Glenn Jordan

Cost Between Renting and Owning Narrows

2010-04-20T15:47:00.000-07:00

The cost difference between buying and renting is as narrow as it has been since 1993, according to a study on homeownership by Marcus & Millichap Real Estate Investment Services for the Associated Press.

The study examined rent and home prices in 45 metropolitan areas and concluded that gap between a payment on a median-priced home and median rent on a similar property is on average only $256.

Marcus & Millichap calculated the number using median home prices for the last three months of 2009, assuming a 10 percent down payment on a 30-year fixed-rate loan at 5.07 percent. It factored in mortgage insurance, but didn’t include either repair costs or tax benefits.

The difference is narrowest in such hard-hit markets as Detroit, Las Vegas, Atlanta, Cleveland, Indianapolis, and Orlando.

Renting remains significantly cheaper in New York, Los Angeles, Seattle, San Diego, San Francisco, and San Jose, Calif.

Source: Associated Press (04/19/2010)

Google Maps Real Estate Search

2009-11-01T11:27:00.001-08:00

If you love using Google maps to find your routes and destinations, you'll love its newest feature to search Real Estate listings. Not only can you search homes for sale, but also rentals and foreclosures.

According to the Google Blog:

We've also added the ability to search for rental listings in the US. You can now find places for rent in New York or one bedrooms in San Francisco for rent simply by turning on the Real Estate layer via the 'More' button and selecting some refinements.

You'll also notice that Google Maps is now showing even more information about an area as you pan around and zoom in. There are small icons on the map showing the names and location of businesses and prominent features of the neighborhood. This means that during your property search, you'll be able to tell at a glance just exactly what shops can be found down the road from where you're looking, all without typing!

You can now find real estate in cities and towns across the US, Australia, New Zealand and India.

Of course, these aren't the only resources available for your new home search. You can use Street View on Google Maps to check out the neighborhood before driving to an open house; use driving directions to find out exactly how to get there; and transit information to work out what your new commute might be if you went ahead and moved house.

Also, if you're in the real estate industry and want to provide listings to be seen in Google Maps, it's really easy to get started.

So here's how to search for real estate listings. On the search bar, to the right, you'll see a link to "show more options". Click that and select Real Estate. Now search a state, city, or street and it will show you listings in that area. pretty cool tool with lots of options to narrow your search from there. Have fun!

I pulled up one of my listings using the tool. Check it out.

The Social Media Revolution

2009-08-23T17:38:00.000-07:00

You've probably seen this video already circling around the net. It's a shocking look at how social media has grown over the years and doesn't appear to be slowing down any.

Get your credit in shape first

2009-08-23T17:28:00.000-07:00

If you are considering purchasing a home, you might want to begin by taking a look at your credit. While you don’t need perfect credit, it’s a smart idea to find out what’s on your credit report before applying for a loan. The Fair and Accurate Credit Transactions (FACT) Act of 2003 made it possible for consumers to access free copies of their credit report.

You can request one free credit report every 12 months from each of the three major consumer credit reporting agencies: Equifax, Experian and TransUnion. You might consider requesting a copy from each, as you may come across inaccuracies. If you find errors, you can try to resolve them before contacting a mortgage lender. If you come across legitimate blemishes, you may want to take steps to improve your credit rating before applying for a home loan. Even if you aren’t looking to buy a home soon, you might consider taking advantage of this free look at your credit report.

-From the Texas Association of Realtors.

A $68,000 credit on a home?

2009-07-29T09:16:00.000-07:00

From TexasRealEstate.com

No, it’s no joke. As a first-time homebuyer with a moderate income, you may be able to save $68,000 on a home. That’s $8,000 on the purchase and $60,000 over the life of a 30-year loan. Let that sink in for a minute, but not too long, because there’s a deadline to beat.
Read the complete article by MARTY KRAMER, Consumer columnist

Congress Unlikely to Consider Tax Measures, Including Tax Credit, Until October

2009-07-07T14:35:00.000-07:00

From the National Association of Realtors - Washington Report:

The health reform efforts in both the House and Senate will completely dominate the agenda in both tax-writing committees throughout July. Accordingly, their leaders have announced that they will not take up expiring provisions, including the first-time homebuyer tax credit, until they have disposed of the health reform legislation. Thus, extension and possible expansion of the $8000 tax credit are unlikely to be considered until about October. NAR encourages its members to complete pending transactions as soon as possible because of the potential for uncertainty as the December 1 expiration date approaches.

