Has the Real Estate Market Bottomed?

I read an article this morning which said that most Americans believe the housing market has hit the bottom and that it's a good time to buy, in part because many also think rents will rise faster than home prices.

Fannie Mae's latest nation housing survey found that 70 percent of Americans think it's a good time to buy a home, up from 64 percent in January.

By an overwhelming majority, 78 percent, also believe home prices will either hold steady or increase over the next year, compared to 85 percent believing the same thing about rental increases.

While Americans expect rents to rise by 3.6 percent on average, home prices are expected to turn up only 0.9 percent, Fannie Mae found.

Also, the winter months are a good time to consider purchasing ... sellers might be willing to negotiate more after they've been through a slow spring, summer and fall.

It's a Buyer's Market, so let the advantage work for you!

Dianne Dunn

http://www.newbernhomes.com/

Real Estate Outlook Promising

According to national cyndicated columnist, Ken Harney, after a few weeks in August, where the economic and housing outlooks have been a little sobering, the numbers at the beginning of September are looking increasingly positive.



The latest Commerce Department study finds that consumer spending is on the upswing, and just registered the biggest upswing in four months.



On the housing front, there are even more encouraging numbers:

1. Pending home sales, which had been sliding since the phase out of the tax credits last spring, rose by 5.2 percent according to the National Association of Realtors.


2. Standard and Poors/Case-Shiller index reported home prices in the top 20 metropolitan areas gained 4.2 percent over last year.

As long as rates remain in the mid four percent range -- the Federal Reserve Chairman says he's committed to keeping them low. Housing should look increasingly attractive to first-home buyers and move up buyers, who find they can now afford much more house than they might have imagined.

10 Staging Tips to Help Sell your Home!

Remember … “Decorating” is personalizing to your taste, while “Staging” is depersonalizing, to appeal to a larger percentage of the public.

1. Visit model homes and examine shelter magazines for inexpensive decorating ideas. Always keep in mind you are not decorating for yourself but for the general public.

2. Start with the outside. Give the house a fresh coat of paint, add shiny hardware to the front door and plant a few flowers to send a subliminal message the house is loved and well cared for.

3. Declutter every room to make it look larger. Get rid of family pictures, trophies and knickknacks. Closets and drawers should be no more than 30% full.

4. Invest in eco-friendly but bright lights. Open the drapes or remove them completely. “Light, bright rooms give the impression this is a happy place—and everyone wants to move into a happy place.”

.

5. Feature only a few pieces of furniture with mainstream appeal. Pull pieces away from walls to make rooms look bigger.

6. Make sure a room’s primary use is obvious. A bedroom should look like a bedroom, not an office, hobby center or gym.

7. Bedrooms and kitchens are difficult to stage because they are in daily use, but make the effort. Clear everything off the counters and nightstands, roll up the rugs and hide the laundry hamper. Buff the cabinets with car wax and clean under the sinks. Invest in pristine white bed linens and towels.

8. Minimize the “pet effect.” Remove food bowls and litter boxes to the utility room. Deodorize thoroughly.

9. Organize the utility room and garage. Hang up the bicycles, roll up the hose. Renting a storage locker is worth the cost if it helps you sell faster and for a higher price.

10. Once your house is staged, invite your friends or Realtor over and walk them through to get an objective opinion.

Dianne Dunn and Team New Bern
Keller Williams Realty
New Bern, NC

Email Dianne!
Visit our Website:

Search All Properties in the New Bern area.

Need a Loan? Pre-Qualification Guidelines for FHA

You'll hear many people say that loans are not available during these recessionary times. That's not true!

Home loans are READILY available with certain criteria.

According to the Federal Housing Administration (FHA), their pre-qualification essentials include:

* Having a steady employment history, at least two years with the same employer.
* Consistent or increasing income over the past two years.
* Credit report should be in good standing with less than two thirty day late payments in the past two years.
* Any bankruptcy on record must be at least two years old with good credit for the two consecutive years.
* Any foreclosure must be at least three years old with good credit for the past three years.
* Mortgage payment qualified for must be approximately 30 percent of your total monthly gross income.

