Friday, April 15, 2011
Thursday, April 7, 2011
March 2011 Market Update
March 2011 (106) saw a spectacular month for single family home sales. The Bullhead City real estate market had not seen this many sales since March 2010 (111). Although this March was down slightly from the same month last year, less than 1%, keep in mind the first time tax buyer credit was in full force last year. Another positive is that the average days a home was on the market dropped to 119 days. Our days on market have not been so few since January 2010 (109 days on market). It is clear that our local market continues to forge ahead as we move out of theses recession times.
Median sales price dropped during March ($100,500) from February ($115,400) as the number of home sales that were foreclosure properties claimed 54% of the market. Short sales accounted for 9% which left 37% of the market going to the “real person” selling their home. The median low sales price can also be attributed to the fact that 75% of the homes that sold during March 2011 in Bullhead City, Fort Mohave and Mohave Valley were under the $150,000 price point.
http://www.bhcrei.com/
http://www.facebook.com/#!/pages/Bullhead-City-AZ/Bullhead-City-Lake-Havasu-City-Real-Estate/103557883042331
Median sales price dropped during March ($100,500) from February ($115,400) as the number of home sales that were foreclosure properties claimed 54% of the market. Short sales accounted for 9% which left 37% of the market going to the “real person” selling their home. The median low sales price can also be attributed to the fact that 75% of the homes that sold during March 2011 in Bullhead City, Fort Mohave and Mohave Valley were under the $150,000 price point.
http://www.bhcrei.com/
http://www.facebook.com/#!/pages/Bullhead-City-AZ/Bullhead-City-Lake-Havasu-City-Real-Estate/103557883042331
Sunday, March 20, 2011
Sunday, March 13, 2011
February 2011 market Update
February 2011
The Bullhead City, Fort Mohave and Mohave Valley local real estate market saw interesting movement during February. Although the number of closed escrows dropped from 78 in January to 62 for February, our market experienced an increase in homes going under contract. The number of single family homes going under contract during February rose 63% from the previous month. Not only was this a huge increase over January, this is more homes under contract than any other month during 2010.
Average ($127,354) and median ($115,400) sales prices were down from January. This is directly related to the fact that we saw a rise in the number of home sales that were under $150,000. 74% of the homes that sold during February were under $150,000. Interestingly enough the number of home sales that were foreclosure properties dropped to a low of 46% of the sales. I have been tracking the number of foreclosure sales since January 2009 and this is the lowest percentage of foreclosure sales we have seen during any given month.
This is encouraging news, but we expect to see foreclosure sales playing a large part in our 2011 local real estate market. Realty Trac reported today, a 36 month low in foreclosure notice filings which is down 27% from last year. Since Arizona is the number 2 state for foreclosures, this is really great news. It is too soon and there is not enough data to predict if foreclosure sales will continue to drop throughout this year but we remain hopeful.
Visit http://www.bhcrei.com/
The Bullhead City, Fort Mohave and Mohave Valley local real estate market saw interesting movement during February. Although the number of closed escrows dropped from 78 in January to 62 for February, our market experienced an increase in homes going under contract. The number of single family homes going under contract during February rose 63% from the previous month. Not only was this a huge increase over January, this is more homes under contract than any other month during 2010.
Average ($127,354) and median ($115,400) sales prices were down from January. This is directly related to the fact that we saw a rise in the number of home sales that were under $150,000. 74% of the homes that sold during February were under $150,000. Interestingly enough the number of home sales that were foreclosure properties dropped to a low of 46% of the sales. I have been tracking the number of foreclosure sales since January 2009 and this is the lowest percentage of foreclosure sales we have seen during any given month.
This is encouraging news, but we expect to see foreclosure sales playing a large part in our 2011 local real estate market. Realty Trac reported today, a 36 month low in foreclosure notice filings which is down 27% from last year. Since Arizona is the number 2 state for foreclosures, this is really great news. It is too soon and there is not enough data to predict if foreclosure sales will continue to drop throughout this year but we remain hopeful.