In Depth: 2009 First-Time Home Buyer Tax Credit

USING THE FIRST-TIME HOME BUYER TAX CREDIT AS A DOWN PAYMENT ON A FHA-INSURED MORTGAGE

2009-06-30T13:08:00.000-07:00

Full PDF Flyer Here.

Your client CAN borrow money for their down payment! This is huge!

2009-06-22T11:49:00.000-07:00

Agents and clients in the state of Texas, this is huge! I just received this information from Kristin Rogeau at Bank of America in San Antonio. Be sure to find out what your state is offering in regards to these new programs! Give Kristin a call if you'd like more information or if you're in the market for a great loan officer. Her information is below. Thanks Kristin!

Texas Department of Housing and Community affairs rolled out two new programs today where first time home buyers can borrow up to 5% of the purchase price to be utilized towards down payment and closing costs. The funds are in the form of a second lien and will be repaid on a 2-5 year term depending on the borrower's capabilities. The first 90 days of the term will be amortized at 0% interest, encouraging borrowers to pay the lien off once they receive their $8,000 tax credit. There are over $6 million that will be used to fund this program, however as the loans are paid back, the funds will be reallocated.

Bank of America is an authorized lender of this program. Please let me know if you have any questions, and if I can assist you or your clients. Happy selling!

Kristin Rougeau
Mortgage Loan Officer
Bank of America Home Loans
434 N Loop 1604 W #3101
San Antonio, TX 78232
Know the Customer. Care about the Customer. Act for the Customer.
Bank of America: Proprietary

PRICE CHANGE! 5621 Caraway Bend

2009-06-19T12:07:00.000-07:00

This beautiful 2 story, 4 bedroom, 2.5 bathroom home at 3,026 square feet has been price reduced to $159,800. This is an incredible deal for its location! This home is just off Bandera Rd & 410 and is only minutes away from Sea World in a quiet and well kept subdivision. The 2008 tax assessed value on this home was $175,380. All agents are welcome to show this home immediately. Please give me a call at 210-454-1776.

5621 Caraway Bend San Antonio TX 78238
bdrm: 4
bath: 2.5
square feet: 3,026
lot size: 0.13
garage: 2 car attached
heating: central
air condition: central
MLS# 780645

Open publication - Free publishing - More san antonio

Additional information can be found on Realtor.com, click here.

U.S. Ups the Ante in Foreclosure Program

2009-06-17T10:53:00.001-07:00

As we wait for news on Fannie Mae to lift their almighty moratorium, yesterdays news from the associated press could spell out further delays in selling REO properties. On the flip side, homeowners are receiving more help from the government in efforts to keep them in their homes.

Source: The Associated Press, Martin Crutsinger (06162009)

The U.S. government is offering another $3.1 billion to mortgage servicing companies to encourage them to modify loans for borrowers facing foreclosure.

More than 9 percent of 45 million U.S. mortgages, or about 4 million loans, were delinquent in the first quarter of 2009, according to the Mortgage Bankers Association.

The Obama administration put up $50 billion in March as an incentive to encourage the mortgage industry to modify loans to make monthly payments more affordable. So far, however, the plan hasn’t been very effective with relatively few borrowers able to qualify.

To increase the numbers, the administration last month expanded the program to provide incentives for lenders to streamline their short-sale processes.

As of this week about 50,000 borrowers are enrolled in three-month trial modifications under the plan, the Treasury Department says.

Part of the problem, lenders say, is the volume of applicants, which has overwhelmed workers charged with modifying the loans.

Bill Seeks To Expand Homebuyer Tax Credit

2009-06-16T15:55:00.000-07:00

From Carrie Bay @ DSNews.com

Sen. Johnny Isakson (R-Georgia), along with nine bipartisan cosponsors, has introduced S. 1230, The Homebuyer Tax Credit Act of 2009. The bill would increase the federal tax credit for the purchase of a home from the current amount of $8,000 to $15,000. It would also extend the benefit to all homebuyers, not just first-time purchasers.

