Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts
Wednesday, August 10, 2016
CHANGES, CHANGES, AND MORE
I have been so busy that I haven't written in over a year,
May. 2015, I bought a Fannie Mae repo in San Antonio where my daughter lives and works as a realtor, I spent all summer renovating it, and sold it the week I put it on the market.
This was so successful so I bought another larger one this year. I lived in it in the converted garage for four months while renovating. It has not sold yet.
I moved my license here, so if you need a house in San Antonio, my daughter and I are a team at Home Team of America,
If you have specific questions about flipping houses, ask and Ill address that in next post.
Friday, July 12, 2013
My Redecorated Listing in Amarillo!
Here is the dining area of the house. This use to have a brown fiberboard wall that was dark and depressing and dark brown wood tone flooring. By painting the fiberboard a cappuccino white with marshmallow white trim, we brightened the room; and added the same tile as in kitchen making it appear wider.. We used the mirror from Garden Ridge with tin accents to cover a phone jack that was on the wall and balanced that with an original piece of art I made using the splash from the kitchen to form a diamond on a green canvas, thus we have a green diamond surrounded by the splash, tying the art work to the kitchen splash and the combo room's flooring. We put back the yellow café curtains that had been in the room before, but now they appear light and free, not sad and depressed.
The most changed room is the living room above. This room was a dark-panalled brown room, with NO lighting, just a fan, dark trim and dark brown dated carpeting. We put three to 4 coats of cappuccino white Glidden paint on the paneling, painted all trim and ceiling with marshmallow white Glidden paint, and added a new beige carpeting. This room is now bright and light. We also added 4 canned lights. Remember it had NO lights, now it has 4. This transformation has forced the words of "this doesn't look like the same house" from the owners and neighbors. This is a 18 x 14 room, which is rather large for a 1,000 sq ft 1965 home, and now you can actually see the space. Before when you walked in you felt like you were in a dungeon. I can see in my minds-eye a entertainment center next to that closet, featuring a big flat screen t.v. and a nice sectional in front of the three windows on the west front of the house creating a wonderful family living space.
We painted all ceilings marshmallow white which brightened the whole house, even the two dark paneled bedrooms and added wall to wall carpeting in the three bedrooms and hallway, which also got painted cappuccino white. What an amazing transformation that made to the hallway, just opened it up. The three bedrooms got wall to wall new carpeting to match the living room, and the full bath/utility room and half bath in the master lost their dark carpeting and horrible smell (don't put carpeting around a potty, people) and received the same tile as the kitchen/dining combo. By using the same carpeting and tile throughout, we made this house come together in a unison of harmony. We also added a light kit featuring 4 lights to the fan in the master, as before - just like the living room - there was NO light. Never have I seen that before except in my son's house. Go figure.
Now today the "for sale" sign goes up, the lockbox goes on, and this home is ready to welcome a new family to make 48 more years of wonderful memories.
I love redecorating - painting is my thing, trying new ideas like the Bermuda Bronze backsplash to create a new vibe feels great, and trying to be economical and not break the budget is a challenge I enjoy meeting. So if you know someone looking for someone to transform their tired, outdated living space, tell them to call Judy Dendy, at Prudential Ada Realtors. I not only sell real estate, I transform it into the 2013's mode. 806-672-3082. I'm ready to start a new project, and I won't break your bank account.
Tuesday, March 26, 2013
What February Looked like in Home Real Estate
Found a great article which I am quoting below on RIS Media below. They do a great job of gathering information and putting it out there. There are some interesting statistics below, but the main message is low inventory, rising prices, historically low interest rates, good time to buy:
February existing-home sales and prices affirm a healthy recovery is underway in the housing sector, according to the National Association of REALTORD®. Sales have been above year-ago levels for 20 consecutive months, while prices show 12 consecutive months of year-over-year price increases. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.8 percent to a seasonally adjusted annual rate of 4.98 million in February from an upwardly revised 4.94 million in January, and are 10.2 percent above the 4.52 million-unit level seen in February, 2012.
February sales were at the highest level since the tax credit period of November 2009.
Lawrence Yun, NAR chief economist says that conditions for continued housing improvement are at play. "Job growth in the improving economy and pent-up demand are causing both home sales and rental leasing to rise. Though home prices are rising much faster than rents, historically low mortgage rates are still making home purchases affordable," he says. "The only headwinds are limited housing inventory which varies greatly around the country and credit conditions that remain too restrictive.