Visit http://www.bhcrei.com/
Tuesday, February 22, 2011
Foreclosure Alternative: The Short Sale
Foreclosure Alternative: The Short Sale
Facing foreclosure and tempted to stay in your home until the bank pulls it out from under you? Bad idea. Don’t do it. A much more graceful exit is a short sale, an agreement between you and your lender to sell your home for less than you owe. Although there’s no guarantee that your lender will let you avoid foreclosure with a short sale, new government regulations are aimed at encouraging lenders to do so.
Short sales get government incentives
Although short sales are not hassle-free, at least you’ve got the government backing you. The Home Affordable Foreclosure Alternatives (HAFA) program provides financial incentives for lenders and borrowers to avoid foreclosure through short sales or deeds in lieu of foreclosures.
Participation in the HAFA program requires adherence to guidelines—including a standard process and minimum timeframes—that speed the process, says Dallas-based REALTOR® Tom Branch, co-author of Avoiding Foreclosure: The Field Guide to Short Sales. The HAFA program is for homeowners who can’t keep their homes with the help of a loan modification.
Advantages of a short sale
You can be a homeowner again more quickly with a short sale in your past than with a foreclosure. New Fannie Mae guidelines help you qualify for a new mortgage in as little as two years after a short sale, as opposed to up to seven years after a foreclosure.
You will have more time to make relocation plans and save money than with a deed in lieu. A short sale may take four to 12 months. A deed in lieu of foreclosure arrangement typically requires you vacate your home within 30 to 60 days of signing, according to real estate attorney Lance Churchill.
You can receive up to $3,000 from your lender for moving expenses at the time of closing of a HAFA short sale or a HAFA deed in lieu of foreclosure. Relocation funds are part of the incentives of HAFA, but not necessarily for other short sale or deed in lieu programs of the lenders.
You can help your community’s home values. Because the lender often receives a higher amount of the remaining loan balance than it would from the sale of a home after a foreclosure, short sales help support home values in the surrounding community.
Disadvantages of a short sale
Your credit score will take a severe hit. But that would happen anyway with a foreclosure. Fair Isaac, creator of the FICO score, says foreclosure and short sales have virtually identical impacts on your credit score. VantageScore—a company that has created a credit score model for consumers—says a short sale will lead to only a marginally lighter hit when compared with foreclosure.
You may owe additional taxes. In the past, if your outstanding mortgage was $100,000 and your lender accepted a short-sale purchase offer of $90,000, you were liable for income tax on the forgiven $10,000, says Harlan D. Platt, economist and professor of finance at Northeastern University in Boston. However, the Mortgage Forgiveness Debt Relief Act of 2007, which runs through 2012, generally allows taxpayers to exclude income from the discharge of debt on their principal residence in some circumstances. Full relief is available only if the amount of forgiven debt doesn’t exceed the debt that was used to acquire, construct, or rehabilitate a principal residence. Consult a tax professional and an attorney to minimize or avoid this liability.
In some states, your lender may still be able to come after you for the difference between the short sale price and the amount needed to pay off the mortgage. Your actual agreement with your lender and state and local laws and regulations spell out the details. Consult a tax professional and an attorney to minimize or avoid this liability.
How to proceed with a short sale
Find a qualified REALTOR® experienced in short sales. Short sales are tough to navigate, and they’re further complicated by your loan type—FHA vs. Veterans Administration vs. conventional loans. Real estate agents who specialize in short sales will know the proper steps and order of the steps involved. They’ll also be able to navigate the many parties involved in the process and over-burdened loss mitigation departments. Look especially for agents who have Short Sales and Foreclosure Resource (SFR) Certification, which requires specialized training.
Gather evidence to support your need for a short sale as opposed to a foreclosure. You’ll need to prove that you have little or no equity in your home, you’re behind on your payments, and you’re no longer able to afford your home. You’ll need to write a hardship letter to the lender describing your circumstances, such as a divorce, job loss, illness, death, or other event that has impacted your income.
A short sale can be a time-consuming process, but if you can avoid foreclosure, it’s worth it in the long run.
http://www.bhcrei.com/
Facing foreclosure and tempted to stay in your home until the bank pulls it out from under you? Bad idea. Don’t do it. A much more graceful exit is a short sale, an agreement between you and your lender to sell your home for less than you owe. Although there’s no guarantee that your lender will let you avoid foreclosure with a short sale, new government regulations are aimed at encouraging lenders to do so.
