Agents|Brokers Archives - Page 2 of 4 - First Preston HTFirst Preston HT

22November

Mortgage Applications Dwindle

cedland
Comments Off on Mortgage Applications Dwindle

Prospective Fed Chairman, Janet Yellen, continues to ensure members of the Senate Banking Committee that she favors robust QE measures until the economy and labor market can exhibit strong growth. She told the panel on Thursday “I consider it imperative that we do what we can to promote a very strong recovery.” This has helped to send the equity markets soaring to new record highs but strong improvements elsewhere remain to be seen. While the Fed believes the asset purchases have been nursing the economy back to health, the housing market has flat-lined or in some cases started to retract.

Notably in housing, mortgage applications continued to dwindle from the prior week’s report. Applications dropped 1.8 percent according to the Mortgage Bankers Association (MBA) for the week of November 8^th. The prior week’s report was revised down from -7 percent to -2.8 percent. These numbers come of the heels of a higher 30-year average fixed mortgage rate for conforming loans of 4.44 percent compared to 4.32 percent in the prior week. The 30-year fixed mortgage rate averages for Jumbo loans and FHA backed loans also experienced increases that reached monthly highs.

Home builder confidence was reported flat due to rising construction costs this month. The recent spike in interest rates over the last few months has hurt mortgage applications and construction costs are affecting the housing supply. Other factors besides interest rates are influencing home buyers. Rick Judson, NAHB Chairman, said in a release, “Given the current interest rate and pricing environment, consumers continue to show interest in purchasing new homes, but are holding back because Congress keeps pushing critical decisions on budget, tax and government spending issues down the road.”

The number of people looking to purchase a home dropped half a percent according to the purchase index put out by the MBA which is typical in a rising rate environment. Interest rates are still historically low but the continued uncertainty from the Fed and Washington will continue to keep home buyers on the sidelines until more clarity can be seen. The high unemployment numbers also add to the problem. Inevitably this will hurt mortgage application numbers as home buyers sit on the sidelines.

For information on effective ways to manage institutional and individual portfolios nationwide, or to shop for real estate visit First Preston HT. Like us on Facebook. Follow us on Twitter.

20November

Top Technology Time Savers Worth Checking Out (Part 1 of 2)

Admin User
Comments Off on Top Technology Time Savers Worth Checking Out (Part 1 of 2)

Technology for Real Estate

Did you know you could check a flight status by typing the airline name and flight number into Google? It also converts currency and translates foreign words.

Technology guru David Pogue says there are numerous time saving tips and resources that most users were simply never taught. They are not apps or new devices, but simple shortcuts that save key strokes, solve problems and allow you to work smarter. We tested them out and decided to share some of our favorites.

To keep it short, we’re sharing our favs in a 2 part series. Here’s the first batch.

In your browser, instead of using the scroll bar to roll up and down the page; try the spacebar to scroll down 1 page per tap. To scroll back up hold shift button+ the space bar.
To enlarge the online screen view hold the “Ctrl key” down and tap (+) to enlarge the screen; hold the Ctrl Key and tap (-) to make the screen view smaller.
When entering a text on a phone, when you get to the end of a sentence, press the space bar twice. It will insert a period and cap the first letter of the next sentence.
To redial someone just hit the call button. The last number dialed will display. Click “call” to initiate the call.
To leave a message on a cell phone and bypass the instructions on “how to leave a message”, hit the # sign (AT&T customers). This will not work for all carriers. Experiment to learn the skip symbol works for various carriers.
Need a dictionary? Go to the Google search bar. Type “define” and the word. Google will provide the definition as you enter the word. No extra clicks necessary.
Need to translate a French or Spanish word to English? Go to Google and type “translate” + the word. The translation will appear in a large box at the top of the page.

What are your favorite free technology time savers? Let us know and we may be able to publish them in a future segment.

For information on effective ways to manage institutional and individual real estate portfolios nationwide, or to shop for real estate visit First Preston HT. Remember to Like us on Facebook. Follow us on Twitter.

Source: 5 Ted Talks That Can Help You Work Smarter. Christina Desmarais. Inc.

http://www.inc.com/christina-desmarais/5-ted-talks-that-can-help-you-work-smarter.html?cid=sf01002

12November

Bridging the Down Payment Cash Gap — (Part 2 in a 2 Part Series)

Admin User
Comments Off on Bridging the Down Payment Cash Gap — (Part 2 in a 2 Part Series)

Improving Real Estate Markets

While most Americans see homeownership as a good financial choice, many are sidelined by 20% down payment requirements. Recent surveys indicate that 31% of Boomers and 31% of Gen Y respondents consider 20% down payments a major obstacle.

