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Buying a Home Won't Get Much Cheaper!

Buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market.

With home prices down 34% nationally since 2006 and mortgage rates at historic lows, homes have never been more affordable -- but it won't stay this way for much longer.

Stuart Hoffman, chief economist for PNC Financial Services, said he expects home prices to flatten out by the third quarter and start climbing by next year.

A number of factors will help bolster the housing market, he said, including a decline in the number of foreclosures and continued job growth. In addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores.

"This is a strong indicator that we will start seeing home price indexes, like the S&P/Case-Shiller, start to report home price increases this summer," he said.

Prospective home buyers who've been sitting on the fence shouldn't worry if they aren't quite ready to make the leap. Analysts are predicting that the initial price gains will be modest, at least, in most markets.~Les Christie AOL Article

Joe Koltes
Stellar Realty
612-308-4708
jkoltes@gmail.com
www.go2joe.com

More Good news for housing!

(Reuters) - Contracts to purchase previously owned U.S. homes neared a two-year high in January, an industry group said on Monday, further evidence the housing market was slowly turning the corner.

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in January, increased 2 percent to 97.0 - the highest reading since April 2010. New contracts generally lead sales by a month or two.

Housing data ranging from home building to resale's have been relatively upbeat, buttressing other signs of underlying economic strength that should help the U.S. recovery better handle rising gasoline prices and a recession in the euro zone.

The housing market is becoming less of a drag on the economy and home construction is expected to add to growth this year for the first time since 2005.

"Clearly we had better weather conditions in January that might have helped, but we have a situation where we are seeing a number of housing statistics turn," said Michael Strauss, chief economist at Commonfund in Wilton, Connecticut. "It suggests housing is going to be an additive to GDP this year."

HOUSING HEALING

December's pending home sales index was revised to show a much smaller 1.9 percent drop instead of the previously reported 3.5 percent decline. In January, new contracts were up 8.0 percent from their year-ago level.

The rise in last month's index suggested home resales would increase for a second consecutive month in February, and it also bodes well for the spring sales season.

"This spring we expect to see continued forward momentum in the housing market as excess inventory is absorbed and low-cost mortgage debt becomes more prevalent," said John Tashjian, principal at Centurion Real Estate Partners in New York.

"A strong spring housing season will be a critical indicator toward predicting growth in the housing market for 2012."

The market has been hampered by an oversupply of unsold homes, but the number of both new and previously owned properties for sale has been whittled down in recent months.

But with the foreclosure tide yet to recede and continuing to depress prices, recovery will be a long, drawn-out affair. A report due on Tuesday is expected to show that prices in 20 U.S. metropolitan areas tracked by S&P/Case Shiller fell by 0.5 percent in December after declining by 0.7 percent in November.

Yelena Shulyatyeva, an economist at BNP Paribas in New York, said the housing market has likely received some recent support from buyers hoping to lock in mortgages before loan guarantee fees charged by housing finance firms Fannie Mae and Freddie Mac go up in April.

Pending home sales rose strongly in the Northeast and South, but fell in the Midwest and West.

Shulyatyeva cautioned that not all of the sales would likely go through. "Recently, existing home sales have been running much lower than pending sales as one third of them currently end up in a contract failure," she said.

6 tips for selling in today's market!

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Some homeowners have been waiting for years for a better housing market and a good time to sell. Is it better to wait a few more years and see if you can realize a higher sale price, or sell now and move on with your life?

The motivation for selling is a key factor. Are you commuting to work several hours a day and the commute is killing you? Are your children grown and your home is now too big, in addition to being a burden to maintain? Is your home too small? Have you taken a job out of the area? Can you no longer afford to own your home? Or do you no longer want to pay the price it costs to own your home?

These are all good reasons for considering making a move. Not only do current market conditions enter into the equation, but making a move like this is usually more complicated than it was the first time you bought a home.

HOUSE HUNTING TIP: First, you need to find out the probable sale price of your home and access the state of the current home-sale market in your area. You also need to know what you can do to maximize the saleability of your home. Then you should consider where you'll live next and how much that will cost.

If you don't already have one, find an experienced real estate agent who specializes in your area. Friends whose opinion you trust are the best source of agent referrals. Meet with your agent at your home and ask for a comparative market analysis. This will give you information about what homes like yours have been selling for in the current market.

