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Zip Realty Quarterly Report - Home Sales Prices
Thanks to ZipRealty.com for sending me some interesting statistics from their newly released quarterly report of home prices from their site statistics.  Here are the highlights they provided: · California is still "hottest" for ZIP codes where homes are selling the most above asking price (i.e. fetching multiple offers) · Florida is still among the country's "coldest" with the highest number of ZIP codes selling for the most under the asking price · Berkeley, California's 94703 ZIP code is the country's "hottest," with homes selling on average for almost eight percent above the asking price, or an additional $45,000 over list on the median priced home in that region · Winchester, Connecticut's 06098 ZIP was the nation's "coldest" ZIP code in Q2, with homes selling there on average nearly 30 percent under list price - an average savings of more than $200,000 according to the median home price in the area · The country's coldest markets have warmed slightly since Q2 of 2009 - with homes in the country's 10 coldest ZIP codes selling for an average of 82 cents to the dollar in Q2 of this year, as compared to an average of 78 cents to the dollar in Q2 2009. · High-end housing markets nationwide continue to offer relative bargains for buyers. For example, in Miami's Palm Beach ZIP (33480), buyers paid an average of around 1.1 million dollars per home in Q2, an average of $232,492 below list price. In Cape Cod's Osterville ZIP (02655), homes sold, on average, for 16 percent below asking price, or an average of $180,437 under asking. · According to the total number of home searches on www.ZipRealty.com, Phoenix and its surrounding neighborhoods continues to be the most popular searched city in the country.Zip Realty Quarterly Report - Home Sales Prices originally appeared on About.com Real Estate Business on Wednesday, July 28th, 2010 at 07:38:47.Permalink | Comment | Email this

Finally, Tasks and Calendar in One Place on My iPad
I've written a detailed review of Pocket Informant for iPad here, so I'll just give you some bullets and hot buttons for me: Syncs with Google Calendar and Toodledo All tasks, meetings, and other scheduled items in one place Syncs with Outlook if you're still stuck on it Geo location for events Lots more Give the review a look, as you just may find that this one app, as well as these real estate business related apps, will provide the excuse to buy an iPad.Finally, Tasks and Calendar in One Place on My iPad originally appeared on About.com Real Estate Business on Tuesday, July 27th, 2010 at 10:56:22.Permalink | Comment | Email this

FHFA Announces Mortgage Rates
The FHFA, Federal Housing Finance Administration, announced average contract mortgage rates for June, with the national average for a 30 year fixed loan at 4.91%.  This number has varied between 4.88% and 5.26% in the last 12 months.  These historically low rates for a year or more can lead your customers and clients to take them for granted.  Just get this chart of mortgage rates back to 1980, and give them a copy when they are talking about waiting for lower rates, or complaining about rates over 5%.FHFA Announces Mortgage Rates originally appeared on About.com Real Estate Business on Tuesday, July 27th, 2010 at 09:32:19.Permalink | Comment | Email this

FHFA Home Price Index Shows Small Gains
The FHFA Home Price Index report is out for the period April to May of this year.  It shows a 0.5% increase in home prices for the national index.  Seven of the nine census divisions showed increases, with only the East North Central (Michigan, Wisconsin, Illinois, Indiana, Ohio) and East South Central (Kentucky, Tennessee, Mississippi, Alabama) census divisions showing declines. Read the entire FHFA home price report here, as well as checking out the graphs and statistics for more than 200 smaller areas and cities.FHFA Home Price Index Shows Small Gains originally appeared on About.com Real Estate Business on Monday, July 26th, 2010 at 10:06:56.Permalink | Comment | Email this

Appraisal Valuations - Fannie Mae Says "Stop Changing Them."
I haven't had this happen to me in my market, but perhaps some of you could comment here if you have.  Fannie Mae says that lenders have been arbitrarily chopping valuations from appraisers when they get a lower result from computerized systems. In a Washington Post article about lenders and appraisals, an example of a computerized estimate calling an appraiser's valuation of a home into question was given.  The appraiser was challenged by a computer valuation model that suggested that a certain comparable property wasn't used, and should have been.  It suggested a lower valuation based on that comp.  When the appraiser visited the address, it was a vacant lot; hardly a good comp for a home. Fannie Mae is coming out with a new rule on September 1 prohibiting lenders from changing appraisers' numbers.  They will be required to go back to the appraiser with issues, and/or get a new appraisal.Appraisal Valuations - Fannie Mae Says "Stop Changing Them." originally appeared on About.com Real Estate Business on Wednesday, July 14th, 2010 at 10:56:39.Permalink | Comment | Email this

Help Us With Your Review of Zillow.com Agent Services
I recently tried unsuccessfully to get some information on the Zillow Agent Premier service.  Please take this link to a User Review and tell us all about any agent or broker advertising services you've used at Zillow.com.  Help us all with your experiences and whether you believe the results have been worth the expense.Help Us With Your Review of Zillow.com Agent Services originally appeared on About.com Real Estate Business on Tuesday, July 13th, 2010 at 09:50:00.Permalink | Comment | Email this

Draw Plats from Legal Descriptions on Your iPad
A new app I just downloaded for my iPad is called Metes and Bounds.  I decided to test it the minute it opened with a current deal and entered 25 calls from the legal description to draw the plat.  And, to my great surprise, the lines didn't close at the Point of Beginning, a problem.  There was a gap.<p> It wasn't a problem with the app, and I looked pretty good when I informed the title company of the typo in the legal description.  Read about Metes & Bounds and what it does in this profile.Draw Plats from Legal Descriptions on Your iPad originally appeared on About.com Real Estate Business on Saturday, July 3rd, 2010 at 17:34:38.Permalink | Comment | Email this

Congress Acts on Tax Credit Closing Extension and Flood Insurance
Congress has passed the bill to extend the tax credit closing deadline to September 30 so that almost 180,000 home buyers do not automatically lose their credit. The Flood Insurance Program extension to cover the lapse period from June 1st has also been passed. Details at Realtor.org on this legislation.Congress Acts on Tax Credit Closing Extension and Flood Insurance originally appeared on About.com Real Estate Business on Thursday, July 1st, 2010 at 13:14:57.Permalink | Comment | Email this

Fannie Mae Makes Jingle Mail Not So Merry
Jingle Mail, the walking away from a mortgage by those who can afford to pay, is also known as "strategic default."  The trend has been growing, as homes fall farther below mortgage balances in value.  It's a concern to the mortgage industry and the government as well. Fannie Mae has announced actions to discourage the practice.  First, Fannie Mae will be checking to see who has defaulted on a mortgage with the ability to pay, or hasn't taken action to try to work with their lender to modify the loan or work out a solution.  If a default is deemed to be "strategic," that borrower will be unable for seven years to get another loan backed by Fannie Mae. Second, if the loan is in a state that allows it, Fannie Mae says that efforts will be made to pursue the borrower for the deficiency.  While some may not be concerned about another loan with Fannie Mae backing within seven years, there should be concern about being pursued for the balance left unpaid on their mortgage.Fannie Mae Makes Jingle Mail Not So Merry originally appeared on About.com Real Estate Business on Friday, June 25th, 2010 at 10:18:01.Permalink | Comment | Email this

FHFA Reports Interest Rates
Jun+MIRS+Jun+2010+final.pdf (application/pdf Object).  Still low, but still difficult to impossible to get one of these mortgages.FHFA Reports Interest Rates originally appeared on About.com Real Estate Business on Thursday, June 24th, 2010 at 08:54:30.Permalink | Comment | Email this