Total housing inventory at the end of February rose 9.6% to 1.94 million existing homes avialable for sale, which represents a 4.7 month supply at the current sales pace, up from 4.3 months in January, which was the lowest supply since May, 2005. Listed inventory is 19.2 % below a year ago when there was a 6.4 month supply.
The national median existing home price for all housing types was $173,600 in February, up 11.6% from Febraury, 2012. The last time there were 12 consecutive months of year-over-year price increases was from June, 2005, to May, 2006. The February gain is the strongest since November, 2005, when it was 12.9% above a year earlier.
"A strong rise in home values is contributing to housing wealth recovery, which has risen by $1.4 trillion in the past year and looks to top that increase this year." Yun said. "The extra consumer spending arising from growth in housing wealth is expected to be $70 billion to $110 billion this year.
Distressed homes-foreclosures and short sales--acounted for 25% of February sales, up from 23% in January but down from 34% in February, 2012. Fifteen percent of February sales were foreclosures, and 10% were short sales. Foreclosures sold for an average discount of 18% below market value in February, while short sales were discounted 15%.
Accoding to Freddie Mac, the national average commitment rate for a 30-year, conventional fixed-rate mortgage rose to 3.53% in Feburary from 3.41% in January; it was 3.89% in Feburary 2012.
NAR President Gary Thomas, says interest rates remain extraordinarily low. "In the history of mortgage interest rates since 1971, the 30-year fixed rate has been below 4% in only 15 months, and they have all been in the past 15 months," he sayd. "Even with rising home prices, affordability remains historically favorable because home prices over-corrected during the downturn. This means there is still great value for buyers in the current market."
The median time on market for all homes was 74 days in February, which is 24% below 97 days in February, 2012. Short sales were on the market for a median of 101 days, while foreclosures typically sold in 52 days and non-distressed home took 77 days. One out of three homes sold in February was on the market for less than a month.
First-time buyers account for 30% of puchases in February, unchagned from January; they were 32% in February 2012.
All-cash sales were at 32% of transactions in February, up from 28% in January; they were 33% in February 2012. investors, who account for most cash sales, pruchased 22% of homes in February, up from 19% in January; they were 23% in February 2012.
February existing-home sales and prices affirm a healthy recovery is underway in the housing sector, according to the National Association of REALTORD®. Sales have been above year-ago levels for 20 consecutive months, while prices show 12 consecutive months of year-over-year price increases. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.8 percent to a seasonally adjusted annual rate of 4.98 million in February from an upwardly revised 4.94 million in January, and are 10.2 percent above the 4.52 million-unit level seen in February, 2012.
February sales were at the highest level since the tax credit period of November 2009.
Lawrence Yun, NAR chief economist says that conditions for continued housing improvement are at play. "Job growth in the improving economy and pent-up demand are causing both home sales and rental leasing to rise. Though home prices are rising much faster than rents, historically low mortgage rates are still making home purchases affordable," he says. "The only headwinds are limited housing inventory which varies greatly around the country and credit conditions that remain too restrictive.
Total housing inventory at the end of February rose 9.6% to 1.94 million existing homes avialable for sale, which represents a 4.7 month supply at the current sales pace, up from 4.3 months in January, which was the lowest supply since May, 2005. Listed inventory is 19.2 % below a year ago when there was a 6.4 month supply.
The national median existing home price for all housing types was $173,600 in February, up 11.6% from Febraury, 2012. The last time there were 12 consecutive months of year-over-year price increases was from June, 2005, to May, 2006. The February gain is the strongest since November, 2005, when it was 12.9% above a year earlier.
"A strong rise in home values is contributing to housing wealth recovery, which has risen by $1.4 trillion in the past year and looks to top that increase this year." Yun said. "The extra consumer spending arising from growth in housing wealth is expected to be $70 billion to $110 billion this year.
Distressed homes-foreclosures and short sales--acounted for 25% of February sales, up from 23% in January but down from 34% in February, 2012. Fifteen percent of February sales were foreclosures, and 10% were short sales. Foreclosures sold for an average discount of 18% below market value in February, while short sales were discounted 15%.
Accoding to Freddie Mac, the national average commitment rate for a 30-year, conventional fixed-rate mortgage rose to 3.53% in Feburary from 3.41% in January; it was 3.89% in Feburary 2012.
