Sunday, March 22, 2009
Our Stimuls Program: Save Hundreds, Maybe Thousands.
Housing has always led the way out of economic downturns. To play our part in re-invigorating the real estate market, Waterfront Properties of Maine will contribute 20% of their commission to our Buyer’s closing costs on any sale completed before July 1, 2009. Depending on the size of the sale, this could amount to several hundred – to possibly several thousand dollars in savings…
Tuesday, March 3, 2009
Obama's Stimulus Program: Free Money, Other Perks
With the signing of the American Recovery and Reinvestment Act of 2009, the federal government has made some bold and unprecedented moves to stimulate the housing market.
America’s home buyers and homeowners will soon have:
1) Lower interest rates for home mortgages, probably in the 4% range.
2) A greater ability to get financing through FHA, Fannie Mae and Feddie Mac in high cost areas.
3) Foreclosure mitigation and short sale standards.
4) A true tax credit incentive to buy a home NOW. If you are a first time home buyer or have not owned a home in the last 3 years, and you purchase a home this year of 2009, have an adjusted gross income of less than $75,000 ($150,000 on a joint return), then it is likely that you will qualify for $8000.00 tax incentive which is almost FREE money that you won’t have to repay, unless you resell your home in the next 3 years.
For more details, you can go to either http://www.federalhousingtaxcredit.com/2009/faq.php or to http://mainerealtors.com/First-TimeHomebuyerTaxCreditFAQ.pdf.
America’s home buyers and homeowners will soon have:
1) Lower interest rates for home mortgages, probably in the 4% range.
2) A greater ability to get financing through FHA, Fannie Mae and Feddie Mac in high cost areas.
3) Foreclosure mitigation and short sale standards.
4) A true tax credit incentive to buy a home NOW. If you are a first time home buyer or have not owned a home in the last 3 years, and you purchase a home this year of 2009, have an adjusted gross income of less than $75,000 ($150,000 on a joint return), then it is likely that you will qualify for $8000.00 tax incentive which is almost FREE money that you won’t have to repay, unless you resell your home in the next 3 years.
For more details, you can go to either http://www.federalhousingtaxcredit.com/2009/faq.php or to http://mainerealtors.com/First-TimeHomebuyerTaxCreditFAQ.pdf.
Tuesday, February 3, 2009
Fall In Home Prices Boost Sales
Fast-dropping interest rates and the most affordable homes in more than three decades helped prop up the staggering residential real estate market in December, according to a report released Tuesday.
The pending home sales index increased 6.3 percent to 87.7 in December, the first gain since August, according to the National Association of Realtors. The December figure is also 2.1 percent higher than the same month in 2007.
The closely watched index is a forward-looking indicator based on contracts signed in December -- or basically the number of home sales in process. The West region had a mixed report with the index declining 3.7 percent to 97.5, but was 17.5 percent better than December 2007.
“The monthly gain in pending home sales spurred by buyers responding to lower home prices and mortgage interest rates more than offset an index decline in the previous month,” NAR chief economist Lawrence Yun said in a news release. “The biggest gains were in areas with the biggest improvements in affordability.”
The NAR’s Housing Affordability Index increased 10.9 percent to 158.8, the highest since the index started in 1970.
“Significant uncertainty still clouds the housing market despite improved affordability conditions,” Yun said. “For a sustainable housing market recovery and, hence, sustainable economic recovery, we need a significant housing stimulus and mortgage availability for qualified buyers.”
February 3, 2009
San Francisco Business Times
The pending home sales index increased 6.3 percent to 87.7 in December, the first gain since August, according to the National Association of Realtors. The December figure is also 2.1 percent higher than the same month in 2007.
The closely watched index is a forward-looking indicator based on contracts signed in December -- or basically the number of home sales in process. The West region had a mixed report with the index declining 3.7 percent to 97.5, but was 17.5 percent better than December 2007.
“The monthly gain in pending home sales spurred by buyers responding to lower home prices and mortgage interest rates more than offset an index decline in the previous month,” NAR chief economist Lawrence Yun said in a news release. “The biggest gains were in areas with the biggest improvements in affordability.”
The NAR’s Housing Affordability Index increased 10.9 percent to 158.8, the highest since the index started in 1970.
“Significant uncertainty still clouds the housing market despite improved affordability conditions,” Yun said. “For a sustainable housing market recovery and, hence, sustainable economic recovery, we need a significant housing stimulus and mortgage availability for qualified buyers.”
February 3, 2009
San Francisco Business Times
Thursday, December 18, 2008
Some Christmas Cheer -- Zero Interest Rates !!!
In an action that was unprecedented in its 95 year history, the Federal Reserve cut its benchmark interest rate (the rate banks charge each other) to as low as zero Tuesday, a surprisingly strong move that should make it cheaper to borrow money and pay some obligations.
The Fed hopes lower borrowing costs will entice people and businesses to spend more, helping the economy. Citing "weak economic conditions" the Fed said it expected to keep its funds rate at "exceptionally low levels...for some time to come.
For consumers, the Fed move essentially means money is now on sale. Most observers now expect mortgage rates to get to 4 1/2% next year, maybe even lower.