Other lenders' ideas regarding pre-qualification are all similar to those outlined above. A mortgage lender will look at your credit report, earnings, debts, and savings in order to see how much home you really can afford.

Why is this important? In recent years there has been a “mortgage crisis,” where the industry was rampant with fraud and with loans that put homeowners into situations they could not afford. As payments rose, homeowners found themselves unable to meet their monthly obligations. According to Realtytrac.com and their U.S. Foreclosure Market Report, in January 2010, one in every 409 households in the country had received a foreclosure filing.

Since pre-qualification for a home loan typically costs you nothing, but gives you both a goal of what homes are in your affordability range, as well as how much money you should look to have saved for a downpayment, you can hardly wait to take this step.

During the pre-qualification process, you will be expected to provide the following information:
** Your gross monthly income
** Your total monthly payments (car payments, credit cards minimums, child support payments, student loan payments, any other monthly debts)

The lender will be looking to see that your debt to income is below about 40 percent, and the lower the better. So, if you are looking to buy in the near future, be sure to get "Pre-Qualified".

Contact your local Realtor Professional, who can give you the names of lenders who have very competitive rates.

Dianne Dunn and Team New Bern
Keller Williams Realty
New Bern, NC

Email Dianne!
Visit our Website:

Search All Properties in the New Bern area.

Local New Bern News - Market Update

This column is customized each month so that I can share with you, the current monthly statistics. Please feel free to contact me if you have any questions! Or, visit my website at www.NewBernHomes.com.

HOMES SOLD (Closed), February 1 through February 28 (from NRRAR MLS Service)

Under $99,999 = 07
$100K-$139,999 = 13
$140K-$179,999 = 22
$180K-$219,999 = 07
$220K-$259,999 = 04
$260K-$299,999 = 02
$300K-$349,999 = 02
$350K-$399,999 = 00
$400K-$499,999 = 01
$500K-$999,999 = 02
Over $1,000,000 = 00

Total February 2010 = 60
Total February 2009 = 89
Total February 2008 = 125
Total February 2007 = 158

NEIGHBORHOOD PROPERTIES "SOLD", February 1 through February 28 (from NRRAR MLS Service)

NEIGHBORHOOD PROPERTIES "FOR SALE" (from NRRAR MLS Service)

For the BEST Internet Marketing, and the Most Responsive Service in New Bern, Contact DIANNE! Email Dianne (252) 636-3301 or Toll Free: (888) 781-8800

www.NewBernHomes.com

Search ALL Properties in New Bern!

Don't Forget the April 30th Deadline for Tax Credit!

Hi Folks,

This is a great opportunity for many people, whether you're a first-time buyer or currently own a home. The following are the basic guidelines of the program:

Tax credit: 10% of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers. First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.

Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.

Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.

Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.

If you need any help, please feel free to contact us!

Dianne Dunn and Team New Bern
Keller Williams Realty
New Bern, NC

Email Dianne!
Visit our Website:

Search All Properties in the New Bern area.

Local New Bern News - Market Update

This column is customized each month so that I can share with you, the current monthly statistics. Please feel free to contact me if you have any questions! Or, visit my website at www.NewBernHomes.com.

HOMES SOLD (Closed), January 1 through January 31 (from NRRAR MLS Service)
Under $99,999 = 04
$100K-$139,999 = 07
$140K-$179,999 = 12
$180K-$219,999 = 16
$220K-$259,999 = 03
$260K-$299,999 = 04
$300K-$349,999 = 05
$350K-$399,999 = 01
$400K-$499,999 = 00
$500K-$999,999 = 03
Over $1,000,000 = 00

Total January 2010 = 55
Total January 2009 = 55
Total January 2008 = 97
Total January 2007 = 144

NEIGHBORHOOD PROPERTIES "SOLD", January 1 through January 31 (from NRRAR MLS Service)

NEIGHBORHOOD PROPERTIES "FOR SALE" (from NRRAR MLS Service)

For the BEST Internet Marketing, and the Most Responsive Service in New Bern, Contact DIANNE! Email Dianne (252) 636-3301 or Toll Free: (888) 781-8800

www.NewBernHomes.com

Search ALL Properties in New Bern!