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6May

HUD’S “PowerSaver Program” Makes Energy Upgrades Affordable

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The U.S. Department of Housing & Urban Development (HUD) Secretary Shaun Donovan has announced a new energy upgrade program that offers creditworthy borrowers low-cost loans to finance energy improvements on
homes. The loans will be backed by the Federal Housing Administration (FHA). Under the program, qualified borrowers will be able to finance up to $25,000 in energy efficiency upgrades on a primary residence.
Energy Mortgages – The New Thing is Going GreenEnergy Cost
The announcement highlights the emergence of a new category of mortgage loans, referred to as ‘Energy Mortgages.’ Other major governmental entities have launched their own versions of ‘energy mortgages.’ Some target existing primary residences; others are for homes about to be purchased as primary residences. HUD’s program applies only to principal residences that are detached and single-family homes. PowerSaver offers preferential terms and “most participating lenders are expected to encourage owners to sign up for an energy efficiency analysis by a certified specialist.” The energy audit should help to document the projected amount of potential monthly savings.
More Details
The ‘energy audit’ should demonstrate a potential monthly energy savings sufficient to repay the amount of the loan. Borrowers must demonstrate creditworthiness. Qualifications include a minimum FICO score of “660,” and a debt-to-income ratio below 45 percent. Interest rates are currently between 5 percent and 7 percent, with up to a 20-year repayment period.
Positive Impact
It is estimated that the program will assist 30,000 homeowners and create 3,000 jobs. Many qualifying homeowners may see this as great way to lower energy bills and repay the loan with the savings earned.
Approved Lenders
Eighteen lenders have been selected to participate in the FHA “PowerSaver” pilot program. Click here for a FHA’s “PowerSaver” fact sheet.
4May

Accelerate Your Business By Successfully Selling HUD Homes!

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Are you interested in ramping up your business in 2011? The Federal Housing Administration (HUD) has one of the largest portfolios of affordable housing in the country. For savvy Realtors®, this represents a tremendous opportunity.
Join us for a FREE SEMINAR entitled “Successfully Selling HUD Homes.” Come and learn how to accelerate and re-energize your business while “Getting America’s Homeownership Back on the Road”.  The seminar will be held on Sunday, June 12, 2011 at the Omni Hotel in downtown Fort Worth, Texas. Registration for the REO course precedes this year’s REO- Expo, which begins June, 13. Attending the Expo is not required for “Successfully Selling HUD Homes” registration and attendance. The workshop will be hosted by HomeTelos and taught by nationally recognized instructor Margo McKay- Broughton, who has trained over 50,000 agents in 26 states. The course is comprehensive and will highlight latest updates from HUD and HomeTelos, HUD’s Asset Manager Contractor.
Join us for a high-energy, interactive seminar that can help to propel your business to the next level. Limited seating so register today! While attendance at REO Expo is not required to participate in this training, the planners of the conference have agreed to extend a $100 early registration discount until Tuesday, May 10th to those who do choose to attend. To get this discount, please use code HWFP when registering for the Expo.
4May

The Most Affordable Homes in America: Top 10 Bargain Cities for Home Buyers

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You have no doubt heard it said that cities with the fastest price appreciation are now the cities with the greatest deflation in home prices.  This holds true for many of the cities in the list below.  For example, Atlanta, Ga., “led the nation in new construction during the 10- year run-up before the bubble burst;” according to a recently released report by Deutsche Bank.  Atlanta now has the “most affordable homes in America.”


Huge Advantage to Purchase vs. Rent

The study shows Atlantans who rent are now paying 151% more per month than they could be paying if they purchased the equivalent property.  The median home price in Atlanta declined by 33% during the 2006-2010 housing crisis.  February 2011 sales indicate an additional 14% price drop versus the previous year.

Top 10 Best Cities For Homebuyers

  1. Atlanta, GA
  2. Orlando, FL
  3. Rochester, NY
  4. Cleveland, OH
  5. Tampa-St. Petersburg, FL
  6. Las Vegas, NV
  7. Jacksonville, FL
  8. St. Louis, MO
  9. Buffalo, NY
  10. Memphis, TN

Quality Report

There are many “Top 10” reports that leave us scratching our heads, but this report provides thorough documentation regarding how each city earned its spot on the list.  It also assesses how much money is being “left on the table” by those who choose to ‘rent versus buy’ in each market.  This is a great time to ensure the rent-versus-buy statistics are part of our marketing efforts.

Added Incentive

Brokers and owner occupant buyers should visit www.homepath.com for details on the 3.5% home buyer incentive from Fannie Mae.  It’s nationwide.  Check the details to see if your dream home purchase qualifies.

Visit our website for more information about buying and selling homes of every style, size and price range.

27April

Buyer Incentives for Fannie Mae Properties Nationwide!

