Come August, there will be a new roadblock to closing a deal on a house

by Bernice Ross on Mar 30

 

New integrated disclosure forms will throw a wrench in the homebuying works

 

There’s a shift coming that’s about to wreak havoc at the closing table for agents and clients alike.

On Aug. 1, 2015, the new TRID (TILA-RESPA Integrated Disclosure) forms replace the HUD-1 Settlement and Good Faith Estimate. The Consumer Financial Protection Bureau’s mission is to rebuild the mortgage banking landscape so that the industry will avoid the type of conditions that led to the Great Recession. The CFPB replaces the Department of Housing and Urban Development for oversight because HUD did not provide specific consumer protection.

Everyone agrees that increasing consumer protection is a desirable goal. Nevertheless, the unforeseen ripple effects from these changes could seriously disrupt how the closing process is conducted.

A recent Inman article outlined one of the most serious issues that will result from the new changes handed down by the CFPB: The new rules will require a new three-day waiting period when there are any changes in the TRID forms. The recommendation is to allow an extra 15 days to close your transactions. In other words, 30-day contracts will now require 45 days, and 60-day contracts will require 75 days.

 

Read the entire article at: http://www.inman.com/2015/03/30/come-august-there-will-be-a-new-roadblock-to-closing-a-deal-on-a-house/?utm_source=20150404&utm_medium=email&utm_campaign=weeklyheadlines

Why is housing inventory so low?

by Chris Trapani on Apr 2

 

Parsing the reasons why fewer houses are on the market

 

There has been a great deal of discussion regarding the consistently low housing inventory levels throughout the nation. Very little, however, has been written about the reasons why inventory levels are so low, especially following the economic disruption of 2008-2011.

Understanding the why can be helpful in predicting how these factors might influence longer-term supply levels and future appreciation potential. This knowledge might also shed light on why inventory might remain constrained over the long run.

In the second half of 2011 we began to see an acceleration in the decline of inventory levels nationally, and since that time the available housing inventory has continued to remain historically low. The graph (figure 1) below highlights the continuous low-inventory environment.

Why is this so? There are numerous conditions that have contributed to this phenomenon and bundled together have created an inventory control dynamic that, as prices rise, only serves to limit the number of homes available for sale.

 

To read the entire article go to: http://www.inman.com/2015/04/02/why-is-housing-inventory-so-low/?utm_source=20150404&utm_medium=email&utm_campaign=weeklyheadlines

The Benefits Of A Low Fee Broker

The benefits of a low fee broker for people selling their homes are well-known -- namely, lower commissions. But there are clear benefits for agents as well.

Potential for more business
Though you may be getting lower commissions for each sale when you work for a low fee broker such as Homes and Equity Real Estate Group, you have the potential to get more clients because many people who sell Bellevue real estate want to keep as much of their sale price as possible.

Less work
Low-fee brokers are able to accept lower commissions because they keep their costs lower by offering fewer services to those selling Bellevue real estate. People who use low fee brokers to sell their homes may be responsible for more of the marketing and may even have to do their own showings. This requires less work of the agents, which allows them to spend more time drumming up business or doing other things.

Lower costs
Because the low fee brokerage keeps its costs low, that cost savings gets passed on to the agent. Depending on the brokerage, agents may be responsible for some or all of their own costs when marketing Bellevue real estate, so the less they have to do, the less they will spend. Also, doing fewer showings or open houses can cut down on gas costs and staging expenses.

Lower expectations
People trying to sell a home can have unreasonable expectations of their agent, but those using a low fee broker such as Homes and Equity Real Estate Group may have a more reasonable view of the process. This can make trying to sell that particular piece of Bellevue real estate less stressful.

Overall, while commissions may be lower, there are other definite advantages to working for a low fee real estate broker, and it's something agents may want to consider. 

The Importance of Licensed Real Estate Agents

Today, more and more people would prefer to make payments for their own property than having to pay for rent. They also see this as an investment which is right because it earns them great financial benefits too. This is why the real estate business is now considered a great business type to enter in. Some individuals can even claim that they are a real estate agent in eastside wa but how do you know that they are to be trusted? How do you know that they are certified to do the job and with good quality?

Real estate agents who are licensed are 100% certified to do the job of making sales, examining acquisition, managing rentals or leases. It is a huge plus if the real estate agent that you’re hiring has good working experience especially in terms of trading involving real estate. They also act as effective mediators thru the utilization of gained knowledge about real estate properties dealt with. They are also well versed with the legalities involved on everything about real estate especially about transactions. They are very much qualified to make correspondence especially about some questions regarding real estate  which include property overheads, real estate market assessments  and the trading intention. They are equipped with good communication skills as well as adequate or even impressive knowledge about the standard property sizes, legal limitations, the common repair costs, and property reconstruction. One way to easily get a trusted listing of real estate agents is to check on the yellow pages, on the internet or on local real estate firms. You can also do the word of mouth technique to know the best real estate agent in town. You can ask for recommendations from your friends and family or even some acquaintances.

