Average Time to Close: 46 Days

The time to close on a mortgage loan is leveling off at about a month and a half. The time to close fluctuated in recent months following the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated disclosure rules.

But the average time to close on a mortgage seems to be settling at about 46 days, according to Ellie Mae’s Origination Insight Report. The report shows that the time to close on a loan has remained at 46 days for the past three months. The average time to close a refinance also averaged 46 days.

Sixty-four percent of real estate professionals indicated their contracts were settled on time in August, while 30 percent said they faced delays to settlement, and 6 percent saw their contracts terminated, according to the latest REALTOR® Confidence Index, a survey sent to more than 50,000 real estate practitioners.


The biggest issues affecting a contract delay were issues related to obtaining financing, the appraisal, and a home inspection, according to the survey. “The fraction of delays due to appraisals has increased in recent months, in part due to a shortage of appraisers and other issues reported by REALTORS® (e.g. being asked to make ‘inspections’),” the report states.  

SOURCE: DAILY REAL ESTATE NEWS

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Home Owners Using Airbnb Face Financing Snags

Homeowners who are renting out rooms using services like Airbnb are facing difficulties refinancing their mortgages, The Wall Street Journal reports.

Bank giants like Bank of America Corp. and Wells Fargo & Co. reportedly are subjecting borrowers who rent rooms to additional scrutiny when owners try to refinance. Some borrowers are finding they aren’t eligible for certain types of loans or they will have to pay higher interest rates, according to a WSJ article.

For some home owners, they may have assumed the extra income they’re generating from renting out rooms would help them when refinancing. After all, one owner in Seattle says he earned about $30,000 last year from renting out a cottage in his backyard. He thought that extra income would help him when he applied to refinance a home equity line of credit at Bank of America. Instead, he was denied by the bank because he was operating his home as a business. Bank of America says it does not offer home equity lines of credit on investment properties.

Lenders say such room-rental services are blurring the lines between residential and commercial properties and making it much more difficult to classify a home. Lenders typically maintain tighter underwriting standards, such as requiring larger down payments and higher rates, for investment or second home properties.


Online rental services have been seeing rapid growth over the past year. Airbnb’s website had 455,223 active listings as of July, an 80 percent increase from a year prior, according to YipitData research.


SOURCE: DAILY REAL ESTATE NEWS

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Good Schools Give 77% Boost to Home Values

Home values can get a big increase from having a highly rated school nearby. According to the new ATTOM Data Solutions 2016 Schools and Housing Report, homes in ZIP codes with at least one good elementary school have values about 77 percent higher than in ZIP codes without highly ranked schools close by.

Researchers looked at home values and price appreciation against 2015 average test scores in nearly 19,000 elementary schools across 4,435 ZIP codes. They considered a “good school” to be one that had an overall test score that was at least one-third above the state average.

The research team found that out of 1,661 ZIP codes with at least one good school, the average estimated home value was $427,402 – 77 percent more than the home value of $241,096 in 2,774 ZIP codes without any “good schools.”

“While good schools are one of the top items on most homebuyer checklists because of the quality-of-life benefit they provide, this report shows that high-performing schools also come with a financial benefit for home owners in most markets – at least over the long term,” says Daren Blomquist, senior vice president at ATTOM Data Solutions. “Meanwhile, home prices in ZIP codes without any good schools tend to be more volatile, which might work to a home owner’s financial benefit in the short term but not over the long term of at least 10 years.”


Home owners living near at least one good school have gained, on average, $74,716 in value since purchase — an average return on investment of 32 percent, the study found. On the other hand, home owners in ZIP codes without any good schools have gained, on average, $23,311 in value since their purchase, an average return on investment of 27.5 percent.

SOURCE: DAILY REAL ESTATE NEWS

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How Much You Need to Save to Buy A Home in the Top 10 Cities

Saving for a down payment can be a major hurdle for you, the would-be home buyers. Financial experts advise breaking down the savings into a daily amount that likely could fit into their budget.