NAR President Gary Thomas, says interest rates remain extraordinarily low. "In the history of mortgage interest rates since 1971, the 30-year fixed rate has been below 4% in only 15 months, and they have all been in the past 15 months," he sayd. "Even with rising home prices, affordability remains historically favorable because home prices over-corrected during the downturn. This means there is still great value for buyers in the current market."
The median time on market for all homes was 74 days in February, which is 24% below 97 days in February, 2012. Short sales were on the market for a median of 101 days, while foreclosures typically sold in 52 days and non-distressed home took 77 days. One out of three homes sold in February was on the market for less than a month.
First-time buyers account for 30% of puchases in February, unchagned from January; they were 32% in February 2012.
All-cash sales were at 32% of transactions in February, up from 28% in January; they were 33% in February 2012. investors, who account for most cash sales, pruchased 22% of homes in February, up from 19% in January; they were 23% in February 2012.
Thursday, March 21, 2013
What is UNPOPULAR with Today's Buyers?
Just read a great article about 4 things that turn buyers away from a house. Then the people reading it could add their two cents and I picked up a pretty good list. Not sure I agree with all of them, but some of them.
1. POPCORN CEILINGS, dated, dirty, possibly has asbestos. Bad thing to remove is they need scraping and are dusty, dusty to do. If they've been painted over, even worse to get rid of. One person said you can get thin sheetrock and cover them and then not have the dust and the asbestos abatement problem. I LIKE THAT IDEA. May check into that for my remaining 2 rooms that still have popcorn. Not sure I could go thru another scape and dust job.
2. Shiny, brass light fixtures. Don't spend money to replace them, just paint them. One can of paint might cover several fixtures.
3. Hollywood light strips in bathrooms. I'm sorry, I love mine. Wouldn't want a bathroom without them for me.
4. Carpeting. Most people they said want hardwoods. EXCUSE ME, but I've had as many customers who hated hardwoods because of the coldness on their feet and preferred the carpet. Others wanted stained concrete. My suggestion is unless its ugly carpet, just get it cleaned. If you are going to spend money on the floors, try doing hardwood in the dining room at least.
5. Mauve and peach. Those colors scream old lady (Funny, I have mauve below the chair rail in my den because the carpeting on the stairs is a mauvy red. I guess I need too paint. Wait!! I am old, I have 5 grandkids.) Neutrals are better than almost any "color".
6. Having rooms all different colors. That is fine when you have kids and they want their favorite colored walls, but once you get ready to sell, neutralizing in one color is great. I have started upstairs where the boys lived doing just that. One had a black room. I textured over that and painted it a neutral and have done the blues clues bathroom the same neutral. I'm not sure I'll neutralize the blue bedroom up there just yet because there is blue carpeting in there; but will before I sell. Most of my downstairs is blue so I'm sure when I get ready to sell, there will be alot of painting to be done first.
7. Wallpaper. Dated flowers are gone. Today its painted walls or geometric wallpapers, but those can be offputting to the more conservative buyer. Safer to stick with neutrals, but I have seen people go ga ga over red kitchens, so maybe sometimes it is ok to have a punch of color in a kitchen.
8. Laminate. WAIT, I love my laminate. I tored out the 4 inch tiles to get rid of grout and the laminate is so easy to clean!! Well, buyers today prefer granite even though it doesn't hold up as well as laminate. So if you have the $$$, change everything to granite; but if you don't I like the laminate that resembles granite. Sometimes as realtors we have to touch it to tell the difference. No one is using corian or 4 inch tiles any more. Dont waste your money there. Decorative tumbled stone back splashes are GREAT.
9. Front doors. Absolutely I've seen people judge a home before they enter based on whether the door is nice or not. Actually they judge it more if the door is rotted, peeling paint, or dirty. Then they presume that the whole house has not been taken care of So be sure your front door is pristine when you put your house on the market.
10. As realtors we say "classic" bathrooms when we mean PINK, BLUE, YELLOW, GREEN bathrooms, all done in 4 inch tile, including tub, toilet and sink. Please at least change the toilet and sink. There is a paint for the tiles that will cover and neutralize.