One thing you should remember when hiring a real estate agent is to make good verifications on the agent’s credibility, success rate and the standard fees charged by a licensed and professional real estate agent. It is advised to make accurate comparisons between the real estate agents of your choosing. This would help you locate the best real estate agent with a good deal and is worth the investment that you’ll be making especially when you are looking for the best real estate agent in eastside wa.

Preparing Your Home for Sale in Eastside WA

When you’re still preparing for home selling, easily getting carried away with the excitement of a successful transaction as well as the benefits it brings sometimes really do happen, but dont get caught up with the tide, know the right moves in preparation for successful homes for sale eastside wa.

It is certainly wise to be really wary of the things that you can make changes in and the things that you cannot change in your home such as the location. We all know that once the construction is done in that specific location, there would be no turning back. even if you no longer like the location, there’s nothing you can do about it. But you can make definite changes on the size of your home as well as its style. Both changeable aspects will of course require money and may even cost a lot but you have to make the right judgement and balancing out to make the important changes. In other words, you are making the right investment to make great renovations and improvements for your home. This would bring even greater advantages such as increasing the home value especially when you’re planning to sell your home in the future. One thing that is also unchangeable is the proximity of the home to different services such as shops, hospitals, centers, church and etc. This is one very important thing with the real estate business since homebuyers would love to have the advantage of having the needed places within reach. But you can't control the quality of the places such as the nearby school for example. You can't change their standards neither can you change the neighborhood that the house is in. Now lets go further on preparing your home for a sale.

There are actually a lot of ways you can do without having to spend so much money to make changes and gain the wonderful achievement of a house sale that is worth it. You can enhance on both the exterior and interior of the home that you have by cleaning up and then doing repainting to freshen up the look. Another thing that you should consider is to ensure that the pricing of the home is according to the parameters or the standards set by the neighborhood in which it belongs. If by chance you are selling homes for sale eastside wa then you should find the right agent to get you appropriate analyses from the market.

The Safety Talk You Need to Have With Clients

September 2014 | By Melissa Dittmann Tracey

 

Keep all parties safe in a transaction by offering buyers and sellers these important tips

 

Have you had the safety talk with your clients yet? It’s not only for their safety but for yours too.

It’s a conversation far too many real estate professionals omit from their discussions with home sellers and buyers. September is REALTOR® Safety Month, and most real estate safety information mostly centers on how to keep you safe when meeting new clients during showings or at open houses. But safety from your clients’ perspective presents an entirely new set of issues.

“When you go to listing appointments, do a security survey with your clients,” suggests safety specialist Tracey Hawkins, founder of Safety and Security Source and a former real estate professional. “Discuss with them how to make their home burglarproof when it’s on the market and how to keep their belongings safe. No other real estate agent is talking about that. This can be a way to distinguish yourself in a listing presentation. They may have already met with four or five other agents, but when you provide them with something different — a handout for a seller safety plan — you help set yourself apart.”

Hawkins provides a checklist for agents to use as they walk through homes with sellers, looking for items to tuck away during showings like those prescription medications and gaming systems and checking the adequacy of the home’s lighting and door locks. She also says safety is an important conversation to have with home buyers prior to viewing homes for sale, particularly vacant homes like distressed properties where squatters could be present or maintenance issues may pose added dangers.

Read the entire article at: http://realtormag.realtor.org/sales-and-marketing/feature/article/2014/09/safety-talk-you-need-have-clients

Napoleon Hill's Think and Grow Rich is Full of Timeless Lessons

01/27/2015 by Joe Tesla Kennedy

 

“Thoughts are things” is the title and the first words of the first chapter of the book.

When I first read those words, I didn’t really understand what they meant – even when I read the first chapter and the examples offered in Napoleon Hill’s classic Think and Grow Rich. It didn’t resonate until I got to the end of the chapter and read, “Whatever the mind of man can conceive, and believe, it can achieve.” Then I started to get it. That was 1972.

By coincidence, it was only a few days later that I heard the late, great Earl Nightingale say, “You become what you think about.” At that moment, I got it. It clicked. And it has clicked ever since then.

More reading and studying about thinking and the thought process revealed that neither Hill nor Nightingale had the original thought.

From Socrates to Samuel Smiles, to Orison Swett Marden, to Elbert Hubbard, to Dale Carnegie, to Napoleon Hill, to Earl Nightingale, to Jim Rohn – they all had their own way of saying THE SAME thing.

Read the entire article at: http://bellevuebusinessjournal.com/2015/01/27/napoleon-hills-think-and-grow-rich-is-full-of-timeless-lessons/