The Fed also cited a program it announced late last month to buy $600 billion in debt and mortgage-backed securities from mortgage giants Fannie Mae and Freddie Mac, which has already pushed mortgage rates down.
And early next year the Fed, in another previously announced program, plans to roll out a $200 billion program to boost the availability of auto loans, student loans, credit card loans and other lending to consumers.
The Federal Reserve's statements yesterday can give us all something positive to take with us over the holidays...evidence the Fed will take steps next year to drive down mortgage rates and help home sales and prices.
The Fed hopes lower borrowing costs will entice people and businesses to spend more, helping the economy. Citing "weak economic conditions" the Fed said it expected to keep its funds rate at "exceptionally low levels...for some time to come.
For consumers, the Fed move essentially means money is now on sale. Most observers now expect mortgage rates to get to 4 1/2% next year, maybe even lower.
The Fed also cited a program it announced late last month to buy $600 billion in debt and mortgage-backed securities from mortgage giants Fannie Mae and Freddie Mac, which has already pushed mortgage rates down.
And early next year the Fed, in another previously announced program, plans to roll out a $200 billion program to boost the availability of auto loans, student loans, credit card loans and other lending to consumers.
The Federal Reserve's statements yesterday can give us all something positive to take with us over the holidays...evidence the Fed will take steps next year to drive down mortgage rates and help home sales and prices.
Friday, October 31, 2008
Waterfront Buying: Top 10 Tips from Agents
By Shannon Petrie, FrontDoor.com | Published: 9/24/2008
Before purchasing that dream home, master these tips from the experts.
From pre-approval to paying points, buying a home is always a complicated process. But throw "waterfront" in the mix, and things get even more complex. Fortunately, real estate agents who regularly deal with waterfront properties know the ins and outs of this process. These 10 tips from the pros will give you a heads-up on what to expect when purchasing a home by the water.
1. Find a real estate agent who's a true waterfront specialist. The average agent won't have the detailed knowledge of waterfront properties in your area to help you find the best deal on a property that's right for you, says Ramara Garrett, owner of Waverly Property Group in Daytona Beach, Fla. "You may think you've found a great deal, but the reason it's a great deal is because there are oyster beds and people can't get their boats in and out," Garrett says.
2. Consider the property more than the structure. "Oftentimes, people fall in love with a house, but after they buy it, they realize the swimming is mucky, the view's not very good, it's difficult to get down to the water, or the place is not very private," says Tom Ferent, a broker with Mr. Lakefront, which specializes in lakefront properties in Maine. You can change the house, but you can't change the location, so buy a property that you really love.
3. Choose a property that truly fits your lifestyle. You may find a beautiful property for sale, but it's half an hour away from getting out to the ocean. "If you love to go out deep-sea fishing, that's going to make a difference in how often you actually do it," Garrett says. Focus on the activities you're passionate about and choose a property accordingly.
4. Look into loans early. Since many waterfront properties are more expensive than other properties, loans will often fall into the jumbo mortgage category, Garrett says. Lenders will therefore only consider very qualified buyers. "Buyers ought to start that process before they start looking for a property because that can take a lot longer than a normal home loan," Garrett says.
5. Make sure the structure can withstand the weather. Waterfront homes receive more abuse from the elements than the average home, so extra measures should be taken to protect them. For instance, Garrett recommends investing in storm shutters for homes in hurricane-prone areas and stainless-steel locks to avoid corrosion from salt air.
6. Insurance can be costly and complicated. Look into this early to make sure you know what you're getting into. For instance, Garrett says waterfront homeowners in Florida have to buy three policies (a wind policy, a flood policy and a general hazard policy) typically not all through the same insurer.
7. Find out what you can do with the property. If you want to make any changes to your waterfront property, such as adding a dock or a seawall, start this process early to ensure that these alterations will be possible. "Government agencies are very strict to deal with, and you don't want to commit to purchasing a million-dollar home without knowing that you can really do what you want to make it your own," Garrett says. Also find out what kind of activities are allowed on the body of water, as some areas have restrictions on jet skis, speedboats and other watercraft, says Les Taylor, principal broker of Waterfront Properties of Maine.
8. Talk to neighbors. Get insider information from neighbors by asking if they enjoy living in the community, if they have any issues with the property you're thinking about purchasing, or if there are any waterfront-related problems, Taylor says.
9. In rural areas, look into utilities. Waterfront buyers who are accustomed to the convenience of suburban life may assume that electricity, clean water, an adequate septic system, cable and Internet will be readily available at their new property, but this is not always the case. Bringing these services in to remote areas can be very expensive, says Taylor, so investigate these issues before buying.
10. Get to know your responsibilities as a waterfront homeowner. If you're part of a homeowners association, find out what kind of upkeep and maintenance of the property will be required from you by reviewing the conditions, covenants and restrictions, or CC&Rs, and talking to the HOA's management company, says Gordon Baker of Re/Max Elite in Chandler, Ariz.
Before purchasing that dream home, master these tips from the experts.
From pre-approval to paying points, buying a home is always a complicated process. But throw "waterfront" in the mix, and things get even more complex. Fortunately, real estate agents who regularly deal with waterfront properties know the ins and outs of this process. These 10 tips from the pros will give you a heads-up on what to expect when purchasing a home by the water.