‘Owner occupant’ buyers from coast to coast can earn an incentive on eligible Fannie Mae transactions which close on or before June 30, 2011.

This means that Brokers and Agents can accelerate the spring selling season by introducing prospective buyers to a spring buying advantage of up to 3.5% in closing cost assistance for eligible transactions.

The incentive applies to primary residences of “owner occupant” purchasers which meet specific criteria.  The incentive period applies to qualifying sales with offers submitted on or after April 11, 2011. All qualifying sales must close on or before June 30, 2011. (No exceptions)

Selling Agent SPECIAL INFO

If you are a Selling Agent who practices real estate in Arizona, California, Texas or Washington please immediately visit BidSelect.com and review the “disclaimers section” at the bottom of the property information page for properties in your state.

AFFORDABILITY BOOST

These new tools make properties even more affordable for qualifying buyers. Brokers now have more reasons to spring forward in “Getting America’s Homeownership Back on the Road”.

For full details on these exciting incentives, click here.

21April

HUD Launches National Fair Housing Month

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The Housing Agency has announced National Fair Housing Month, a national media campaign with the theme of fair housing rights and responsibilities. Throughout the month of April the agency will engage in a series of community dialogues on a range of related topics.

Recently 108 nonprofits and fair housing agencies were awarded $41 million to educate the public and to work to prevent housing discrimination in mortgage lending, rental and sales practices. Many of the agencies will “test” real estate related professionals and/or landlords to insure that their business practices meet mandatory standards.  Others will investigate housing complaints and educate the public.

The education of immigrants and society in general is a major goal.  HUD conducted its first “Immigrant Housing Conference” in Omaha, Nebraska on April 14th.

The “Live Free” campaign will begin with print media. The goal of the campaign is to emphasize the importance of ensuring fair treatment of those in “protected classes.”  This year’s focus will be the prevention of discriminatory practices based on “national origin.”

Neighborhood listing brokers, this would be an excellent time for real estate professionals on your team to huddle to ensure that all team members are current and in compliance with  Fair Housing legislation as it relates to the practice of real estate. It’s central to best practices, it is good for business and it is the law.

Read more about grant awardees and their specialty functions and this month’s “Live Free” campaign.

21April

QR Codes: Helping Sell Real Estate

QR codes have been around for a while now — a Toyota subsidiary created them in 1994. They are now making a big splash in the U.S. and in the world of residential real estate marketing.

First Preston Listing Brokers tell us they use QR codes as a key tool in their marketing strategies. Brokers are using codes on business cards, yard signs, websites, etc.  With an oversized QR Code on a yard sign, a prospective buyer can scan the code from the car and take a virtual tour on their smart phone.  Some brokers use them to provide profiles of similar properties in the area to increase the odds the prospect may find a property they want to purchase and contact the agent.

What’s a QR Code?

According to PCMag.com Encyclopedia, a “Quick Response [QR] Code is a “two-dimensional matrix bar code that is used to identify products. QR codes are increasingly used to identify the URL of a company’s Website so that mobile phone users can photograph the code and retrieve information about the organization.”

What Advantage Do They Offer Me?

This medium gives you a way to get the prospect to put your website, virtual tour and/or contact information into the memory of the buyer’s phone with one simple scan.

Smart phone or Android users simply download a (free) reader, scan the codes and connect to video, text, URLs, photos, demos, virtual tours, etc. Retailers attach demo codes to products to answer product questions. Products with codes demo themselves.   Retailers that generate QR codes can also track usage and location information about specific inquiries.

According to a NAR survey, the age of the typical first time home buyer is 24-31. They are tech savvy and appreciate useful innovation.  QR Codes are a great way to capture their attention.

HomeTelos Using QR Codes for Marketing

As of March 31st, 2011, fliers generated via the HomeTelos Marketing Detail screen, include QR codes. A prospective buyer can scan the property profile, store it, share it and replay it at will.

Let us know what you think of this exciting technology tool!  Enjoy decoding the QR code in this article.

15April

10 “Hot Markets” for Buying and Investing in 2011

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There are ten hot markets for buying that might surprise you, and if you are thinking about buying, you should give these markets some serious consideration.

Inman News recently took a comprehensive look at market performance across the nation.  They worked with other research firms to compile a series of reports on residential real estate. One of the featured sections was a report—produced by RealtyTrac. It spotlighted their ‘picks’ for the “Top 10 U.S. Markets for Buying and Investing in 2011.”

The RealtyTrac methodology reviewed the nation’s largest 100 metropolitan statistical areas. Analysts filtered out the top 25 cities based on 10 key performance metrics.  The cities which showed up most frequently in multiple categories– made the final cut. The defining categories included foreclosure rates, unemployment rates, and average sales prices, among other variables.  For complete methodology details click on the link below.