According to a recent CNBC report, the housing industry activity has seen better days. Investor demand has catapulted prices up 12% year-over-year to “unsustainable levels” in some markets according to Fitch Ratings. Prior month mortgage applications fell 7%, refi apps swooned 8%, and home purchase applications tanked by 5% according to latest reports. Perhaps these trends and others have inspired the lending industry to showcase alternatives to the 20% down payment rule.

A large down payment, low debt ratio and a top credit score can typically qualify buyers for lowest interest rates and best mortgage terms. For well qualified buyers who don’t have a 20% down payment, banks are now showcasing conventional loans with 5% down payment options; while private and governmental sources fund and spotlight over 1500 home buyer assistance programs.

This is the second segment of a two-part series. We’ll spotlight seven down payment resources to help bridge the down payment cash gap. First Time Homebuyers

Down Payment Assistance –Have you ever wished that there was a one-stop resource combining all of the available forms of down payment assistance in one place? Down Payment Resource (DPR) is a national databank of various forms of down payment assistance available throughout the country, including local, county, state, and federal programs in all 50 states. Programs include those reserved for teachers, veterans, healthcare workers, etc., as well as a multitude of private programs.

Multiple Listing Services across the country opt-in to the service, connecting local members who then provide access to their homebuyer clients. DPR Vice President of Business Development Beverly Faull states, “This is the only nationwide resource which aggregates more than 1,500 programs from over 1,000 providers into an integrated, online program finder.”

Major Banks & Credit Unions — Credit Unions, are jumping into the mix, offering attractive terms for qualified borrowers.

According to CNN news, several major banks such as Wells Fargo, TD Bank and Bank of America, have begun offering loans with down payments as low as 5%. Some will even allow gifted funds to cover 2% of the sales price, leaving the buyer with a 3% down payment opportunity. Even million dollar property purchasers seek out lower down payment alternatives. Market dynamics have shifted and it’s worth taking a second look at traditional lender offerings.

HomePath Mortgage—Available only on real estate owned by Fannie Mae, a HomePath mortgage is a conventional mortgage requiring 5 percent down with no private mortgage insurance.

Shared Equity Financing Arrangements (SEFA)—First-time home buyers are again turning to the traditional parent-backed loan, but with a twist. Loans are now formalized with a profit-sharing clause for parents. A legal agreement spells out the particulars such as who pays taxes insurance, maintenance, etc. and the length of the agreement. Profits are divided when the property is sold.

Veterans Administration (VA)—VA Loans, great for qualifying veterans, feature low or no down payments. It is possible to bypass private mortgage insurance.

U.S. Department of Agriculture (USDA Loans)—Rural property USDA loans may cover 100% of the price of the property. Mortgage insurance is required, however at lower rates than many other funding types. Buyers are often surprised to find that non-farm properties may qualify.

Good Neighbor Next Door Loans (HUD.gov)—Qualifying applicants can receive a 50% discount on home prices. There is a 3-year residency requirement. The program is designed for law enforcement, pre-k through 12^th grade teachers, emergency medical techs and firefighters.

While 20% down payments dominated the lending scene for the last few years, conventional lenders now signal a willingness to be more flexible on down payment options for well qualified buyers.

For information on effective ways to manage institutional and individual real estate portfolios nationwide, or to shop for real estate visit First Preston HT. Like us on Facebook. Follow us on Twitter.

6November

Bridging the Down Payment Cash Gap | 10 Evolving Resources

Admin User
Comments Off on Bridging the Down Payment Cash Gap | 10 Evolving Resources

While most Americans see homeownership as a good financial choice, many find that buying is easier said than done. Recent surveys indicate that 31% of Boomers and 31% of Gen Y respondents consider 20% down payments a major obstacle.

Improving Real Estate Markets

Creative down payment options are emerging and so is the debate about whether low down payments lead to default. The benefits of a sizeable down payment are well documented. As home price appreciation outpaces wage growth however, prospective buyers worry that while waiting to save a 20% down payment; home price appreciation and rising interest rates will price them out of the market.

One thing is certain; buyers at both ends of the price spectrum are now exploring ways to conserve cash while pursuing the home of their dreams. Today’s segment spotlights four of ten financing options qualified buyers are exploring to help bridge the down payment cash gap.

