The Philly Pretzel

Energy Fair in Fishtown – Kensington

February 5, 2010 at 12:07 pm · Filed under Fishtown, Neighborhoods

Saturday Febuary 6th 10-2:00

Shissler Recreation Center
1800 Blair St

Sustainable 19125: An initiative developed by the Partnership for a Green Community to make the 19125 zip code the greenest neighborhood in Philadelphia!

Get energy conservation and alternative energy resources!

-Free weatherization workshops
-Free city recycling bins and CFL bulbs
-Youth activities
-Snacks
-Prizes

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posted by janice SEARCH the Philadelphia MLS. No Registration Required!

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Changes Coming to FHA Loans

February 2, 2010 at 1:50 pm · Filed under First Time Home Buyers, For Home Buyers, Mortgage

If you are on the fence about whether to buy a home or not the new FHA changes that will be implemented this spring/summer may help you make up your mind.

If you have already decided to buy a home with a FHA loan now is the time to purchase before these changes go into effect. Remember you must be under contract by April 30th and settle by June 30th to also take advantage of the tax credit.

As banks have clamped down on mortgage lending, the FHA program has emerged as one of the few ways people can buy a home. A few years ago only 10% of home buyers utilized FHA insured financing, today that number is 40%. Unfortunately out of a total of 5.8 million loans ($750 billion) that are insured by the FHA more than half a million of the loans are seriously delinquent and heading toward foreclosure. In November the agency said its cash reserves had tumbled to .53% of its insurance guarantees, well below the 2% ratio mandated by Congress and the 3% ratio it had last fall. The fund covers losses on the mortgages the agency insures.

The new standards are meant to shore up the agency’s finances. However the agency also wants to make sure that the new rules don’t disrupt the housing market and don’t hurt FHA’s ability to assist the underserved.

We think that the new standards are not unduly restrictive and the FHA is doing its best to protect the taxpayer and do the least harm to the credit supply.

These are the main changes that will affect FHA buyers.

** Upfront mortgage insurance premium (UFMIP) will increase to 2.25% up from 1.75%. Contrary to reports, FHA will continue to allow the financing of the UFMIP.

** Borrowers with credit score below 580 will need at least 10% down.

** Minimum down payment will remain 3.5% for all other borrowers.

** Seller concessions to the buyer (money that seller credits to buyer for closing costs) will be reduced to 3% from 6%.

Technorati: fha loans, philly home buying, changes to fha loans, 1st time home buyers

posted by janice SEARCH the Philadelphia MLS. No Registration Required!

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Is Your Philadelphia Home Really for Sale?

January 15, 2010 at 10:39 pm · Filed under For Home Sellers, Rants and Raves

SUBTITLE: WHAT EVERY PHILADELPHIA HOME SELLER SHOULD ASK THEIR AGENT BUT DON’T.

Or is your home just listed for sale. Has your agent made it impossible for other agents to show?

One of the questions we are asked at every listing appointment is: How are you going to market our home? What is your marketing plan? Of course we have a comprehensive marketing plan. BUT what every seller should be asking: How will other agents be able to make appointments?, how will you track the appointments?, how will you get feedback?, how will I know what’s going on? No one ever asks this. I think that sellers feel it’s just part of the process and they don’t have to worry about it. Well read on.

I have out-of-town buyers coming into town this weekend to look at homes. They are only going to be here Saturday and Sunday, they have identified 20 homes they would like to see. They need to buy quickly, every sellers dream.

I divide the homes by neighborhood and day and start to make appointments. The 1st two appointments go smoothly, the agents use eshowings, which is a professional showing service for Realtors. Eshowings tracks appointments, calls sellers if necessary for confirmation, sends out requests for feedback, and also sends the sellers weekly activity reports. Why wouldn’t every Realtor use eshowings you ask? Ahhhh because they have to pay for it!

The next three are okay. They all use the office receptionist and it goes pretty smoothly, only one is rude. What you should be asking yourself at this point is: If they use the office receptionist how does one make an appointment after hours? Eshowings is available 7 days a week, 360 days a year and also one can make an appointment online.

NOW on to my favorite type of agent. Under appointment phone number nothing is entered. I call the office and the snotty receptionist tells me to call the appointment phone number. I tell her that there isn’t one and she transfers me (without telling me) to the agents voicemail. Does he answer? Hell no I get my most favorite message:” I’m not available but your call is very important to me so please leave a detailed message and I will get back to you as soon as it’s convenient. “Convenient to whom? But wait there’s more. He then proceeds to say: “If it’s an emergency you may call my cell phone”. I just leave a message and hang up knowing there will be no call back. What constitutes an emergency to a Realtor? Yes it’s an emergency I might want to sell one of your listings, oh wait it’s probably your only listing. Hang in there it gets better. The only reason I’m showing this house is that it’s 2 doors down from a home my clients have requested to see, it’s priced similar so I think we should see it. Not that I know that from the pictures because he hasn’t bothered to have any (that post ranting about no pictures is coming soon). AND I notice that he is related to the sellers…whoops. I can’t say this enough, do not hire your brother, sister, aunt, cousin to sell your home unless they are good at what they do and can prove it.