I'm sure I could go on and on about things I see, but for today I'll stop with these. They are in no particular order, as each is important to some buyers. Some walk out upon seeing popcorn ceilings, some stay until they reach the classic bathrom. Some won't enter if it has carpet, and some won't enter with hardwoods, so each person is different and this is just a list of "normal" irritating things buyers mention. I'd love to hear what you HATE in a house when shopping for one.
1. POPCORN CEILINGS, dated, dirty, possibly has asbestos. Bad thing to remove is they need scraping and are dusty, dusty to do. If they've been painted over, even worse to get rid of. One person said you can get thin sheetrock and cover them and then not have the dust and the asbestos abatement problem. I LIKE THAT IDEA. May check into that for my remaining 2 rooms that still have popcorn. Not sure I could go thru another scape and dust job.
2. Shiny, brass light fixtures. Don't spend money to replace them, just paint them. One can of paint might cover several fixtures.
3. Hollywood light strips in bathrooms. I'm sorry, I love mine. Wouldn't want a bathroom without them for me.
4. Carpeting. Most people they said want hardwoods. EXCUSE ME, but I've had as many customers who hated hardwoods because of the coldness on their feet and preferred the carpet. Others wanted stained concrete. My suggestion is unless its ugly carpet, just get it cleaned. If you are going to spend money on the floors, try doing hardwood in the dining room at least.
5. Mauve and peach. Those colors scream old lady (Funny, I have mauve below the chair rail in my den because the carpeting on the stairs is a mauvy red. I guess I need too paint. Wait!! I am old, I have 5 grandkids.) Neutrals are better than almost any "color".
6. Having rooms all different colors. That is fine when you have kids and they want their favorite colored walls, but once you get ready to sell, neutralizing in one color is great. I have started upstairs where the boys lived doing just that. One had a black room. I textured over that and painted it a neutral and have done the blues clues bathroom the same neutral. I'm not sure I'll neutralize the blue bedroom up there just yet because there is blue carpeting in there; but will before I sell. Most of my downstairs is blue so I'm sure when I get ready to sell, there will be alot of painting to be done first.
7. Wallpaper. Dated flowers are gone. Today its painted walls or geometric wallpapers, but those can be offputting to the more conservative buyer. Safer to stick with neutrals, but I have seen people go ga ga over red kitchens, so maybe sometimes it is ok to have a punch of color in a kitchen.
8. Laminate. WAIT, I love my laminate. I tored out the 4 inch tiles to get rid of grout and the laminate is so easy to clean!! Well, buyers today prefer granite even though it doesn't hold up as well as laminate. So if you have the $$$, change everything to granite; but if you don't I like the laminate that resembles granite. Sometimes as realtors we have to touch it to tell the difference. No one is using corian or 4 inch tiles any more. Dont waste your money there. Decorative tumbled stone back splashes are GREAT.
9. Front doors. Absolutely I've seen people judge a home before they enter based on whether the door is nice or not. Actually they judge it more if the door is rotted, peeling paint, or dirty. Then they presume that the whole house has not been taken care of So be sure your front door is pristine when you put your house on the market.
10. As realtors we say "classic" bathrooms when we mean PINK, BLUE, YELLOW, GREEN bathrooms, all done in 4 inch tile, including tub, toilet and sink. Please at least change the toilet and sink. There is a paint for the tiles that will cover and neutralize.
I'm sure I could go on and on about things I see, but for today I'll stop with these. They are in no particular order, as each is important to some buyers. Some walk out upon seeing popcorn ceilings, some stay until they reach the classic bathrom. Some won't enter if it has carpet, and some won't enter with hardwoods, so each person is different and this is just a list of "normal" irritating things buyers mention. I'd love to hear what you HATE in a house when shopping for one.
Contemporary home in Puckett was Totally Unique
I just saw the most amazing house in Pucket in Amarillo, Texas. 5568 sq ft for just $379,000. That's about $60 a sq ft. It was custom built with a garden room, two huge living rooms both with fireplaces, two staircases, 5 bedrooms, 5 baths, 2 master suites, 3 car garage, and a kitchen that all the cabinets were handpainted by an artist and no two sets of doors match the ones around them. Very contemporary design. Two staircases, and you could look down on the lower levels for a great view. there was an upstairs deck. Backyard featured a hot tub. It was amazing.
Tuesday, January 29, 2013
Gross Income Used For Mortgages??
Just read an interesting article about how GROSS income is not a good way to decide whether a person can afford a mortgage. It brought to light the fact that bills people pay aren't even considered among those bills that get reported to credit agencies.
