Your Opinion Needed Please
Multiple Listing Services (MLSs) throughout the U.S. are considering a program to make it easier for consumers like you to easily recognize property listing information that is being provided directly by Realtor professionals in your area who are members of the local Multiple Listing Service. Under consideration is the use of a badge similiar to the one shown above. The badge would work much like a Good Housekeeping seal for the real estate industry, indicating the listing is accurate, up to date and provided directly by the MLS. We would greatly appreciate your feedback on the attached survey, which takes three minutes or less. Please click here to take the survey.
Florida's Hardest Hit Homeowners Now Eligible For More Aid
April 30, 2012 - Florida's struggling borrowers will get more money and more time to get back on their feet with new rules announced Friday for a $1 billion program aimed at keeping people in their homes and out of foreclosure. The changes to the Hardest Hit Fund, which also eliminates eligibility roadblocks, validate complaints that the original plan was too optimistic in its timeline for unemployed and underemployed homeowners to turn their lives around. Instead of six months of mortgage assistance, homeowners can now get up to a year, while the allowance to bring a loan current was increased from a cap of $6,000 to $18,000. To minimize credit damage and reduce late fees, the money to bring a loan current will be awarded when the homeowner is approved for the program. For more information, click here.
Emerging Housing Trends
What can homebuyers expect to face this selling season? An improving housing market has made it a different picture in many areas compared to recent years, housing experts say. Bankrate.com notes the following trends:
1. Fierce competition. Housing affordability is at a record high due to falling home values and mortgage rates near record lows. More buyers are jumping off the sidelines. At the same time, investors are snapping up bargain prices, often in all-cash deals, and competing with traditional homebuyers.
2. More renters show desire to become homeowners. Recent surveys show that buying a home now is more affordable than renting. As such, more renters are finding homeownership more enticing.
3. Mortgages may be a little pricier. Fannie Mae, Freddie Mac and the Federal Housing Administration recently raised their loan fees, which means homebuyers can expect to pay a little more for their mortgage this spring. Read more here.
Source: "5 Mortgage and Housing Trends in Spring 2012," Bankrate.com (April 21, 2012) Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688
70% Of Renters Think Owning Makes More Sense
Fannie Mae's latest quarterly National Housing Survey focuses on the homeownership aspirations of Americans. Despite the recent housing crisis, most Americans continue to believe that homeownership is better than renting. Here are some of the Survey findings:
~Across all education levels, Americans say owning makes more sense than renting.
~ Nearly two-thirds of current renters say that they will buy a house at some point in the future.
~ Non-financial factors, such as safety and quality of local schools, continue to be the top reasons for buying a home across all income groups.
~ African-Americans and Hispanics are more likely to cite various benefits to homeownership, such as buying a home as a way to build wealth, as a symbol of success and civic benefits.
~ Renters are more likely than mortgage borrowers to think it would be difficult for them to get a home, and say financial reasons are the major reason they have not bought a home.
~ African-Americans and Hispanics are more likely to indicate that getting a mortgage is difficult, regardless of income level. They are also more likely to cite bad economic times and the complexity of the mortgage process as major reasons not to buy a home.
~Groups with lower levels of education are more likely to say it would be difficult for them to get a mortgage than groups with higher levels of education.
~ Hispanics are less confident than other groups about receiving information they need to choose the right mortgage.
~ Groups with higher levels of education and higher incomes are more likely to think buying a home is a safe investment.
Are You A Seller Considering A Short Sale? Do Research Before Taking Action
If you're a seller considering a short sale, don't sell yourself short! Short sales can pose a number of legal and financial risks, including your credit score being negatively impacted. To learn about the issues and risks associated with short sales, as well as resources and considerations to help you make the right decision for you, check out our FREE Short Sale Seller Advisory - click here.
Get To Know NEFAR
From education to community involvement to serving as the voice for real estate in northeast Florida, NEFAR members do so much more than help you buy or sell a home. Get to know us better by watching our video.
