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Comfort from the past - Short sale or LM? - Rates in turmoil too

10-11-08
Paul Luykx
Paul Luykx: Loan Officer in Jersey City, NJ
Rates fluctuated a lot this week, ending on a high. My alerts are pointing to lower rates next week, but given current market conditions, I am not sure any forecast can be relied on. Loan modification services are popping up all over, and prospects are price shopping for the service under the mistaken impression that LM service is basically a processing service. Nothing is further from the truth! Lenders want to give as little as possible, distressed borrowers don't know how to get the best deal, or what the best possible deal can be. You can get financing without a mortgage broker, but getting LM without solid professional representation is a bad idea! - Paul 

A prominent economist and comfort from the past...
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In the midst of the current panic, economist Robert J. Samuelson offers some reassurance in his Newsweek column in the October 13 issue. His headline asks "Is This a Replay of 1929?" and his answer is generally "not even close," but it is his historical perspective on the stock market that is most heartening. Read more

Rates fluctuate a lot, but basically unchanged for the week
"For the week ending Wednesday, Oct 8 longer-term mortgage rates fell for the first time in three weeks, roughly following bond market yields," said Frank Nothaft, Freddie Mac vice president and chief economist. "Meanwhile, the latest housing market data showed some pickup in home purchase activity in August. Pending existing home sales in August rose 7.4 percent, reflecting the largest monthly increase since October 2001, and July’s figures had an upward revision, according to the NAR. Read more
Freddy Mac rate surveys1-3 week trend: ??  
  
Short sale or loan modification?
My recommendation: Go for both! LM is preferred because </ font>
borrowers get to keep their homes and get a new financial beginning (the quality of which depends on how good the LM actually is). I have set up a referral program for loan modifications. Go here to find out how it works, to register, and to make referrals online.
 
Lenders are starting to prefer LM over a short sale
Well, they should because it minimizes the loss on the loan. This week I learned of a first scenario where a lender responded to a short sale request with a LM proposal. I expect to see more of this.
 
Fed, central banks cut key rates
In an unusual coordinated move, the Federal Reserve and other major central banks from around the world slashed interest rates Wednesday to keep an escalating financial crisis from becoming a global economic meltdown. Reminder: This impacts short-term rates only!  Read more
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The most effective way to do it, is to do it.
 (Amelia Earhart 1897-1937?)

TIPS ON SELLING YOUR HOME IN A GOOD OR BAD MARKET

Simone Shaw-Disla: Real Estate Agent in Secaucus, NJ

Whether a good or bad market (financial disaster) as we have now a seller needs to do certain things to make their home more appealing. Even in this market there are still multiple offers coming in on properties where sellers have taken these steps.

  1. PRICE YOUR HOME CORRECTLY FOR THE MARKET
  2. REVIEW THE SOLDS WITHIN THE LAST 3MTHS THAT ARE PROVIDED BY A KNOWLEDGEABLE AGENT
  3. DE-CLUTTER YOUR HOME
  4. REMOVE MAJORITY (NOT ALL) PERSONAL PICTURES
  5. REMOVE PIECES OF FURNITURE TO MAKE YOUR HOME FEEL AS OPEN AS POSSIBLE - IF NEEDED
  6. FRESHLY PAINT, TOUCH UP PAINT OR CLEAN WALLS IF NEEDED
  7. DE-PERSONALIZE AS MUCH AS POSSIBLE IN ORDER FOR A BUYER TO SEE THEMSELVES LIVING THERE
  8. IF THE PROPERTY IS VACANT IT CAN BE VERY HELPFUL TO STAGE IT--SOME PEOPLE DON'T HAVE THE VISION SO IT IS EASIER FOR THEM TO SEE THEMSELVES IN THE PROPERTY IF IT'S FURNISHED
  9. HOUSES--PAY ATTENTION TO LANDSCAPING--EVEN IN THE FALL--REMOVE THE LEAVES--REMOVE WEEDS--REMOVE SNOW & ICE IN THE WINTER
  10. PEOPLE WITH CHILDREN--PUT AWAY THE TOYS--KEEP EVERYTHING NEAT--REQUEST 24HR NOTICE IN YOUR SHOWING INSTRUCTIONS TO GIVE YOURSELF TIME TO PREPARE

I have been a realtor for over 12 years but I have also been a buyer and a seller. I also have a young child. I not only recommend my clients to do these things but I have personally done it when selling my homes. I listen to the comments my clients make when going through various homes and I see what they feel is important. Not everyone can afford to put in new bathrooms and a new kitchen but if you have everything clean, decluttered, and the property priced right the property will sell and sell well. Sometimes people just need to invest some time and energy to sell a property.

