I recently spoke to a friend of mine who was traveling out of state and when I asked him where he was staying. He told me he wouldn’t know until he got about an hour away from his destination. I was shocked because, when I travel we always make reservations ahead of time so we know where we will be staying. I guess he saw my reaction and so he let me in on a well known secret by most of those in the wireless and mobile generation, Priceline.
Yes, I know William Shatner is the lovable spoksman for this service, but I never knew how handy and money saving the service could be. Here’s what my friend does. About an hour or so away from his destination his wife either gets on her phone or they pull out their laptop with their aircard (this will have to be another post!). Then they go to Priceline.com. They follow the directions to bid for the hotel and always end up paying less for the room(s) than they would have had they made their reservation. On the latest trip he saved 50% over the estblished price and stayed in 3 and 4 star hotels! Now that sounds like somthing worth knowing.
One of the things that stops many people from buying a home is credit issues from the past that are still impacting their credit scores. In the good old days; about 2 years ago, you could still qualify for a home loan with scores down to a 580. However, that is not the case anymore. You will need to have at least two out of the three credit agencies scoring your credit at a 620 or better. If you don’t have a score that is high enough you may want to consider credit repair.
There are a few lenders that can help you do something called a rapid re-score if you have proof that a mistake has been made reporting your credit or if you have recently paid down or paid off a credit line. You need to know that this does not change your overall credit score nor does it change your credit history. It just changes it for the purpose of the mortgage itself.
If your issue has more to do with collections, bankruptcy and other such challenges, you may need to talk to someone who is more knowledgeable. I do have several contacts in this industry that may be able to help you as it is on a case by case basis. You really need to be careful as there are many in this profession that doesn’t seem to be on the up and up. I will be happy to help point you in the right direction if you need assistance with a credit issue.
I have talked to several people this month who are a bit confused about the deadline for the homebuyer tax credits so I wanted to remind you of the basics.
You must have a property under contract by the end of the day, April 30th, 2010 to close by June 30th of 2010 in order to qualify for the home buyer tax credits. However, you also must meet other qualifications as well. So just because you purchase a house within the allotted time frame does not guarantee that you will receive the tax credit. Make sure you check with your accountant to make sure you qualify as they are the best people to ask outside of calling the IRS.
You will also need to have the correct paperwork (#9) to give to your accountant in order to receive the credit. Again, talk to him or her to get the latest information. Realtors and mortgage lenders can give you the best information they have but, to know for sure, always talk to the person who does your accounting and taxes as they have up to date information.
If you missed it, Regions and BoA have programs that you may want to take advantage of in this economy for you and your family. Every month is a special event at one of Nashville’s finest arts and entertainment attractions and you get to go for free! Don’t worry if you have missed the events from January through March as you can just pick up Aprils event at the Nashville Children’s Theatre’s production of Charlotte’s Web on April 23rd. You need to be the first of 500 to order tickets as the seating is limited in this theatre.
If you are a BoA check cardholder, you can participate in the “Museums on Us” program that gives free admission to Cheekwood and the Frist Center during the first weekend of each month. This program is limited to one admission per Bank of America check cardholder so be prepared.
Make sure you see all the wonderful opportunities to enjoy Nashville and mark your calendar for free days at the Nashville Symphony, Cheekwood, Nashville Zoo and more!
It’s official, according to the Greater Nashville Association of REALTORS®, March is the sixth consecutive month home sales have risen in the Nashville area. March alone increased over 21% with the first quarter up over 11% from this time last year. Not only is this good news but that fact that the medium residential priced home has remained steady as well is great news for our area. It is believed that most sales are a result of the tax credit that actually ends the end of June but the contract has to be written by the end of April. This should lead sale to continue upward through the rest of spring and beginning of summer.