I have to email an agent to make the next 2 appointments and a few back and forth emails later I’m all set. I think online appointment centers like eshowings are more efficient and easier but I understand the personal touch and hey she gets back to me in 10 minutes.

The next one I think is my personal favorite of the day. In the Multiple Listing Service under Realtor remarks: “vacant, easy to show”. I go to make an appointment on-line…so far so good…and this is what I’m confronted with:

Well obviously there are no weekend showings and the possibility of getting in anytime looks slim so I just filed that one.

The next time I am asked about our Marketing Plan I’d like to say: forgetaboutit we actually make it possible for agents to show your home and that is our #1 marketing strategy. Yes it takes more than that but think about how important this is.

SELLING YOUR HOUSE? MAKE SURE YOU HIRE PROFESSIONALS

Technorati: philly home sellers, homes for sale, how to sell your home, hire the right agent

janice_bovee-author posted by janice SEARCH the Philadelphia MLS. No Registration Required!

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First Time Home Buyer Tax Credit: Obscure Facts

January 9, 2010 at 7:49 pm · Filed under First Time Home Buyers, For Home Buyers

The IRS gets the final say when it comes to who gets to claim the homebuyer tax credit, who does not, and under what circumstances.

There are some little-known interpretations that most loan officers, real estate agents and even tax advisors don’t know about.

The IRS have made a feeble attempt to update some of the First Time Home Buyer FAQs posted on their website but if it’s anything like the last extension, it will take them a while to do a full update.

In the meantime here are some important facts:

When a First Time Home Buyer buys a 2-4-family home, and occupies one of the units as their personal residence, they are only allowed to claim 10% (or $8000 max) of the unit they OCCUPY–not the entire sales price. Example: If the FTHB bought a duplex for $120,000 and the units are identical, the “cost basis” is $60,000 and the tax credit they can claim would be $6,000.

Income limits are based on ADJUSTED GROSS INCOME.

Income CAN Exceed $125,000 (single) and $225,000 (married) by up to $20,000 and FHTB & Long-term Residences can still get a partial tax credit based upon a “MAGI (modified adjusted gross income) formula” created by the IRS

New Construction – the “date of purchase” is considered the “date” the FTHB OCCUPIES the property–not the closing date or the start-or-construction date.

FIND YOUR PHILLY HOME AND GET YOUR TAX CREDIT

Technorati: philly home buyer, ist time home buyer, tax credit, irs tax credit

posted by carolyn REALTOR, Ecosociate™by Ecobroker International
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Philly Mortgage Rate Update: January 5th 2010

January 6, 2010 at 10:12 am · Filed under For Home Buyers, Mortgage

NEW YEAR, NEW RATES!

Todays Mortgage Rates:

30 Yr Fixed – 5% (.5 point) / 5.125% (0 points)

15 Yr Fixed – 4.25% (1 point) / 4.5% (0 points)

5 yr ARM – 3.875% (1 point) / 4.25% (0 points)

7 yr ARM – 4.375% (1 point) / 5% (0 points)

FHA 30 Yr Fixed – 4.875% (1 point) / 5% (0 points)

FHA 5Yr ARM – 4.25% (1 point) / 4.75% (0 points)

Investment – 5.375% (1 point) / 5.5% (0 points) – at least 25% down payment required

*Rates are based on 80% loan to value unless noted and 720+ credit score (with the exception of FHA) *Income and Asset verification required and must meet DTI guidelines *This is not a commitment to lend and other conditions may apply

Mortgage Bonds are jumping higher this morning as they break free and continue to attempt a “get-away” from the sharp downward trending channel they’ve been trading within since late November. Stocks rallied sharply higher yesterday, with the Dow and S&P 500 both reaching their highest closing levels in more than fifteen months- but so far this morning, Stocks are taking a bit of a breather, which is benefitting Bonds.

And here is an interesting talking point- history shows that since 1973, a big gain on the first trading day of January has been a positive sign that Stocks will show positive gains for the rest of the year. Unfortunately, the market is still fragile, which means any negative surprises could take the wind out of the sails quickly and make it touch for stocks to eke out significant gains for the year overall.

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