Shared Appreciation Mortgages—In the luxury home market, shared appreciation mortgages are emerging as a way to own without exhausting cash reserves for hefty down payments. Bloomberg BusinessWeek showcased buyer Jeff Uter, a business consultant purchasing a $780,000 property in Orange County, CA. Instead of investing the $156,000 down payment from personal assets, Uter funded half the down payment and accepted the remaining $78,000 from San Francisco –based investor FirstRex. The investor agreed to a 40 percent share of proceeds from the future sale of the property. This approach is limited to high-dollar properties primarily in California, Washington, Oregon, Massachusetts and Connecticut. A number of luxury home lenders now allow such participation.

Navy Federal—Located in Vienna, VA, Navy Federal is reportedly the nation’s largest credit union. Members include the military, plus many but not all civilian employees of the military and Defense Department members and family. Loans do not require private mortgage insurance (PMI). Spokesperson Dana DeSarno reported that their “Homebuyer’s Choice Program” provides 100% financing, for members not eligible for VA loans. Many of their borrowers are first-time homebuyers.

FHA Loans— FHA’s $100 Down Payment Program is still available in designated states. (Alabama, Florida, Georgia, Kentucky, Illinois, Indiana, Mississippi, North Carolina, South Carolina, Tennessee, Puerto Rico, and Virgin Islands). The program is available to qualified owner-occupant buyers, only on HUD properties which meet condition requirements for FHA financing.

In other states, qualified buyers can purchase HUD homes for 3.5% down with an FHA loan. Mortgage insurance is required.

In the next segment we will review six additional funding options plus an online resource containing more than 1,500 down payment programs from over 1,000 providers.

For information on effective ways to manage institutional and individual real estate portfolios nationwide, or to shop for real estate visit First Preston HT. Like us on Facebook. Follow us on Twitter.

29October

Equity Crowdfunding | Finally Small Investors May Get a Piece of the Action

Admin User
Comments Off on Equity Crowdfunding | Finally Small Investors May Get a Piece of the Action

“Crowdfunding is rapidly changing the real-estate investment market, offering developers new ways to finance projects, small investors a way in, and the socially conscious an avenue to support their local communities.” – Forbes

On Wednesday, October 23^rd a unanimous vote of the five-member Securities and Exchange Commission (SEC) made headline news. The vote advanced a proposal which could re-define who gets to invest in “ground-floor” business opportunities. It could radically change how start-ups raise capital. The proposal has the potential to unlock billions of investment capital allowing investors to consolidate revenue to fund real estate portfolios or new products and ideas.

The proposed rules were introduced to support the implementation of Title III of the Jumpstart Our Business Startup (JOBS) Act. The intent of the legislation and proposed structure is to allow smaller companies to gather capital from a broader spectrum of investors, avoiding the need for high cost Initial Public Offerings (IPOs), or the pursuit of millionaire private investors.

Imagine a virtual Shark Tank, but with a lot more sharks. Instead of being limited to small panels of mega-millionaires, entrepreneurs could appeal to a virtual audience of mainstream backers, each investing blocks of capital in exchange for equity.

For the first time since the 1933 Securities Act, the proposal (if finalized) would open equity investment opportunities allowing small investors to purchase a stake in promising start-ups. Currently such equity shares are reserved for “accredited investors” with a verifiable net worth of $1 million or earnings of $200,000/year for the most recent three years.

The SEC proposal created a structure (funding portals) for the new brand of financing and established limits for crowdfunding investors. Funding portals, will act as intermediaries linking business owners with investors online.

A company would be allowed raise a maximum of $1 million via crowdfunding per year. Within a 12 month period investors would be bound by the following limits:

If annual income is less than $100,000 the limit is the greater of $2000 or 5% of annual income or net worth.
If annual income equals or exceeds $100,000 the limit is the greater of 10% of income or net worth. Securities purchased via crowdfunding would be capped at $100,000/year.

A major SEC concern is the potential for fraud. Many are worried that non-accredited investors may be less sophisticated and more vulnerable to deceptive offerings by scam artists.

The SEC has implemented a 90 day comment period to field questions and feedback on the proposed structure. Afterward, the Commission will review input and make a decision regarding implementation. Click here to register a comment with the SEC.

For information on effective ways to manage institutional and individual real estate portfolios nationwide, or to shop for real estate visit First Preston HT. Like us on Facebook. Follow us on Twitter .

12August

Buyer Select News: Important Training for Nashville 1A NLBs

Admin User
Comments Off on Buyer Select News: Important Training for Nashville 1A NLBs

Attention 1-A Neighborhood Listing Brokers, Nashville, TN Area:

In the near future, HUD will be implementing a “Buyer Select” closing agent program in the Nashville, TN Area. All buyers, whose contracts are executed on or after August 19, 2013 (tentatively), will select their own closing entity.

