FHA Change - New Lifeline for Home Buyers

More people who lost their home during the darkest days of the recession are doing what might have been unthinkable just a few years ago:  They're becoming homeowners again.  "Boomerang buyer"-former homeowners who have gone through a foreclosure, short sale or bankruptcy-are restoring their credit ratings, getting mortgage approval and hitting the street in pursuit of homeownership thanks to the new FHA guidelines. 
Introduced August 15, 2013, by the U.S. Dept. of Housing and Urban Development, the new guidelines allow these previous homeowners with a black mark on their credit history to qualify for a new mortgage as soon as 12 months after foreclosure or pre-foreclosure sale (typically a short sale). The buyer still must qualify from an income and credit score standpoint and the qualifications are tougher now than when they originally purchased their homes. But, instead of waiting 3 - 5 years to re-enter the home market, they can now do so in 12 months.
(Information above gathered from Forbes and StarTribune)

First Time Home Buyers

                                               Congratulations to Jordan and Jesse Swails

                                                      on the purchase of their first home!

Creative Real Estate Signs

When life gives you lemons, you make lemonade. So when her husband left her for a younger woman, Elle Zober decided to use that as a ploy to sell the family home they once shared.

The sign says: "Husband Left Us for a 22 Year Old ... House for sale by scorned, slightly bitter, newly single owner ... Adulterers Need Not Apply".

Mortgage Rates Drop - a Good Time to Buy and Sell

Mortgage Rates Suddenly Drop Below 4.5%

 

Last week was a good week to shop government-backed loans. Mortgage rates dropped for loans of all types. FHA loans, conventional loans, Rural Housing loans, and VA loans each improved between Monday's open and Friday's close.

 

The price of a Fannie Mae bond improved roughly 100 basis points last week, as did the price of a Freddie Mac bond. This means that a mortgage rate which carried the cost of one discount point last week can now be locked with no points.

 

For every $100,000 borrowed, this reduces closing costs by $1,000.

 

In addition, FHA and VA loans saw similar improvement last week, as did loans backed by the USDA. Falling mortgage rates helped make homes more affordable nationwide and re-opened refinance opportunities for millions of U.S. households.

Community Event - Kelsay Farms

KELSAY FARMS CELEBRATES FALL!!
An activity the whole family would enjoy!  The farm will be open starting Saturday, September 28th.  They are open only on Fridays, Saturdays, and Sundays from the 28th through October 27th.  They have activities for every age group to enjoy from a 7 acre corn maze, to dairy farm tours, to a bale mountain, hayrides, pumpkin bowling, and daily special events.  Visit their website for specific times and costs at: http://www.kelsayfarms.com

August Existing Home Sales Rise, Limited Inventory Continues to Push Prices

The following information is from a news release from the National Association of Realtors:
Existing home sales increased in August and reached the highest level in six and a half years, while the median price shows nine consecutive months of double-digit year over year increases. 
Sales are at the highest pace since February 2007, when they hit 5.79 million, and have remained above year-ago levels for the past 26 months.
National Association of Realtors President, Gary Thomas said, rising home values will encourage more people to sell.  "As the equity position of most homeowners continues to improve, some who have been on the sidelines will list their home for sale," he said.  "Most of those owners also will be buying another home, but higher levels of new home construction going into 2014, combined with some reduction in demand from less favorable affordability conditions, will help to moderate price growth to more sustainable levels."
The median time on market for all homes was 43 days in August, but is much faster than the 70 days on market in August 2012.  First-time buyers accounted for 28 percent of purchases in August.  Existing home sales in the Midwest increased 3.1 percent in August to a pace of 1.32 million, and are 18.9 percent higher than a year ago. The median price in the Midwest was $166,100 which is 10.0 percent about August 2012.

KELLER WILLIAMS MOBILE APP

I invite you to use the new Keller Williams Mobile App.  It has many great features:

• Conduct a nearby homes property search in just one click
• Extensive search capabilities. Allows you to view listing details for one property, and then simply call/email/text me from there.
• Completely localized with the nearest listing via GPS
• All listing on the market directly to you.
• Save listings and search criteria to allow you to track new listings on the market that fit your needs.

Simply go to your Smart Phone App Store and search for "KELLER WILLIAMS REALTY".  Download the app and enter my agent code: KW2BZBYTQ

WELCOME to my REAL ESTATE BLOG!

Welcome to my real estate blog where I will provide up to date information for buyers, sellers, or people just interested in the real estate market today.  Community events and information will also be shared so you can stay current on what is happening in your neighborhood as well as Indy Metro South area.  Please provide me with feedback on what you would like to know or questions you have so I can post information that is helpful.