Homeowners who are 'underwater' still dropping

Tuesday, December 14, 2010 02:51 AM
By Alistair Barr

MARKETWATCH
SAN FRANCISCO -- The number of U.S. homes with negative equity shrank in the third quarter, but price declines might threaten this improvement, the real-estate data company CoreLogic Inc. said yesterday.

CoreLogic reported that 10.8million properties, or 22.5 percent of all residences with mortgages, were in negative equity at the end of the third quarter, down slightly from 11million, or 23 percent, in the second quarter.

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Homeowners who are 'underwater' still dropping

October 2010 stats from Columbus Board of Realtors

The housing market in central Ohio, which rebounded nicely when the federal tax credits were offered in 2009 and early 2010, today is looking like “more of the same.”

According to the Columbus Board of REALTORS® (CBR), the number of homes sold and the average price of homes sold from January though October 2010 are nearly identical to the statistics from 2009.

The number of homes sold from January through October was 16,891 – almost identical to the 16,932 homes sold in the same period of 2009. Average sale price so far this year is $160,671 compared to $161,623 last year.

Home sales are likely to grow in 2011, but not too quickly. According to the New York Federal Reserve Bank, household finances are improving, and major purchases will increase as well.

The "typical" homeowner of 2010

The typical homeowner of 2010.  (This article is from NAR)


Home buyers today have affirmed a long-term view of home ownership, the typical seller is experiencing positive returns and the vast majority of home owners see their property as a good investment, according to the latest consumer survey of home buyers and sellers.

 

The 2010 NAR Profile of Home Buyers and Sellers is the latest in a series of large national NAR surveys evaluating demographics, preferences, marketing and experiences of recent home buyers and sellers.

 

Although typical sellers had been in their previous home for eight years, up from seven years in the 2009 study, first-time buyers plan to stay for 10 years and repeat buyers plan to hold their property for 15 years.

 

Here are some highlights:

 

• The typical seller who purchased a home eight years ago experienced a median equity gain of $33,000, a 24% increase, while sellers who were in their homes for 11 to15 years saw a median gain of 40%.
• With #1 reason to buy a home being a good investment, the next biggest reasons for buying, identified by all home buyers, was a desire for a larger home, 9 percent; a change in family situation and the home buyer tax credit, 8%; a job-related move, 7%; and the affordability of homes, 6%. Twelve other categories were 5% or less.  
• The number of first-time home buyers rose to a record high 50% of all home sales from 47% in the 2009 study, building on success of the home buyer tax credit which began in 2009.  
• The profile shows the median age of first-time buyers was 30 and the median income was $59,900. The typical first-time buyer purchased a 1,540 square foot home costing $152,000, with 93% using the first-time buyer tax credit.  
• 56% of entry level buyers financed their purchase with an FHA loan, while another 7% used the VA loan program. 42% said financing their first home was more difficult than expected and 9% had been rejected by a lender.  
• 58% of all buyers are married couples, 20% are single women, 12% single men, 8% unmarried couples and 1% other.  
• Buyers searched a median of 12 weeks and viewed 12 homes.  
• The typical repeat buyer was 49 years old, earned $87,000 and purchased a 2,000 square foot home costing $215,000.  
• The median age of home sellers was 49 and their income was $90,000. Sellers moved a median distance of 18 miles and their home was on the market for 8 weeks, down from 10 weeks in the 2009 survey. Half traded up in size, 28% bought a comparably sized home and 21% traded down.  
• 64% of sellers chose their agent based on a referral or had used the same agent in the past. Reputation was the most important factor in choosing an agent, cited by 35% of respondents, followed by trustworthiness at 23%. 84% of sellers are likely to use the same agent again or recommend to others.  
• Home buyers thought the most important services agents offer are helping find the right house, negotiating sales terms and price. Buyers also most commonly choose an agent based on a referral from a friend, neighbor or relative, with trustworthiness and reputation being the most important factors.  
• Buyers use a wide variety of resources in searching for a home: 89% surf the Internet, 88% use real estate agents, 57% yard signs, 45 percent attend open houses and 36% look at print or newspaper ads. Although buyers also use other resources, they generally start the search process online and then contact an agent.  
• Local metropolitan MLS websites were the most popular Internet resource, used by 59% of buyers; followed by Realtor.com, 45%; real estate company sites, 43%; real estate agent websites, 42%; other websites with real estate listings, 41%; and for-sale-by-owner sites, 15 percent; other categories were smaller.  
• 77% of all buyers purchased a detached single-family home, 9% a condo, 8% a townhouse or rowhouse, and 6% some other kind of housing.  
• Not surprisingly, for-sale-by-owner transactions reached a record low, accounting for 9% of sales in the 2010 study, down from 11% in 2009.  
• The share of homes sold without professional representation has trended down since reaching a cyclical peak of 18% in 1997.

