Monday, February 2, 2009
Monday, November 24, 2008
Positive News Everywhere You Look
I don't know if you have noticed but the media seems to be flush since the election with positive news !! Yeah !!
First, we have had the two mortgage giants Fannie Mae and Freddie Mac agree to hold off on foreclosures that are now pending in light that they are going to have a new work out program for people to save their homes. I believe that this will greatly effect us in real estate as a lot of homes will now come off of the market and people will be able to remain in their homes versus dumping them as short sales. So, two big benefits, less inventory which in turn will lead to less bank repos being sold at reduced prices.
Second, we have had the biggest run up in the stock market since 1987, first two day advance since September and we are talking big numbers not 1 or 2% increases in stock prices but the likes of 20% plus. This is even holding over to the auto industry as GM ended their deal with Tiger Woods that was costing them $20 million per year and they are cutting other expenses and working on getting their business in order.
Third, is this bailout of Citigroup which had a lot of people worried, and they are saying that the taxpayers might even make some money on the deal.
Fourth, In Charleston we have had over 20,000 transaction sides (10,000 properties) close in the MLS in the past 12 months, so what our market has done better like in 2005 but that was a pace that could not keep up forever, we are now back to earth with a normal amount of houses selling, we have just got to get the supply side under control which hopefully the move by Fannie Mae and Freddie Mac will help accomplish.
Fifth, rates are extremely low, there are some good deals to be had by those that are smart enough to buy now. So, pick up the phone and give me a call to take advantage of this market and don't forget to tell your friends and relatives, too.
Thanks, David Wertan & The Wertan Team of Re/Max Advanced Realty 843-270-6455
First, we have had the two mortgage giants Fannie Mae and Freddie Mac agree to hold off on foreclosures that are now pending in light that they are going to have a new work out program for people to save their homes. I believe that this will greatly effect us in real estate as a lot of homes will now come off of the market and people will be able to remain in their homes versus dumping them as short sales. So, two big benefits, less inventory which in turn will lead to less bank repos being sold at reduced prices.
Second, we have had the biggest run up in the stock market since 1987, first two day advance since September and we are talking big numbers not 1 or 2% increases in stock prices but the likes of 20% plus. This is even holding over to the auto industry as GM ended their deal with Tiger Woods that was costing them $20 million per year and they are cutting other expenses and working on getting their business in order.
Third, is this bailout of Citigroup which had a lot of people worried, and they are saying that the taxpayers might even make some money on the deal.
Fourth, In Charleston we have had over 20,000 transaction sides (10,000 properties) close in the MLS in the past 12 months, so what our market has done better like in 2005 but that was a pace that could not keep up forever, we are now back to earth with a normal amount of houses selling, we have just got to get the supply side under control which hopefully the move by Fannie Mae and Freddie Mac will help accomplish.
Fifth, rates are extremely low, there are some good deals to be had by those that are smart enough to buy now. So, pick up the phone and give me a call to take advantage of this market and don't forget to tell your friends and relatives, too.
Thanks, David Wertan & The Wertan Team of Re/Max Advanced Realty 843-270-6455
Monday, November 17, 2008
Short Sales & Other Alternatives to Foreclosure
Foreclosure has often been thought of in the past as a dirty word ..... to think that someone would not make the payments on their home was unthinkable. Well today in today's economy a lot of people do not have a choice, they got in over their head as they thought the real estate train would never stop and they figured they had better jump on quick. And they did in record numbers, without back up plans, without established savings accounts or emergency accounts.
I too got caught up in all of the frenzy and wound up buying some properties that I now just cannot afford.
Well there is a solution that is much better than foreclosure and yes it will effect your credit but it won't kill it. The short sale as you may have heard a lot about recently in the media and amongst friends and family is a way out, basically a short sale is where the bank takes less than what is owed on the house to save the money it would costs for them to foreclose. It saves the bank thousands of dollars, which is good for the economy, it moves the property through the system quicker which again is good for the economy, and it does not kill the sellers credit which will eventually be good for the economy as they will be able to buy again sooner than later.
All around WIN --- WIN ----- WIN.
Sounds easy doesn't it. Well it is far from easy, it is like pulling teeth to work with these banks that are already in terrible financial messes themselves and it is difficult to get home owners to realize they have an alternative and then get them to work with you in a timely manner to supply the mortgage company with all of the information that they need.
It can be done and we are doing it every day. So, if you or someone you know is having difficulty making their payments and foreclosure just sounds like something they do not want to experience than a short sale is the answer.
First you must look for a Realtor that is still actively selling homes, not those that are sitting whining like little babies about how the market has changed, but those that are taking the bull by the horns and going out and selling homes to buyers that are in this market looking to buy NOW. While prices are down and rates are low !!