For instance, the number one bill paid is car payment as that is how people get to work and it will get repossessed if not paid. Then they have to have gas to run the car, and child care for their children while they are working. See the point. There are alot of non-credit agency type bills that will get paid before the house. The house gets paid if everything else gets paid first.
I'd never thought of it that way as I'm old school, and I budget the house payment first. I have a real "fear" of living on the street as the little old "bag lady". So that's the first thing I get paid each month. Maybe I'm weird, if this is not the way most people do it.
Read another great article recently from an investment firm who said be sure you pay your car first as it's how you will get to work whenever the dollar goes crazy and is worth next to nothing. You can also live in it. Ouch!! another person who puts a car before the house.
So if you are interested in this concept, I'm copying the address for the first article. Let me know what you think. http://www.nationalmortgagenews.com/blogs/hearing/gross-is-for-kids-not-ability-to-repay-1034058-1.html
For instance, the number one bill paid is car payment as that is how people get to work and it will get repossessed if not paid. Then they have to have gas to run the car, and child care for their children while they are working. See the point. There are alot of non-credit agency type bills that will get paid before the house. The house gets paid if everything else gets paid first.
I'd never thought of it that way as I'm old school, and I budget the house payment first. I have a real "fear" of living on the street as the little old "bag lady". So that's the first thing I get paid each month. Maybe I'm weird, if this is not the way most people do it.
Read another great article recently from an investment firm who said be sure you pay your car first as it's how you will get to work whenever the dollar goes crazy and is worth next to nothing. You can also live in it. Ouch!! another person who puts a car before the house.
So if you are interested in this concept, I'm copying the address for the first article. Let me know what you think. http://www.nationalmortgagenews.com/blogs/hearing/gross-is-for-kids-not-ability-to-repay-1034058-1.html
Friday, January 25, 2013
A Little About A Lot of Things.
Interest rates are staying low but inching...no millimetering upward. 30 year conventional is 3.375%.
I learned from my kids that you can't refinance unless you have paid down 5% of your original note; doesn't matter if you had a good equity. Their house is about $145,000 value, and they paid $100,000 in foreclosure sale for it in July. We figure they've paid it down to about $97,000 as they just got a 15 year note. So they have to pay down $2,000 more in principal before they can refinance at a lower interest rate and get a home equity loan for fixing a few things they want to do. Not bad for 23 year old kids, huh!! So proud of them.
I listed a huge 4400+ home this week. Originally 6 bedrooms, now 5, as they took down a wall and opened up a large living/dining area. It has 2 living areas downstairs and a huge sunporch which would be great for a pool table or hot tub. It has 3 bedrooms downstairs and 2 baths, and upstairs another full house of 2 br, office, landing that is huge enough for another office, large open la/dining and another kitchen. Perfect home for 2 families, and that's what lived here. Two families, and one was a quadriplegic so downstairs are the mechanism for lifting a disabled person and a shower that's about 5 x 5 to accomodate a wheelchair. This house has a large covered patio, wheelchair accessible, and two extra lots; one on each side of the house. Build a shop and a pool, or another house on the north, as that lot is about 88 x 115. All for $174,000, as we need to sell it fast before it is foreclosed due to medical bills. Aren't banks totally without heart!! These people tried to make payments and they wouldn't take partial payments and said they wouldn't talk about refinancing until they were 3 months in arrears, so they paid medical bills with their money for 3 months and then tried to refinance and the bank said no, because now they had no closing cost money. This is THE national bank we all hear about not having a heart, and I'm afraid it is so, even though my mortgage is with them and I bank there. I may change all the banking part to a local bank after this.
I want to share a devotion and comments I posted today on facebook and on my momsdementia.com blog where I cover things about my mom's Vascular Dementia. This is about God and his love for us. So if you are not interested in hearing about how God wants to hear from you, then stop reading right NOW.