1. Find a real estate agent who's a true waterfront specialist. The average agent won't have the detailed knowledge of waterfront properties in your area to help you find the best deal on a property that's right for you, says Ramara Garrett, owner of Waverly Property Group in Daytona Beach, Fla. "You may think you've found a great deal, but the reason it's a great deal is because there are oyster beds and people can't get their boats in and out," Garrett says.
2. Consider the property more than the structure. "Oftentimes, people fall in love with a house, but after they buy it, they realize the swimming is mucky, the view's not very good, it's difficult to get down to the water, or the place is not very private," says Tom Ferent, a broker with Mr. Lakefront, which specializes in lakefront properties in Maine. You can change the house, but you can't change the location, so buy a property that you really love.
3. Choose a property that truly fits your lifestyle. You may find a beautiful property for sale, but it's half an hour away from getting out to the ocean. "If you love to go out deep-sea fishing, that's going to make a difference in how often you actually do it," Garrett says. Focus on the activities you're passionate about and choose a property accordingly.
4. Look into loans early. Since many waterfront properties are more expensive than other properties, loans will often fall into the jumbo mortgage category, Garrett says. Lenders will therefore only consider very qualified buyers. "Buyers ought to start that process before they start looking for a property because that can take a lot longer than a normal home loan," Garrett says.
5. Make sure the structure can withstand the weather. Waterfront homes receive more abuse from the elements than the average home, so extra measures should be taken to protect them. For instance, Garrett recommends investing in storm shutters for homes in hurricane-prone areas and stainless-steel locks to avoid corrosion from salt air.
6. Insurance can be costly and complicated. Look into this early to make sure you know what you're getting into. For instance, Garrett says waterfront homeowners in Florida have to buy three policies (a wind policy, a flood policy and a general hazard policy) typically not all through the same insurer.
7. Find out what you can do with the property. If you want to make any changes to your waterfront property, such as adding a dock or a seawall, start this process early to ensure that these alterations will be possible. "Government agencies are very strict to deal with, and you don't want to commit to purchasing a million-dollar home without knowing that you can really do what you want to make it your own," Garrett says. Also find out what kind of activities are allowed on the body of water, as some areas have restrictions on jet skis, speedboats and other watercraft, says Les Taylor, principal broker of Waterfront Properties of Maine.
8. Talk to neighbors. Get insider information from neighbors by asking if they enjoy living in the community, if they have any issues with the property you're thinking about purchasing, or if there are any waterfront-related problems, Taylor says.
9. In rural areas, look into utilities. Waterfront buyers who are accustomed to the convenience of suburban life may assume that electricity, clean water, an adequate septic system, cable and Internet will be readily available at their new property, but this is not always the case. Bringing these services in to remote areas can be very expensive, says Taylor, so investigate these issues before buying.
10. Get to know your responsibilities as a waterfront homeowner. If you're part of a homeowners association, find out what kind of upkeep and maintenance of the property will be required from you by reviewing the conditions, covenants and restrictions, or CC&Rs, and talking to the HOA's management company, says Gordon Baker of Re/Max Elite in Chandler, Ariz.
Saturday, October 25, 2008
Home Resales Rose More Than Forecast
Home resales in the
Purchases of existing homes jumped 5.5 percent last month to a 5.18 million annual pace, the highest level in a year, the National Association of Realtors said today in
Economists said sales figures for this month and next will be critical in determining whether sales have reached a bottom as predicted by the Realtors' group.
Resales were forecast to rise to a 4.95 million annual rate from a 4.91 million pace in August, according to the median estimate of 66 economists in a Bloomberg News survey. Projections ranged from 4.7 million to 5.11 million.
One-Year Increase
Sales rose 1.4 percent compared with a year earlier, the first year-over-year increase since November 2005. Resales totaled 5.65 million in 2007.
Today's figures compare with the 4.86 million level reached in June, the lowest in a decade and 33 percent down from the record reached in September 2005.
Foreclosure-related sales accounted for 35 percent to 40 percent of last month's total, the agents' group said. Of those, about 80 percent were for primary residence, higher than the average of about 75 percent and signaling that investors are not a primary reason for the jump, said Lawrence Yun, the group's chief economist.
``In terms of sales, I think we have bottomed out,'' Yun said in a press conference. ``The first step to housing-market stabilization is rising home sales. Hopefully, this trend can continue.'
Friday, September 12, 2008
An Invitation From Maine...
With the crisp air of autumn comes the chance to experience a quintessential fall weekend in Maine. For starters, you’ll be amazed at the glorious colors on display across the state. From quiet coastal villages to lakeside golf courses to scenic mountain passes, Maine offers a variety of settings for nature’s brilliant show. Another fall favorite is heading to an orchard for apple picking and a glass of cider fresh from the press. Or perhaps do a little fly fishing at one of our famous rivers. And be sure to leave some time for antiquing. A one-of-a-kind treasure is the perfect souvenir from your trip to Maine.
For more details and information about Maine's Fall events, go to www.visitmaine.com.
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