Second you need to make sure your Realtor can expose your house to the buyers that are in the market, most of which are finding their homes on the internet. www.remax.com is the #1 Real Estate company site in the world and nobody else even comes close. I also spend a small fortune hosting my own websites of which www.DavidWertan.com is the main one and we also post your home to 19 other different sites like craigslist, yahoo, zillow, etc, and to 14 other real estate agents web sites.
All of this together with our attitude and ability makes it where we can get your home sold. So, Call me, David Wertan & The Wertan Team of Re/Max Advanced Realty in Charleston, SC, at 843-270-6455
I too got caught up in all of the frenzy and wound up buying some properties that I now just cannot afford.
Well there is a solution that is much better than foreclosure and yes it will effect your credit but it won't kill it. The short sale as you may have heard a lot about recently in the media and amongst friends and family is a way out, basically a short sale is where the bank takes less than what is owed on the house to save the money it would costs for them to foreclose. It saves the bank thousands of dollars, which is good for the economy, it moves the property through the system quicker which again is good for the economy, and it does not kill the sellers credit which will eventually be good for the economy as they will be able to buy again sooner than later.
All around WIN --- WIN ----- WIN.
Sounds easy doesn't it. Well it is far from easy, it is like pulling teeth to work with these banks that are already in terrible financial messes themselves and it is difficult to get home owners to realize they have an alternative and then get them to work with you in a timely manner to supply the mortgage company with all of the information that they need.
It can be done and we are doing it every day. So, if you or someone you know is having difficulty making their payments and foreclosure just sounds like something they do not want to experience than a short sale is the answer.
First you must look for a Realtor that is still actively selling homes, not those that are sitting whining like little babies about how the market has changed, but those that are taking the bull by the horns and going out and selling homes to buyers that are in this market looking to buy NOW. While prices are down and rates are low !!
Second you need to make sure your Realtor can expose your house to the buyers that are in the market, most of which are finding their homes on the internet. www.remax.com is the #1 Real Estate company site in the world and nobody else even comes close. I also spend a small fortune hosting my own websites of which www.DavidWertan.com is the main one and we also post your home to 19 other different sites like craigslist, yahoo, zillow, etc, and to 14 other real estate agents web sites.
All of this together with our attitude and ability makes it where we can get your home sold. So, Call me, David Wertan & The Wertan Team of Re/Max Advanced Realty in Charleston, SC, at 843-270-6455
Monday, October 27, 2008
Pending Home Sales Hit 14 Month High
Per Inman News on October 8, 2008
Pending sales of U.S. resale homes rose 8.8 percent in August compared to the same month last year, the National Association of Realtors reported today, rising to the highest level since June 2007.
The index offers an indication of future sales, as it measures the volume of signed contracts for sales transactions that have not yet closed -- sales are typically finalized within one or two months of signing, though some deals fall through before the transactions are closed.
"It's unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we're hopeful most of the increase will translate into closed existing-home sales," said Lawrence Yun, NAR chief economist, in a statement
Pending sales of U.S. resale homes rose 8.8 percent in August compared to the same month last year, the National Association of Realtors reported today, rising to the highest level since June 2007.
The index offers an indication of future sales, as it measures the volume of signed contracts for sales transactions that have not yet closed -- sales are typically finalized within one or two months of signing, though some deals fall through before the transactions are closed.
"It's unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we're hopeful most of the increase will translate into closed existing-home sales," said Lawrence Yun, NAR chief economist, in a statement
Friday, October 24, 2008
Existing Home Sales Increase
This came out today about the increase in existing home sales, we have noticed here that our inventory is shrinking and thus I personally feel that we are at or have begun to pass the bottom. There will still be lots of deals with foreclosures, etc, still coming on the market for the next year or so thus prices will not escalate but at least buyers are back in the market and gas prices are way down. Here is the quote:
The only economic news released today was September's Existing Home Sales data from the National Association of Realtors. They reported an increase of over 5% in home resales last month when the report was expected to show an increase of approximately 1%. This means that sales activity was stronger than expected last month.
So call me or a member of The Wertan Team today if you are considering selling or buying a home in Charleston, SC, anytime soon, Thanks, David Wertan of Re/Max
The only economic news released today was September's Existing Home Sales data from the National Association of Realtors. They reported an increase of over 5% in home resales last month when the report was expected to show an increase of approximately 1%. This means that sales activity was stronger than expected last month.
