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Nina Harris' Blog

By Nina Harris/CBR/SFR | Agent in Williston Park, NY
  • You lost your house, but you still have to pay

    Posted Under: Home Selling in Nassau County, Foreclosure in Nassau County  |  August 11, 2012 4:46 PM  |  148 views  |  No comments
    Older article but Important information for seller's facing foreclosure. 

    http://money.cnn.com/2010/02/03/real_estate/foreclosure_deficiency_judgement/
  • Recovery is Occurring: Lending Standards Ease

    Posted Under: Home Buying in Nassau County  |  July 4, 2012 6:32 AM  |  148 views  |  1 comment

    RISMedia
    Coach Title Agency Residential Mortgage Division Coach on Facebook
    Recovery is Occurring: Lending Standards Ease
    By Steve Cook
    RISMEDIA, Wednesday, July 04, 2012— Lending standards for purchase mortgages have eased slightly since January but not nearly enough to stop renewed criticism that high standards are impairing demand.

    Ellie Mae’s May Origination Insight Report confirms that median FICO scores and loan-to-value ratios for purchase loans have loosened up one to four points since last August. Ratios for refis have risen even more, hitting 80 for the first time in the Ellie Mae tracking data.

    However, more progress has been made on refinancings than purchase loans. “The increase appeared to be driven by an easing of LTVs on conventional refinances (the average LTV was 72 percent in May compared to 69 percent in April). Last month, closed conventional refinances with LTVs of 95 percent-plus jumped to 11 percent, up from 7.1 percent in April and 3.6 percent in March, which may be a sign that HARP 2.0 is helping more borrowers,” says Jonathan Corr, chief operating officer of Ellie Mae.

    The Origination Insight Report mines its application data from a sampling of approximately 33 percent of all mortgage applications that were initiated on the Ellie Mae’s Encompass origination platform.

    “The recovery is occurring despite excessively tight credit conditions and higher down payment requirements, which are negating the impact of record high affordability conditions,” says Chief Economist Lawrence Yun.

    However, Yun placed most of the blame on tight demand. “The slight pullback in monthly home sales is more likely due to supply constraints rather than softening demand. The normal seasonal upturn in inventory did not occur this spring,” he says. “Even with the monthly decline, home sales have moved markedly higher with 11 consecutive months of gains over the same month a year earlier.”

    For more information, visit www.realestateeconomywatch.com.

    RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.


    Copyright© 2012 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission.
  • Lower Inventory Levels = Higher Prices

    Posted Under: Home Buying in Nassau County  |  July 4, 2012 6:18 AM  |  158 views  |  No comments
    RISMedia
    Coach Title Agency Residential Mortgage Division Coach on Facebook
    Existing-Home Sales Constrained by Tight Supply, Prices Continue to Gain
    RISMEDIA, Wednesday, July 04, 2012— Limited supplies of housing inventory held back existing-home sales in May, but sales maintained a strong lead over year-ago levels and home prices are on a sustained uptrend in all regions, according to the National Association of REALTORS®.

    Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 1.5 percent to a seasonally adjusted annual rate of 4.55 million in May from 4.62 million in April, but are 9.6 percent above the 4.15 million-unit pace in May 2011.

    Lawrence Yun, NAR chief economist, says inventory shortages in certain areas have been building all year. "The slight pullback in monthly home sales is more likely due to supply constraints rather than softening demand. The normal seasonal upturn in inventory did not occur this spring," he said. "Even with the monthly decline, home sales have moved markedly higher with 11 consecutive months of gains over the same month a year earlier."

    There are broad-based shortages of inventory in the lower price ranges in much of the country except the Northeast, and in the West supply is extremely tight in all price ranges except for the upper end. "REALTORS® in Western states have been calling for an expedited process to get additional foreclosed properties onto the market because they have more buyers than available property," Yun adds. Widespread inventory shortages also are found in much of Florida.

    Total housing inventory at the end of May slipped 0.4 percent to 2.49 million existing homes available for sale, which represents a 6.6-month supply at the current sales pace; there was a 6.5-month supply in April. Listed inventory is 20.4 percent below a year ago when there was a 9.1-month supply. Unsold inventory has trended down from a record 4.04 million in July 2007; supplies reached a cyclical peak of 12.1 months in July 2010.

    "The recovery is occurring despite excessively tight credit conditions and higher downpayment requirements, which are negating the impact of record high affordability conditions," Yun says.

    According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage declined to a record low 3.80 percent in May from 3.91 percent in April; the rate was 4.64 percent in May 2011; recordkeeping began in 1971.