Right now the median residential price for a single-family home for March 2010 was $159,250 and for a condominium $137,450. This compares with last year’s median residential and condominium prices of $158,000 and $155,704, respectively. You can see while single-family home prices have increased slightly, condo prices have fallen a bit. Since inventory is still high and interest rates low, it is still a great time to purchase a home. If you can get a house under contract by the end of April and meet the criteria for the tax credit, there is still time to qualify.
One of the biggest questions I am getting these days is about where interest rates are headed. Though there is no way we can tell from day to day there is a consensus that interest rates will rise over the course of the year. The Federal Reserve has stopped purchasing toxic mortgage assets as of the end of March 2010 and there was a bit of a rise for several days. However, the rate has come back down to the 5% range, which is very good.
What we don’t know is when rates will start increasing or how far they will go before they settle. We do know that rates are far more likely to go up this year then down and a good economy normally has a rate that averages between 7 and 8%. I’m sure while we all would love to see the economy improve, know one likes the idea of rates being in the 7 and 8’s again. However, at some point in the future, they will go up. The question is; will you be able to take advantage of the still historically low rates before they increase? If you are ready, let me know. I will be more than happy to introduce you to a good lender who can help you get qualified.
I was talking to a friend of mine the other day about going to the CDPE (Certified Distressed Property Expert) class and getting my certification to let them know if they know of anyone in the current economic climate that is danger of loosing their home to please let me know ASAP. When I explained all the things that I could help them with he was visibly impressed.
He then commented that if distressed sellers only knew they had real options and help out here they would be clamoring to my door. I told them that is why we need to educate sellers so they have the latest and best information available to them. One thing I know is this; smart sellers choose smart Realtors because they understand that they need us to get things done quickly, efficiently and legally. That’s why Realtors like me go back every year and get additional training. This year it was CDPE but next year it may be something else we need to know in order to help our clients. Staying current is key to everything we do to serve you the best way possible.
With all the different types of marketing opportunities we have today it’s still the referral business that gives most businesses the best return on investment (ROI). The main reason is that a referral normally comes from someone who either knows how you work or has been a client or customer of your business. When someone can personally testify to your expertise and experience, it goes a long way.
One of the best ways I have found to get referrals is by simply giving referrals. As a Realtor who works with a lot of people new to an area, I am able to give out many referrals from dry cleaners to plumbers. What I find is these same people I refer to send me clients as well. You can also join a referral network like BNI as well to get started giving referrals and eventually getting them in return. The key is to remember the phrase, “givers gain” and become the number one giver to other businesses. Once you grasp this concept you are on your way to building a great referral network!
If you are one of the millions struggling to make your mortgage payment, there is some hope just right around the corner but you will need to act sooner than later. In the past we were told that people who didn’t make their payments where not being responsible. However, because of the prolonged economic conditions and unemployment, many realize that not paying the bills is just the result of not having a job or another change in circumstances beyond your control. It is with this understanding that the government has put some new laws into place that could potentially help you.
One of the stipulations is that you will need to work with a qualified Realtor that has undergone the training for distressed homeowners. This includes helping you avoid foreclosure and working out a successful short sale, which will save your credit rating from disastrous results. I have taken the training and been certified as a Certified Distressed Property Expert (CDPE) and am ready to help you or someone you know that is struggling with making their current mortgage payment.
We are coming into the time of year that just makes you appreciate the sunshine and warmth it brings. It’s not quite hot enough to be uncomfortable and is the perfect time of year to start some outdoor activities with your family or friends. I love to see how many young mothers are out with their new babies as well as watching fathers jogging through the park with their children in one of those jogging contraptions.
It is also a great time of year to access your yard and gardens; especially if you are looking to sell your home anytime soon. The “curb appeal” is a major factor when selling a home. I cannot tell you how many properties I pull up to where the buyer says no before ever leaving the car! Though I can sometimes convince them to at least take a look, the seller has made a really bad impression. The inside better be immaculate to overcome the first impression.
If you need some help, call Teacup Gardener. They have done some wonderful work for sellers in the past getting their yards and garden in great condition to sell.
