Techy Talk Tuesdays

The Top 3 Real Estate Deal-Killers-and How Buyers Can Avoid Them.

2011-09-23T12:31:00.001-07:00

Once upon a time, homebuying was a much less dramatic affair then it is today. The house hunt was fun, if suspenseful, and then there was another exciting whirlwind of inspections, closing and moving in. Today, though, as soon as buyers get the gumption to jump off the rent vs. buy fence, they find themselves on another edge - the edge of their seats, through the entire escrow process waiting to see what obstacle will emerge next, and whether their transaction will survive it.

Deals get killed all the time, and buyers can't relax until they have keys actually in hand. Here are three of the most common real estate deal-killers, and some steps buyers can take to deactivate them.

1. Appraisal too low. Some buyers incorrectly believe that the best thing that could happen to them is for the property to appraise below the agreed-upon purchase price, expecting that a low appraisal forces the seller to bring the price down. In fact, so many of today’s sellers are barely breaking even, that a low appraisal is probably the most common deal-killer around. If an appraisal comes in just a tad bit lower than the contract price, usually the seller will come down if they can, or the buyer will kick in a few extra bucks. But when it comes in 5, 10 or even 20 percent low, most sellers can't - and most buyers won't .

Low appraisals also seem like the most difficult deal-killer to avoid, as this process is entirely out of both buyer's and seller's control. But there are two things buyers can do to minimize the risk. First, check the comps - i.e., recent comparable homes that have sold in the area - before making an offer; your agent will help you do this. Then, don't make an offer bizarrely above the average range of the comparables, even if the property has multiple offers, unless you're prepared to deal with a low appraisal a couple of weeks out.

Also, consider working with a local mortgage broker who also originates loans through its own bank (vs. walking into a large bank's branch off the street); these lenders have the ability to choose from a smaller pool of appraisers that they know are qualified and knowledgeable about your area.

2. Property condition dramas. When the market melted down, lenders found themselves with a lot of decrepit homes on their hands. This explains two things: (1) why lenders are more concerned about property condition now than ever, and (2) the raggedy condition of so many of the "distressed' homes on the market. Homes that have extensive wood rot, dangerous decks or electrical systems, or peeling paint and missing systems (sinks, stoves and the like) are highly unlikely to pass muster when the appraiser walks through, even if they do qualify as being worth the purchase price. And while an individual seller might be willing to do some work, many just can't afford to; short sale and REO sellers simply refuse to make fixes, 9 times out of 10.

Prevention is the best medicine for curing this transaction ailment. If you are buying a short sale or REO property, be aware that when the selling bank says as-is, it really means as-is. Ask your mortgage broker and agent to brief you on what sort of shape your lender will require your home to be in, at minimum, and keep that standard in mind during your house hunt. Your agent can help manage your expectations about which properties will and won't likely pass muster.

3. Loan approval takes too long. Every buyer knows they must get preapproved for a mortgage before they start house hunting, but many don't know that preapproval is just the first in a long list of steps that have to happen before the loan becomes a sure thing. In fact, it's common now for buyers to get their loan preapproval many months before they end up in contract, and lots can change in the interim - further extending the time it may take for their loan approval to come in.

It's common for contracts to include a standard loan contingency period of 17 days, give or take a few. But the appraisal might take longer than that to come in, or the underwriter might have lots of questions and seemingly random nitpicks about the appraisal, or about you: they want to see your driver's license, then your marriage license, then your divorce decree, and after that, a letter from your employer agreeing that you'll be keeping your job even though you're moving an hour away. It never seems like they ask for everything at once, thus it can take longer than 17 days to obtain all the requested items, turn them in and get the underwriter to sign off on them.

Until you get that green light, it's foolhardy to remove your loan contingency, as that step renders your earnest money deposit non-refundable, under most contracts. Many a buyer is forced to either secure an extension from the seller or to let the transaction die, rather than forfeiting their deposit funds. And again, some sellers understand and will play ball, but bank sellers can be particularly resistant to loan contingency extensions, especially if there are backup offers on the table.

Best practice for buyers to minimize the chances of an overtime loan approval process killing the deal? Be ready: be ready for lots of bizarre documentation requests, be ready to provide things you've already been asked for, and be ready to do so quick-like - without pushing back. The faster you can turn around the things the underwriter wants, the better.

Also, it can be very helpful to work with a mortgage broker and agent that have worked together before and have close communications, so that your agent can stay abreast of any and all loan process glitches and keep the listing agent apprised of the legitimate reasons you may need an extension throughout the contingency period, rather than assuring them everything's speeding along then having to ask for a last-minute extension.

5 Questions You Need To Answer Before Deciding To Buy A Home

2011-08-18T11:39:00.001-07:00

In most parts of the country, the housing market is good (or great!) for buyers right
now - interest rates are bizarrely low, lots of inventory means lots to choose from, and the cost of renting has increased in a lot of markets. But just because the market’s good doesn’t mean it’s the right time for everyone to buy.
The decision whether to buy a home is a very personal one; you need to carefully examine your own situation to determine whether it’s right for you.

So, what are the questions you need to answer in deciding whether you’re ready to buy? Here are some of the big ones:

1. Do I have enough money for a down payment?
And how much, exactly, is “enough?” Today’s minimum down payment requirements range from 3.5 percent on an FHA loan to 10 or even 20 percent for conventional loans. That means coming up with anywhere from $7,000 to $40,000 on a typical $200,000 house. While there are still programs that can give you a down payment assist (see last week’s post, 5 Insider Secrets for Coming Up With Cash for Down Payment), much of the heavy lifting here will need to come from you - in the form of saving up your hard earned cash. And keep in mind there are also closing costs you’ll probably have to pay in cash, which can run as high as 3-4% of your total purchase price.

