Shelli Dore’s Real Estate Blog

Archive for January 2010

Daily Real Estate News  |  January 22, 2010  

For people who want to own a home, the premium to buy—the spread between what they’d spend to rent and what they’d pay for a mortgage—is much lower than the 15-year average in many cities.

To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years.

Here are the top 10 cities the magazine chose as the best places to buy right now.

  1. Boston-Cambridge-Quincy, Mass.
  2. Charlotte-Gastonia-Concord, N.C.-S.C.
  3. Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
  4. Cincinnati-Middletown, Ohio-Ky.-Ind.
  5. Denver-Aurora-Broomfield, Colo
  6. Minneapolis-St. Paul-Bloomington, Minn.-Wis.
  7. Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
  8. Portland-Vancouver-Beaverton, Ore.-Wash.
  9. San Francisco-Oakland-Fremont, Calif.
  10. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.
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Your friend in the real estate business,

Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

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January 25, 2010
Mortgage Support Services
www.mtgsupportservices.com

Here’s the latest tip from The Mortgage Experts:
The US Department of Housing and Urban Development (HUD), the government agency that oversees the FHA loan program, has recently announced that the up-front mortgage insurance premium that applies to FHA loans will be increasing from 1.75% of the loan amount to 2.25% of the loan amount.  The change affects all FHA loans with an FHA case number assigned on or after April 15, 2010.

Although there will probably be an outcry against the change, it really has an extremely small effect on the borrower because almost all borrowers choose to finance the up-front mortgage insurance premium into their loan.  For every $100,000 in loan amount, the monthly payment will go up by only $2.68 if the interest rate is 5%, and by only $2.84 if the interest rate is 5.5%.  Hardly a deal killer.

Call us with any questions and call us if you want to work with the best mortgage bankers in Colorado.

The mortgage industry is constantly changing.  Align yourself with the Mortgage Experts and take advantage of all the opportunities.

If your buyers need information on how to get approved, the loan application, closing costs, all the disclosures, or anything else related to a mortgage, click here.

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Your friend in the real estate business,

Shelli Dore
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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

The downpayment of 3.5% will NOT change unless the borrowers credit score is 580 or less, and then there will be a 10% down requirement. Currently, Wells Fargo requires a minimum credit score of a 600, so the downpayment change won’t be an issue with us as credit would be. Also, FHA is planning to raise the upfront mortgage premium (aka UFMIP) from 1.75% to 2.25%. They will continue to allow this fee to be financed. FHA also plans to change the maximum allowed seller contribution from 6% to 3%.
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Your friend in the real estate business,

Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

Here’s the latest tip from The Mortgage Experts:

The IRS form to claim the $8,000 tax credit for first-time homebuyers and the $6,500 tax credit for long-time residents has finally been published by the IRS.  We have the form and the instructions available on our web site.

Follow this link to our web site and click on the link at the bottom of the home page.  There is also a link just below the link to the tax credit form that will take you to the instructions for completing the form.

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Your friend in the real estate business,

Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

Daily Real Estate News  |  January 11, 2010  

With a new April 30 deadline in place for clients to take advantage of a federal home-buyer incentive, real estate practitioners now have slightly less than four months to get their qualified prospects under contract before the cut-off date.

In order to maximize this opportunity, it is recommended that real estate pros revamp their marketing materials to reflect changes in the rules which now allow certain repeat buyers, as well as first-time buyers, to get a tax break.

In addition to promoting home-buying based on today’s lower home prices and historically low interest rates, it is also important for the real estate professional to convey to clients that there is no requirement that they sell their current residence at once or ever.

On top of polishing up their marketing approach, real estate professionals should free up their time so that they are available to spend more time guiding buyers and hosting property showings.

They also must be thoroughly knowledgeable about the supply of properties priced up to $800,000, which is the maximum price for a home to qualify for the tax credit.

Finally, agents must keep all other parties involved in transactions from lenders to inspectors on top of things and at the ready because most motivated house-hunters will want to move quickly once they have found their ideal property.

Source: RISMedia, Margaret Kelly (01/08/10)

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Your friend in the real estate business,

Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

The December 2009 MLS Statistics have updated and are available. Click below to find your area’s recent numbers in today’s real estate market. Also don’t forget about the extended first-time home buyer tax credit ends April 30, 2010.

December 2009 MLS Statistics

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Your friend in the real estate business,

Shelli Dore

Friend me on Facebook!

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

Daily Real Estate News  |  January 6, 2010  

Selling a home in the dead of winter might seem ill-advised, particularly considering the state of the economy, but some experts think that making the decision to wait until spring to list the property could be a mistake.

Government incentives will likely have a big impact in 2010, with many buyers determined to sign a contract before the April 30 tax credit deadline.

“This year, we’re anticipating sales will peak earlier,” says Nicole Hall, editor in chief of Lendingtree.com, an online mortgage comparison service. “The best time to get your house on the market will be February or early March, and maybe even earlier if you want to avoid competition.”

Traffic on real estate Web sites begins to rise right after the New Year, says Ken Shuman, spokesman for real estate Web site Trulia.com.

Source: Forbes.com, Francesca Levy (12/24/2009)

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Your friend in the real estate business,

Shelli Dore

Friend me on Facebook!

Connect with me on LinkedIn!

Follow me on Twitter!

…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.


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