Ian Stone

I am so happy to see that lenders are receiving guidelines on how to put the tax credit to good use for qualified buyers who need down payment help. Basically the buyer is given a bridge loan until after they close and the credit is used to pay back the lender. I am waiting for clarification and would love some info if anyone has experience with their clients. Thanks

Today was a stressful day as I completed the move of my license to RE/MAX Properties in Colorado Springs. This change has been a great opportunity to evaluate my real estate business and all the tools that I have in place. The most time consuming aspect of moving is contacting all of my lead vendors, website providers and linking sites to switch my information.

I wish I had a blueprint to follow when I started this process as there are so many things to consider. Most important was contacting all current sellers and under contract buyers to give them new information. Second was materials like signs, stationary, pens, thank you cards, business cards etc. Lastly was the big move which is time consuming and awkward leaving and walking in to the new company.

I hope I don't forget anything and would love any ideas from those you have had this experience. Finally this is a great chance to contact my database and offer some value. I'd love some ideas.... thanks

Law makers in Washington have one of the most significant bills in real estate history sitting in front of them right now which could be instrumental in jump starting our market in the upcoming monthes. We are all aware of the tax credit for first time home buyers that can give $7500 to a home buyer after they file their taxes. How amazing would it be for all fthbs to qualify to have this money upfront during the loan process to secure an FHA loan without using CHFA, at 7.5%. This would provide a 3% down payment to buyers up to $250,000, essentially allowing for 100% financing for those buyers who qualify. The biggest hurdle that most buyers in this category face is the down payment of 3% and don't want to pay 1.5% more interest per year to avoid this problem. The $7500 as written into this bill would allow fthbs to apply for this credit ahead of time and use it at the closing table as a down payment. I believe that this incentive is crucial to improving the market throughout the country since the government has set aside this credit already, why not put it to use to encourage buyers now when the economy needs the real estate boost.

The legislators in this country must see the importance of this bill and urge Congress to act on this asap. As interested professionals in the real estae business we should do all we can to lobby for this legislation to become a law for the future of our own business and home prices. If only 100 Colorado Springs residents used this program each month it would account for 20% more home sales in our community and would help the overall strength of the community real estate market. I look forward to your thoughts on this proposal. Ian Stone

So 98% of all builders nationwide think they are in trouble and like one Builder told me what am I supposed to do stop selling homes? They have to keep building, advertising, and praying that buyers will get off the sideline and write offers on their new homes. So I said to the builder in a nice way "what are your incentives?" When a builder can't ramble off things like free basements, gourmet kitchens, rate buydowns, free, free, free they are not going to gain the excitement of the buyers in Colorado Springs, or any where in America.

Now I know, I love the new house smell, the clean carpets, and new stuff that goes with a brand spanking new home, but give me free stuff and lower your prices or the specs will sit and nobody is coming to your models. The builders in Colorado Springs are definetly hurting now, but they have the ability to control the market unlike any normal seller with a strict bottom line. In the last 2 monthes all of the new homes I have sold were such awesome deals my clients had to buy, they couldn't spend more on a used home, so be sure to ask for the world if you consider buying a new home and see how far the builder is willing to go to get his house off the books. You may be so surprised with the free stuff your wondering why you ever waited in the first place. Ian Stone Realtor of the Springs

Mortgage rates fell for the second week in a row to 6% for FHA and is at 6 and an eighth for VA. The FHA believes the rate cut is related to the lack of applications in the first two weeks of the month. This is the only way to stimulate this market as many buyers sit on the fence afraid to pull the trigger even if the prices are going down in upcoming monthes. Many buyers were very nervous in contract over the last few weeks waiting to lock their loans with rates at 7%, but now all these buyers are happy to take 6% and lock in. As a Realtor I feel that this market could head into the dumps if we don't keep mortgage rates affordable for Americans. This sign of lower rates must continue into the new year to ensure that buyers will take advantage of all these foreclosures and get them out of neighborhoods. This will keep sales flowing and encourage the real estate market to slowly move towards appeciation.

I am positive that the market will correct itself and the economy will become healthy, but it is imperative that interest rates are competitive with what Americans believe are good rates. Now that the public believes what is an exceptable rate to buy a home we can not go back to higher rates until the market is healthy again. Low rates plus great properties equal sold homes. Ian Stone