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Tips for Battling Against Low Inventory

 

Daily Real Estate News | Monday, December 07, 2015

A shortage of homes for-sale is creating a roadblock for some would-be home buyers. In some markets, home buyers are left scrambling for a scant number of homes for-sale and that is sending home prices escalating.

“If you’re seeking to purchase a home in an area with tight inventory conditions, it’s important to assume that there is going to be competition from other buyers and be ready to quickly make a solid offer,” says Sharon Voss, president of the Orlando Regional REALTOR® Association.

For buyers to have the best chance, Voss recommends the following when battling low inventories:
•Have finances in order. Buyers should know how much house they can really afford and repair any credit issues. They should have their down payment ready to help avoid any delays.
•Get pre-approved. A pre-approval for a mortgage is a step beyond getting pre-qualified and can put buyers into a better position.
•Identify contingencies. Buyers should know their contingencies are and which ones they will refuse to negotiate from.
•Make your list. Home buyers would be wise to determine which home features are a “must have” and which features are a “nice-to-have” upfront so they can move more quickly in finding a home.
•Make your best offer. In hot housing markets, buyers may not get a chance to make a second offer. They may be wise to submit their very best offer at the start.
•Be ready. Buyers in tight housing markets need to be easily accessible and prepared to make decisions quickly. They may need to respond fast to any questions about their offer if they don’t want to risk losing out.

 

A Capital Hill Win for Homeownership

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Daily Real Estate News | Monday, December 07, 2015 National Association of Realtors

 

In a big win for real estate, Congress last week approved a $305 billion transportation bill that includes no funding from an extension of mortgage guarantee fees as some lawmakers had proposed.

The bill provides reauthorization of several initiatives that the National Association of REALTORS® supports, including programs to increase transportation safety and develop more pedestrian-friendly communities. But the big victory for real estate was that the bill excluded so-called g-fees to pay for transportation programs. 

More than a fifth of REALTORS® across the country, or about 197,000 members, participated in a Call for Action that NAR launched in October to prevent Congress from using g-fees at the expense of future home owners. Some 600,000 letters in all were sent in what was REALTORS®’ most forceful response to a Call for Action. President Obama signed the bill on Friday.

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Why Home Owners Need to Get Moving

An article in CNNMoney highlighted why this spring may be the perfect time for sellers to get off the fence and move up.

REALTORMAG

•Less Competition:

A limited number of homes on the market will help sellers nab top dollar, and may even spur bidding wars and multiple offers.
The National Association of REALTORS® reports that inventory levels nationwide were at a 4.6-month supply in February.
A balanced market is considered to fall between a five- to seven-month supply.


•Mortgage rate hikes loom:

Mortgage rates are still sitting near historical lows, with the 30-year fixed-rate mortgage hovering under 4 percent.
The low rates have helped push more buyers into the marketplace, but they could also be a good thing for sellers
who are looking to rebuy. However, rates aren’t expected to remain this low for too much longer, which may prompt
a rush this spring.

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FHA to Reduce Mortgage Insurance rate by .5%

FHA Lowers Its Harangued Mortgage Costs

The Federal Housing Administration is reducing its annual mortgage insurance premiums by 0.5 percentage points in a move "to expand responsible lending to creditworthy borrowers," the White House said in a statement Wednesday afternoon.

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Call For Action- You Helped Make it Happen

Mortgage Debt Forgiveness Tax Relief

Media Contact: Jenny Werwa / 202-383-1193

WASHINGTON (December 17, 2014) – The following is a statement by National Association of Realtors® President Chris Polychron:

“The package of tax extensions approved by the U.S. House and Senate, and headed to the President’s desk for signature, includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014. NAR applauds Congressional leaders in both chambers for their effort to pass this legislation before adjournment. “Realtors® strongly supported the bipartisan Mortgage Forgiveness Tax Relief Act, which was included in the package to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed.

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