The expiration of the tax credit would be pushed out as well. Currently, the $8,000 first-time credit has a sunset date of December 1, 2009. The new credit would become available immediately on the date of enactment, and be in effect for one year after. The legislation also would eliminate the income caps of $75,000 for an individual and $150,000 for a couple under the current tax credit so that there is no income limit for eligibility.

Joe Robson, chairman of the National Association of Home Builders (NAHB), said his organization supported Congress' consideration of tax measures as a means to restore housing health. “The current $8,000 first-time home buyer tax credit has proved to be an effective policy targeted toward a specific demographic group that is showing tangible results,” Robson said. “Enhancing this credit would help to stoke the economic engine at a key point in our recovery.”

However, unlike the existing tax credit, the new one would not be refundable, meaning that the credit can only be applied toward the homebuyer's tax liability and will not be paid out in the form of a refund if the credit exceeds liability. As a result, the tax credit downpayment programs instituted by several state governments and HUD would be less available because the homebuyer's tax liability must be known in order to calculate the actual credit amount.

David G. Kittle, CMB, chairman of the Mortgage Bankers Association (MBA), said, "As this bipartisan proposal moves forward, we hope that policy makers will make the tax credit refundable as a tax refund if the person's tax liability is less than the amount of the credit, so borrowers can take full advantage of this benefit.”

Kittle added that lawmakers should also ensure the tax credit is made available at the closing table, since one of the greatest hurdles for many homebuyers is saving money for their downpayment.

More proposals are being pushed, read the rest of this article on DSNews.com

Neighbors Are Forcing Neighbors Into Foreclosure

2009-06-15T09:27:00.000-07:00

From the TheStreet.Com

IRVING, Texas (AP) — Thousands of Americans who have generally kept up with their mortgages are still in danger of losing their homes because they made a fateful trade-off in this shaky economy — they let their homeowner association dues slide. Many homeowners are learning to their surprise that condo and neighborhood associations that oversee security patrols, mow lawns, plant flowers and clean the community swimming pool may have the right to foreclose when dues aren't paid. That right is often written into the purchase agreement signed by the homeowner.

Among those who have been threatened with foreclosure is Lacey Pilat, who lost her job catering lavish corporate parties and nearly lost her two-story house in this Dallas suburb.
"Basically, our landscaper was foreclosing on the house," said Steve Pilat, her husband. "That's the way we looked at it."

These foreclosure actions do not necessarily pit neighbor against neighbor. Many homeowner associations have turned the job of collecting member dues over to outside management companies. And to them, it's strictly business, not personal.

More on this story at TheStreet.com

REOTrans Certifies Agents in REO

2009-06-12T09:45:00.000-07:00

From DSNews.com

The volume of defaulted real estate coming onto the market nationwide has reached unprecedented proportions, with more than 40 percent of homes for sale representing lender real-estate-owned properties.

Thousands of agents have seen the conventional market drying up and have turned their focus to REO sales, but are running into fierce competition in securing listings. At the same time, asset managers for lending institutions are becoming more and more hard-pressed to find enough agents qualified to handle their REO portfolios.

Southern California-based REOTrans says it has come up with a solution for both problems, called the RT Certified Agent Program, an online training regimen that educates agents on the REO sales process.

Chris Saitta, CEO of REOTrans, said that his company has been working on the project for several months, and it was officially launched at the end of May.

“By becoming RT-certified,” Saitta said, “an agent is far more likely to be selected by sellers to handle their listings. They know certified agents are literate on our RT Workstation and are conversant with the rules, regulations, and lender’s procedures.”

Saitta explained that REOTrans has been providing basic training on the use of its Workstation free of charge at various industry meetings, but the sessions were constantly overbooked. “So we decided to create an online series of courses – and the response has been fantastic,” Saitta said.

The company offers three levels of certification. An agent can choose Silver, Gold, or Platinum levels. At the end of the course, the agent must take an exam based on the level chosen. A score of 80 and above qualifies for certification.