You'll also want to know how long you can expect it to take to sell your home. How many homes like yours have sold recently? Are homes like yours in high demand? Or, is it located in a less desirable area that could mean a longer marketing time and, perhaps, a lower price than you were expecting?

Ask your agent to walk through your home with you and point out what should be done to make your home marketable. Homes that sell today are priced right for the market and are in move-in condition.

You want to make cost-effective improvements. If the kitchen and bathrooms are outdated, consider a cosmetic redo. Update paint, hardware, light fixtures and floor coverings, if necessary. Don't do a complete remodel unless you plan to stay in your home for years; otherwise, you won't recoup your investment.

Deciding where to move -- and when -- can be difficult. Some buyers can afford to buy a new home before selling, and prefer to make the move that way. Most repeat buyers can't afford to buy first. Others who can won't buy first due to market uncertainty and the stress of owning two homes at once.

The most prudent approach to making a move from one home to another is to sell first and rent if necessary until you find the right home to buy. By selling first, you will know exactly how much money you have to apply to a new home. Today's housing market is volatile. A dip in the market could shave tens of thousands of dollars, or more, off your selling price.

The other benefit of renting before buying is that you're under no pressure to buy the first listing you see. Interest rates are low and are expected to stay low through 2012. Prices are also low and aren't expected to move up much for the next several years.

THE CLOSING: This gives you time to find the home that will suit you for the long term.

Drop me an email for information on both selling and buying.

~Dian Hymer, Inman News

Technology is Amazing! Check this out!

Technology from time to time we all accept as a growing and evolving human race. It's inevitable and sometimes fun. Recently I opened up my platform for MLS as I was working and this new app that was just launched really just blew me away.

Our local MLS called Northstar MLS was proud to announce that we are the first MLS to feature HomeSpotter in our NorthstarMLS for Smartphones application. HomeSpotter is a new feature that shows you MLS listings simply by aiming your iPhone or iPad at homes or condo buildings. Currently available for iPhone and iPad only, it is also coming for Android devices in the next couple months.

HomeSpotter overlays property information on your iPhone or iPad live camera feed. As you point your iPhone/iPad down the street, you see a view of the street and info on all the houses for sale pops up. There’s even a radar display that shows the direction and proximity of nearby properties for sale.

Now call me crazy but just 22 years ago when I got into the real estate business we were looking through big thick books like the "White Pages" of homes. Hands full of ink, sneezing from the fresh print like the Sunday paper makes us do. Now when I'm out showing houses I just hold my phone in the air like a magic wand and everything we need to know in the neighborhood is on my phone.

I know we all sit back sometimes and say "whats next"! But seriously what is next? We are going to have Avatar's out looking for homes and report back with the one you should buy?!

Crazy world we are in, but fun technology for sure! Email me if you want to go out and we'll hold our phones to the sky and find a house for you!

Good news in the housing market!

Everyone is wondering when housing values will increase. When will we hit bottom, I am asked often. My answer is the same. If only I had a crystal ball...What I do know is if we are not at the bottom, you will know when we hit bottom after you miss it!

We know many positive things are happening now. These stats are very important. Bottom line is Inventory is down, rates are down, buyers are in the market. This is good news whether you are buying, selling, or investing in rentals.

For Week Ending December 31, 2011 Quick Facts
Publish Date: January 9, 2012 • All comparisons are to 2011

Most observers would agree that this year's housing recovery was not as robust as
many had hoped. That said, a handful of things went right. Supply-side market
correction took the guise of inventory declines and a pullback in listing activity.
Consequently, sellers generally faced fewer challenges than in the past. Driven by
improvements in the economy and record-low mortgage rates, purchase demand
strengthened organically, independent of government incentives. Those sales gains
combined with falling inventories to move the market back toward balance. Nobody
knows what 2012 will bring, but it's a safe bet that these positive developments will
continue to evolve. I look for a very positive 2012!

In the Twin Cities region, for the week ending December 31:

• New Listings decreased 11.6% to 593
• Pending Sales increased 41.7% to 564
• Inventory decreased 24.9% to 18,341

• Median Sales Price decreased 5.6% to $145,000
• Days on Market decreased 2.4% to 140
• Percent of Original List Price Received increased 1.8% to 90.6%

If you or anybody you know needs assistance in the housing market please give me a call at 612.308.4708 or drop me an email. Check out my website @ www.go2joe.com