Talk with a real estate pro and a mortgage broker in your areas to start wrapping your head around how much “cash to close” (i.e., down payment + closing costs) will run, approximately, on a local property that would meet your needs. Can your savings cover this? If not, where will you get the money - what’s your plan for coming up with it?
Putting down as much as you can a) makes you more attractive to lenders, so you might qualify you for better loan terms and b) gives you additional purchasing power, either decreasing your monthly mortgage payment or increasing your purchase price limit for a home.

2. Can I handle the not-so-glamorous aspects of homeownership?
If you can’t even fathom the prospect of having a home maintenance crisis without having a landlord to call to fix it, you might want to reconsider homeownership - or at the very least, buy a lower maintenance condo or townhome in great condition, and make sure you get a home warranty! As a home owner, after all, you essentially are your own landlord. Pipe bursts in the middle of the night? Guess who’ll be up fixing it or calling (and paying) the plumber? (Hint: you.)

There are also some less-than-glamorous bills you’ll have to deal with in your new role as a homeowner that you never laid eyes on as a renter: property taxes and hazard insurance, to name two. When you go from renter to owner, you also need to account for the cost of appliances and maintaining the property’s roof, windows, and landscaping, among other things.

3. How long do I intend to stay in the house?
If you think you might move out of the area next year, then you really shouldn’t be thinking about buying a house (unless of course, you want to play landlord and rent it out after you leave - a prospect which requires its own risk/rewards analysis). For your home purchase to pencil out as a good deal, financially, you’ll shouldn’t buy unless you’re comfortable staying in the house at least 5-7 years - even longer, if you’re buying a home in a foreclosure hot spot or an area with a sluggish job market.. This gives you some time to build up equity and make up for the costs of buying, selling and moving.

4. Are my job and finances stable?
Maybe you just went through a major career change and are in the process of working your way back up from the top. Or maybe you work in a field that has been hit really hard by layoffs and cutbacks. The worst case scenario is to find yourself in a spot with mortgage payment you have no way to make, when you could have avoided that by seeing the writing on the wall. If you feel like there’s a real chance you could lose your job or income tomorrow, you may want to hold off on buying a house - that has the added bonus of giving you the geographic freedom to move, if needed, to get a new job.

Is there really such a thing as 100 percent job security in today’s economy? Probably not. But the best practice is to be confident that your finances could handle a temporary loss of income and still make your mortgage payments, before you buy. One way to do this is to have enough money in the bank to cover 4-6 months’ worth of living expenses, calculating them to include your mortgage payment - before you deem yourself ready to buy. That way, even if you lose your job with no warning at all, you’ll at least have a reasonable window of time to find a new one without digging yourself into a hole - or worse, losing your home altogether.

5. What are my real reasons for buying?
Buying a home is a long-term commitment that will have massive impacts on your lifestyle, your family and your finances. In other words, don’t do it unless you’re really sure you want to and are ready for the lifestyle change - don’t let someone else talk you into it. Worthy reasons renters with homeowning readiness give for their decision to buy include some or all of the following:
•You want to build equity instead of paying a landlord. Fact is, if you get a fixed rate mortgage and make the payments for the full term of the loan, you'll eventually pay it off. That's not possible when you're renting.
•You want a place to call your own, where you can paint a wall purple, add a pottery spinning studio or build your dogs an obstacle course (oops - that's my reason for homeownership!), because it's your prerogative.
•You want the tax advantages of homeownership.
•You want a stable place you and your family can live for as long as you'd like.
Ask yourself these questions, and be honest with your answers. If you really want to buy, but your answers to these questions today don’t weigh in that direction, it doesn’t mean you’ll never own a home. It’s usually just a matter of strategically timing your purchase out a year or two when your savings, your career and your lifestyle are in alignment with the implications of ownership - consider working closely with a real estate broker and a mortgage professional to get an action plan in place and start working that plan.

For Sale By Owner- No Go's

2011-08-18T09:39:00.001-07:00

Interesting story which recently appeared in the Wall Street Journal regarding Colby Sambrotto, the founder and former CEO of forsalebyowner.com. It seems the founding father and lifelong evangelist of the concept of selling your home without a real estate agent was forced to hire a broker to sell his home after failing at what he preaches others should do. After failing to sell his NYC apartment on his own as a For Sale By Owner (FSBO), Sambrotto hired a broker and paid a 6% commission in order to get the job done. His personal experience helps refute some of the myths Sambrotto has been espousing for over a decade. Let’s look at two of those myths:
Myth #1 – You Will Pocket More Money Selling on Your Own. Most FSBO sites say you can save the commission by selling on your own. What happened in Sambrotto’s sale? From the WSJ article:” The broker, Jesse Buckler, said he told Mr. Sambrotto the apartment in the Lion’s Head building on West 19th Street near Sixth Avenue was priced too low and wasn’t drawing the right buyers. By May, it went into contract, he said, after attracting multiple offers. It closed in the last few days for $150,000 more than the original asking price.”
Myth #2 – The Internet Alone Can Sell Your Home. Many have said that, with the introduction of home search on the internet, hiring an agent is no longer a necessity. What happened to the FSBO guru when he attempted to only depend on the internet? From the WSJ article: “Looking to move his family to the suburbs, [Mr. Sambrotto] said he carefully staged his apartment for sale himself, and put it on the market. But after using a mix of websites to publicize his apartment, he said he had only ‘middling successes and switched to a broker because many buyers were so reliant on brokers.”
Bottom Line There is a reason the real estate industry has been around for centuries: you perform a valuable service. Have a great day.