Realtor.com®’s research team analyzed some of the largest urban areas to figure out how much you need to save per day to purchase a home. They took into account the median home listing price and the average down payment for those cities, and then calculated how much you potentially would need to save each day toward a down payment over a five-year or 10-year period.

Take a look at 10 of the cities below and how much buyers would need to save for a five-year plan in saving for an average down payment:

New York City, N.Y.

• Median home price: $413,900
• Average down payment: 17.2% ($71,191 on median-priced home)
• Daily savings goal (5 year-plan): $38.99

Los Angeles, Calif.

• Median home price: $678,000
• Average down payment: 18.3% ($124,074)
• Daily savings goal (5 years): $67.95

Chicago, Ill.

• Median home price: $264,900
• Average down payment: 13.4% ($35,496.60)
• Daily savings goal (5 years): $19.44

Dallas, Texas

• Median home price: $333,400
• Average down payment: 13.6% ($45,342.40)
• Daily savings goal (5 years): $24.83

Houston, Texas

• Median home price: $334,900
• Average down payment: 12.7% ($42,532)
• Daily savings goal (5 years): $23.29

Philadelphia, Pa.

• Median home price: $235,000
• Average down payment: 12.1% ($28,435)
• Daily savings goal (5 years): $15.57

Washington, D.C.

• Median home price: $439,900
• Average down payment: 12.6% ($55,427.40)
• Daily savings goal (5 years): $30.35

Miami, Fla.

• Median home price: $350,000
• Average down payment: 14.1% ($49,349.99)
• Daily savings goal (5 years): $27.03

Atlanta, Ga.

• Median home price: $269,900
• Average down payment: 10% ($26,990)
• Daily savings goal (5 years): $14.78

Boston, Mass.

• Median home price: $449,900
• Average down payment: 16.4% ($73,783.59)
• Daily savings goal (5 years): $40.41
  
  

SOURCE: DAILY REAL ESTATE NEWS

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Student Debt Delays Buyers By 5 Years

Nearly three-quarters of non-home owners say that repaying their student loan debt is delaying their home purchase, according to a new survey by NAR and SALT, a program provided by the American Student Assistance. 

What’s more, more than fifty percent of consumers say they expect to be delayed from buying a home by more than five years. Forty percent of consumers surveyed also said that student debt was delaying them from moving out of a family member’s house after graduating from college. 

The student loan debt burden seems to be holding back older millennials, aged 26 to 35, and those with $70,000 to $100,000 in debt the most from home ownership, the survey finds. 

While a college degree increases the likelihood of stable employment and earning enough to buy a home, consumers graduating with student debt are putting home ownership on the backburner because of the multiple years it takes to pay off their student loans at an interest rate that is often nearly double current mortgage rates, says Lawrence Yun, NAR’s chief economist.

“A majority of non-homeowners in the survey earning over $50,000 a year – which is above the median U.S. qualifying income needed to buy a single-family home – reported that student debt is hurting their ability to save for a down payment,” says Yun. “Along with rent, a car payment and other large monthly expenses that can squeeze a household’s budget, paying a few hundred dollars every month on a student loan equates to thousands of dollars over several years that could otherwise go towards saving for a home purchase.” 

The most common debt amount among the more than 3,200 student loan borrowers surveyed was between $20,000 to $30,000. Thirty-eight percent of those surveyed had $50,000 or more. 

Over three-quarters of the non-home owners surveyed say they are delaying home ownership because they can’t save for a down payment. Sixty-nine percent don’t feel financially secure enough to buy, and 63 percent say they can’t qualify for a mortgage because of high debt-to-income ratios. 

“REALTORS® work closely with our clients and consumers every day; we understand the severity of the problem,” says NAR Vice President Sherri Meadows. “This is not an abstract issue for us. This is why REALTORS® are leading the real estate industry in the discussion of student loan debt and its impact on housing by generating the most encompassing research on this topic.” 

Consumers who graduated with student loan debt six to 10 years ago had the longest delay to home ownership. Thirty-three percent say it took more than two years to move out of a family home. 


