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Archive for category Real Estate Investing

Sagging Homebuilder Confidence Opens The Door For Good Deals

Jul 20

Posted by Real Estate Agent Referral Service - Thurston County Washington in Home Values, Homebuilders, Housing Starts, New Home Sales, Real Estate Investing, Statistics | No Comments

NAHB Housing Market Index July 2008-2010Builder confidence in the housing market slipped this month, according to the National Association of Homebuilders’ monthly Housing Market Index.

The Housing Market Index is actually a weighted composite of 3 separate surveys. One measures current single-family sales; one measures projected single-family sales; and one measures traffic of prospective buyers.

All three surveys were down in July:

  • Single-Family Sales : From 17 (June) to 15 (July)
  • Single-Family Project : From 22 (June) to 21 (July)
  • Buyer Foot Traffic : From 13 (June) to 10 (July)

The HMI’s July reading of 14 puts confidence at its lowest point since April 2009.

For home buyers in Olympia , a drop in builder confidence could create an opportunity for negotiation.

Remember, it wasn’t too long ago that most builders were flush with home inventory, unable to find willing buyers. To help move product at that time, builders dropped prices and offered incentives including free upgrades. If confidence continues to sag going forward, home purchase deals of that nature may return — especially as the foreclosure market gets larger.

See, in the past, builders’ main competition for buyers were the existing home sellers.  Today, builders compete with the existing home sellers and the banks with REO. 

It’s a terrific time to be a home buyer, in other words — sellers are fighting for you. It’s no wonder sellers have little leverage anymore. Couple that with all-time low mortgage rates and affordability for homes is at an all-time high.

If you’re planning to buy a home later this year, you may want to consider moving up your time frame. The market looks ripe for good deals this summer.

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Fight Your Real Estate Property Tax Bill Without A Lawyer

Apr 22

Posted by Real Estate Agent Referral Service - Thurston County Washington in Household Finances, Real Estate Investing, Real Estate Taxes, Tax Tips | No Comments

More than 60 percent of U.S. homes are “over-assessed”, says an industry trade group. Homeowners in Olympia pay more in property taxes than they otherwise should have to.  You might be one of them.

Have you considered fighting your real estate tax bill?

In this 4-minute piece from The Today Show, you’ll learn:

  • When to file your tax bill dispute for the best chances of winning
  • How to pull your “property card” and check for tax bill-raising errors
  • What to do if the taxing authority turns down your request

Most importantly, you’ll learn that don’t need to hire an attorney to fight your tax bill.  You just need to be prepared.  Do your research and make your case. It’s estimated that nearly half of all contesting homeowners are successful.

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Pending Home Sales Drag In January, But Should Rebound For Spring

Mar 5

Posted by Real Estate Agent Referral Service - Thurston County Washington in Existing Home Sales, Home Price Index, Housing Starts, New Home Sales, Pending Home Sales, Real Estate Investing, Statistics | No Comments

Pending Home Sales (July 2008-Jan 2010)

Fewer homes went under contract in January as the housing market continues to limp through the winter months.

According to the National Association of Realtors®, the Pending Home Sales Index fell to its lowest level in 3 quarters this January. By contrast, in October 2009, the index had touched a 3-year high.

The Pending Home Sales Index measures the number of homes that have gone under contract to sell, but have yet to close nationwide. It’s compiled using data from more than 100 regional listing services and 60-plus brokerages  — the sample set encompasses 20 percent of all home resales in a given month.

Economists have come to rely on the Pending Home Sales Index because of its high correlation to actual home sales. 80% of all home marked “pending” close within 60 days. Many of the rest close within 120.

Therefore, when we see Pending Home Sales show weakness like it did in January, we can infer that home resales will remain weak through the spring.

But will they really?

  1. Fewer sales should drag down home prices, bringing more buyers into the market
  2. Mortgage rates are still very low, but are poised to rise in just a few weeks
  3. The home buyer tax credit requires buyers to be in contract by April 30, 2010

In other words, there’s a confluence of factors that could lead to a rush of sales in Lacey and around the country over the next two months, reversing the housing market’s recent momentum.

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How To Properly Screen A Prospective Tenant

Mar 3

Posted by Real Estate Agent Referral Service - Thurston County Washington in Real Estate Investing | No Comments

According to the the National Association of Realtors®, “distressed homes” represented nearly 2 of every fifth home sold in January 2010.  Clearly, real estate investors in Tumwater and around the country are taking advantage of good deals on cheap property.  But there’s risk involved.

This NBC Today Show interview first ran in March 2009, featuring real estate expert Barbara Corcoran. Despite its age, the message remains relevant. Today may be a terrific time to buy a bank-owned home — just make sure you do your research first.  There’s plenty of ways for investors to get burned.

Some of the tips in the video include:

  • Buy in your own backyard
  • Start small, then build to a bigger portfolio
  • Watch receipts — rent rolls don’t matter if tenants aren’t paying rent

Corcoran also gives pointers on how to evaluate a prospective tenant.

Foreclosures should represent a large number of 2010’s total home sales and will offer interesting opportunities to bona fide real estate investors. Before you jump in, make sure to watch the video. The rents you save may be your own.

Remember, the stats and the data are from 12 months ago, but the advice stays meaningful.

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