7 Deadly Sins of Overpricing

2011-08-18T09:32:00.001-07:00

“We can always go down, but we can’t go up.”
Have you ever heard that from a client? If you have been on many listing appointments, you have probably heard this statement once or twice. When setting the sales price of their home, many sellers are tempted to tack on a few percentage points to “leave room to negotiate”.
Overpricing a home can have many ramifications for a home seller. It can limit the number of potential buyers who can afford your home, reduce showings and create an impression in the marketplace that the homeowners aren’t really serious about selling their home. Serious homeowners who overprice their home often get caught in the trap of price reduction after price reduction trying to catch up to the market.
During the past year, U.S. home sellers slashed more than $24 billion from home listings on Trulia.com. Trulia’s Q1 Home Offer Report indicated that on average, most sellers will reduce their list price after 79 days on the market, choosing to cut their original list price by 8 percent. Following a first reduction, 35 percent of these sellers will make a second.
Most homebuyers look at 10-15 homes before making a buying decision. Because of this, setting a competitive price relative to the competition is an essential component to a successful marketing strategy. Underpricing a home isn’t good either- educating your clients about the importance of properly pricing a home is key to the home sales process.
We put together this handy tip sheet to share with your sellers on the seven deadly sins of overpricing.

4 Steps to Minimize the Risk of Owning a Home

2011-08-03T13:05:00.001-07:00

Not so long ago, in a not-so-distant land, owning a home was thought of as the safest "investment" around. Fast forward to the present day, and home ownership seems super scary to many people who can afford homes, and would like to own them, but are paralyzed by the fear of buying a lemon, or having a mortgage catastrophe.

Here are 4 simple steps to minimize the risk that you'll become the main character in a homeownership horror story.

1. Stick with a fixed-rate mortgage. Recent data shows that adjustable rate mortgages, or ARMs, are increasingly popular, rising from 9 percent of the mortgage market in the fourth quarter of 2010 to 12 percent in the first quarter of this year. This might seem crazy to some, but in financially aggressive crowds, the lure of low, 3 percent(ish) interest rates on ARMs is enough to overcome any qualms. As well, today's ARMs tend to have lower lifetime interest rate caps and require payment of principal, so they don't adjust as violently as the subprime interest-only and option ARMs that contributed to the foreclosure crisis.

If the thought of your mortgage payment changing over time gives you the shakes, you don't want to live in a state of interest rate obsession for the next few decades, or you simply crave the simplicity and predictability of knowing what your housing payment will be for the next 15, 20 or 30 years, then stick to

a fixed-rate mortgage. The rates are higher, but with a fixed-rate loan, the risk of scary payment changes are not only lower, they are non-existent.

2. Put - and keep - a home warranty in place. One of the most frightening things about going from renter to homeowner is the prospect of being solely responsible for the care and feeding of your home and all its systems and appliances. Responsibility for both the costs and the actual logistics of repairing things like a leaky roof, a broken hot water heater or a haywire electrical fixture looms large in the minds of first-time buyers, in particular.

A home warranty plan kicks in when escrow closes, and depending on the coverage you select, will cover your home against the breakdown of major systems and even some appliances, like furnaces and water heaters. In some cases, you can even upgrade the coverage to protect against roof leaks and some plumbing issues. When a covered item breaks down, just remember to call the home warranty company first - for the cost of a service call you can get the item repaired or even replaced, if necessary. I remember the home warranty company replacing a $900 water heater in my first home; what a godsend!

Talk with your agent - you might even be able to negotiate for the seller to pay for the first year's cost of the warranty. Just remember to renew it when it expires every year, to keep a cap on your risk of unexpected repair costs for the duration of your tenure as a homeowner.

3. Get repair bids and estimates, not just inspections. After you find the home of your dreams (or the home of your budget!) and get into contract, you'll have a contingency or objection period ranging from 7 to 17 days during which you can obtain all the inspections you want. Most buyers start out with a general property inspection, a pest inspection and a roof inspection, then get more specialized inspections if the property calls from it. Pest and roof inspectors will generally provide an inspection report AND a repair bid for any work they find needs to be done.

But the overall home inspection could very well list a dozen needed repairs, upgrades and maintenance items, without providing any information about how much those repairs will cost. If your inspection report surfaces work you'll need to have done to fix things (or avoid bigger fixes down the road), work with your agent to schedule actual repair contractors to come in and give you bids on the work before your contingency or inspection period expires. That will position you to negotiate around repair costs with the seller, or to know what you're getting yourself into, cost-wise, if you take the property as-is.

4. Buy on the 10-year plan. Warren Buffett once famously advised stock investors to "only buy something that you'd be perfectly happy to hold if the market shut down for 10 years." The same advice is good for buying a home in today's real estate market. Take on a mortgage you know you can sustain, buy at a price you can comfortably afford and avoid having to sell because you need to move for some urgent reason, or because the home no longer meets your needs.

You can take this last step to hedge against losing money on your home by planning your space, career and lifestyle needs out 5, 7, even 10 years in the future - everything from how many bedrooms and garage spaces you'll need to where you'll want to be located, geographically - and selecting a home that will meet those needs for that foreseeable future. As a general rule of thumb, the harder hit the area was in the recession, the longer you should plan to hold it.

