“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Rolando Trentini

Rolando Trentini

Blog_tag

Pending Home Sales Rebound to a Level Near April 2010

03-13-12
Rolando Trentini

Contracts to buy previously owned homes in the United States 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 points, the highest reading since April 2010. New contracts generally lead sales by a month or two.

Housing data ranging from home building to resales have been relatively upbeat, buttressing other signs of underlying economic strength that should help the recovery better withstand 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 H. Strauss, chief economist at Commonfund in Wilton, Conn. “It suggests housing is going to be an additive to G.D.P. this year.”

December’s index of pending home sales 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 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.

However, with the foreclosure tide yet to recede and continuing to depress prices, recovery will take awhile. A report due on Tuesday is expected to show that prices in 20 metropolitan areas tracked by the Standard & Poor’s Case-Shiller fell by 0.5 percent in December after declining by 0.7 percent in November.

Source: http://www.nytimes.com/2012/02/28/business/economy/pending-home-sales-in-us-near-a-two-year-high.html?_r=1

0 Comments
Blog_tag

Will Zip Codes Zip You to a New Home?

03-07-12
Rolando Trentini
For people in the first stages of their Evansville real estate search, entering a 5-number zip code seems to anchor almost every step of the way. That’s a quick way for computer databases like the MLS to direct searches, but there are some not-so-apparent facts about zips that it’s good to keep in mind.
School district
Those of us who spend our professional lives assisting others to buy and sell homes in Southwest Indiana know it to be true. Many future homebuyers – even those who currently don't have children -- base much of their search direction on the type and quality of nearby schools. Families want the option of being able to settle down, and most hope to be within hailing distance of good schools. But zip codes can exist in more than one school district, and many neighborhoods have more than one zip code! Add to that the fact that a given school district may have schools of varying quality and it becomes clear that zip code = school quality is not necessarily a valid real estate equation.
Taxes
We all know that different towns have different tax ordinances, which might lead one to assume that taxes can be approximated by zip code. Not! Within a single zip code there can be different area ratings that influence property values. Proximity to water is frequently such a factor, and it can be significant.
Zip Grab Bag
Cities and towns have different zip code overlays: multiple town names may be included in a single zip, and many zips can share the same town name. Zip codes can direct a real estate search toward a general area, but as for being certain that it describes the place you are thinking of -- not so fast! A single zip’s radius can cover anything from Alaska’s amazing 99756 (roughly the size of California) to those metropolitan codes that cover just one building.
It’s the Neighborhood!
Getting serious about any Evansville real estate home search means going well past simple online zip code entry. It means being familiar with neighborhoods. Neighborhood is a vague term because it encompasses the human factors: some are appropriate for young couples, featuring trendy shops and nightlife; others are more family-oriented with parks, playgrounds, and family-friendly dining options. These factors are not dependably tied to the five-number zip codes that govern most web searches.
The National Association of Realtors tells us that the average homebuyer spends 12 weeks looking for a new home -- and actually views a dozen of them. My office is here in Evansville to help you with your actual neighborhood searches. You can bet that they will be the ones that count! You can reach me on my cell phone at 812-499-9234 or by email Rolando@RolandoTrentini.com
0 Comments
Blog_tag

With Mortgage Rates Tumbling, Find an Evansville Mortgage Broker!

02-27-12
Rolando Trentini
We have all been reading about how mortgage rates fell again in January. It seems as if half the time news like that is accompanied by some phrase like, “encouraging new buyers to dip their toes into the housing market."
Checking into it, I found that the average interest rate on conventional 30-year mortgage loans decreased eight basis points (to 4.32%) in December. That came from FHFA in their last full report. And by February 17th 2012, their site showed it was down to 3.87%. It looks like some of that toe-dipping might be about to start in earnest!
Just in case you are one of those ‘new buyers’ who might be feeling some of that ‘encouraging’, sooner or later you will learn that the government’s national rate is not the final word on everyone’s situation. It’s why I would suggest you consider making a call to one of our Evansville mortgage brokers. Here are some reasons why that’s a good idea:

A great mortgage broker can help you unearth the best mortgage; go rate shopping on your behalf. They spend their days keeping track of banks, credit unions and other sources of finance on behalf of their clients, so they are perfectly placed to access a wealth of mortgage data.
Brokers keep mortgage rates competitive by providing multiple points of view and offering alternatives when needed. Were it not for the efforts of diligent mortgage brokers, banks and financial institutions would be able to keep their rates higher. And in this climate of falling mortgage rates, they can save you a lot of the time it would take to go shopping for a great deal.