RT-certified agents are flagged as having completed the training on REOTrans' Workstation, to let lenders know that the agent is qualified and ready to accept listings. They can also attach the certification logo to their business cards and marketing materials. Saitta explained that a “modest fee” is charged for the coursework.

“To get started, all they have to do is log onto REOTrans.com and follow the instructions,” Saitta said.

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Tejas Properties Ltd. is REOTrans Platinum Certified.

Interest Rates Drive Down Refinances

2009-06-10T11:19:00.001-07:00

REALTOR® Magazine-Daily News

Mortgage applications fell last week driven by a decline in refinance applications, due to rising interest rates, according to the Mortgage Bankers Association.

Mortgage rates continued to rise for the second consecutive week:

30-year fixed-rate mortgages increased to 5.57 percent from 5.25 percent;
15-year fixed-rate mortgages increased to 5.10 percent from 4.80 percent;
1-year ARMs increased to 6.75 percent from 6.61 percent.

Source: Mortgage Bankers Association (06/10/2009)

Click below to read more:

REALTOR® Magazine-Daily News-Interest Rates Drive Down Refinances

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$27.4 BILLION SLASHED OFF HOMES CURRENTLY FOR SALE ACROSS AMERICA

2009-06-08T14:23:00.000-07:00

From Trulia.com

Encouraging News for Buyers - Almost 1 in 4 Homes for Sale Today Have Had at Least One Price Reduction

SAN FRANCISCO, June 5, 2009 – Trulia, Inc. (www.trulia.com), the best place to start your real estate search, today announced that 23.6 percent of current homes on the market in the United States have experienced at least one price cut, totaling $27.4 billion in reductions. The average price-reduced home has seen a listing price reduction of 10.6 percent.

Major metropolitan areas continue to be hit hard by price reductions. Of the top 50 cities in the U.S. based on population, 33 have seen 25 percent or more of home listings reduced in price, higher than the national average of 23.6 percent. U.S. cities that have seen at least 30 percent of homes reduced in price include:

• Jacksonville, Florida – 36 percent
• Tucson, Arizona – 32 percent
• Boston, Massachusetts – 32 percent
• Los Angeles, California – 32 percent
• Columbus, Ohio – 31 percent
• Dallas, Texas – 31 percent
• Honolulu, Hawaii – 31 percent
• Minneapolis, Minnesota – 31 percent
• Austin, Texas – 30 percent
• Washington, DC – 30 percent
• Baltimore, Maryland – 30 percent
• Las Vegas, Nevada – 30 percent

“Summer time is the peak season for buying and selling, and with some of the lowest prices in the last decade, we expect to it be a busy season,” said Pete Flint, Trulia co-founder and CEO. “Everyone wants to think they are getting the best deal available and price reductions are helping to spark a renewed interest in the U.S. real estate market.”

The Foreclosure Effect
The national average for price reductions on current home listings is 10.6 percent, but sellers in the areas hardest hit by foreclosures are slashing prices the most. Detroit home owners on average reduce their homes by 23 percent, while Las Vegas sellers reduce their homes by 16 percent and Miami sellers reduce their homes by 15 percent. Phoenix and Mesa are also experiencing deep price reductions with 13 percent slashed off the original listing price.

Luxury Market Getting Hit Hard
24 percent of homes with a selling price greater than $2 million are seeing price reductions compared to 23.6 percent of homes on the market for the less than $2 million. While the percentage of homes seeing discounts are almost identical, discounts on luxury homes are significantly more with 14.3 percent being slashed off the original listing price compared to only 9.7 percent of homes under the $2 million dollar price tag.

So where does San Antonio Stand? According to Trulia's report, San Antonio is #23 with 23% of listings seeing reductions. Click to view chart below.

Read the complete article on Trulia.com

First Time Home Buyer Tax Credit As A Down Payment?