To introduce this program to the industry, HomeTelos will provide an overview of the Buyer Select Program to industry partners that are involved in the sale of HUD Homes.

Please register for this mandatory Buyer Select Closing Agent training webinar at https://attendee.gotowebinar.com/register/6384383887041386496 (No Longer Active Link)

Event Name: BUYER SELECT CLOSING AGENT PROGRAM EXPANDING IN NASHVILLE, TN AREA

Event Duration: Join us for a webinar on Tuesday, August 13, 2013 3:00PM- 4:00PM CDT

Event Description: The new “Buyer Select Settlement Agent” program will be introduced and an overview of the process will be provided.

Registration: The following is the registration link to register for the webinar: https://attendee.gotowebinar.com/register/6384383887041386496 (No Longer Active Link) . The date/times for the Listing and Selling Broker webinars have changed. Participants, who had already registered, automatically received notice of the change through GoToWebinar notifications.

Register early as space is limited.

After registering, you will receive confirmation e-mail containing information about joining the webinar.

Please don’t forget to mute your phone, once you are on the call. The code to mute and to unmute your phone is *6. Also be sure to be on time as the virtual door will close once the meeting gets underway and late comers will not be allowed access to the call.

View System Requirements

20April

Best Practices for Brokers: Maximize Your Prep for Peak Selling Season—Part 1

Now is a great time to check out strategic marketing communications—specifically, property descriptions. When was the last time your property descriptions got a tune-up? A new app that checks spelling and grammar may help to ensure a great first impression for online and print communications.

The new app is called Ginger. It examines spelling and grammar, providing suggested replacement content as needed. It reportedly checks context so that correctly spelled but inappropriately used word choices are flagged and replacement content is suggested. According to Marti Trewe of AGBeat, Ginger works on Microsoft Word, PowerPoint and Outlook (versions 2003+) in addition to Explorer 6.0+. That means that when composing online, an electronic editor can be coaching in the background. Best of all, the price is right—it’s free.

Listing Description Excerpts:

“Miner work needed.”
“New constriction.”
“For those with disturbing taste.”
“Watch head, ponch hangs low.”
“1 bd-real germ.”
“The Garage has been covereted to a 4th bedroom.”

The quotes above are from actual listing descriptions. Most were sent by agents to AGBeat columnist Gwen Banta, who authors a regular feature on flawed property descriptions. The last two were spotted on a major search engine while researching information for this article. A strong listing description may seem like a small matter, but thanks to the presence of syndication, each error may have an audience of millions. Content posted becomes a reflection of an agent’s brand and can impact the impression of current and prospective clients.

So whether you give the new app a tryout or review property descriptions the old-fashioned way, ensure that your listing descriptions are ready for prime-time viewing at their irresistible best.

For more information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

10April

Tax Tips for Time-Crunched Real Estate Pros

This year you get two additional days to submit tax returns. You have until April 17^th; but you have a back-up option if you need it. An automatic extension can extend the due date for your return from April 17, to October 15, 2012.

An extension does not extend the due date for payment of taxes owed to the Internal Revenue Service, but it does buy additional time to submit the final tax form and documentation. Inman news contributor and tax expert Stephen Fishman outlined this option for time-challenged professionals. If you opt for an extension, you still need to estimate 2011 taxes due and pay them by April 17^th to avoid penalties and interest. Here’s a recap of the key points.

Extension Request Methods:

Submit the request electronically by filing Form 4868 (PDF): Application for Automatic Extension of Time to File U.S. Individual Tax Return online at www.IRS.gov or;
Print out Form 4868, complete it manually and mail to the address designated on the form or;
Use a tax preparation service provider firm to electronically submit payment and the extension request.

Option 1

Electronic filers will receive an acknowledgement or confirmation number for record-keeping purposes. There is no need to mail the completed form if filing electronically, however be sure to locate a copy of last year’s tax return prior to going online as information from last year’s return will be requested when completing the electronic extension request form.

Option 2

You may go to www.IRS.gov to locate the Form 4868 PDF, print and mail the completed from to the address indicated on the form. Include full or partial payment of 2011 taxes due when mailing.

Option 3

A third option is to enlist the services of an outside tax preparation provider. Several offer free submission of Form 4868 through the “Free File” program. Access them through the IRS.gov website. Through them it is possible to pay all or part of 2011 taxes due, by phone or via online payment.

