was associated with Chicago Title from 1977 to 1984 as director of real estate services.
Real estate media and technology supplier Homestore, Inc. (HOMS, Trade) today reported its financial results for the quarter ended June 30, 2002.
Homestore (NASDAQ:HOMS - News) reported its financial results for the
Since its inception in 1986, the
Company leaders from Realty Executives International recognized
"We thank Richard for his service to the Homestore Board and look forward to the continued development and growth of Homestore"s comprehensive relationship with Cendant"s residential real estate franchise operations represented by Coldwell Banker, Century 21 and ERA,"" said Mike Long, Homestore"s Chief Executive Officer.
ERA Franchise Systems, Inc., one of the world’s residential real estate leaders, continued its remarkable growth in 2001, posting a 62 percent increase in core franchise sales as compared to 2000.
Realty Executives International agents from around the globe will
The Weichert Family of Companies shattered its all-time annual dollar volume
In a move that signals strong support of the Realtorš community, Fidelity
CNNMoney is reporting that consumer confidence is down again. In fact, it is at an all-time low.
HomeBuilder.com(TM), and the Builder Homesite Consortium, two of the
designed to align the company more tightly with its core real estate, builder
A class action was filed in Palm Beach County Circuit Court against Arvida
Want to know the latest rules and case law affecting real estate?
For the third consecutive year, global real
Because of the large number of
U.S. Housing and Urban Development Secretary Steve Preston today awarded $26.5 million in "sweat equity grants" to produce at least 1,540 homes for lower income first-time homebuyers. Three non-profit housing providers will use HUD"s grants to construct or rehabilitate homes along with contributed labor from the homebuyers and volunteers.
REALTOR Magazine,
Prudential Atlanta/Georgia Realty has started a unique
Interealty Corp., a leading
The Internet ratings report for the
HomeSeekers.com (NASDAQ: HMSK), a leader in online real estate technology
HomeSeekers.com (NASDAQ: HMSK) has entered into a strategic relationship
HomeSeekers.com has entered an agreement with Newport Capital Holdings of
he Real Estate Brokerage Managers Council will hold its annual conference,
For the second time, Sanctuary, a private golf course in the foothills south
Fidelity National Financial,
-- James M. Weichert, president, has announced that Weichert, Realtors
Conducting a criminal search when screening
The Prudential Real Estate Affiliates Inc. announced today that it
According to a recent review written by syndicated real estate columnist Bob
[Note: To follow is an excerpt of an interview with Adrian Arriaga, CCIM, Certified Commercial Investment Member. He’s Broker/Owner of AAA Real Estate & Investments in McClelland, Texas and Jose Luis Pascual, SVP/Director of International Markets and Alternative Delivery Channels and Nathaniel Karp, SVP/Economic Research with BBVA Compass Bank or Banko Bilboa Vizcaya Argenta. To listen to the show archive or download an MP3, go to www.IncomePropertyInvestmentTalk.com/112608.]
HomeSeekers.com Software Solutions, having recently acquired IRIS, (Inc. 500,
According to employee reports to an Internet company with an unmentionable
The Austin Board of REALTORS and eRealty.com have reached a settlement in
Jan Baker, the managing broker of the Prudential Georgia Realty
The Weichert Family of Companies posted $25 billion in total company volume,
HomeBuilder.com™, the new homes Web site of Homestore.com, Inc. (Nasdaq:
provider of new home listings online, today announced that it has launched a
as president, COO, and a member of the board of directors of Homes.com. He is
The ads will target the 25 to 54 age group, and will utilize humor and unusual settings, according to creative director David Rea.
The company institutes a two-week training program that concentrates on topics that apply to making a living in real estate, according to company president, Virginia E. Cook.
Fred C. Sands, founder and CEO of Fred Sands Realtors, one of the nation"s top five largest real estate companies has announced the firm"s expansion into the Hacienda Heights area with Fred Sands Unique Properties and into Northern California"s Sonoma County area with Fred Sands Hurd Real Estate in Santa Rosa.
The world has changed dramatically in the last 50 years. There has been more innovation and more technological progress in the last 80 years than there were in the previous years added together since the beginning of time.
Century 21 Real Estate Corporation’s Hispanic campaign will be expanded this year
Allen Sabbag, president, Better Homes and Gardens Real Estate Service has selected June D. Slusser, as the new senior vice president, franchise development, Eastern region.
NAR has recently added a new certification program for REALTORS to help them better serve the increasingly diverse minority market. Entitled "At Home With Diversity: One America," the course aims to equip real estate professionals with information and marketing skills needed to offer home ownership opportunities to the growing number of multicultural and minority buyers.
According to the latest report from the U.S. Commerce Department, sales of new single-family homes were down in October.
You know that your credit is good. You certainly make enough money and it"s obvious that you can afford the new mortgage. So why did the lender suggest a "Portfolio" loan when you didn"t qualify for a conventional mortgage? Good question. Why indeed?
