Top Technology Time Savers Worth Checking Out (Part 2 of 2)First Preston HT

9December

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

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Technology for Real Estate

We need a license before driving a car, practicing real estate or getting married. As technology pundit David Pogue noticed, there is no official certification required to navigate a computer. So most people don’t know what they don’t know about navigating a keyboard.

This is the second in a 2 part series unveiling top time-saving tips for working smarter in cyberspace.

Have you ever given a slide presentation and caught the audience gazing at your slides instead of looking at you? In PowerPoint strike the “B” key to momentarily black-out the slide. Click “B” again to restore the view of the slide. To white-out the slide, click “W”. Hit “W” a second time to restore it.

Need flight status. Google is an FAA database. Go to Google type the name of the airline and the flight number to get: aircraft location, terminal, gate, and estimated landing time.

Want to know how long it would take to fly from point A to point B? In the Google search bar type “flight time from city X to city Y”. The resulting list will even throw in a quick overview of the range of prices.

Taking a trip and need a currency conversion? In Google search bar type “convert” then enter the currency type and amount. Example: “Convert 5000 dollars to British pounds.”

To highlight a word don’t drag the cursor across it, just double click the word. Drag the cursor to highlight additional words in a continuous stream.

Triple click to highlight an entire paragraph. This also works in Word docs.

Don’t delete highlighted unwanted content, to save time just type over it or paste over it.

Shutter lag is common occurrence in cameras that cost less than $1000.00. To photograph an object in mid-motion, pre-focus on the object before it is in motion by holding the shutter button half-way down. When the object moves, press the shutter the rest of the way down to capture the action. This addresses the delay most cameras experience between the time you press the shutter button and the time the camera actually records the image.

To see a video demo of most of these tips check out the 5 minute video. The presenter keeps it fun. Feel free to share some of your favorite keyboard time-savers as well.

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: TED Talks as published by Inc. Christina Desmarais.

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

3December

Home Prices Soar Due To Investors

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The housing market looks to have picked up some traction recently with new data report numbers released this past week showing growth in permits and home prices, which helps boosts the U.S. outlook. But Robert Shiller, Case Shiller Index co-founder and Yale University professor of economics, cautions this recent pickup might not be fundamentally sustainable and notes “we can’t trust the momentum in the housing market anymore.” Is the housing market in a solid recovery state or does it appear to be a bubble lacking fundamental support?

Permits for construction on future homes hit a new 5-1/2 year high in October. Building permits increased 6.2 percent to a seasonally adjusted annual rate of 1.03 million units, the highest rate since June 2008. Multi-family permits surged 15.3 percent while single-family home permits increased .8 percent after dropping 1.9 percent in September. The lack of supply has still not caught up with the strong demand of housing. This has contributed partially to the rise in home prices and should continue to aid in increasing numbers for construction, rent and prices.

The price of single-family homes recorded big gains in the month of September. The Case Shiller composite index reported solid increases in several regions across the U.S. The index jumped 13.3 percent in September from a year ago. This is the strongest gain recorded since February 2006. Home prices were up 0.7 percent in August from the prior month; the tenth monthly increase in a row. But this continued increase in home prices may not be maintainable. Investors, specifically institutional investors, have helped push home prices to new highs and these investors are starting to pull back on their acquisitions. These all-cash investors pushed home prices up more than 13 percent over the last 12 months which has priced out regular homebuyers.

Of all home sales in October, 6.8 percent were institutional investors according to RealtyTrac. This was a significant drop from the month before which boasted 12.1 percent of all sales. Anika Khan, senior economist at Wells Fargo Securities, told “Street Signs,” “In a lot of those hard-hit markets, we continue to see the greatest price increases. … A lot of this increase is exaggerated. However, the underlying fundamentals are still very positive, especially in those markets that have strong household formations, strong population growth and strong job prospects. … We are seeing a recovery in the housing market.” As investors exit their investments and slow their acquisitions, home prices will drop back to levels centered on supply and demand of non-investor homebuyers. This could result in a pricing “bubble” pop.

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.

26November

Loan Limits Announcement Good News for Real Estate Professionals and Homebuyers

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On November 26^th, The Federal Housing Finance Agency (FHFA) announced conforming loan limits for 2014. According to a press release, Fannie Mae and Freddie Mac conforming limits will remain at $417,000 for one- unit properties in most areas of the nation. For high-cost markets, one-unit property loans will remain capped at a maximum of $625,500.

FHFA’s earlier announcement signaling their intention to lower loan limits, ignited a firestorm of protests from the National Association of Realtors (NAR) and the California Association of Realtors (CAR) among others. CAR President Kevin Brown expressed his organization’s concern that “lowering the loan limits would have reversed the housing recovery;” in a press release from CAR he applauded the decision of Congressional lawmakers to make permanent the current loan limits of $417,000 for most markets and $625,500 for high-cost markets.

“The 2014 loan limits are higher than 2013 HERA limits in several counties,” according to the National Mortgage Professional. For a list of loan limits for one-unit to four-unit properties for your county, review the FHFA news release. The link to the list is in paragraph #5.

For details on how the loan limits were calculated see pages 2-3 of the FHFA release.

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

Source:

Federal Housing Finance Agency Press Release

California Association of Realtors Press Release

22November

Mortgage Applications Dwindle

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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)

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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

14November

Homeownership Rate Tries To Rebound

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The U.S. homeownership rate increased from its lowest level since the third quarter of 1995, indicating that the housing market is starting to attract more buyers. This reading climbed from 65 percent in the second quarter of this year to 65.3 percent in the third quarter of this year. Homebuyers are still trying to get into the market before interest rates and prices jump any higher. The 30-year fixed rate was 4.27 percent during the last week of October.