For more information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

16November

Margo’s Top 6 Conference Tips | 2011 NAR Conference

The 2011 National Association of Realtors (NAR) Conference was held November 11-14^thin Anaheim, CA. Our “on-the-scene” participant was Margo McKay Broughton, Vice President Program Development and Director of Training. In case you did not make the trip, we want to share Margo’s take on the most useful tips and trends she picked up at the conference. If you attended, feel free to join in and share your insights from the NAR Conference.

1. From the Roundtable Session – “Internet Cafe”: More and more real estate agents are taking their iPads and iPhones and setting up shop at their local Starbucks or other coffee houses. This puts them in the mix with the public – getting more opportunities for leads. These shops offer music, art and free parking – plus coffee!

2. Also from The Roundtable Session: “Innovative Ways to Build Your Business” Session–CMA and Marketing: Eliminate printed materials! Many agents are getting away from printed advertising. The actual sales contract is the only surviving hardcopy document. Agents are showing sellers electronic data to help determine sales price. Statistics from FHFA.gov provide data such as absorption rates, market analyses, and key stats by state and other valuable information.

3. Great tip from Marketing Without Money: Look through your local paper to see who has been recognized with a new position, won an award or started a new business. Send them a congratulatory card or letter. Works especially well if you’ve met them before or if you have mutual interests.

4. Public Relations: So many ideas, so little time!

Did you know you can buy BRANDED Starbucks cards for only a couple of bucks? You can even have your picture on them! Give them to you clients! Consider other branded gift cards that people will use and appreciate as a way to introduce yourself to new clients and remind exiting ones that you are available to help their family and friends.
YouTube channels are free…how about making some how-to videos to give to you customers? A “How to Change Locks” video is a thoughtful gift to give to your buyers after they close on their new house. How about holding a customer appreciation party at your buyers’ new house? You buy the food and rent a bounce house, get the list of invitees from your happy new home owner. You expand your sphere of influence. And you now have contact information for warm prospects and –possibly all new leads!

5. Connecting with Mobile or Tech Savvy Agents: The speaker at this session stated that “The poor old Blackberry appears to be on its way out. It is all about downloadable applications…the power is in the app!” The speaker also said, “If you have a smart phone and haven’t downloaded any applications, you have a sports car without any fuel!” In 2008, there were $363 million generated through mobile applications. In 2010, there were $4.9 billion generated from mobile applications! The mobile app from Realtor.com, which does all kind of cool things, and has been downloaded 7 million times. The apps are where it’s at!

6. From the Session – “The One Thing Power Brokers Can’t Live Without”: was an amazing quote from a speaker who said: “When the pie gets smaller, the table manners have to change! You have to do things that are not usually done, if you want to survive.” In this session, the speakers talked about a recent study of 24 real estate offices who agreed to share information about their successful businesses to help the industry. Participants learned that each of the businesses had the following items in common:

Technology is the number one aspect to success: Agents need to embrace technology and make the necessary investments in smart phones, tablet computers, etc.
Office space is no longer needed: Agents are working out of their homes or out of coffee shops.
Social media: It’s at the core of successful business growth.
Customer service is built into the core structure of each of these entities: While they don’t compete with other agencies on price, they differentiate themselves in the market by providing outstanding customer service.

For additional information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

16August

Measure Up: Power Apps for Realtors®

Just how tall are those cabinets? Will the buyer’s furniture fit into that bedroom? Would you like to know how far it is from the front door of your listing to the park around the corner, or perhaps the nearest bus stop or subway station?

Here’s a great review of 10 apps that can enable you to measure just about anything—by using your iPhone as a digital measuring device. If your client needs to know if Aunt Priscilla’s antique sideboard will fit into the dining room, you can take a room photo with your iPhone and have the measurements marked on the photo. Email it to your client and you’ve added value.

The highlighted measuring apps in this blog can enable you to measure everything from wind speed to acreage. One even converts currency. Note that one of the apps is really a medical application (#5 on the list). Some of the apps feature ‘lite’ versions and ‘loaded out’ versions at different price points. Those listed in the recap range in price from “free” (for lite versions) to $4.99. Most fall within the $1.99-$2.99 range.

Review these tech tools—you can use them to wow your clients and take your listing descriptions to the next level.

These ‘app recaps’ were originated by TopAppCharts.com. Inman News featured the story and I think it is well worth sharing. Enjoy!

For more information, join us at FirstPrestonHT.com or on our Facebook and Twitter pages.