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2011-07-22T11:48:00.001-07:00

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Tax credit fuels skyrocketing Dallas-area preowned home sales

2009-12-09T07:15:00.001-08:00

Tax credit fuels skyrocketing Dallas-area preowned home sales

12:08 PM CST on Monday, December 7, 2009
By STEVE BROWN/ The Dallas Morning News

The North Texas housing market came roaring back in November. Preowned home sales rose by 31 percent last month from a year ago – one of the biggest such increases on record. Also Online

Interactive map: Dallas-area home sales and prices

And median home sales prices were up 5 percent.

The big jump in residential transactions came as large numbers of homebuyers rushed to take advantage of the federal home buying tax credit, which has been extended.

Real estate agents in October sold almost 5,500 preowned homes through their multiple listing service, according to statistics released Monday by the North Texas Residential Information Systems and the Real Estate Center at Texas A&M University.

And condo and townhouse sales were up more than 60 percent from a year ago.

November’s robust sales activity is the latest in a string of recent indicators, which show that the North Texas home market has bottomed out and is turning the corner.

Through the first 11 months of 2009, North Texas home sales are down 12 percent from the same period of last year. And median home sales prices are unchanged year to day from 2008.

November was the second consecutive month that Dallas-Fort Worth area home sales rose from the previous year – ending more than a year of consecutive declines.

Some neighborhoods that weren’t impacted by the federal homebuying incentives saw dramatic spikes in home sales last month.

In the Park Cities, preowned home sales soared 81 percent in November from a year ago.

Sales in close in North Dallas neighborhoods rose 48 percent.

And at the end of November, the inventory of unsold homes on the market fell below 6 months which is considered a balanced market.

Expanded Version of Tax Credit Will Allow More Homebuyers to Qualify

2009-11-10T10:19:00.001-08:00

Expanded Version of Tax Credit Will Allow More Homebuyers to Qualify

RISMEDIA, November 9, 2009—President Obama recently signed an expanded version of the $8,000 first-time homebuyer tax credit that was set to expire on November 30. “The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “Although the tax credit remains at $8,000 for homebuyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for homebuyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up homebuyers did not qualify.” Consider these three examples:

Example 1:
Jane purchased a home in 2002, lived there for 5 years as her primary home, moved out in 2007, and turned that home into a rental property. If Jane decides to buy a new primary residence today, she would qualify for the $6,500 tax credit based on the fact that she lived in the same residence as her primary home for at least five consecutive years out of the past eight.

Example 2:
Harry purchased a home in 2004, and lived there for the past 5 years as his primary home. If Harry decides to buy a new primary residence today, he would qualify for the $6,500 tax credit based on the fact that he lived in the same residence as his primary home for at least five consecutive years out of the past eight.

Example 3:
Nicole purchased a home in 2006, and lived there for the past 3 years as her primary home. If Nicole decides to buy a new primary residence today, she would not qualify for the $6,500 tax credit based on the fact that she did not live in the same residence as her primary home for at least five consecutive years out of the past eight.

The tax credit applies to homes purchased for less than $800,000 before May 1, 2010. “If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010,” Nicholas said. “It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.”

The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. “This means that more people will qualify for the credit – especially in parts of the country with higher costs of living,” Nicholas said. “This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit.”

There are many creative ways of structuring your home purchase transaction in ways that maximize the benefits of the credit. Here are a few examples:

-The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence – you could live in one unit and rent out the others

-If two unmarried individuals buy a home, and only one of the individuals qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit. (Note: In the case of married couples, both spouses must qualify for the credit).

-The credit applies even if you have co-signers on your mortgage loan

For more information, visit www.CMPSInstitute.org.

Read more: http://rismedia.com/2009-11-08/expanded-version-of-tax-credit-will-allow-more-homebuyers-to-qualify/#ixzz0WTkr6IKw

TAX CREDIT HAS BEEN EXTENDED

2009-11-06T12:28:00.001-08:00

TAX CREDIT HAS BEEN EXTENDED

The $8000 tax credit for first time homebuyer's has been extended. The program was expanded to include a $6500 tax credit on the purchase of a new home to apply to people who have owned a home for at least five years.

Income restrictions will be relaxed, meaning more people could take advantage of the program.

The bill would extend it to apply to home purchases under contract before May 1, 2010

Great news! Watch for more details.

Give us a call for all of your Real Estate needs.You can reach us directly at 817-337-5169 or on the web at www.soldteam.net

Texas Sold Team Realty, LLC
CRS, e-Pro, ABR, Luxury Real Estate Expert

Information provided by Pam Taylor with WR Starkey Mortgage

Why Live in Texas - Great Video Had to Share

2009-11-04T08:37:00.001-08:00

Visit www.soldteam.net and find your dream home in Texas today!

WE ARE LAUNCHING OUR NEW TECHY TALK VIDEO SERIES. THIS FIRST SERIES IS TWITTER ME THIS, TWITTER ME THAT

2009-09-29T13:29:00.001-07:00

We have been working hard on getting you new information about all the new and cool stuff out there so we are doing it in a video series. The first video series is Twitter Me This, Twitter Me That.

Here are the first two vidoes of our Twitter series. Cool features about posting to Twitter.