Good mortgage brokers are there to work to for you. They organize your financial picture, credit rating and future plans to come up with the mortgage that is right for you. They are motivated to work on your behalf because they know that at the end of the day it is by doing a great job for their clients that they are going to earn the reputation and word-of-mouth that keeps them in business.
If you are intrigued by the recent falling mortgage rates and are considering buying a home in the Evansville area, call me for a complimentary, no-obligation buyer’s consultation. I can introduce you to a great mortgage broker -- and we can help you to get prequalified. We can run the numbers that will help you decide if now might indeed be the right time for you to get into this market! You can reach me on my cell phone 812-499-9234 or by email at Rolando@RolandoTrentini.com
0 Comments
Blog_tag

Time to Buy Your First Investment Property?

02-23-12
Rolando Trentini
If you are a newcomer to Evansville real estate investing, finding your first income-generating property can seem like a fairly daunting task. How can you be sure that a property will generate enough cash flow? How will you estimate your costs to put potential homes for rent into the profit column? Altogether, how will you know when you find the right opportunity?
First, you have to view the competitive landscape in Evansville this spring, which means doing some targeted research. You might start by attending local seminars or looking into a local property club. These types of groups can help arm you with the economic trends that will serve as a guide. You will also want to call one or two reputable Evansville property management companies to get a general idea of the costs you should expect when listing homes for rent with their firms.
In today’s market, the demand for quality homes for rent and the rents they command are generally up. Given an increased demand for rental properties, it is reasonable to predict that even as a new investor you should be able to find qualified potential tenants within a reasonable timeframe. However, the tenant qualification process can be tricky. It is peppered with legal and Fair Housing rules, so you should be prepared to either educate yourself thoroughly on the laws or hire a professional property manager or leasing agent to handle this aspect.
Overall, the market in homes for rent has trended higher, but your new business will prosper or not based on the cash flow for the property type you choose to enter. Many neophyte real estate investors consider beginning with a condominium, and for practical reasons. Homes for rent can bring with them a multiplicity of unique –sometimes unexpected-- problems, whereas most condos come with HOAs that handle roof, exterior maintenance, and even many more problem-preventing features.
Experienced real estate agents are there to help you find prospective properties and to furnish professional advice along the way. Please feel free to call me anytime for market advice if you have ever considered looking into homes for the rental market. We have a dedicated property manager who would be more than happy to assist you with your rental needs. If you are interested, call me at 812-499-9234 or you can reach me by email at Rolando@RolandoTrentini.com
1 Comment
Blog_tag

Evansville Real Estate News Letter for February 2012

02-23-12
Rolando Trentini
Market Watch
January 2012 closed volume was the best January our market had seen in four years. Closed sales in January 2009 through 2012 have been; 197, 198, 220 and 241. Although January is typically the slowest month of the year for real estate closings this 9.5% increase in 2012 following the 11.1% increase in 2011 suggests that our market is showing steady improvement. Our local figures mirror the nation which also had a bump in January volume.
Although resale home sales are off to a good start new home construction is still slow. Just a little over 300,000 new homes were built nationwide last year. Prior to the financial crisis new home construction had not been less than 1 million units for 15 consecutive years. This slowdown will also improve. The short explanation is that there is too much supply and too little demand. There are currently about 1 ¾ million vacant homes in the U.S. Until the number of vacant homes declines there is not enough demand to warrant significant new home construction. A normal number would be in the 1 ¼ million range. The good news is that the number of vacant homes continues to decline. I believe we are 12-18 months from getting back to normal levels. In the meantime I expect continued but gradual improvement the real estate market.
Recently our MLS (multiple listing service) became a BLC (broker listing cooperative). The reason for this change is that national aggregators of real estate information have, in many cases, hijacked the term MLS. REALTOR organizations did not trademark the term decades ago and it is now too late. By switching to a BLC we will be better able to assure the public that our information is both complete and accurate. Many national companies advertise and solicit leads through their websites. They offer valuation data and show homes for sale. Unfortunately their data is almost always incomplete and frequently inaccurate. The best way to get accurate, complete real estate information is to contact me or go to FCTuckerEmge.com or TuckerMobile.com I can help you with any real estate information you need and you can be sure the information is complete and accurate.
You can reach me by phone at 812-499-9234 or by email at Rolando@RolandoTrentini.com
0 Comments