“Nearly three-quarters of older millennials, many of whom graduated at the peak or immediately after the downturn, said their ability to purchase a home is affected by student debt,” Yun says. “Add in the detrimental effects of low inventory as well as rents and home price growth outpacing wages and it’s mainly why the share of first-time buyers remains at its lowest point in nearly three decades.”


SOURCE: DAILY REAL ESTATE NEWS

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Top Reasons Homes Fall Prey to Wildfires

One out of every four calls to fire departments nationwide has to do with brush fires or forest fires, Michele Steinberg of the National Fire Protection Association told attendees Tuesday at the Land Use, Property Rights, and Environment forum during the REALTORS® Legislative Meetings and Trade Expo in Washington, D.C.

That’s an alarming figure, especially as we head into wildfire season. While the number of these fires isn’t necessarily on the rise, Steinberg said, they’re getting bigger in size and putting more homes in peril. Steinberg offered the top risks that make homes vulnerable to fires and what can be done to make them safer.

• Flying embers and fragments of burning wood. In a large fire, embers blowing in the wind can make their way inside a home through cracks and crevices in windows, foundations, and walls. “Imagine hundreds of homes being exposed to these embers at one time, and your fire department only has 10 trucks,” Steinberg said. Home owners should have the exterior of their home checked for any of these cracks and have them sealed.
• Ground fire. Large areas of grass and vegetation fuel a fire. Homes where the grass comes right up to the structure are at an increased risk of catching fire. There should be a five-foot buffer zone between the house and any brush, plants, or grass. Encourage home owners to build out there gardens away from the house.
• Radiant heat. In the largest and most dangerous wildfires, trees that are consumed by large flames put out such scorching temperatures that the heat alone can set a nearby house on fire. Roofs in particular are vulnerable to this heat. Steinberg suggests that when it’s time to replace a roof, home owners should make sure contractors use newer fire retardant material. It’s also best that communities develop policies that large trees be more spread out and further away from residential structures.
• 
  

SOURCE: DAILY REAL ESTATE NEWS

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Foreclosures Become a Tougher Find

Thirty-six percent of U.S. housing markets – or 78 out of 216 metro areas studied -- are now below their pre-recession levels in foreclosures, according to the latest Foreclosure Market Report from RealtyTrac.

Foreclosure filings – including default notices, scheduled auctions, and bank repossessions – were down 8 percent from last year and make up 289,116 U.S. properties.

That marks a nine-year low and the lowest quarterly total since the fourth quarter of 2006, RealtyTrac reports.

“Despite a seasonal bump higher in March, foreclosure activity in most markets continues to trend lower and back toward more healthy, stable levels,” says Daren Blomquist, senior vice president at RealtyTrac. “More than one-third of the 216 local markets we analyzed were below their pre-recession foreclosure activity averages in the first quarter, and we would expect a growing number of markets to move below that milestone the rest of this year — while the number of markets with a lingering low-grade fever of foreclosure activity continues to shrink.”

Some of the metros seeing large dips in foreclosure filings below pre-recession levels in the first quarter of 2016 included Los Angeles (27 percent below pre-recession average); Dallas (down 65 percent); Houston (down 64 percent); Miami (down 19 percent); and Atlanta (down 57 percent).


However, in some markets, foreclosures remain elevated, including New York (80 percent above the pre-recession average); Chicago (up 17 percent); Philadelphia (up 97 percent); Washington, D.C. metro area (up 134 percent); and Boston (up 46 percent).


SOURCE: DAILY REAL ESTATE NEWS

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These Aren’t Your Typical College Dorms

A resort-style pool with luxurious cabanas and a beach volleyball court complete with concierge service may not be how you normally picture a college dorm. But times have changed.

Investors across the country are giving off-campus dorms major upgrades, adding in luxury finishes to appeal to young renters who have high tastes.

For example, the Stadium Centre apartments – a 710-bed complex that is within walking distance to Florida State University’s Tallahassee campus – has gotten a fresh makeover in recent years due to $4.5 billion from investors last year alone. The complex has two resort-style pools, deckside cabanas, a beach volleyball court, professional-grade barbecues, and 24/7 staff available to cater to residents’ needs.