So call me or a member of The Wertan Team today if you are considering selling or buying a home in Charleston, SC, anytime soon, Thanks, David Wertan of Re/Max
Saturday, October 11, 2008
Pending Home Sales Up Strongly
Here is a great article about the housing market picking up mainly in the West which was the area that first declined which has seen activity up 37.8 percent over last year, where in the South it is still sluggish the trend is that typically we follow a little behind and should feel this same pent up demand in months to come. I think this is a good sign that we have hit the bottom and are now on our way up, of course full recovery will take time as prices will remain what they are for a while and then start to increase next year at very low rates, forcasters are saying 2 to 3% increases per year, so at that rate it would take 3 to 4 years to gain back the 10% we lost in 2008 alone.
Pending Home Sales Up StronglyThursday, October 09, 2008 - National Realty News
WASHINGTON, D.C. - Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. "It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”
The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.
Pending Home Sales Up StronglyThursday, October 09, 2008 - National Realty News
WASHINGTON, D.C. - Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. "It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”
The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.
Tuesday, October 7, 2008
Charleston At Top of List for Job Growth
The Milken Institute/Greenstreet Real Estate Partners Best Performing Cities Index ranks U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth. The components include job, wage and salary and technology growth. The full report can be downloaded here.
The Best Performing Cities ranking depicts those U.S. metropolitan areas that are recording the top economic performance.
Charleston, SC, was ranked # 10 for 2008 !! This is up from last year when we were ranked # 12, this just shows the diversity and strength of our economy here. Pass the word, more good news that I am sure that the local media will overlook. I think this is important to pass along to people that are thinking of moving here and maybe a little anxious about moving to a smaller southern town like Charleston, SC.
The Best Performing Cities ranking depicts those U.S. metropolitan areas that are recording the top economic performance.
Charleston, SC, was ranked # 10 for 2008 !! This is up from last year when we were ranked # 12, this just shows the diversity and strength of our economy here. Pass the word, more good news that I am sure that the local media will overlook. I think this is important to pass along to people that are thinking of moving here and maybe a little anxious about moving to a smaller southern town like Charleston, SC.
Thursday, October 2, 2008
Mortgage Money Available
I just recieved this from Meredith at Mellinium Financial and wanted to pass it along:
Good Afternoon,
After having a conversation in the gym, I realized that I should send an email to give everyone an update on the current mortgage market. Let me tell you about the conversation, the gentleman asked me, “So how is the Mortgage Business? From what is going on in our economy looks like there is no money to lend.” I thought it was a joke at first, but then realized he was DEAD serious! Following you will see my response based on my daily experiences in the mortgage industry.
First off, there are 100% Financing Options still available for Purchase Transactions. We are signed up with several banks that are lending up to 100% and consistently asking for our business. Please contact me if you need additional information.
Secondly, banks are lending money on Cash-Out Refinances. This means banks are allowing borrowers to extract equity from their property to pay off debt, complete home improvement projects and buy new real estate.
Next, the 30 year fixed rate today is 5.75%!!! Since 1971, there has only been 31 months where the 30 year fixed rate was under 6.0% that means, in the last 444 months, rates were below 6.0% only seven percent of the time. Looking 27 years ahead, if there is only a seven percent chance to receive an interest rate in the 5’s, and the time is now, would you buy real estate or refinance your existing mortgage?
Of course the Underwriting Guidelines have tightened within the past year. Mortgage Approvals greatly take in consideration borrower’s credit score, credit history, credit activity within the past 12 months, occupancy and income reported to the IRS.
As always, if you have any questions or need additional information regarding mortgages or just want an update on the mortgage market, please do not hesitate to contact me.
Talk to you soon,
Meredith
Good Afternoon,
After having a conversation in the gym, I realized that I should send an email to give everyone an update on the current mortgage market. Let me tell you about the conversation, the gentleman asked me, “So how is the Mortgage Business? From what is going on in our economy looks like there is no money to lend.” I thought it was a joke at first, but then realized he was DEAD serious! Following you will see my response based on my daily experiences in the mortgage industry.
First off, there are 100% Financing Options still available for Purchase Transactions. We are signed up with several banks that are lending up to 100% and consistently asking for our business. Please contact me if you need additional information.
Secondly, banks are lending money on Cash-Out Refinances. This means banks are allowing borrowers to extract equity from their property to pay off debt, complete home improvement projects and buy new real estate.
Next, the 30 year fixed rate today is 5.75%!!! Since 1971, there has only been 31 months where the 30 year fixed rate was under 6.0% that means, in the last 444 months, rates were below 6.0% only seven percent of the time. Looking 27 years ahead, if there is only a seven percent chance to receive an interest rate in the 5’s, and the time is now, would you buy real estate or refinance your existing mortgage?
