Category Archives: Buyers

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10 Markets Where Homes Are Selling the Fastest

Family

Denver tops the list of more than 140 metros where homes are on the market for the fewest number of days, unseating Oakland, Calif., for that top spot, according to realtor.com’s National Housing Trend Report for March. Oakland had occupied the top spot for the fewest days on the market on realtor.com’s report since November 2013.

The national average for days on the market is 102 days, but in some markets, listings are typically on the market for a month or even less.

Realtor.com’s report shows the following 10 metro areas with the lowest median days on the market…

And see where Seattle is on the list!

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How Buyers Can Irk Sellers

Both parties have to come together in a transaction, and real estate professionals sometimes find themselves wedged in the middle of buyer and seller disagreements. Some sellers may accuse the home buyers of being too pushy with their demands.

Bankrate.com recently highlighted several ways that homebuyers have been annoying some sellers.

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Condo Market on the Mend?

The condo market, which has been mostly stagnant in recent years, is showing signs of revival nationwide.

“While still well below historical construction levels, the new interest in condos is attracting interest from high-level investors who are keeping an eye on the growing condo construction and conversion market, both to see if the trend may produce opportunities in more markets and to gauge its effect on apartment property pricing,” CoStar Group reports.

The condo share of total home sales is nearing pre-recession levels.

Read more…

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Pitfalls of Pocket Listings for Buyers and Sellers

Artistic BHHS Sign

The idea of selling a home without ever listing it can be appealing to many. Similarly, ringing the doorbell on the “perfect home” and finding an owner willing to sell can put a broad smile on a buyer’s face.

The risks, however, routinely make buying and selling “pocket listings” dangerous to a person’s financial well-being — particularly for sellers.

Read more…

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FHA May Bring Back ‘spot’ Condo Loans

Good news for Realtors, lenders and condominium unit owners who’ve been frustrated by FHA’s prohibition of “spot loans” in developments that haven’t obtained certification: The agency is now seriously exploring how to relax its ban and bring them back.

Officials are mum on the details and timing, but they confirmed recently that reviving this key financing option is now under active study. The main reason: FHA is under growing political and trade group pressure — NAR and the Community Associations Institute especially — to do so.

Read more…

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Where You Work Should Help You Decide Where To Buy

BHHS Photo Collage

If you’re entering into the real estate market for the first time, you’ll hear the old adage: location, location, location. That’s three of the key factors… I’m kidding but, location is, indeed, a very important concern.

However, many buyers think location is most important because of the surrounding area. So, if the neighborhood is nice, with parks, good schools, retail stores nearby, and somewhat close to freeways, it’s a good location. But what also makes it a good location is how close it is to your work.

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3 Next-Gen House Hunting Tips for Singles

The American household has changed – big time. More and more, people get married later in life, if at all. Many even go from married to single and back multiple times throughout their lives. This all means that more and more people are buying homes while single. Many unmarried folks are buying homes to live in on their own, while others are looking for homes to live in with their children, parents or other partners – past, present and future.

If you’re embarking upon the process of buying a home on your own, here are a few things to factor into your thought process and your action plan…

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Short Sales: Why They Can Take So Long

Home Tour

When buyers hear the term “short sale,” they typically think about distressed sellers and good deals — especially in markets where prices have ticked upwards. But the word “sale” can be misleading. In fact, many real estate agents have renamed “short sales” as “long-and-drawn-out sales.” Here’s why short sales often take a long time to complete.

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Financing for Foreclosed Homes

Buyers looking for a deal on a foreclosed property have good reason to scroll through the thousands of homes listed by Fannie Mae. In addition to low-down-payment financing and priority status for owner-occupants, the government-controlled mortgage giant has begun offering closing-cost assistance to qualified buyers.

Fannie Mae’s substantial inventory of foreclosed homes is marketed through its HomePath program. Some 31,000 properties are currently listed for sale at HomePath.com. Last year, the agency sold nearly 147,000 HomePath properties, according to recently filed financial statements.

The agency gives an edge to buyers looking for a place to live: When new properties come online, investors are barred from submitting offers for 20 days. During this “First Look” period, owner-occupant buyers (and nonprofit groups) get first dibs. (The First Look logo designates listings still within the 20-day window.)

Read the details…

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Subprime Lending Making a Comeback?

Lenders are returning to the subprime market – although still at only a fraction of what subprime lending was before the mortgage crisis, BusinessWeek reports.

Some subprime lenders that collapsed during the financial crisis are coming back into business with new nonprime loan offerings.

Read more…