Video #1 - Show me the Video! Twiddeo - easy application to load to twitter - Very Cool

Twitter Me This, Twitter Me That Series - Twiddeo.com - Easy way to load video and post it to your Twitter Account from rosannahudson on Vimeo.

Video #2 - Say what you Want! Twitsay - easy interface to call a number and have your voice message posted to Twitter!

Twitter Me This, Twitter Me That - Twitsay - Easy interface to leave a voice message and post it to Twitter from rosannahudson on Vimeo.

NAR/San Diego CA 2010

2009-09-28T13:46:00.000-07:00

If you want the chance to win yourself a free pass to this year Annual Conference and Expo just follow these steps.

Make a blog post about this blog post and include the Expo widget OR
Tweet about this blog post and the CRT session agenda at least 5 days apart. Then
Join the CRT Facebook Page
Post links to the blog(s) and/or tweets in the comments here or in the Facebook note
Sit back and wait to see if you win the challenge.
One (maybe two) lucky people that complete those steps and are a CRT Facebook Page by the end of September will win the Full Conference Pass courtesy of NAR. If this spreads enough, maybe there will be some other goodies thrown in the mix as well.

So what do you think? Want to get in on the Super CRT Cross Promotion Giveaway Madness Challenge? Two tweets or a blog post — how simple can we make it?

Techy Talk Tuesdays - Intro to 1800 FREE 411 - Watch the video to find out about it.

2009-08-06T08:22:00.001-07:00

Intro to 1800 Free 411 - Techy Talk Tuesday Mobile Tricks for your Phone from rosannahudson on Vimeo.

Pending Home Sales up for Fifth Consecutive Month

2009-08-04T13:46:00.001-07:00

Pending Home Sales up for Fifth Consecutive Month
RISMEDIA, August 5, 2009-Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6% to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7% above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said. ”Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”

The Pending Home Sales Index in the Northeast rose 0.4% to 81.2 in June and is 5.8% above a year ago. In the Midwest the index increased 0.8% to 89.9 and is 11.6% above June 2008. The index in the South jumped 7.1% to 100.7 in June and is 8.9% higher than a year ago. In the West the index rose 2.9% to 100.4 but is 0.2% below June 2008.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, is hopeful that a recently elevated level of contract cancellations will ease. “Last month, Freddie Mac and Fannie Mae clarified that appraisals should be done by professionals with clear local expertise,” he said. “This should mitigate the situation of many valuations done by out-of-area appraisers coming in below the price negotiated between buyers and sellers. Hopefully, in the months ahead, we’ll see an even closer relationship between contract activity and closed transactions.” McMillan said NAR is continuing to press the appraisal issue. “We have asked Congress and the Federal Housing Finance Agency to immediately implement an 18-month moratorium on the new appraisal rules to further address unintended consequences of the new guidelines,” he said.

NAR’s Housing Affordability Index (HAI) remains very favorable. The affordability index stood at 159.2 in July, down from record peaks in recent months but it remains 36.6 percentage points above a year ago. Under these conditions the typical family would devote 15.7% of gross income to mortgage principal and interest, well below the standard allowance of 25%. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

“A monthly rise in home prices and somewhat higher mortgage interest rates led to a modest decline in affordability in June, but it was still the sixth highest index on record dating back to 1970,” Yun said. “Because housing is so affordable in today’s market, job security and the first-time buyer tax credit are bigger factors in influencing home sales.”

A median-income family, earning $60,700, could afford a home costing $289,100 in June with a 20% downpayment, assuming 25% of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80% of what a median-income family can afford. The affordable price was much higher than the median existing single-family home price in June, which was $181,600.

Yun expects existing-home sales to gradually rise over the balance of the year, with conditions varying around the country. “It appears home sales are on a sounder footing and inventory is gradually being absorbed.”

For more information, visit www.realtor.org.

Read more: http://rismedia.com/2009-08-04/pending-home-sales-up-for-fifth-consecutive-month/#ixzz0NFTbnzEY

Techy Talk Tuesdays - Intro to 1800 555 TELL - Mobile Tricks

2009-07-28T10:49:00.000-07:00

Learn how your can save yourself while not texting to find something... call the number and it sends it to you via your voice command. Watch the video to find out how.

Intro to 1800 555 TELL - Techy Talk Tuesdays Mobile Tricks Series from rosannahudson on Vimeo.

New Techy Talk Video - Intro to FruCall

2009-07-21T14:06:00.001-07:00

Intro to FruCall from rosannahudson on Vimeo.

Texas Sold Team Realty CARES Blood Drive

2009-07-20T13:33:00.001-07:00

Texas Sold Team Realty CARES Blood Drive

That is right! Cindie Stewart and the Texas Sold Team Realty, LLC Team heads to the Carter BloodCare Mobile Bus in Keller to give blood. We wanted to find a way to help our community and what way is better than giving your own blood to help our those in need.

She wasn't scared one bit! Way to go Cindie!

Intro to Google SMS - Free Texting Service for your Mobile or Smart Phone

2009-07-14T13:13:00.001-07:00

Intro to Google SMS from rosannahudson on Vimeo.

Intro to Ning.com...Another up and coming socializing networking tool for your business

2009-07-07T09:32:00.001-07:00

Intro to Ming.com from rosannahudson on Vimeo.

NEW VIDEO! INTRO TO MARKETLEAP.COM

2009-06-30T10:20:00.000-07:00

We are back in full force. We were a bit behind and with our offices moving we had to put Techy Talk on hold. Well no more waiting. We have new videos and a mobile tricks and devices series to come next week.. so stay tuned.