FYI------Even after the financial meltdown--this past weekend there were 3 offers on a property that has been on the market for 18 days-------wonder why? ----(SEE ABOVE)

The time to buy is NOW If you have less than 15% towards a down payment for a Hoboken Condo!

Anoir Redouane: Real Estate Agent in Hoboken, NJ

The time to buy is NOW If you have less than 15% towards a down payment for a Hoboken Condo!

Since the government assumed control of Fannie Mae and Freddie Mac, lenders will be implementing rules slated to take effect at Fannie Mae in 2009 that mandate 15% for down payments. This will make it harder for home buyers, especially first time home buyers in Hoboken, to secure a property. In this buyer's market where property values that are in line with prices in 2005 and favorable mortgage rates of less than 6% (for exceptional credit), it would be wise to try to buy a home with the down payment that you have right if it's less than 15%, since there are only three months left to 2009.

Please let me know if you need anymore info regarding the new mortgage regulations or to see which property will fit you best.

Best regards,

Anoir

Your Hoboken Property Expert...........Experience you can bank on!
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Perez Redouane Property Partners
Anoir Redouane, Realtor Associate
Robert De Ruggiero Inc., Realtors
89 Washington St
Hoboken, NJ 07030
201.222.7550 ext. 12

Selling Price Vs. Asking Price for Hoboken Condos - Faster is Better

Anoir Redouane: Real Estate Agent in Hoboken, NJ

The slower housing market is for the most part to blame on the uncertainties of the overall economy, mortgage woes, the elections, and job security.

Although all these subjective justifications are concerning; there is a big argument that one can raise regarding asking price versus selling price.

I truly believe that if asking prices were more in line with selling prices that the market would be less slow, and buyers’ confidence would become higher, thus fueling another turning point in our Hoboken condo market. With another turning point I’m referring back to the other good news that the existing homes sales rose by three percent last month compared to July.

First there are quite a few of condos in Hoboken that are on the market just to feel out if renting it would not be the better alternative, or just to see how much I could get for my property kind of attitude. Most of these Hoboken condos, in my opinion, are not realistically priced, because there isn’t an actual motivation for the seller to adjust the price of the property, since the seller “really doesn’t have to sell”. This in turn gives a buyer the false sense that there is so much choice in the current market.

If sellers that really don’t want to sell or need to sell would stay off the Hoboken condo market it would benefit current seller and buyers instantly and the “would be sellers in dreamland” subsequently.

Selling Price versus Asking Price obviously makes a big difference in terms of DOM (Days on Market). Hoboken Condos that actually have sold have been on the market for an average of 71 days (Based on Year to Date Sold Hoboken Condos). Contrast this with Condos that are currently on the on the active market that have an average DOM of 90 days.

Selling your property fast doesn't necessarilly mean that you've left money on the closing table; on the contrary, pricing your condo right from the getgo, thus benefitting from the momentum a property new to the market has, prevents most seller from chasing the market down and losing more money along that slide.

Let me know how I can help you sell your property for the highest price in the shortest amount of time.

Best regards,

Anoir

Your Hoboken Property Expert...........Experience you can bank on!
___________________________________________________________________________________________________________________________________________________________
Perez Redouane Property Partners
Anoir Redouane, Realtor Associate
Robert De Ruggiero Inc., Realtors
89 Washington St
Hoboken, NJ 07030
201.222.7550 ext. 12

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Rudolph "Rudy the Radio Realtor" Daniels: Real Estate Agent in Jersey City, NJ
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