“Developers targeting college students are building private dorms that are more likely to resemble beach motels than libraries,” Bloomberg reports.

A recent Bloomberg analysis of 94 student housing complexes nationwide found that 80 percent of residents in off-campus student housing have access to a swimming pool; 55 percent live in places with on-site tanning salons; and 45 percent have beach volleyball courts.

One West Victory, an off-campus student housing complex in Savannah, Ga., even offers valet trash service and texting laundry machines that notify students when their laundry is finished.

Bloomberg’s analysis found some of the most popular “luxury” amenities among off-campus student housing are:

• Swimming pool

• Fitness center

• Outdoor grills

• Tanning salons

• Beach volleyball courts

• Study rooms

• Fire pits

• Sun decks

• Hot tubs

• Sauna

SOURCE: DAILY REAL ESTATE NEWS

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‘Ugly’ Homes Find a Niche in Real Estate

The ugly home's curb appeal may begin and end at the curb — but more and more real estate professionals are bringing a dose of reality to their listings of eyesores, hoping the ugly ducklings might still attract home buyers.

Realtor.com® reports that a small but growing number of listings nationwide are advertising “ugly homes,” complete with descriptions of the home as “dirty” to the “worst in the neighborhood.”

“People love eye-catching headlines, and reverse psychology seems to work,” says Cara Ameer, a real estate professional in Ponte Vedra, Fla. “These types of descriptors pique interest, and people say, ‘How bad could it be?’”

One three-bedroom, two-bathroom home in Northridge, Calif., listed at $475,000 is being marketed as a “flipper’s fantasy” -- but “cash only.” The listing includes photos showing an exterior covered in overgrown landscaping and a brown, dirty interior complete with wall cracks and missing flooring.

The listing reads: “This is truly the worst home in the best neighborhood.”

Realtor.com® notes the home has been viewed 123,900 times since being posted two weeks ago.

A three-bedroom home in Mechanicsburg, Pa., is also trying to use the “worst home in the neighborhood” hook to lure a buyer. The listing description reads: “We have the winner in the ugly-house contest with this. … It needs everything, starting with soap and water. … Because of its horrendous condition, you have the opportunity for the buy of a lifetime.”

SOURCE: DAILY REAL ESTATE NEWS

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Why Buyers, Sellers Shouldn't Panic

Stocks globally have been off to a bumpy start in the new year, which has spawned news articles showing concern over whether a shaky housing market could be poised for a slowdown and even a similar doom to the 2007 housing crisis. But analysts say you have no reason to be concerned.

MarketWatch recently ran an article that assures Americans why they shouldn’t panic if they are looking to buy or sell a home in 2016, touching on these key points.

1. Mortgage rates will stay low. The Federal Reserve raised its short-term rates for the first time in nearly 10 years, but mortgage rates are likely to remain low, analysts say. “It would take a lot more than the volatility we’re seeing now for them to get knocked off the current course of raising rates, but will they slow down [coming rate hikes]? Probably,” says Kevin Finkel, senior vice president of Resource America Inc., a real-estate investment trust in Philadelphia.

Rising rates have prompted the number of home owners who are refinancing to cool, but many already have so “rate shock” from short-term adjustable rate mortgages would be minor compared to what happened between 2007 and 2012.

2. Less risk exists of a mortgage bubble. Liar loans and higher setting ARMs helped lead to the 2005 to 2012 mortgage meltdown, analysts say, but lenders have pulled back on credit and are now, by most accounts, are overly stringent on who they give a loan too. Markets like San Francisco and New York have seen skyrocketing values recently but it’s not being fueled by loose credit standards, analysts note.

“The changes that have taken place over the past five to seven years have built a more stable foundation” in the mortgage industry, Michael McPartland, a managing director and head of investment finance for North America at Citigroup’s C, told MarketWatch. “There just aren’t a lot of the exotic products like interest-only [loans] and super-high loan-to-value [mortgages]. If things slow down, there will be a contraction, but not a pop.”