"Sue Lawrence gave me a devotion book that I am really enjoying. Today's was about Psalm 145:18. "The Lord is nigh unto all them who call upon him." The writer said he had just finished reading a book explaining prayer, and how the Lord is always waiting to hear from us, longing to hear from us, ready to listen to us. He was cynical and thought, "Oh, yay, the creator of the universe wants to hear from a nobody like me. That day was a particularly busy day for him at work, lots of deadlines and projects. The phone interrupted his schedule and he picked up the phone and answered in a tone that said, "Get on with it and let me get back to work." Then he heard his son's voice . Attitude changed. His son was on his way to work in his car and was telling his dad about his newest project, about his friends, etc. They visited for over 10 minutes and when the phone call ended, the dad realized that he had been longing to hear from his son, just as God longs for us, his children, to call him and visit, and spend time talking. He knew then what the verse meant, and he understood more about prayer.
I've had the busiest 5 days in real estate this past week I've ever had. One day I didn't even eat until 6 p.m. That day my son DJ and his wife offered to go with me to eat as Jerry was already at church, and I so enjoyed the 'down time' to just listen to them and tell them about my life. It was special. Yesterday I decided I was NOT going to miss my pickleball so I quit at 4 and went to play for 2 hours. Just before we started a new game, the phone rang for the second time, I jerked it to my ear and said "This is Judy, what can I do for you." in a tone that was not very welcoming. My son, Jeff, answered, "Well, for one thing, don't yell at me." Oops. Then he invited Jerry and me to go bowling, which later was cancelled and changed to supper at Mr Gattis. Jerry knows I don't ever put my kids off if they want to spend time with me. So we went, and had the added surprise of having Cierra, Brandon, Charli, and Derek all together for a meal and visit. I so enjoyed listening to Jeff's exercise stories, DJ's comments about bump, set, spike being the way to play volleyball, but sometimes you see an opening and it's right to just hit it on over; to watch Cierra care for and love on that baby girl, Charli, and to see Brandon being his usual -in his words - not cute but handsome self. To hear Jerry share the story of his near fall at PD Canyon, and just share in everyone's lives. So this devotion today was right on for me. God too wants those kind of phone calls, those special sharing times with his children. Have you given him a call today? He's waiting . . and hoping . . ready to listen as long as you want."
I learned from my kids that you can't refinance unless you have paid down 5% of your original note; doesn't matter if you had a good equity. Their house is about $145,000 value, and they paid $100,000 in foreclosure sale for it in July. We figure they've paid it down to about $97,000 as they just got a 15 year note. So they have to pay down $2,000 more in principal before they can refinance at a lower interest rate and get a home equity loan for fixing a few things they want to do. Not bad for 23 year old kids, huh!! So proud of them.
I listed a huge 4400+ home this week. Originally 6 bedrooms, now 5, as they took down a wall and opened up a large living/dining area. It has 2 living areas downstairs and a huge sunporch which would be great for a pool table or hot tub. It has 3 bedrooms downstairs and 2 baths, and upstairs another full house of 2 br, office, landing that is huge enough for another office, large open la/dining and another kitchen. Perfect home for 2 families, and that's what lived here. Two families, and one was a quadriplegic so downstairs are the mechanism for lifting a disabled person and a shower that's about 5 x 5 to accomodate a wheelchair. This house has a large covered patio, wheelchair accessible, and two extra lots; one on each side of the house. Build a shop and a pool, or another house on the north, as that lot is about 88 x 115. All for $174,000, as we need to sell it fast before it is foreclosed due to medical bills. Aren't banks totally without heart!! These people tried to make payments and they wouldn't take partial payments and said they wouldn't talk about refinancing until they were 3 months in arrears, so they paid medical bills with their money for 3 months and then tried to refinance and the bank said no, because now they had no closing cost money. This is THE national bank we all hear about not having a heart, and I'm afraid it is so, even though my mortgage is with them and I bank there. I may change all the banking part to a local bank after this.
I want to share a devotion and comments I posted today on facebook and on my momsdementia.com blog where I cover things about my mom's Vascular Dementia. This is about God and his love for us. So if you are not interested in hearing about how God wants to hear from you, then stop reading right NOW.
"Sue Lawrence gave me a devotion book that I am really enjoying. Today's was about Psalm 145:18. "The Lord is nigh unto all them who call upon him." The writer said he had just finished reading a book explaining prayer, and how the Lord is always waiting to hear from us, longing to hear from us, ready to listen to us. He was cynical and thought, "Oh, yay, the creator of the universe wants to hear from a nobody like me. That day was a particularly busy day for him at work, lots of deadlines and projects. The phone interrupted his schedule and he picked up the phone and answered in a tone that said, "Get on with it and let me get back to work." Then he heard his son's voice . Attitude changed. His son was on his way to work in his car and was telling his dad about his newest project, about his friends, etc. They visited for over 10 minutes and when the phone call ended, the dad realized that he had been longing to hear from his son, just as God longs for us, his children, to call him and visit, and spend time talking. He knew then what the verse meant, and he understood more about prayer.