Something weird is happening. It"s hard to explain, yet you know that appearances can fool you. That"s right. The Annual Percentage Rate for ARM Hybrids are actually lower than its corresponding Note Rate. And you thought you were the only one to notice!
Question: I am a self-employed consultant and I have two primary clients. My annual contracts with these customers agree to pay me over $150,000 per year in fees. I recently applied for a $400,000 mortgage to purchase a house and I locked into a great interest rate. A week later, after I sent the lender my tax returns, he calls me up and says that I don"t qualify for the loan because my income is insufficient. He says that even though I make $150,000, my tax returns show nearly $100,000 in expenses. Mr. Savage, isn"t the job of a good accountant to reduce my income on paper so I pay less tax? And shouldn"t a loan officer know that self-employed people always show less income on their tax return than they really make? My credit is great and I"m putting down 20 percent, but the loan officer says I have to take a program with a higher rate that doesn"t verify income. What"s your take on this? Should I switch lenders?
Question: I very much enjoyed last week"s column on 103 percent financing and I"m wondering if this is my ticket to home ownership. Here"s my situation. I went through a nasty divorce and had to file for bankruptcy in 2000. I make a good six figure salary so I think I will be able to afford a mortgage. I"m looking for a zero down loan because I don"t have any significant savings. Is this program right for me?
Opportunities for real estate agents to build a profitable new homes niche in their markets could explode in 2010. Traditional new homes marketing is out. Innovative value-driven service is in. What were sold as leading edge marketing tools no longer matter. Such as:
Don"t refinance your home mortgage--with all the attendant hassles and closing fees. Instead, “modify” it at minimal cost.
You hate it, don"t you? You found, without a doubt, the absolute lowest interest rate on the planet. Not just that, but the loan company had no fees whatsoever. You could hardly lose, right? Except for the fact that now the loan papers you"re looking at appear nothing like what you agreed to. Your interest rate is higher than what you locked, and your closing fees are about $3,000 higher than your Good Faith Estimate. What do you do? You have to close on your house, right? Don"t loan companies have to follow certain laws?
The real estate sales business, like all other businesses in the world, is in a techno-revolution. The new technology in the world has created tremendous changes and growth in our industry. Agents and companies are dramatically changing the way they do business to take advantage of this vast new frontier. And technology is moving at a faster rate everyday. As an Agent, you must prepare and learn to capitalize on this revolution.
Credit bureaus say it’s one of the most useful trends to hit the mortgage market in years. Yet most home loan applicants--and some mortgage brokers and realty agents--still don’t know about it.
Could your credit score come in artificially low in your next mortgage application because your lender is using an outdated credit score software model? And could that, in turn, potentially disqualify you for the lowest possible mortgage rates and fees?
McLean, VA – In Freddie Mac"s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.88 percent, with an average 0.7 point, for the week ending February 8, 2002, down from 7.02 percent last week. Last year at this time, the 30-year FRM averaged 6.98 percent.
Did you ever think there would be that much paperwork just to apply for a loan? Did you ever wonder where all those people suddenly came from, wanting you to sign this and verify that? Didn"t you already tell your loan officer everything?
Mortgage rates have risen considerably in the last couple of months. Back in November, interest rates for 30-year conventional financing was as low as 6.25 percent with no points. Today, expect to pay about 6.75 percent.
[Note: To follow is an excerpt of an interview with Elliott Eisenberg, senior economist of the National Association of Homebuilders in Washington, DC, and Michael Anderson, Managing Member and Founder of Salt Lake City-based RealSource, a leader in multifamily research and tenant in common deals [www.realsource.net/bestoftimes]. To listen to the show archive or download an MP3, go to www.IncomePropertyInvestmentTalk.com/110508.]
Just about every homeowner knows that 2001 was the year of the Great Refi Boom, when millions of Americans took advantage of low interest rates to cut their monthly loan payments and pull out thousands of dollars of tax-free cash.
McGraw-Hill Construction, a part of The McGraw-Hill Companies, in partnership with the National Association of Home Builders (NAHB) National Green Building Program, released the full update to its 2006 study with 2008 green home building data. The new SmartMarket® Report, The Green Home Builder: Navigating for Success in a Down Economy, covers market opportunities, key triggers and obstacles, and trends in green home building practices from 2001 to 2007, such as the impact of the down market on this sector.
The loan limit for "conventional" or "conforming" financing will increase 9.3 percent from $275,000 to $300,700 for single-family homes as of January 1st, according to announcements made by both Fannie Mae and Freddie Mac.
Question: Our current mortgage carries an interest rate of 8.25 percent, and several friends have strongly suggested that we refinance. Exactly what does that mean? Are there costs associated with this process, and what kind of mortgages are available? This is our first home and we will probably stay here for a long time.
I regularly receive e-mails from readers who desperately want to buy a house but just seem to be in dire straits financially. Beyond that, they are dismayed at the ever-increasing price of their rent and housing in general. In addition, they just can"t seem to make more money. They are in industries that will not provide them more opportunity than what they have now.