One reason homeownership has remained so slow can be linked to the large percentage of young Americans still living at home with mom and dad or those who are renting and living with roommates. This group of young people has experienced some of the sharpest drops in homeownership since the financial crash in 2008. Jed Kolko of Trulia, an online real estate company commented, “The share of millennials living with their parents rose from 31.4 percent in 2012 Q3 to 31.6 percent in 2013 Q3, based on the raw Census data. During the recession, many people doubled up with roommates or lived with relatives, including young adults who stayed in their parents’ homes. Even now, years after the recession technically ended, young adults remain much more likely to live with their parents than before the recession.”

Unemployment for young adults is still very high, even though it fell to 74.6 percent in October according to the Bureau of Labor Statistics. The lack of employed young adults makes it very challenging for this group to obtain credit to purchase a home, thereby further damaging the homeownership rate. Kolko reported there is an estimated 2.4 “missing households” of people who should either be in rentals or be homeowners but are not. The prime age group for housing demand includes ages 25-34 year-olds. With employment rates for this group still below the levels seen before the recession, the housing market has reason to worry about its recovery.

The recent jobs report release Friday appeared to be positive but it did not take into account the 932,000 Americans that dropped out of the labor force in October. This takes the labor force participation rate of 62.8 percent to its lowest since 1978 (the third highest monthly rise in people dropping out of the labor force in U.S. history). As young adults continue to face challenges obtaining employment, homeownership will continue to struggle because they will opt to live at home until economic conditions improve.

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.

12November

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

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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.

8November

Labor Market Effects on the Housing Market

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The Federal Reserve announced last week, to no one’s surprise, that it would keep its cheap-money policy in place due to a lack of strength in economic data (particularly the labor market and consumer confidence). Although the unemployment rate dropped to 7.2 percent in September, this number is not low enough for the Fed to start tapering its asset purchases. Bernanke has stated he would want to see it at 7 percent before taking action. Central bank officials noted that the pace of housing recovery “has slowed” and they warned again that “fiscal policy is restraining economic growth.”

The labor market has a strong relationship with the housing market in terms of sales and supply. When people are unemployed or underemployed they are forced to seek cheaper housing, usually in the form of renting versus buying. The philosophy of “build it and they will come” can only be successful if people can afford to purchase the homes built. A lag in income growth compared to home price growth can also negatively affect this idea.

The Fed’s decision last week should help keep pressure off mortgage rates but this may not be enough to breathe life back into the housing market. The continued growth in home prices, in part due to inventory pressures, has helped homeowners experiencing negative equity move to a position of positive equity. This situation has decreased foreclosure rates but translates to increasing home prices for those looking to purchase in the midst of a still week labor market.

Mortgage applications for U.S. homes increased 6.4 percent from the prior week as the 30-year fixed mortgage rate dropped to 4.33 percent, the lowest rate since June of this year. Some economists question whether this trend will continue as the demand for single family rentals continues to strengthen and home sales weaken. Several buyers have been priced out of the housing market and many are still unemployed or underemployed.

“When you look at the employment rate, employment opportunity measures, you get a different picture of slack in the labor market,” Scott Anderson, the chief economist for San Francisco-based Bank of the West, commented. The average duration of unemployment has remained almost unchanged at 36.9 weeks (in September) over the last three years. The 6.9 million Americans working multiple jobs in September has remained steady when compared to the average of last year. What’s worse about the labor market, on average over the past 18 months, more Americans were working multiple jobs than during 2010 and 2011 averages.

It does not appear that the Fed’s actions have had the positive effect on the labor market as they had hoped. Many believe it has actually hindered growth, like the Central Bank stated above. Most can all agree; however, that the labor market needs to strengthen and economic growth needs to be present to help positively influence the housing market.

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.

6November

Bridging the Down Payment Cash Gap | 10 Evolving Resources

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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.

31October

Construction Spending and Home Prices Take Off

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Homebuilder sentiment was recently reported to be weakening, but U.S. spending on construction isn’t being held back by this news. During the month of August, construction spending almost hit a 4-1/2 year high due to increases from both the private and public arenas, according to the Commerce Department. The increase was .6 percent when compared to the month of July. July’s figures were revised to a number more than double the original estimate. These positive numbers show that there’s hope for growth in the third quarter this year.

Some may think this data seems a little dated, as we are nearing the end of October. The government shutdown delayed the original release of this data, scheduled for October 1st. The private sector of construction spending increased by 1.2 percent to a five-year high leading the market to believe higher interest rates have not lowered builder confidence, nor has it slowed activity as previously assumed.

With lots of money being spent on building new homes (increasing supply) theory would imply prices would start to cool, but this has not been the case. Home prices have jumped more than 12 percent from a year ago making the affordability of buying a home more difficult. Household income growth, up only 3 percent year-over-year, has not kept up with the rise in home prices. Lawrence Yun, chief economist for the National Association of REALTORS® wrote in the September Sales report, “Affordability has fallen to a five-year low, as home price increases easily outpaced income growth. Expected rising mortgage interest rates will further lower affordability in upcoming months.”

For home buyers this could be a challenging environment. First time buyers tend to purchase lower-priced homes. If income growth is not keeping pace with home prices, they could get priced out of the market and be forced to put off their home purchase for the time being. The glimmer of hope in this situation is that fixed mortgage rates have dropped to a four month low (30-year fixed rate is 4.13 percent this week). This helps take a little pressure off the increasing home prices in regards to home affordability. In the long term if incomes don’t keep pace with home prices, construction spending may start to decline due to a lack of demand.

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.

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