This week's Green Building Council Event was a HOME RUN! The room was packed and those in attendance were treated to informative responses from our Blue Ribbon Panel of Experts.
If you have not made it to one of our events, mark your calendar for our "Building Envelope" event on September 23. What is a building envelope? I wasn't sure at first either. In plain terms it is the way that your home is "sealed up to prevent energy loss". Trust me, our experts will do a much better job providing information and tips to save big bucks on your energy bills.
Networking is a big part of our events, and the room was still full an hour after the event "ended".
Interesting news items from the past week included Fed Chairman Ben Bernanke being reappointed to another term. CNBC had some insight as to what they feel consumers will experience in the coming year. Among their comments were forecasts of a weaker dollar and a rise in interest rates in 2010. Amidst the optimism over recent home sales figures, and the success of the cash for clunkers program, were sobering statistics regarding home prices, job creation, and foreclosures. While there is clearly an air of optimism, we must continue to proceed with both eyes wide open to an ever changing economic landscape.
The state of Florida is performing a study regarding insurance options for its homeowners. While there are concerns to be addressed, it appears that solutions are in the works. Ongoing positive discussions are taking place according to Insurance Commissioner Tom McCarty's spokesman Tom Zutell.
1st Time Home Buyers are quickly realizing that there are very few days left in their opportunity to buy a home for the Christmas season and find up to $8000 under the tree from Uncle Sam. My personal countdown is at 29 days as it is my firm belief that 1st timers should have a home under contract by September 30, to allow enough time to close the sale by the November 30 deadline.
If you are concerned about your credit score being below the magical 620 minimum required by most lenders for an FHA Loan, I have good news! I have access to a lender that will consider scores below 620 if the borrower has compensating factors. CNN Money had a great article on how your credit score is calculated, as well as provided some excellent tips to improve your score.
Christmas in August? Well...not exactly. Beat the Christmas rush, BUY NOW, is the true spirit of the market in August. As buyers are quickly realizing that there are incredible SHIFTS taking place in the market, it is more clear than ever that it is time to GET OFF THE FENCE. The widely successful Cash For Clunkers program is coming to an end on Monday. It provided a great stimulus to the auto industry and now it is time for the government to allow that market to function on its own. The question in my mind is, how many people will be buying next month? Will the housing market face the same tough question in November?
If I am a 1st Time Home Buyer that will be using an FHA Mortgage, I realize that if I want to insure that I can take advantage of the $8000 Tax Credit Program, I need to be under contract no later than September 30 to allow enough time for the loan to be approved and to close by November 30,2009. Home shoppers should be aware that a short sale is not likely to be approved fast enough, so they are left with a traditional sale or a foreclosure listing to choose from. Foreclosure sales are seeing competing multiple offers, and many times sell for more than the listing pricing. There is a dwindling number of homes available that offer the ability to pass as FHA appraisal in the traditional sale category. I would heed the BUY NOW message above, and beat the Christmas Rush.
If I were a traditional seller in this market, I would become very aggressive in my pricing and marketing of my home. A well priced home, that is in good condition, and properly marketed, could sell very quickly to a first time home buyer. I would price my home slightly below market and not look back. Should interest rates rise, or the $8000 credit disappear, buyers will have less purchasing power. I would rather sell now than take the risk of an uncertain market ahead.
Foreclosures continue to rise since the lifting of the government moratorium. The statistics from July are now released and national experts weigh in with some of their thoughts as reported on Bloomberg , as well as this article from the AP found on Yahoo Finance.
It is a tough time to be UNDER WATER as a home owner. The government programs to help troubled homeowners have not helped nearly as many as previously hoped for. In addition, those attempting a short sale are faced with the reality that most sales take at least 4 months to close. There are always exceptions, but most buyers seeking the tax credit are being advised to avoid short sales
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