Interest on 30-year fixed home loans dropped below the 5 percent threshold this past week, reported Freddie Mac. The rate slipped to 4.97 percent after averaging 5.01 percent the previous week and 5.16 percent a year ago. Long-term mortgage interest set a record low of 4.71 percent in early December and has hovered near 5 percent since — largely due to a Federal Reserve MBS purchase program, which is slated to end on March 31.
[SOURCES: Freddie Mac; Information, Inc.]
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Tax Credit Frequently Asked Questions
Mack Meeks
CENTURY 21 Mid-State Realty L.L.C.
1810 Sharp Springs Road
Winchester, TN 37398
Business : 931-967-4321
Fax : 931-967-9378
Cell : 931-808-8661
Long-term mortgage rates climbed above 5 percent this past week, as 30-year, fixed loans averaged 5.01 percent compared to 4.98 percent the previous week, according to Freddie Mac. Average interest on 15-year, fixed loans rose to 4.40 percent from 4.39 percent; and five-year, adjustable-rate mortgages climbed to 4.27 percent from 4.25 percent. One-year ARMs fell to 4.22 percent from 4.29 percent a week earlier.
[SOURCES: Freddie Mac; Information, Inc.]
Beginning February 1, the Federal Housing Administration will provide mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days.
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“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
* All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
* In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
* The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
*** END QUOTE ***
To read more, see HUD Press Release No. 10-011 HERE.
[SOURCES: REALTOR Magazine Online; HUD]
| Goal: Help Our Community How: Give Easter Seals $100 Million |
| Good news: Thanks to your efforts, the CENTURY 21® System raised nearly $2.1 million for Easter Seals in 2009! Great news: The CENTURY 21 System has now raised over $100 million for Easter Seals! This is a testament to the generosity and hard work of the entire CENTURY 21 Family. We have reached this historic mark at a time coincident with our 30th year of Easter Seals philanthropy. Hats off to you! |
Tax Credit Frequently Asked Questions
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Mack Meeks
CENTURY 21 Mid-State Realty L.L.C.
1810 Sharp Springs Road
Winchester, TN 37398
Business : 931-967-4321
Fax : 931-967-9378
Cell : 931-808-8661
>From time to time I will post real estate terms and an explanation of the term so stay tuned:
Abstract of Title -A condensed history or summary of all transactions affecting a particular tract of land.
Access - The right to enter and leave a tract of land from public access. Can include the right to enter and leave over the lands of others – easements and right-of-ways sometimes deeded and/or established by use.
--Mack Meeks CENTURY 21 Mid-State Realty L.L.C. 1810 Sharp Springs Road, Winchester, TN 37398 Office: 931-967-4321 Fax: 931-967-9378 Cell: 931-808-8661 www.mackmeeks.com mackmeeks@century 21.com
Rates Still Low, Nearly Flat
Mortgage interest for the past week held fairly close to the previous week’s rates, reports Freddie Mac. Average interest on 30-year fixed loans slipped a notch to 4.98 percent from 4.99 percent and was down from 5.10 percent a year ago. While still higher than the historic lower of 4.71 percent established in early December, long-term mortgage rates have hovered around a very favorable 5 percent thanks to the Federal Reserve’s mortgage-backed securities program meant to keep rates low and make home buying more affordable. The central bank’s policymaking committee confirmed on Jan. 27 that it will keep rates near those record lows in order to prop up the economy; but it still plans to terminate the program at the end of March.
[SOURCES: Freddie Mac; Information, Inc.]
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Referral Fee to Retired Agent?
QUESTION: I am a broker and was wondering if I can pay a referral fee to a retired real estate agent for sending me a client to show property to. How can I compensate him?
ANSWER: It will depend upon whether the agent’s license was active when the property came under contract. An agent is deemed to earn their commission or referral fee when the contract is signed. Therefore, even if their license is inactive or in retirement when the property closes, they could still get their commission. HOWEVER, if the agent’s license was not active when the property went under contract, then that agent CANNOT be paid a commission or referral fee. Furthermore, whether the agent is entitled to a commission or referral fee will depend upon the terms of their independent contractor’s agreement.
[SOURCE: TAR's Legal & Ethics Hot Line Attorneys]
Four Demographic Waves to Watch
As this recession was first getting underway, former Chief Economist for NAR John Tuccillo was interviewed and asked what REALTORS should be studying to succeed in the real estate era ahead. His first answer to that question was simple: demographics. The population changes that are coming will affect everything about the real estate business and those who work in this industry!
Echoing John Tuccillo’s advice, a recent RISMedia article (“4 Major U.S. Demographic Waves to Watch in New Decade”) reports on four demographic trends that will shape residential real estate very differently over the next ten years:
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As the U.S. economy recovers, emerging trends in demographics and consumer behavior will become major drivers of new housing opportunities, resulting in a residential market vastly different from the one that existed prior to the recession, according to Housing in America: The Next Decade, a new research paper authored by John K. McIlwain, senior resident fellow, Urban Land Institute/J. Ronald Terwilliger Chair for Housing.
*** END QUOTE ***
To read the entire article and discover the “four waves” to watch, go HERE.