3. More aid for first-time home buyers. The Federal Housing Administration last year reduced mortgage insurance premiums on loans by $900 a year, on average. That has helped some first-time home buyers afford a down payment and enter the market. FHA loans have surged 23 percent of all financed purchases in the second quarter of 2015, up from 19 percent a year prior, according to RealtyTrac. FHA’s efforts, as well as others like Freddie Mac and Fannie Mae’s 3 percent down payment loans, may help boost the new-mortgage market this year by up to 10 percent over last year, despite the rise in mortgage rates, says Mike Fratantoni, the chief economist for the Mortgage Bankers Association.

4. Job growth. Over the past five years, the U.S. has seen a slow, steady rate of job creation. Job growth in 2015 is expected to top 2.5 million when the final tally comes in – that would make it the second best year for U.S. job growth in this millennium (following last year’s 3.1 million).


“The economy continues to create jobs, and the quality of jobs being created has improved as the economic recovery has progressed, with professional and business services leading the way,” says Greg McBride, chief financial analyst for Bankrate.com. “This is indicative of an economic recovery that is sustainable. … If wage growth materializes in a broader way, this will be the catalyst for many existing home owners to put their homes on the market and finally look for the move-up buy, boosting housing and alleviating the inventory shortage.”

SOURCE: DAILY REAL ESTATE NEWS

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What the Fed’s Decision Means for Housing

Since 2008, the Federal Reserve has kept a zero-interest rate policy in place. But on Wednesday, in a largely anticipated move, they voted to bring an end to that era and increased its benchmark short-term interest rate by 25 basis points from near zero.

The Fed made clear that it’s going to issue a gradual tightening cycle over the coming months. That likely means mortgage rates will inch slowly upward, though most economists are predicting that it shouldn't unnerve the housing recovery.

“The interest rate is still low compared to historical standards,” Kevin Young, an analyst at IBISWorld in Los Angeles, told The New York Times.

The Fed controls the federal funds rate – also known as the short-term interest rate – that banks use to borrow money. That rate inadvertently ends up being passed on to consumers.

So what does the Fed’s latest move mean for the housing market?

Lawrence Yun, chief economist for the National Association of REALTORS®, says that an uptick in short-term rates shouldn’t have a big effect on those looking to borrow in 2016. With rates going up by such a small amount, the Fed’s move actually could serve as a stimulant to the economy, he says.

"The raising of short-term rates could be more of a confidence play to the market — it provides a signal that the economy is strengthening, and to the degree that the Federal Reserve is providing [that signal] and the lenders believe that, it may actually provide more lending opportunity for the banks," Yun says. "As a borrower, even for the short-term borrower, what difference does it really make whether one is borrowing at 0.1% or 0.2%, when the Fed Funds Rate is historically at 3.3% or 3.5%?"’

Some economists are predicting the Fed to raise short-term rates incrementally about four times by the end of next year.

“But we don’t expect mortgage rates to track the short-term policy rates directly,” writes Jonathan Smoke, chief economist at realtor.com®. “In fact, we’re likely to see mortgage rates increase by only half or two-thirds as much.” Mortgage rates tend to track trends in long-term bonds.

According to realtor.com®’s 2016 forecast, the 30-year fixed-rate mortgage will likely average 4.65 percent by the end of next year. Last week, it averaged 3.93 percent, according to Freddie Mac.

Still, Smoke says rates will likely be volatile day-to-day and week-to-week in the year ahead as the financial markets try to anticipate the timing of the Fed’s policy changes.


“On the positive side, the massive amount of news coverage on the Fed’s move will finally hit consumers to realize that we are at the end of the low-rate era and that rates are now on the move up,” Smoke writes. “We think this will influence fence-sitting buyers – and, more important, fence-sitting sellers who intend to buy as well – to act before rates get much higher.”

SOURCE: DAILY REAL ESTATE NEWS

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China's Role in Real Estate: Poised for Growth

Steps the Chinese government is taking to bolster the country’s economy are likely to fuel interest among the country’s most affluent citizens in offshore property investments, according to the head of a company that helps people in China find international property to buy. These measures include releasing controls on China’s currency, the renminbi, over the next few years, which will make it easier for investors to move significant amounts of money overseas, said Simon Henry, co-chief executive officer of Juwai.com.