I've had the busiest 5 days in real estate this past week I've ever had. One day I didn't even eat until 6 p.m. That day my son DJ and his wife offered to go with me to eat as Jerry was already at church, and I so enjoyed the 'down time' to just listen to them and tell them about my life. It was special. Yesterday I decided I was NOT going to miss my pickleball so I quit at 4 and went to play for 2 hours. Just before we started a new game, the phone rang for the second time, I jerked it to my ear and said "This is Judy, what can I do for you." in a tone that was not very welcoming. My son, Jeff, answered, "Well, for one thing, don't yell at me." Oops. Then he invited Jerry and me to go bowling, which later was cancelled and changed to supper at Mr Gattis. Jerry knows I don't ever put my kids off if they want to spend time with me. So we went, and had the added surprise of having Cierra, Brandon, Charli, and Derek all together for a meal and visit. I so enjoyed listening to Jeff's exercise stories, DJ's comments about bump, set, spike being the way to play volleyball, but sometimes you see an opening and it's right to just hit it on over; to watch Cierra care for and love on that baby girl, Charli, and to see Brandon being his usual -in his words - not cute but handsome self. To hear Jerry share the story of his near fall at PD Canyon, and just share in everyone's lives. So this devotion today was right on for me. God too wants those kind of phone calls, those special sharing times with his children. Have you given him a call today? He's waiting . . and hoping . . ready to listen as long as you want."
Monday, January 7, 2013
The Housing Market Has Gotten Busy
Ever since Christmas ended, we've seen a huge change in the housing market in Amarillo.
1. Our inventory is way down. We need more listings.
2. Our buyers are out looking. I had over 40 people come to an open house on Sunday. No one showed up the first 15 minutes so I went outside and started shoveling snow off the sidewalk, but once the first lookers came, there was not a time that someone was not in the house. At one point I have 4 separate groups working their way through the house; luckily it was a large 2541 sq ft 4/2/2/ home with 2 living areas, 2 patios, and lots to see in the backyard on a pretty day. So they were going outside and just circling each other.
3. I got 2 offers on one house on Friday, and before they could make their 10 a.m. best offer on Saturday, I had another realtor call saying she had someone interested; and while we were waiting to hear from her, another realtor called and said she had a veteran who was interested in the house and wanted to go up in the attic to see if walls could be removed. So we waited another full day before sending in our counter on the one we chose from Friday to deal with. Then this morning I got word that 3 other realtors showed the house Sunday afternoon. I tell you buyers have come out of the woodwork.
4. Although our inventory in Amarillo is low, realtors at Prudential Ada Realtors have taken 6 new listings this past week. Our office might single-handed make it a goal to put inventory back out there. I am not one of them, as I've been too busy handling the offers and showings on one listing and setting up the open house and holding it on another to go out and try and get more listings. I've always felt I needed to take fewer listings and keep my "sale" rate high. I've only had 3 listings not sell, and one of those I had a contract offer after the listing ended for a good price, and gentleman had decided not to sell as he had renters. So let's say 2 listings!! So I concentrate on selling the ones I get and not making it a goal to have the most listings. I've found that 4 is the most I can handle and give them the attention they need.
5. Interest rates took a tiny step up, so people may have seen that and decided not to stay on the sidelines any more.
So after a month of nothing moving and everyone getting ready for the holidays, we see the real estate heating up again. Hoping this will be the best year for real estate in the past 4!!
1. Our inventory is way down. We need more listings.
2. Our buyers are out looking. I had over 40 people come to an open house on Sunday. No one showed up the first 15 minutes so I went outside and started shoveling snow off the sidewalk, but once the first lookers came, there was not a time that someone was not in the house. At one point I have 4 separate groups working their way through the house; luckily it was a large 2541 sq ft 4/2/2/ home with 2 living areas, 2 patios, and lots to see in the backyard on a pretty day. So they were going outside and just circling each other.