According to the report, the “Top 10 markets for buying and investing in 2011” are:

  1. Akron, OH
  2. Rochester, NY
  3. Buffalo, NY
  4. Cleveland, OH
  5. Portland, ME
  6. Milwaukee, WI
  7. San Jose, CA
  8. Memphis, TN
  9. San Diego, CA
  10. Durham, NC

There are comparable “Top 10 reports” with different outcomes.  It’s important to review ranking criteria, methodology and timeframe when comparing lists. The Inman News compilation was posted Friday, March 11, 2011.  Consult with real estate professionals for answers that fit your objectives and your needs.

15April

Renting vs. Buying Study: Buying Still More Affordable in Most Metro Areas

Debating the benefits of renting vs. buying can cover many issues, but more often than not, the final decision weighs heavily on affordability.  In recent years, the housing market has definitely been a buyer’s market with foreclosures and an over-saturated home market.  With the economy making a slow recovery, you might fear this trend has come to an end and the cost of renting might be more affordable than buying.  According to Trulia’s latest Rent vs. Buying Index study, which analyzed the 50 largest cities in the U.S., it is “more affordable to buy than to lease a 2-bedroom home in 72% of the cities.”

The study also revealed an interesting change in the demographic of the traditional renter vs. the traditional buyer.  The tables have turned when it comes to who is renting and who is buying.  “Lifelong renters are seizing the opportunity to become homeowners, while affordability is high.  At the same time, a growing number of long-time homeowners are finding themselves tenants – some by choice, some by necessity,” observed Tara-Nicholle Nelson, consumer educator for Trulia.

While the trend is that buying is more affordable than renting in most major cities, there are exceptions to every rule.  For example, the following cities registered affordability scores which indicate that renting is much more affordable than buying:

New York, NY

Seattle, WA

San Francisco, CA

Kansas City, MO

If you or your clients are in the process of making the decision whether to purchase a home or to lease, the following Rent vs. Buy Calculator can help you determine what each option will cost in your situation.  If you have any other questions about purchasing a home, visit our website.

8April

HomeTelos Opens New Office in Addison, Texas

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Since the beginning of our company nearly 10 years ago, HomeTelos has remained committed to providing real estate solutions at the intersection of innovation and technology.  We are excited to announce the grand opening of our newest office that will allow us to better serve our valued clients and accommodate a growing business and growing team of outstanding real estate professionals. Our new office is located at 5040 Addison Circle, Suite #300, Addison, TX 75001.  Phone: 972-233-5559 Fax: 972-419-5418

The remodeling and relocating have resulted in a new home for the HomeTelos groups servicing HUD’s 1A and 2A geographic regions, a nine state area.  Should you need to contact us, the toll free numbers for each regional team are below.  You can also reach us via our Customer Service Center at 1-866-56HOMES or by contacting us on our website at www.HomeTelosFIRST.com.

Toll Free Number for Region 1D (serving Colorado, New Mexico, North Texas, and Utah): 866-971-2212

Toll Free Number for Region 2D (serving Arkansas, Kansas, Louisiana, Missouri, Oklahoma, and South Texas): 866-958-2374

8April

House Sharing: The Next Golden Opportunity

There is a recent phenomenon in the real estate market known as house sharing or the “Real Life Golden Girls” trend.  Older men and women are choosing to make the most of their retirement by selling their individual properties by purchasing and living together in a common home.  This trend has gained a lot of recent attention on television and in print as sources such as The Early Show, the New York Times, and Smart Money have weighed in on the subject.

According to The Early Show reporter, Michelle Miller, there are now more than 1 million women who have chosen to share a home with non-relatives.  This marks a 15% jump in the last few years.  They are a part of the Baby Boom generation who has decided to re-define their “golden years.” They engage in things such as Tai Chi, Yoga, travel, and healthy cuisine.  They hire housekeepers and lawn maintenance staff to handle the chores, while they make it a point to enjoy life.

In October, the New York Times reported on a group of eight women in Saratoga Springs, New York that had sold their respective homes and purchased a home with enough space for each to have private space which includes a bedroom, study and a bathroom.  The living room, family room, kitchen and laundry are common spaces.  The common trend is for such groups to typically purchase large single story properties in stable neighborhoods with a sense of community.

On March 9th, Smart Money weighed in on the house sharing trend with an article entitled “The New Golden Girls.”  The article explains that the trend has ignited a “cottage industry” of specialists that cater to “golden girl or guy” housing preferences.  Economic and demographic pressures continue to fuel the phenomenon.  “Experts predict the ranks of older women living together will unquestionably multiply in years to come,” reports Ken Dychtwald, Gerontologist.

This concept creates a new house share market that demands to be noticed. How active is this trend in your market place? How will traditional Real Estate Brokerages add value to this growing segment?