“All the activity you have seen with Chinese investors investing in international property will pale in significance with what’s about to happen,” Henry told an international audience during a Nov. 13 session at the REALTORS® Conference & Expo in San Diego.

A key motivator for people in China who can afford to buy property in the United States and other countries is the desire to send their children to school outside China, Henry said. They are also often looking to build on assets they have accumulated at home by placing financial bets in other places, although most are not looking to physically leave China themselves, he added. “People who are buying international property are already very property rich in China,” Henry said. “They have many houses in China already, and the property they have offshore is diversifying their portfolio.”


Henry advised cities interested in attracting Chinese real estate investors to take steps to attract them as tourists. “The single most important thing you can do to reach the Chinese buyer is destination marketing,” he said. “The places where they go on holiday are the places where they first purchase property.”

You can expect to see the property values continue to appreciate in these areas that attract Chinese real estate investors. 

SOURCE: DAILY REAL ESTATE NEWS

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4 Ways to Maximize Space in Small Homes

More young buyers are making the leap into home ownership. But many of them, due to personal preference or affordability restraints, are choosing houses or condos with a smaller floor plan to call home.
Here are 4 strategies for buyers to make the most of small spaces:

• Choose furniture carefully

When you need to maximize space in a bedroom or living room, making smart choices can help create a comfortable but spacious small space. Measure your rooms carefully before making purchases. Consider especially the thickness of the furniture; a chair with less bulky arm rests, for instance, might fit better in the space than a chunky one.  Avoid furniture with curves, as it sticks out without offering any benefits. 

In a bedroom, leaving off a footboard will increase overall space. TVs, too, should be avoided in a bedroom with size restrictions. Multi-functional furniture will become your new best friend. For example, a desk with a mirror hung above it placed near the bed will give you a nightstand, desk, and dressing table all in one. A stylish trunk used as a coffee table in a living room could hide blankets or pillows for when you want to get cozy and watch a movie.

• Paint to promote height

Darker colors, in general, will make a space feel smaller and more closed in. This is especially true if you put a dark color on the ceiling. A light color on the ceiling makes the room feel taller than it is. Lighter colors on the wall may give the illusion of more light and space as well.

• Decorate simply

Bold patterns on large furniture will attract the eye and make the room appear smaller. Consider simple designs or light colors for bedspreads, prints on couches, and curtains. However, adding an artistic focal point to the room will draw attention away from its size. Perhaps invest in a print of a favorite classic piece of art and have it framed nicely, or shop local art fairs for something original. Keep knick-knacks or other decorative items to a minimum and intentionally placed to keep the space from feeling cluttered. Wall or ceiling mounted lighting fixtures may help eliminate lamps in a room, which can take up considerable space. 

• Keep it neat and clutter free

A smaller space is easier to clean – and also easier to get dirty. Taking a few extra minutes a day to pick up will help you breathe better and live happier in small spaces. Go through items in your home often, giving away or selling things you no longer want so that they don’t take up precious space.

SOURCE: DAILY REAL ESTATE NEWS

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Drop in Rates Ramps Up Mortgage Demand

Mortgage applications – for both refinancings and home purchases – surged nearly 14 percent for the week ending Sept. 18, according to the Mortgage Bankers Association.  The surge follows on the heels of the Federal Reserve’s decision not to raise interest rates last week, which helped push mortgage rates down and entice more borrowers.

Refinance applications rose 18 percent week-to-week, while home purchase applications increased 9 percent. Home purchase applications are now at the highest level since June and are 27 percent higher than the same week one year ago, MBA reports.

"The increase in purchase activity was solely driven by applications for conventional purchase loans, which reached the highest level since June 2013,” says Mike Fratantoni, MBA’s chief economist. “That time period was the so called ‘taper tantrum,’ when mortgage rates picked up significantly following Fed communication to slow the pace of its asset purchases. Overall, the purchase market continues to show strength.”