3. I got 2 offers on one house on Friday, and before they could make their 10 a.m. best offer on Saturday, I had another realtor call saying she had someone interested; and while we were waiting to hear from her, another realtor called and said she had a veteran who was interested in the house and wanted to go up in the attic to see if walls could be removed. So we waited another full day before sending in our counter on the one we chose from Friday to deal with. Then this morning I got word that 3 other realtors showed the house Sunday afternoon. I tell you buyers have come out of the woodwork.
4. Although our inventory in Amarillo is low, realtors at Prudential Ada Realtors have taken 6 new listings this past week. Our office might single-handed make it a goal to put inventory back out there. I am not one of them, as I've been too busy handling the offers and showings on one listing and setting up the open house and holding it on another to go out and try and get more listings. I've always felt I needed to take fewer listings and keep my "sale" rate high. I've only had 3 listings not sell, and one of those I had a contract offer after the listing ended for a good price, and gentleman had decided not to sell as he had renters. So let's say 2 listings!! So I concentrate on selling the ones I get and not making it a goal to have the most listings. I've found that 4 is the most I can handle and give them the attention they need.
5. Interest rates took a tiny step up, so people may have seen that and decided not to stay on the sidelines any more.
So after a month of nothing moving and everyone getting ready for the holidays, we see the real estate heating up again. Hoping this will be the best year for real estate in the past 4!!
Friday, October 26, 2012
DISTRESSED REAL ESTATE SALES
Distressed Properties
Distressed homes, which include foreclosures and short sales, in which the lender agrees to a transaction for less than the balance of the mortgage, accounted for 24 percent of the September total, up from 22 percent in the prior month, today’s report showed.All-cash transactions accounted for 28 percent of last month’s sales, and investors, the majority of who are all-cash buyers, accounted for 18 percent.
Private-equity firms such as Colony Capital LLC and Blackstone Group LP, have converged on Phoenix, Atlanta and other distressed areas in search of low-priced properties to buy and rent out, helping to stabilize the markets. These types of investors have raised as much as $8 billion to buy as many as 80,000 single-family homes to manage as rentals, according to a Sept. 21 report by Keefe Bruyette & Woods Inc.
American households may also be drawn into the market as a falling jobless rate helps bolster confidence. Unemployment dropped to 7.8 percent in September, the lowest since PresidentBarack Obama took office in January 2009. The Bloomberg Consumer Comfort Index last week climbed to a six-month high, and a similar measure from Thomson Reuters/University of Michigan jumped this month to a five-year high.
Monday, August 13, 2012
HOW LONG AFTER FORECLOSURE TO BUY HOME.
How Long Do I Have to Wait?
 |
The following chart is meant to be a general guide for how long a person might have to wait. During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.
FHA
|
VA
|
USDA
|
FNMA/Freddie Mac
|
Jumbo
| |||
| Foreclosure |
3 years
|
2 years
|
3 years
|
7 years
|
7 years
| ||
| Deed-in-Lieu of Foreclosure |
3 years
|
2 years
|
3 years
|
2 years<80%
|
4 years81-90%
|
7 years> 90%
|
7 years
|
| Short Sale |
3 years
|
2 years
|
3 years
|
2 years<80%
|
7 years81-90%
|
7 years> 90%
|
7 years
|
| Chapter 7 Bankruptcy |
2 years
|
2 years
|
3 years
|
4 years
|
7 years
| ||
| Chapter 13 Bankruptcy |
1 year
|
1 year
|
1 year
|
2 years
|
7 years
| ||
Monday, July 23, 2012
How to Manage Your Insurance Deductible.
Managing Deductibles
The purpose of insurance is to shift the risk of loss to a company in exchange for a premium. Most policies have a deductible which is an amount the insured pays out of pocket before the insurance starts covering the cost of the loss. |
In the process of managing insurance premiums, policy holders often consider adjusting their deductibles. Lower deductibles mean less money out of pocket if a loss occurs but obviously, results in higher premiums. Higher deductibles result in lower premiums but require that the insured bear a larger amount of the first part of the loss.
A small fire in a $300,000 home that resulted in $2,500 of damage might not be covered because it is less than the 1% deductible. If the homeowner can afford to handle the cost of repairs in exchange for cheaper premiums, it might be worth it. On the other hand, if that loss would be difficult for the homeowner, a change in the deductible could be considered.
It is a good idea to review your deductible with your property insurance agent so that you're familiar with the amount and make any changes that would be appropriate.
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