Short sales get government incentives
Although short sales are not hassle-free, at least you’ve got the government backing you. The Home Affordable Foreclosure Alternatives (HAFA) program provides financial incentives for lenders and borrowers to avoid foreclosure through short sales or deeds in lieu of foreclosures.
Participation in the HAFA program requires adherence to guidelines—including a standard process and minimum timeframes—that speed the process, says Dallas-based REALTOR® Tom Branch, co-author of Avoiding Foreclosure: The Field Guide to Short Sales. The HAFA program is for homeowners who can’t keep their homes with the help of a loan modification.
Advantages of a short sale
You can be a homeowner again more quickly with a short sale in your past than with a foreclosure. New Fannie Mae guidelines help you qualify for a new mortgage in as little as two years after a short sale, as opposed to up to seven years after a foreclosure.
You will have more time to make relocation plans and save money than with a deed in lieu. A short sale may take four to 12 months. A deed in lieu of foreclosure arrangement typically requires you vacate your home within 30 to 60 days of signing, according to real estate attorney Lance Churchill.
You can receive up to $3,000 from your lender for moving expenses at the time of closing of a HAFA short sale or a HAFA deed in lieu of foreclosure. Relocation funds are part of the incentives of HAFA, but not necessarily for other short sale or deed in lieu programs of the lenders.
You can help your community’s home values. Because the lender often receives a higher amount of the remaining loan balance than it would from the sale of a home after a foreclosure, short sales help support home values in the surrounding community.
Disadvantages of a short sale
Your credit score will take a severe hit. But that would happen anyway with a foreclosure. Fair Isaac, creator of the FICO score, says foreclosure and short sales have virtually identical impacts on your credit score. VantageScore—a company that has created a credit score model for consumers—says a short sale will lead to only a marginally lighter hit when compared with foreclosure.
You may owe additional taxes. In the past, if your outstanding mortgage was $100,000 and your lender accepted a short-sale purchase offer of $90,000, you were liable for income tax on the forgiven $10,000, says Harlan D. Platt, economist and professor of finance at Northeastern University in Boston. However, the Mortgage Forgiveness Debt Relief Act of 2007, which runs through 2012, generally allows taxpayers to exclude income from the discharge of debt on their principal residence in some circumstances. Full relief is available only if the amount of forgiven debt doesn’t exceed the debt that was used to acquire, construct, or rehabilitate a principal residence. Consult a tax professional and an attorney to minimize or avoid this liability.
In some states, your lender may still be able to come after you for the difference between the short sale price and the amount needed to pay off the mortgage. Your actual agreement with your lender and state and local laws and regulations spell out the details. Consult a tax professional and an attorney to minimize or avoid this liability.
How to proceed with a short sale
Find a qualified REALTOR® experienced in short sales. Short sales are tough to navigate, and they’re further complicated by your loan type—FHA vs. Veterans Administration vs. conventional loans. Real estate agents who specialize in short sales will know the proper steps and order of the steps involved. They’ll also be able to navigate the many parties involved in the process and over-burdened loss mitigation departments. Look especially for agents who have Short Sales and Foreclosure Resource (SFR) Certification, which requires specialized training.
Gather evidence to support your need for a short sale as opposed to a foreclosure. You’ll need to prove that you have little or no equity in your home, you’re behind on your payments, and you’re no longer able to afford your home. You’ll need to write a hardship letter to the lender describing your circumstances, such as a divorce, job loss, illness, death, or other event that has impacted your income.
A short sale can be a time-consuming process, but if you can avoid foreclosure, it’s worth it in the long run.
http://www.bhcrei.com/
Wednesday, February 2, 2011
COMING SOON!!!
QR Codes!!! QR Codes are like bar codes that can be scanned with your smart phone and take the user to a specific web-site or url.... In the next month my listing signs will have QR Codes installed; along side other contact info; that will take a potential buyer to a virtual tour of your home along with contact information; so...a buyer can view the tour then press a button to call me directly to schedule an appointment to view your home.
Steve Kuncho
SFR Realtor
928-234-9560
http://www.bhcrei.com/
Steve Kuncho
SFR Realtor
928-234-9560
http://www.bhcrei.com/
Subscribe to:
Posts (Atom)