Of course the Underwriting Guidelines have tightened within the past year. Mortgage Approvals greatly take in consideration borrower’s credit score, credit history, credit activity within the past 12 months, occupancy and income reported to the IRS.
As always, if you have any questions or need additional information regarding mortgages or just want an update on the mortgage market, please do not hesitate to contact me.
Talk to you soon,
Meredith
Monday, September 29, 2008
Good News on the Horizon
The June 2008 REAL Trends housing market shows that, for the first time in nearly three years, housing unit sales are at the beginning stages of finding a floor and perhaps even heading up. In this months report, the key states of California and Nevada showed increases in units closed, versus the same month a year ago.
This is important news that in todays negative media will surely be glossed over, these are the states that started feeling it first and they fell hard and fast and now they are coming back. As you know here in Charleston we thought we might be able to escape the downturn because of the strength of our economy, the diversity of it, the trend of people moving to our area, etc, yet now we know there was no escaping it.
Our values have fallen, a lot of people have lost their homes and many more are on the brink of it, we will rebound and we will rebound strong. The buyers that get in the market now will be able to look back and say "Yes, I was smart enough to buy when everyone else was selling and got a deal".
Right now there is still money available and don't forget about the tax credit for first time homebuyers of $7500, with all of the shake up in the banking industry I would buy now before it becomes any harder to get financing. Call me or a member of the Wertan Team to take advantage of this market today, thanks, David Wertan of Re/Max Advanced Realty
This is important news that in todays negative media will surely be glossed over, these are the states that started feeling it first and they fell hard and fast and now they are coming back. As you know here in Charleston we thought we might be able to escape the downturn because of the strength of our economy, the diversity of it, the trend of people moving to our area, etc, yet now we know there was no escaping it.
Our values have fallen, a lot of people have lost their homes and many more are on the brink of it, we will rebound and we will rebound strong. The buyers that get in the market now will be able to look back and say "Yes, I was smart enough to buy when everyone else was selling and got a deal".
Right now there is still money available and don't forget about the tax credit for first time homebuyers of $7500, with all of the shake up in the banking industry I would buy now before it becomes any harder to get financing. Call me or a member of the Wertan Team to take advantage of this market today, thanks, David Wertan of Re/Max Advanced Realty
Monday, September 22, 2008
Refinance Rates at All Time Lowes
I have signed up with Alera Mortgage and now thru a partnership with our Re/Max office can offer you assistance on all your real estate financing needs.
You may have read the recent article in Market Watch, a division of the Wall Street Journal that discussed the effect the government takeover of mortgage giants Fannie Mae and Freddie Mac has had on lowering interest rates. The article mentioned that in the wake of the take-over interest rates on 30-year fixed-rate mortgages have dropped substantially and are now below 6%.
This will have a major impact for many home buyers and for home owners seeking to refinance their existing mortgage loans. I would encourage everyone interested in purchasing a home or those interested in refinancing to see if they can benefit from the current decline in rates.
Many things have happened in the mortgage business over the last 12 months but the one thing that has remained constant is that rates have remained low and are now at the lowest levels in years. Even with mortgage qualification guidelines tightening most of my customers have had no trouble qualifying for a home loan. Alera’s broad product line of 200 mortgage solutions meets a wide spectrum of real estate financing needs, from first time home buying to refinancing to sophisticated real estate investment strategies.
As always, I thank you for your business and referrals! If there is anything I can do to assist you with a mortgage loan or if you just need to information on current rates and loan programs available, please call me thanks, David Wertan of Re/Max Advanced & Alera Mortgage Representative
You may have read the recent article in Market Watch, a division of the Wall Street Journal that discussed the effect the government takeover of mortgage giants Fannie Mae and Freddie Mac has had on lowering interest rates. The article mentioned that in the wake of the take-over interest rates on 30-year fixed-rate mortgages have dropped substantially and are now below 6%.
This will have a major impact for many home buyers and for home owners seeking to refinance their existing mortgage loans. I would encourage everyone interested in purchasing a home or those interested in refinancing to see if they can benefit from the current decline in rates.
Many things have happened in the mortgage business over the last 12 months but the one thing that has remained constant is that rates have remained low and are now at the lowest levels in years. Even with mortgage qualification guidelines tightening most of my customers have had no trouble qualifying for a home loan. Alera’s broad product line of 200 mortgage solutions meets a wide spectrum of real estate financing needs, from first time home buying to refinancing to sophisticated real estate investment strategies.
As always, I thank you for your business and referrals! If there is anything I can do to assist you with a mortgage loan or if you just need to information on current rates and loan programs available, please call me thanks, David Wertan of Re/Max Advanced & Alera Mortgage Representative
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