    The national median existing-home price3 for all housing types rose 7.9 percent to $182,600 in May from a year ago, the third consecutive month of year over year price gains. The last time there were three back-to-back price increases from the same month a year earlier was from March to May of 2006. "Some of the price gain results from a shrinking share distressed homes in the sales mix," Yun explains.

    Distressed homes- foreclosures and short sales sold at deep discounts - accounted for 25 percent of May sales (15 percent were foreclosures and 10 percent were short sales), down from 28 percent in April and 31 percent in May 2011. Foreclosures sold for an average discount of 19 percent below market value in May, while short sales were discounted 14 percent.

    NAR President Moe Veissi in Miami, offers advice to buyers in markets with limited supply. "We are hearing a lot about multiple bidding and quick sales in areas with tight supply, with competition between first-time buyers and cash investors, who have a significant advantage," he said.

    "It's extremely important to listen to the advice of your agent and perform all the due diligence that you would normally do in a more balanced market, such as making offers contingent upon a satisfactory home inspection," Veissi says.

    First-time buyers accounted for 34 percent of purchasers in May, compared with 35 percent in April and 36 percent in May 2011.

    All-cash sales slipped to 28 percent of transactions in May from 29 percent in April; they were 30 percent in May 2011. Investors, who account for the bulk of cash sales, purchased 17 percent of homes in May, down from 20 percent in April and 19 percent in May 2011. "These figures reflect a modest increase in traditional repeat home buyers in May," Yun says.

    Single-family home sales slipped 1.0 percent to a seasonally adjusted annual rate of 4.05 million in May from 4.09 million in April, but are 10.4 percent above the 3.67 million-unit level in May 2011. The median existing single-family home price was $182,900 in May, up 7.7 percent from a year ago.

    Existing condominium and co-op sales fell 5.7 percent to a seasonally adjusted annual rate of 500,000 in May from 530,000 in April, but are 4.2 percent higher than the 480,000-unit pace one year ago. The median existing condo price was $180,000 in May, which is 8.8 percent above May 2011.

    Regionally, existing-home sales in the Northeast fell 4.8 percent to an annual level of 590,000 in May but are 7.3 percent higher than May 2011. The median price in the Northeast was $250,700, up 3.8 percent from a year ago.

    Existing-home sales in the Midwest rose 1.0 percent in May to a pace of 1.04 million and are 19.5 percent above a year ago. The median price in the Midwest was $147,700, up 6.4 percent from May 2011.

    In the South, existing-home sales slipped 0.6 percent to an annual level of 1.78 million in May but are 9.2 percent higher May 2011. The median price in the South was $159,700, up 7.8 percent from a year ago.

    Existing-home sales in the West declined 3.4 percent to an annual pace of 1.14 million in May but are 3.6 percent above a year ago. The median price in the West was $233,900, up 13.4 percent from May 2011. "The sharp price increase in the West results largely from more sales at the upper end of the market," Yun explains.

    The National Association of REALTORS®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

    For more information, visit www.realtor.org.

    RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.


    Copyright© 2012 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission.
  • The First Impression is the Best Impression

    Posted Under: Home Selling in Nassau County  |  March 8, 2012 5:22 AM  |  227 views  |  3 comments

    The first place a buyer begins their search is online (94%), so pictures of your home need to be appealing and done professionally.  With that said, here are some tips to spruce up your home cosmetically with minimal costs:

    Start with the outside of your home.  Ask yourself....if you were a buyer, would you even want to go into your home?  Paint the shutters and front door, power wash the exterior surface of the home, rake the leaves, trim the hedges, put the lawn house and garbage cans back in place neatly.

    Declutter and depersonalize - Pack up and put in the attic, basement or in storage the excess (crafts, dolls, award, pictures, books and even some furniture).  Potential buyers needs to be able to move around and given the opportunity to imagine their furniture in any particular room.

    Touch ups - Paint the entry foyer or any room that appears warn and dull.  A fresh coat of paint will brighten up any room.

    Clean the carpet and free it of any stains or smells.   Better yet, if it's carpet with wood floors underneath - remove it.  Today's buyer prefer hardwood floors anyway due to allergies.  

    Fix minor repairs - If you sink drips, door knob is missing or doesn't close, window or door screen has a tear or hole - Get it repaired.

    Clean your home and "Keep It That Way" - Buyers want to view your home when you least expect it, so be prepared.  You never know when that one buyer who will say "I want to put in an offer" will come through your front door.

    If there are odors - Take care of it.  Noses are very sensitive and can turn someone off about your home.

    Oh, one other very important step - Remove yourself from the home when your agent brings a customer.  Give the buyer the opportunity to express what they don't like about your house, so your agent can combat it in an attempt to get your home sold.  A buyer will never feel free to comment if you are sitting down or following them around the house when they are previewing.
 
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