Open House

Tax Credit Extended!

Helene Jeanette — Sat, 07 Nov 2009 02:28:32 +0000

President Obama signed Legislation into law today to Extend and Expand the Tax Credit but that was just the rider. the main part of
HR 3548 or The Worker, Homeownership, and Business Assistance Act of 2009, extends unemployment benefits and includes an amendment to also extend and expand the federal tax credit. I and many of my colleagues have been concerned that with the end of the First-Time Home Buyer Credit at the end of November, the housing market would once again slump. Not only do we have an extension, but an expansion to include homebuyers who are NOT first-time buyers! Wow!
Please visit the www.NJAR.com website for more details!

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New Foreclosure Data

Helene Jeanette — Tue, 03 Nov 2009 17:23:20 +0000

Reading the news about foreclosures seems to have some macabre interest, like everyone slowing down and gawking at a collision on the highway. So how bad is bad? Well, the "sand" states still lead the way. Cities with a poputlation of over 200,000 accounted for all but one of the top 20 metro foreclosure rates in the thrid quarter. And it's that one that is a surprise......Boise City-Nampa, Idaho which came in 19th on the top 20 list with one out of 57 homes receiving a foreclosure filing.

Want the Top Three?
1. Las Vegas, NV 5.13%
2. Merced, CA 3.72%
3. Cape Coral-Ft. Meyers, FL 3.67%

Where do we fit in? 138th on the list : New York-Northern New Jersey-Long Island, NY-NJ-PA at 0.33%

Not bad, but we're in mixed company.

Sands of Time

Helene Jeanette — Fri, 23 Oct 2009 21:38:32 +0000

Did you know that the "sand states" of Arizona, California, Florida, and Nevada account for more than half of all foreclosures in the U.S?"

Just how RICH is that Real Estate Broker?

Helene Jeanette — Fri, 23 Oct 2009 00:04:57 +0000

According to Fast Company magazine, the median annual salary for real estate brokers last year was $57,500 and that's down $1360. from 2007! Don't get us confused...that's brokers, not agents. Most agents don't even come close to that number. It's a tough business, you gotta love what you do and do it better than most.

Home for Sale: $11,596.

Helene Jeanette — Mon, 19 Oct 2009 10:59:58 +0000

Before you agonize over home prices in our area, consider this, in the month of July, the average residential sale price in Detroit was.....$11,596. The low prices in Detroit reflect foreclosed homes. Keeping in mind that this number was an average, the low in the range was $75.00!

If you need to know the value of your home, you can contact me for a free, no-obligation consultation as a bonus to my readers.

First-Time Homebuyers ACT NOW

Helene Jeanette — Thu, 08 Oct 2009 12:52:24 +0000

If you qualify as a first-time homebuyer (if you're not sure, email or call me and I'll clarify requirements for you), time is running out. There are bills pending to extend the $8,000. tax credit beyond Nov. 30 BUT President Obama's "think tank" opposses it. The NAR has endorsed the program noting the positive results but the opportunity may disappear quickly. Now is the time to act!

Detours on the Road to Economic Recovery

Helene Jeanette — Tue, 29 Sep 2009 15:25:54 +0000

Pundits and wise men have been claiming we're well on our way to recovery and that by summer 2010, we should be looking and feeling a whole lot better. Well, not according to panelists of a September 11 forum and charity event comprised ofThe Norris Group, California Building Industry Association, the National Association of Realtors, the Mortgage Bankers Association, RealtyTrac, The Appraisal Institute, and the National Auctioneers Association.

Instead of a summer 2010 recovery, the panelists agreed that the next two or three years will remain difficult. RealltyTrac which is a leading purveyor of onnline foreclosure properties cited 43 months of foreclosures and more to come. With six times the normal forclosure rate of a normal market, and more foreclosures to come as banks are not marketing all the foreclosures they have, called "shadow inventory," we are indeed not looking at an easy recovery.

For a more detailed discussion, follow this link.

From my vantage point and experience, the First-Time Homebuyer Tax Credit worked wonderfully. But, I must agree with real estate analyst and investor Bruce Norris in seeking a more permanent, expansive, and long-term solution. Many of his proposals for Congress are aimed at the investors but also target the morgage industry. You can read his recommendations here.

What recommendations would you make to improve the econony and housing market? Share your opinion here!

Beware of Dog Landlord!

Helene Jeanette — Thu, 24 Sep 2009 20:58:34 +0000

Did you know that most insurance companies prohibit certain breeds of dog from your rental property? If you allow your renters to have the dog, the insurance company may cancel your policy. Here are ten you do NOT want:

Pit Bull

Rottweiller

German Sherpher

Husky- Alaskan Malamute

Doberman Pinscher

Chow

Great Dane

Saint Bernard

Akita

Wolf hybrids

Check with your insurance company if you allow pets and use good 'ol common sense!

Lease-Purchase Options

Helene Jeanette — Wed, 23 Sep 2009 14:20:06 +0000

I get so many questions about securing or offering (more about getting one than offering one!) a lease-purchase option. Here's the basics: A lease/option is a great way to rent a property and control it as a strategy. There are two legal documents, a lease agreement and the option. The lease give you the right to live in the apartment or house and may or may not give you the right to sub-let (be careful here, if you sub-let to someone else, YOU become the landlord with the same legal responsibilities.) As a tenant/investor, it is important that there are no anti-assignment or anti-subletting clauses in the lease.

The option give you the right to purchase the property. The Landlord/Owner MUST sell it to you within the specified time period BUT you are not obligated to buy it. It is a unilateral or one-way agreement. This is probably a great idea in our current market for some savvy investor because all indicators say we have stabilized and the market should be SLOWLY appreciating by summer 2010. So negotiate your price now at the current (or close to) market and reap the profit!

If you are interested in investment properties, I can help! Contact me.

Tic Toc…the clock is ticking for First Time Buyers

Helene Jeanette — Wed, 16 Sep 2009 22:59:22 +0000

The National Association of Realtors is asking its 1.2 million members to take action, contact congressmen to extend the First Time Home Buyer Credit which is scheduled to end in 76 days. I have already sent my letters.

November 30 is not so far away. If you've been considering buying a home, there's not much time to find that home, complete a contract, satisfy contingencies, secure financing and go to closing. Most banks will no longer turn around a mortgage commitment in 30 days, plan for at least 45-60 days to secure financing. In this case, if the bell rings....you're late! If you need help finding that home, contact me!