Mortgage rates moved lower during the week but by the end of the week the average of the 30-year fixed-rate mortgage was unchanged from the previous week at 4.09 percent, MBA reports. MBA notes that mortgage rates were moving lower as of Tuesday, amid a sell-off in the stock market. Rates this week had fallen to the lowest level in four months, MBA reports.

SOURCE: DAILY REAL ESTATE NEWS

If you have any questions, feel free to contact James Y. Kuang at (626) 371-5662 or by email -  james.kuang@coldwellbanker.com   
   

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2 Common Mortgage Deal Delays

A last-minute problem with financing can quickly delay a closing on a home sale. Here are two of the most common financing problems that can surface:

• Failure to disclose key financial information. One of the biggest reasons for a financial issue is the failure of the buyer to disclose key financial information, The New York Times reports. Buyers who are not forthright about their financial circumstances can face a delay. Lenders will quickly find borrowers who are behind on child support obligations or real estate taxes, for example.
• Running up credit as a mortgage application is pending. Buyers may go out and purchase new furniture or a car prior to closing on a home, but doing so, could cause them a delay to the closing of their home sale. Lenders will recheck borrowers' credit right before the closing date. If new debt obligations suddenly appear, that can be a red flag to a lender. Prior to making any large purchases prior to closing, borrowers should check with their lender, says Douglas Rotella, an executive vice president and loan originator with HomeBridge Financial Services.

In some metro markets, a delay to securing financing could mean missing out on a home. For example, in hot markets like California's Silicon Valley, sellers may even balk at deals that are contingent on a mortgage approval. Nearly every home is getting multiple offers there so buyers must go beyond pre-approval and receive a loan commitment before they submit an offer, she says. The loan commitment indicates that the borrower's paperwork has passed underwriting and the only thing necessary for final approval is the appraisal and verifying the borrower's employment.

SOURCE: DAILY REAL ESTATE NEWS

If you have any questions, feel free to contact James Y. Kuang at (626) 371-5662 or by email -  james.kuang@coldwellbanker.com
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3 Reasons Why It's a Great Time for Sellers

Rising home prices, demand from home buyers, and less competition is making 2015 a stellar year to sell for many U.S. home owners across the country, says Daren Blomquist, RealtyTrac's vice president.

Blomquist points to these three factors behind why this year is shaping up more favorably for sellers

1. Stronger demand coming from buyers: Sellers in many markets are seeing stronger demand from a larger pool of buyers, including first-time buyers, boomerang buyers (previous owners who lost their home to foreclosure), as well as traditional owner-occupant buyers. Particularly of note lately, the number of buyers using Federal Housing Administration – typically low down payment loans often used by first-time home buyers – is on the rise, accounting for 23 percent of all single-family home and condo sales with financing in the second half of 2015. That marks the highest share since the first quarter of 2013, according to RealtyTrac's Midyear 2015 U.S. Home Sales report.

2. Home prices are skyrocketing: Single-family home and condo sellers in the first half of this year sold for an average of 13 percent above their original purchase price. "So far in 2015, [sellers] are realizing the biggest gains in home price appreciation since 2007," Blomquist says. "In June, sellers sold for above estimated market value on average for the first time in nearly two years." Median sales prices of existing-homes pushed above the previous 2006 peak to a record high in June, the National Association of REALTORS® reported this week. The median existing-home price for all housing types was $236,400 in June – surpassing the peak median sales price set in July 2006 at $230,400.


3. Sellers have less competition: Inventories of for-sale homes remains tight, which has forced buyers to have to compete for the limited supply. Distressed sales –properties in the foreclosure process or bank-owned – accounted for 8 percent of all single-family and condo sales in June, the lowest monthly share since January 2011. In 2011, the share of distressed sales had reached a monthly peak of nearly 46 percent of all single-family and condo sales.

SOURCE: DAILY REAL ESTATE NEWS

If you have any questions, feel free to contact James Y. Kuang at (626) 371-5662 or by email -  james.kuang@coldwellbanker.com

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