DO ANY OF THESE DESCRIPTIONS SOUND "TYPICAL" TO YOU??  hmmmmmmm

 

Short Sale Closings in 90 Days--Bypass Loss Mitigation with Bank Of America

GUARANTEED closings on Short Sales within 90 DAYS???

The Lambright Team is currently working on a solution to the BIGGEST problem with short sales.......

What is that problem???  You guessed it!  They are NOT short whatsoever.  They take forever to get done and the uncertainty for the seller and the buyer is excruciating.

We are currently in negotiations with a lender representative to SPEED up the process dramatically AND offer our sellers a 90 day WRITTEN GUARANTEE that their home will close via a short sale within 90 days of listing the home.

STAY TUNED!!!!

Ohio "Hardest Hit Area" Funds

I went downtown Columbus to figure out how to get some of these emergency federal funds for our clients who are trying to do a short sale.  It is very confusing if you don't have a guide.  We would be happy to give out FREE guidance to anyone who needs it. 

Columbus Ohio sales Statistics from Board of Realtors

August home sales in central Ohio were higher than the previous month and the average sale price of a home sold continues to rise.

There were 1,605 homes sold in August which is 8.2 percent more homes sold than during the month of July. Home sales during the first eight months of the year are now 9.2 percent higher than the same period in 2009.

The average sale price of a home has been inching back up this year from $145,993 in January to $169,959 in August. The average sale price year to date (January through August) is $161,645, which is 2,2 percent higher than one year ago.

There were 3,700 homes listed for sale last month bringing the total number of homes for sale in central Ohio to nearly 17,000 which is 16,5 percent more homes than were on the market at the end of last summer.


It is a great time to buy a home and it is becoming a better and better time to sell.
 
If you think that you owe too much on your home to sell, think again.  We specialize in selling homes that are upside down.  Check out our website at:
 
http://lambrightteam.com/gold_custom1.asp

Guaranteed Sale Program

Our Guaranteed Sale Program will put our $$ where our mouth is.  Don't believe it, watch the video!

If we don't sell your home in an agreed upon amount of time, we will sell it for free!

Net Worth in Central Ohio -- How Do You Stack Up?

Net Worth in Central Ohio


It's not as bad as you may believe

Central Ohio - May 6, 2010 - How has the wealth of current homeowners changed as a result of home ownership? One way to answer that question is to create a snapshot of the equity individuals who purchased a home at the median price 5, 10, 15, and 20 years ago would have built up if they had kept that home through 2009. We did that for 154 metropolitan statistical areas (MSAs), and the findings yield some expected and unexpected results. Here is the link for Columbus and the surrounding areas (easy to read graphs).


http://tinyurl.com/columbusnetworth


Want to know how much equity you have in your home? We provide a FREE over-the-net home evaluation. Go to: http://lambrightteam.com/ and request one.

Free Book we co-authored--"The A to Z Guide to Real Estate"

We appreciate you as a customer, client, and friend.

If you or someone you know are interested in a copy of our book "The A to Z Guide to Real Estate", send us an email  with the word "book" and we will email you a copy.  jim@thelambrightteam.com


It is great for first time buyers or if you haven't bought or sold a home in several years.

Referrals

The Lambright Team appreciates all of the support we have received from the people who know and trust us. If you know of anyone who might need our help, go to our website and fill out the form:

http://www.lambrightteam.com/gold_referral.asp

How to go on vacation & start enjoying life again

2.5 year short sale with 7 liens

Tax Credits for Home Improvements--Clearing Up the Mystery

• 

  Tax Credits for Solar Water Heaters

  A federal tax credit makes energy-efficient solar water heaters a more affordable and sustainable option for many homeowners. Read
• 

  Tax Credits for Replacing Heating and Cooling Systems

  Upgrading to an energy-efficient heating and cooling system can save hundreds on your utility bills and earn you a tax credit worth as much as $1,500. Read
• 

  Tax Credits for Replacing Your Roof

  Replacing your roof with a qualifying energy-efficient metal or asphalt roof can cut your cooling bill and earn you a $1,500 tax credit. Read
• 

  Tax Credits for Adding or Replacing Insulation

  A federal tax credit makes adding insulation an even cheaper way to improve your home’s energy efficiency and cut your heating and cooling bills. Read
• 

  Tax Credits for Replacing Windows, Doors, and Skylights

  If money seems to be escaping through drafty windows, doors, and skylights, this federal tax credit might make energy-efficient replacements more affordable. Read

Visit houselogic.com for more articles like this.

Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

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