[SOURCE: RISMedia]
-- Mack Meeks CENTURY 21 Mid-State Realty L.L.C. 1810 Sharp Springs Road, Winchester, TN 37398 Office: 931-967-4321 Fax: 931-967-9378 Cell: 931-808-8661 www.mackmeeks.com mackmeeks@century 21.com
10 Most Desirable Features in New Homes
A new RISMedia article by Steve Kerch (“Top 10 Must-Have Features in Today’s New Homes”) summarizes consumer reports recently released at the NAHB International Builders Show in Las Vegas. One survey, by AVID Ratings Co., solicited home buyer preferences, revealing “10 ‘must’ features in new homes”:
- Large kitchens, with an island
- Granite countertops
- Energy-efficient appliances, high-efficiency insulation and high window efficiency
- Home office/study
- Main-floor master suite
- Outdoor living room
- Master suite soaker tubs
- Stone and brick exteriors
- Community landscaping, with walking paths and playgrounds
- Two-car garages
It’s an interesting article, worth reading in its entirety, HERE.
For a separate report — this one highlighting which features homebuilders are and aren’t likely to include in new homes this year — see the first news report in the Jan. 22 edition of RECON (from the Real Estate Center at Texas A&M) at: http://recenter.tamu.edu/recon/
[SOURCES: RISMedia; Real Estate Center]
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-- Mack Meeks CENTURY 21 Mid-State Realty L.L.C. 1810 Sharp Springs Road, Winchester, TN 37398 Office: 931-967-4321 Fax: 931-967-9378 Cell: 931-808-8661 www.mackmeeks.com mackmeeks@century 21.com
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Top 10 Must-Have Features in Today’s New Homes
By Steve Kerch
Print Article
RISMEDIA, January 25, 2010—(MCT)—Americans want smaller houses and they are willing to strip some of yesterday’s most popular rooms—such as home theaters—from them in order to accommodate changing lifestyles, consumer experts told audiences at the International Builders Show.
“This is a traumatic time in this country and the future isn’t something we’re 100% sure about now either. What’s left? The answer for most home buyers is authenticity,” said Heather McCune, director of marketing for Bassenian Lagoni Architects in Park Ridge, Ill. Buyers today want cost-effective architecture, plans that focus on spaces and not rooms and homes that are designed ‘green’ from the outset,” she said. The key for home builders is “finding the balance between what buyers want and the price point.”
For many buyers, their next house will be smaller than their current one, said Carol Lavender, president of the Lavender Design Group in San Antonio, Texas. Large kitchens that are open to the main family living area, old-fashioned bathrooms with clawfoot tubs and small spaces such as wine grottos are design features that will resonate today, she said. “What we’re hearing is ‘harvest’ as a home theme—the feeling of Thanksgiving. It’s all about family togetherness—casual living, entertaining and flexible spaces,” Lavender said.
Paul Cardis, CEO of AVID Ratings Co., which conducts an annual survey of home buyer preferences, said there are 10 “must” features in new homes:
1. Large kitchens, with an island. “If you’re going to spend design dollars, spend them where people want them—spend them in the kitchen,” McCune said. 2. Granite countertops are a must for move-up buyers and buyers of custom homes, but for others “they are on the bubble,” Cardis said.
3. Energy-efficient appliances, high-efficiency insulation and high window efficiency. Among the “green” features touted in homes, these are the ones buyers value most, said Cardis. While large windows had been a major draw, energy concerns are giving customers pause on those. The use of recycled or synthetic materials is only borderline desirable.
4. Home office/study. People would much rather have this space rather than, say, a formal dining room. “People are feeling like they can dine out again and so the dining room has become tradable,” Cardis said. And the home theater may also be headed for the scrap heap, a casualty of the “shift from boom to correction.”
5. Main-floor master suite. This is a must feature for empty-nesters and certain other buyers, and appears to be getting more popular in general. That could help explain why demand for upstairs laundries is declining after several years of popularity gains.
6. Outdoor living room. The popularity of outdoor spaces continues to grow, even in Canada. The idea of an outdoor room is even more popular than an outdoor cooking area, meaning people are willing to spend more time outside.
7. Master suite soaker tubs. Whirlpools are still desirable for many home buyers, but they clearly went down a notch in the latest survey. Oversize showers with seating areas are also moving up in popularity.
8. Stone and brick exteriors. Stucco and vinyl don’t make the cut.
9. Community landscaping, with walking paths and playgrounds. Forget about golf courses, swimming pools and clubhouses. Buyers in large planned developments prefer hiking among lush greenery.
10. Two-car garages. A given at all levels; three-car garages, in which the third bay is more often than not used for additional storage and not automobiles, is desirable in the move-up and custom categories.
(c) 2010, MarketWatch.com Inc.
Distributed by McClatchy-Tribune Information Services.
RISMedia welcomes your questions and comments. Send your e-mail to: <a href="mailto: realestatemagazinefeedback@rismedia.com“>realestatemagazinefeedback@rismedia.com.
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Changing the Way People Buy Homes: Using the 203k Program to Purchase ‘Dream Homes’
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