Enjoy this video about marketleap.com... if you have a website you need to know how your website is ranking and what is the popularity rate of your website...Watch the video on how to do it!

Techy Talk Tuesdays - Intro to Market Leap from rosannahudson on Vimeo.

Intro to Ping.fm - Want to get your social/blogging in one swoop! We found out how you can do that with this new program!

2009-05-26T12:45:00.001-07:00

Techy Talk Tuesdays - Intro to Ping.fm from rosannahudson on Vimeo.

Active Rain - Intro to Activerain.com

2009-05-19T10:04:00.000-07:00

Techy Talk Tuesdays - Intro to Activerain from rosannahudson on Vimeo.

Featuring a new video about Flip Cameras and BOJO Interactive Membership Rosters!

2009-05-19T10:03:00.001-07:00

Techy Talk Tuesdays - Flip Camera and Bojo Introduction from rosannahudson on Vimeo.

‘Making Home Affordable’ Program Delivers Much-Needed Relief to Homeowners

2009-05-18T10:07:00.001-07:00

‘Making Home Affordable’ Program Delivers Much-Needed Relief to Homeowners
Print Article
RISMEDIA, May 18, 2009-With the Making Home Affordable (MHA) program delivering much-needed relief to homeowners and to our economy just over two months after the release of program guidelines, Treasury Secretary Tim Geithner and Housing and Urban Development (HUD) Secretary Shaun Donovan provided an update on the program’s impact on stemming the housing crisis and keeping families in their homes and announced new options for homeowners facing foreclosure.

“In just over two months, the Making Home Affordable program is up and running, helping our economy recover and making a difference in the lives and livelihoods of thousands of American homeowners. Historically low interest rates are allowing Americans to refinance and save money, and modifications are helping homeowners avoid foreclosure,” said Secretary Geithner. “We are announcing a new program component to help homeowners obtain modifications in areas suffering from home price declines. If a modification is not possible, we are also announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future. These are critical steps in stemming the foreclosure crisis and stabilizing the housing market, both of which are critical to our economic recovery.”

“I can’t stress enough how important our HUD-approved counseling agencies are to the success of the Making Home Affordable program, and ultimately, to helping keep American families in their homes,” Secretary Donovan said. “That’s why HUD has requested a $100 million investment in our Housing Counseling Assistance Program for fiscal year 2010, a $35 million increase from our 2009 budget. This investment will help further support the work of our 2,600 HUD-approved housing counselors across the nation, just like those at NCRC, who play a key role in ensuring that borrowers can take part in the modification and refinancing options made available through Making Home Affordable.”

The new details on the Making Home Affordable program include:

-Foreclosure Alternatives provide incentives for servicers and borrowers to pursue short sales and deeds-in-lieu (DIL) of foreclosure in cases where the borrower is generally eligible for a MHA modification but does not qualify or is unable to complete the process, which helps prevent costly foreclosures and minimizes the damage that foreclosures impose on borrowers, financial institutions and communities. The new details will simplify and streamline the process of pursuing short sales and deeds-in-lieu, which will facilitate the ability of more servicers and borrowers to utilize the program. The program provides a standard process flow, minimum performance timeframes and standard documentation, and it offers financial incentives to servicers and borrowers to pursue these alternatives to foreclosure.

-Home Price Decline Protection Incentives (HPDP) will provide lenders additional incentives for modifications where home price declines have been most severe and lenders fear these declines may persist. To encourage the modification of more mortgages and enable more families to keep their homes, the Administration, building on insights pioneered by Chairman Bair and the FDIC, has developed an innovative payment that provides compensation based on recent home price declines. Together, the incentive payments on all modified homes will help cover the incremental collateral loss on those modifications that do not succeed. HPDP payments will be linked to the rate of recent home price decline in a local housing market, as well as the average cost of a home in that market.

Since the launch of Making Home Affordable, more than one million Americans have now refinanced, due to historically low interest rates, and thousands of underwater borrowers have refinanced under the Home Affordable Refinance Program. Fannie Mae has had over 233,000 eligible refinance applications through its refinancing program, with more than 51,000 of these having loan-to-value ratios between 80% and 105%. More than 55,000 Home Affordable Modification offers have been extended to qualifying borrowers. Additionally, servicers have mailed more than 300,000 letters to homeowners who are potential candidates for the program. The refinance application volumes and modifications underway make clear the desire of homeowners to take advantage of the Administration’s program.

Making Home Affordable, a comprehensive plan to stabilize the U.S. housing market, was first announced by the Administration on February 18. The three part program includes aggressive measures to support low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac; a Home Affordable Refinance Program, which will provide new access to refinancing for up to 4 to 5 million homeowners; and a Home Affordable Modification Program, which will reduce monthly payments on existing first lien mortgages for up to 3 to 4 million at-risk homeowners. Two weeks later, the Administration published detailed guidelines for the Home Affordable Modification Program and authorized servicers to begin modifications under the plan immediately. Fourteen servicers, including the five largest, have now signed contracts and begun modifications under the program. Between loans covered by these servicers and loans owned or securitized by Fannie Mae or Freddie Mac, Home Affordable Modification participants now account for more than 75% of all loans in the country.

For more information, visit www.financialstability.gov.

BOJO Recap Session - How to get your bojo and get on the WCR State interactive membership roster

2009-04-14T11:38:00.000-07:00

Bojo Recap -- WCR interactive membership from rosannahudson on Vimeo.

