House Price Futures Index expect house prices will increase in coming months. Futures index figures report forward expectations of the level of the S&P/Case Shiller index as of the date indicated, estimated from prices of futures contracts reported by Radar Logic.
First Four Lots have been released! Call Jeff Cohen for more details 240-304-0815
Ah springtime… when a young person’s mind is filled with thoughts of new homes all day long. Haverford Homes knows how you feel, so we are going to give you what you want: a one minute update of entrance monuments, landscaping, and new home construction at Piscataway Landing.
[youtube http://www.youtube.com/watch?v=jHGQEPvtaio&w=425&h=349%5DWe’ve been talking about it, promoting it, and finally it’s here. This weekend we introduced the Sedona Spa Bath product to public with stunning reactions. Haverford Homes is really excited about this new addition, and looks forward to launching this new feature plus some other new designs in near the future. Stay tuned……
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Haverford Homes at Piscataway Landing
Friday 9/10/10. We are 97% complete with water, sewer, and storm drain utilities! 46B and 47B are well underway with anticipated deliveries in November 2010! We are excited about the Fall Housing Market, and look forward to completing the first phase in March 2011! Yesterday, the Washington Business Journal reported that “for the four months ending in August, Washington-area home prices were 9.3 percent higher than they were a year ago, citing a report by real estate analysis company Clear Capital. The increase compares with a 5.7 percent gain nationally.”
FHA seller contribution guidelines and is currently open to comment until August 16th. Of the three changes being proposed, the first is a BIG ONE impacting all of us!! FHA proposes to lower the allowable seller contribution to 3% max from the current 6% allowed. The effect this has: currently, on a $200,000 purchase, at 3.5% down with 6% seller help, our client would need approx $7,000 cash at closing to purchase the property. With the new guidelines, that same purchase the client would need approx. $13,000 cash to close. This is HUGE because after credit profile the number one hurdle (after meeting the required credit profile) for most first time buyers is having enough cash to close. FHA posts all major program changes on the Federal Register for comment. 30-60 days after that they draft a Mortgage E Letter that confirms what changes will take place and when they will go into effect. I predict that the proposed changes will become the new guidelines somewhere between mid October and the end of November. What can you do about it? 1. Take the time to at least have your voice heard by commenting before the close of the period on Aug 16th 2010. 2. Call your purchase clients that plan to use seller help to purchase a home and tell them NOW is the time to buy! Currently rates are at historic lows. And, FHA still allows for 6% seller concessions to help with closing. It’s fair to say that it will NEVER be this advantageous to purchasers again. As always, please call if you have questions. Making Life Easier for My Valued Partners Thanks, Tom Shea Senior Loan Officer 1st Mariner Bank Office: (877) 552-9126 Fax: (410) 552-5866 Cell: (443) 928-8174 tshea@1stmarinerbank.com
The video says it all….sit back, relax, and enjoy
On daily basis, I’ll generally speak with 20-30 Real Estate Professionals via email, telephone, and multiple forms of social media. I’ll often hear “my client has an offer on a short sale….and the offer was made 120 days ago,” or “my clients just found out that they were outbid on a foreclosure.” I’m not quite sure I understand the foreclosure game…great price, big house, no appliances, and liens that pre-date the foreclosure…great deal? The last I checked, Prince George’s County had a 7.4 months inventory (not including towns or condos). In the boom years, we had a healthy inventory of around 6 months. So what’s the issue? What are buyers saying? Where are they buying? Tax credits, FHA guidelines, rising interest rates…? Change is around the corner..and we need some answers.
