The housing sector of the stimulus bill recently signed by President Obama plans to stabilize the housing market and keep millions of homeowners in their homes.
This bill plans to assist in two ways - to refinance homeowners with less than 20% equity in their homes, or owe more for their home, than what it is worth. The second program is a loan modification section to lower monthly house payments to homeowners at risk of losing their homes.
March 4th should be the day the plan's details will be announced, and we shall see the benefits of this stimulus and how it will help homeowners in Colorado.
The refinance portion of this stimulus cannot include prepayment penalities or balloon payments. Credit scores will come into play when this refinancing occurs.
This stimulus plan also to increase fund commitment to Fannie Mae and Freddie Mac to ensure the strength and security of the mortgage market and help maintain mortgage affordability. This should ensure the mortgage rates remain affordable.
This government plan to scheduled to be unveiled March 4, 2009, but you can download the common Questions and Answers produced by the government at: www.treas.gov.initiatives/eesa/homeowner-affordability-plan/ConsumerQA.pdf
Joan Cox
Metro Brokers - Turning Point RE, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
Monday, February 23, 2009
Thursday, February 19, 2009
Stimulus Bill
It was history being made, again. Barack Obama signed the stimulus bill in OUR City at the Museum of Nature and Science. This stimulus bill is slated to have $50 billion ear marked to aid the housing crisus for foreclosure prevention and loan modifications for those in dire need. Let's hope creating more debt for our Country puts a dent in our disfunctioning economy.
Joan Cox
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com
Joan Cox
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com
Thursday, February 12, 2009
Home Improvements
Have you decided not to jump into the real estate market, and to do home improvements instead? Did you know most home improvements will realize about 65% of what you put into your home? The most important improvement you can do with your home is to upgrade the kitchen and baths, especially the master bath. Buyers in today's real estate market are either looking for a home you can just move into, with little or no improvement, or a major fix and flip. These would be the investors in the market looking for that sweat equity in their real estate portfolio.
Flooring is very important, clean and newer carpet, wood floors that are "scratch-free", or your laminate flooring is in good condition. Do you need to change the paint, touch up the current paint? These are home owner maintenance issues.
If you would like to know what improvements you can do to eventually improve YOUR value, contact your Real Estate Professional. We know what buyers are searching for and can lead you in the right direction.
Joan Cox, GRI, CRS, ABR, e-Pro
Metro Brokers - Turning Point RE
Centenial, CO 80111
720-231-6373
www.JoanCox.com
Flooring is very important, clean and newer carpet, wood floors that are "scratch-free", or your laminate flooring is in good condition. Do you need to change the paint, touch up the current paint? These are home owner maintenance issues.
If you would like to know what improvements you can do to eventually improve YOUR value, contact your Real Estate Professional. We know what buyers are searching for and can lead you in the right direction.
Joan Cox, GRI, CRS, ABR, e-Pro
Metro Brokers - Turning Point RE
Centenial, CO 80111
720-231-6373
www.JoanCox.com
Wednesday, February 11, 2009
First time Homebuyer Credit
The original legislation that created a $7500 credit which ended up being needed to be paid back over a 15 year span, has now been evolved into a credit of up to $15,000 or 10% of the purchase price CREDIT to the buyer for purchasing in the next year.
We need to get these first time homebuyers into the marketplace to enable our "move up" buyers to get into the next bracket, and so on. With so many short sales and foreclosures on the market currently, there are deals to be made, and first time homebuyers will definitely benefit.
Interest rates are still hovering around 5%, based on purchaser's credit history, but there ARE loans out there you can secure! If you have some "issues", and would like help getting your credit lined up so you CAN purchase within this year period, call me --- I have lender or two that can assist with this process.
If you have longed to be a homeowner, NOW is the time! Call me for more details!
Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
We need to get these first time homebuyers into the marketplace to enable our "move up" buyers to get into the next bracket, and so on. With so many short sales and foreclosures on the market currently, there are deals to be made, and first time homebuyers will definitely benefit.
Interest rates are still hovering around 5%, based on purchaser's credit history, but there ARE loans out there you can secure! If you have some "issues", and would like help getting your credit lined up so you CAN purchase within this year period, call me --- I have lender or two that can assist with this process.
If you have longed to be a homeowner, NOW is the time! Call me for more details!
Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
A New Idea for Marketing Your Home
Has your home been on the market for 6 months or more, tired of having it ready for show every day? Well, have you ever thought of letting the potential buyers "try it out", to see if your home would work for them?
A new idea in the marketplace --- allowing the qualified buyers to stay overnight in your home to "try it for free". This was an idea introduced into a marketplace in California, and now is being done at a home in Observatory Park listed for $1.65. They have a personal chef come in and cook for this family also. Obviously some precautions would need to take place, such as making sure they were truly in the market for this home, qualified for a loan, or cash, etc.
In a slower market, there are options, if you are willing to think outside the box.
Joan Cox, GRI, ABR, CRS, e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
A new idea in the marketplace --- allowing the qualified buyers to stay overnight in your home to "try it for free". This was an idea introduced into a marketplace in California, and now is being done at a home in Observatory Park listed for $1.65. They have a personal chef come in and cook for this family also. Obviously some precautions would need to take place, such as making sure they were truly in the market for this home, qualified for a loan, or cash, etc.
In a slower market, there are options, if you are willing to think outside the box.
Joan Cox, GRI, ABR, CRS, e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
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