If you wish to purchase your BOJO - use this promo code for a discount

PROMO CODE: techytalktuesdays

How to use google calendar

2009-04-07T07:55:00.000-07:00

How to use google calendar. from rosannahudson on Vimeo.

New product from Realtor.com - Dwellicious - Techy Talk Tuesdays

2009-03-25T07:13:00.001-07:00

New product from Realtor.com - Dwellicious from rosannahudson on Vimeo.

Redbook -check it out and see what it can do for you.

2009-03-20T08:22:00.000-07:00

Redbook - what it can do for you and your real estate business from rosannahudson on Vimeo.

Praises to Dave Ramsey for his comments on the Housing Market!

2009-03-11T13:15:00.000-07:00

Last night as I laid in bed watching a little TV prior to falling asleep, I was flipping channels and came across the Dave Ramsy program. He was talking about real estate so my ears perked up and listened. I was so very impressed since he is the only real person with exposure to the general public that was finally speaking the truth about this industry.

I have been so tired of the sky is falling attitude of the media. I totally get that bad news sells, but surely people must be getting tired of this. The truth that Dave Ramsey was saying was that most of the foreclosures are in 35 counties of which most of these are in the following: California, Arizona, Nevada, Florida, Michigan. There is a huge thread about these areas too not just in real estate but with social ideas as well. That I won't go into but the real estate is important. News you won't hear on the national media is that home sales in CA alone are up over 100 percent. WOOO HAAAA but not a word about it.
Second talking point that Dave Ramsey said was that we were going to see over 3 million in foreclosures this year alone. I have said this as well most of the ones that file won't get foreclosed on, their foreclosure will be cleared by a sale of the property, the home owner works something out or the sell with a short sale.

Third talking point that Dave Ramsey said was that according to the Reatlor.org site put out numbers for January 2009 in that month alone there were over 4 million homes sold.

Please not year and month it is important that you are in the know.

There are over 4 million out of work and funny apparently there is over 2 million jobs available. Sure might not be what you want or you might have to move to the job or whatever but there is work if you want to do what you want.

Ok, so if you have over 3 million in foreclosure in a year that is about 257,000 homes a month going into foreclosure.

Why is this news not getting on the national media----- It does not sell. Americans can't get enough of the Dirty Laundry. We wonder why there is so much anti depressant medication available. What we allow to be feed our brains.

I am not saying not be informed. Make sure the facts are true and look for the whole story. You can't get the whole story in a 30 second clip. Do your research.

I just want to thank Dave Ramsey for standing up to the BS that seems to be spread around on a well fertilized field ready to be planted.

How to buy a URL/Domain Name and how to use it in your business

2009-03-10T09:50:00.001-07:00

Ever wonder how some sites have urls that seem to be custom... ie www.yourname.com... well here is how you do it.

How to buy a URL/Domain Name and how to use it in your business from rosannahudson on Vimeo.

How to use Linkedin in your real estate business today! by Cindie Stewart

2009-03-03T11:05:00.001-08:00

How to use Linkedin with your real estate business today! by Cindie Stewart, 2009 Chair of Technology for WCR texas chapter from rosannahudson on Vimeo.

7th Video on Techy Talk Tuesdays - How to use blogging your real estate business Part 2 of 2 series.

2009-02-24T09:10:00.001-08:00

How to do some blogging... in real estate today! by Cindie Stewart, 2009 Chair of Technology State of Texas WCR from rosannahudson on Vimeo.

Techy Talk Tuesdays - 6th Video - How to use blogging in your real estate business

2009-02-17T09:47:00.003-08:00

How to do some blogging... in real estate today! by Cindie Stewart, 2009 Chair of Technology State of Texas WCR from rosannahudson on Vimeo.

Tax Credit for First Time Home Buyers

2009-02-17T05:59:00.001-08:00

"GOOD COMMUNICATION IS AS STIMULATING AS BLACK COFFEE...AND JUST AS HARD TO SLEEP AFTER." Anne Morrow Lindbergh And communication on the new $789 Billion Stimulus Plan has been flying fierce over the past week, resulting in late nights for Congress and probably more than a few cups of coffee. President Obama is certainly hoping the new plan will wake up the struggling economy, and breathe some life back into the housing market as well.
The tax credit in the Stimulus Bill has been scaled down to $8,000 from its previous level of $15,000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November. It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000, and buyers will have to repay the credit if they sell their homes within three years.
In addition, there's news that the Obama administration is trying to hammer out a new program to subsidize mortgages to fight the credit crisis. The plan would seek to help homeowners before they fall into arrears on their loans, whereas current programs only assist borrowers that are already delinquent. There are no details yet on this plan, but I will be monitoring this news closely in the weeks ahead.

How to use Facebook - 5th Video for Techy Talk Tuesdays

2009-02-11T07:22:00.001-08:00

How to use facebook by Cindie Stewart, 2009 Chair of Technology for Women's Council of Realtors from rosannahudson on Vimeo.

Got Questions or Suggestions - Contact Cindie Stewart. We would love to hear your ideas and concerns

CINDIE STEWART
817-881-7653
cindiestewart@soldteam.net

Techy Talk Tuesdays - 4th Video - How to use Twitter.

2009-02-03T09:14:00.000-08:00

Techy Talk Tuesdays - Cindie Stewart, Presents Twitter... How to Twit! from rosannahudson on Vimeo.