2009-06-08T10:00:00.001-07:00

An excerpt from the updated mortgage letter 9-15 released by HUD on May 29th 2009 regarding the First Time Home Buyer Tax Credit. There is still some confusion regarding this credit and its always best to speak with a mortgage professional to get the latest on what your state offers. See below quote from the latest update. Pay special attention to the the bolded portion. Then, read more from the article on RErockstar.com, the link is below. :

"Pursuant to 12 U.S.C. 1709(b)(9), the homebuyer’s downpayment required for eligibility for FHA insurance may not consist of any funds (including funds derived from a sale of the homebuyer tax credit) provided by the mortgagee, the seller, or any other person or entity that financially benefits from the transaction (or by any third party or entity that is reimbursed, directly or indirectly, by the financially benefiting person or entity). Accordingly, the proceeds of the sale of the tax credit to FHA approved mortgagees, the seller, or any other person or entity that financially benefits from the transaction (or any third party or entity that is reimbursed, directly or indirectly, by the financing benefiting person or entity), may not be used to meet the 3.5% minimum downpayment, but may be used as additional downpayment, buying down of interest rate, or other closing costs."
First Time Home Buyer Tax Credit As A Down Payment?, May 2009

You should read the whole article.

8,000 Homebuyer Tax Credit Can Be Used for Down Payment

2009-06-04T09:20:00.000-07:00

Taken From www.ForeclosurePulse.com

U.S. Housing and Urban Development Secretary Shaun Donovan announced May 29 that a recently enacted $8,000 first-time homebuyer tax credit could be immediately applied to closing costs for a home purchase, including down payment in some cases.

The tax credit can be applied to a down payment one of two ways. First, buyers using an FHA-approved lender can sell their anticipated tax credit to the lender and use the proceeds to immediately apply the tax credit to any down payment above the minimum down payment of 3.5 percent required with FHA-insured mortgages. Second, buyers who receive financing through state housing finance agencies and certain non-profits will be able to use the tax credit for their down payments via a tax credit advance loan that does not result in any cash back to the buyer. In both cases, buyers can only access the credit after filing their tax returns with the IRS.

The tax credit was part of a $789 billion economic stimulus bill signed into law by President Obama on Feb. 17, 2009, called the American Recovery and Reinvestment Act of 2009. It allows first-time homebuyers to get up to an $8,000 tax credit if they purchase a home between Jan. 1, 2009, and Dec. 1, 2009. Unlike a $7,500 homebuyer tax credit originally part of the Housing and Economic Recovery Act of 2008, the new tax credit does not have to be repaid as long as the property is not resold within three years.

When do I need to purchase to qualify?
If you buy a home between Jan. 1 and Dec. 1 this year and close escrow during these dates, you will qualify for an $8,000 tax credit — as long as it is your primary residence and you meet the simple requirements.

How does the law define “first-time homebuyer”?
The law defines “first-time homebuyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.

What are other requirements to qualify?
All U.S. citizens who file taxes are eligible to participate. An income limit of $75,000 a year for individuals and $150,000 a year for joint filers also applies.

How do I apply for the credit?
Taxpayers should use IRS Tax Form 5450 to claim the first-time homebuyer tax credit.

Does the credit have to be repaid?
No. Unlike a similar tax credit passed in 2008, this $8,000 tax credit does not have to be repaid to the IRS.

FOR SALE: Beautiful Home in San Antonio

2009-05-31T14:19:00.001-07:00

Contemporary style home located near Bandera Rd and 410. Just minutes from Sea World. 3,026 sq.ft, 4 bedroom, 2.5 bathroom, built in 2005. Currently listed at 170k, this brick and masonry home will not sit long. Please call me if you would like a showing in person. 210-454-1776. Please have pre-qual letter from your bank before booking an appointment. Enjoy the photos below.

Open publication - Free publishing - More san antonio

Additional information can be found on Realtor.com, click here.

Austin Area Home Sales Slide 18 Percent

2009-05-31T14:08:00.000-07:00

Austin area home sales were down 18 percent last month from April 2008, but the median price was up 1 percent, to $189,000.
The Austin Board of Realtors said 1,601 homes sold last month, the highest number since September.
While sales pending for May were down 9 percent from a year ago, the 1,919 sales in the pipeline were the most since last July.
There were 9,889 homes on the market, one percent fewer than in April 2008.
Homes that sold last month were on the market for an average of 79 days, 20 percent more than a year ago.

Taken from Statesman.com, click here.