That is right this is our fourth installment video for www.techytalktuesdays.com. Again please visit the site it only works with your support and cooperation! We love to take any new ideas and suggestions! Be apart of something great for WCR and for Real Estate Professionals all over.

3rd Video from techytalktuesdays.com - Sendoutcards.com

2009-01-27T09:17:00.000-08:00

Techy Talk Tuesdays 3rd Video - Sendoutcards.com from rosannahudson on Vimeo.

If you are interested in sentoucards.com please visit http://www.sendoutcards.com/cindiestewart and send out a free card either to yourself or a client...

Tips and Tools for Real Estate Professionals

2009-01-26T14:55:00.000-08:00

ABC's for Success

Avoid negative sources-people, places, habits
Believe in yourself
Consider things from all angles
Don't give up and don't give in
Enjoy life today, yesterday's gone and tomorrow may not come
Family & friends are hidden treasures
Give more than you planned to
Hang on to your dreams
Ignore those who try to discourage you
Just do it!
Keep on trying, no matter how hard, it will get easier
Love yourself first, and the most
Make it happen
Never lie, cheat or steal-always strike a fair deal
Open your eyes and see things for what they really are
Practice makes perfect
Quitters never win and winners never quit
Read, study and learn about everything important in your life
Stop procrastinating!
Take control of your destiny
Understand yourself in order to better understand others
Visualize it
Want it more than anything
Xcellerate your efforts
You are unique-there is only one YOU
Zero in on your target and go for it!

Sent by - Call her for your Home Warranty Needs!Jewel HarmonSenior Account ManagerFidelity Home Warranty(817) 501-6988jewel.harmon@fnf.com

Obama our 44th President

2009-01-21T10:23:00.001-08:00

Well, change in theory is great. He is not God and his plate is a heavy one. I wish him and our government the best.
It is easy to look like a champ and end in a pile. Americans in general love a hero and will turn around and kick a singer off the "Idol".
Honestly, he looked a little scared today. I am sure the pressure of it all is weighing on him as it settles on his shoulder. That position looks great from where we sit.
Not sure why anyone would want the position in good or bad times. It really takes someone special to try and then to be the President of the United States of America.
I am just very happy to have been born here. There is no other place in the world that we as men and women could do and have what we have. (Including animals which we spend millions of dollars a year on.)
I know others will say sure there is. I travel way to much and I can tell you there is not!
I am blessed and so is Obama. He was born an American and that is how he was able to get where he is now.
In most African countries his odds of living past the age of 12 would be huge much less grow up to be a leader. Sad that not just in Africa, but many other countries this is the case.
Again, I wish them all the best!
God Bless America and Americans period!

Obama from Space?

2009-01-20T19:45:00.000-08:00

Here is a very cool website. Not only was it a warmer way to see the happens while Obama was installed as our 44th president of the USA it will give you an inspiring view of the event it self.

How to do a Bojo? - CIndie Stewart, New Tuesday Video

2009-01-20T11:41:00.001-08:00

Cindie Stewart, Texas Sold Team Realty - Tech Talk Tuesdays Emailideas.com (Bojo) video from rosannahudson on Vimeo.

ENJOYED THE VIDEO AND WANT A BOJO FOR YOURSELF? WELL EMAILIDEAS.COM HAS GIVEN YOU A PROMO CODE : VISIT http://www.emailideas.com/cindiestewart

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How to use Eyejot.

2009-01-13T12:53:00.001-08:00

Well we just posted our first video of the year and we are excited.

Here is our HOW TO USE EYEJOT VIDEO...hope you like it.

How to use Eyejot by Cindie Stewart from rosannahudson on Vimeo.

If you want step by step instructions on how to use eyejot - visit How to use Eyejot (Step by step)

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Eyejot Pro Plus - Regular Price $99.95/yr)

Welcome Message from Cindie Stewart

2009-01-09T09:03:00.001-08:00

Cindie Stewart, Techy Talk Tuesdays - Blog from rosannahudson on Vimeo.

Personal Touch onf Technology

2008-12-15T09:25:00.000-08:00

Eyejot.com What a cool tool for people in sales and yes it is my favorite 4 letter word "FREE".

In todays world we are always looking for new ways to get a different take but with budget cuts we must find it at as low a cost as possible.

This is one of the tools you can add and it will be totally free so long as you have a web cam. If not logitech has some at very reasonable cost.

If you do this please let me know how much fun you are having with it. PS you can also add the links to your blogs and websites. WAY COOOOOOOOL!

COMING SOON!!!!

2008-11-24T14:32:00.001-08:00

Coming soon - December 1, 2008 - Stay Tuned!

Welcome to my Techy Talk Tuesdays Blog...

2008-08-06T09:05:00.001-07:00

Hello and welcome my Techy Talk Tuesdays Blog. This blog is for the "not-so-techie" real estate agents in the world. I myself lack a few technicial details for technology and so one morning I thought "why don't I do something that not only I wil be learning something new with technology, but I can show everyone what I am learning and who knows they might need to know this information too"

Now that was a lot of thinking that morning so excuse the ramblings of a real estate agent here. This is only the beginning and I know there will be bugs to clear before this blog really gets going.

What the blog will be:

A video stream of me learning step-by-step different "real estate focused technology" items.

For example: How to make a blog.

So every Tuesday a new video will show up and poof there I will be learning something new that week and so can you!

Be sure to make comments and even suggestions on what you might want to learn and I can put that in our "Next Tuesdays" Blog.... and you can even subscribe to this blog to make sure you are ahead of the game.

Thank you.

Cindie