When should you list your home?

Posted on November 12, 2011 by

Are you considering listing your home or property for sale?  If so, new data shows you should pay attention to when you list your home.   The season is important but a recent study by REDFIN shows that the day of the week you list your home is also important.

Currently, all weekdays get an approximately proportionate number of new listings with Saturday and Sundays having the fewest number of new properties on the market.  What REDFIN’s data shows however, is that there is a significant advantage to listing your home on Friday.  Homes that were listed on a Friday had over 19% more tours by potential buyers, are 12% more likely to sell within 90 days and sell slightly closer to original list price.

A bit of clarity and caution here though.  This survey was prepared with national data and is not specific to the Midland market.  The survey data does make sense as many buyers tour properties on the weekend (twice as often as during the week).  A new listing that goes on the market closest to the weekend logically will get more traffic.   More traffic on a new listing leads to more offers and a faster sale.

If you are considering a sale, use everything to your advantage.  Listing on Friday appears to be a slight advantage to a seller.  Additional considerations include appropriate staging, aggressive marketing and choosing the right real estate professional to represent you.  If you are considering selling your home, contact Tom Webb your Midland real estate professional today.

 

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Midland area property statistics July 2011

Posted on August 17, 2011 by

The Midland area statistics have been released for July 2011.  According to the Michigan Association of Realtors, the average sale price for a property in Midland was $139,895 in July.  This is up 5.43% over July of 2010.  Although prices are up, the number of transactions year-to-date 2011 over 2010 is down -18.02%.  Other local areas including Saginaw and Bay City also experienced price increases in July (4.47% and 5.89%).

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Midland May 2011 Market Statistics

Posted on June 22, 2011 by

The Michigan Association of Realtors has released the May 2011 sales statistics for the Midland area.  In May, sales declined over May of 2010 by 29%.  The average sale price is Midland is up however by 10.07% in May.  The average sale price in Midland area currently sits at $138,742.  The price appreciation represent additional traction on an increasing trend with the year-over-year increase for the Midland area at 6.54% year-to-date.

 

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Frequently asked questions regarding Fannie Mae HomePath financing

Posted on June 15, 2011 by

The following are answers to the most frequently asked questions regarding HomePath & HomePath Renovation Mortgages:

 

HomePath Mortgages:

  • Minimum Down Payment is 3% but 5% is best.
  • Investor’s minimum down payment is 10% down.
  • 2 Unit properties require 20% down regardless of occupancy.
  • 3-4 units require 25% down regardless of occupancy.
  • An appraisal is not required.
  • Regardless of down payment mortgage insurance is not required.
  • Most closings can occur within 30 days.
  • The interest rate is usually .375% higher than market.
  • The payment on a HomePath Mortgage will always be lower than an FHA payment.
  • Condos do not require HOA certificates.  Verification of owner occupancy ratios or percentage of delinquent HOA dues is not required.
  • Condotels are not allowed.
  • Condos in Arizona, California, Florida, Michigan and Nevada are not eligible.
  • Manufactured homes are not eligible.
  • Minimum credit score is 660 unless the down payment is 20% then the minimum score is 620.  No exceptions.
  • The minimum loan amount is $50,000.  The maximum loan amount is $417,000.
  • The seller can pay up to 6% of the sales price towards the borrowers closing costs.  Regardless of loan to value.
  • HomePath is a conventional loan product.

 

HomePath Renovation Mortgages:

  • Minimum Down Payment is 3% but the fees to do this will exceed 2% of the loan amount.  I require 5% down on all HPR loans.
  • The sales price on the contract should not include the cost of repairs.
  • A list of required repairs will not be provided.  The borrower must rely on their inspection…
  • Sweat equity is not allowed.  Borrowers must hire one credible General Contractor to bid the entire project.
  • Multiple bids are not allowed.
  • The General Contractor must attend closing.
  • The repairs are completed after closing.
  • The minimum down payment for investors is 15%.
  • 2 unit properties require 25% down regardless of occupancy.
  • 3-4 unit properties require 30% down regardless of occupancy.
  • Condominiums, manufactured housing and co ops are not eligible.
  • Properties in New York, New Jersey, Delaware and North and South Dakota are not eligible.
  • Miami Dade County in Florida is not eligible.
  • Renovation funds can be used for cosmetic renovations.
  • The bid must include all required repairs necessary to bring the house up to average condition.
  • Barns and pools cannot be added.
  • $35,000 is the maximum the borrower can escrow, but additional repair costs can be paid in cash.
  • Minimum loan amount is $50,000.  However the program doesn’t work if the loan amount is under $100,000.

 

Post information courtesy of:

http://www.cnmcs.com/TroyBetsinger/
Troy M. Betsinger
Colonial National Mortgage
A Division of Colonial Savings, F.A.
512-844-9096
NMLS#462358

Posted in Distressed Properties, Tips for Buyers | Leave a comment

MSHDA’s down payment assistance loan

Posted on April 29, 2011 by

The Michigan State Housing Development Authority (MSHDA) has a program that assists first time homebuyers with the downpayment expenses involved in a new home purchase.  The program, which is subject to income and location qualifications, provides down payment loans of up to $7,500.  These funds may be utilized for down payment, closing costs and escrow items.  As a buyer, you need to contribute a down payment of 1% of the purchase price of the property and complete a homeownership class.  The downpayment loan has no payments and is due if the property is sold, transferred or refinanced.  You may view additional programs details at www.michigan.gov/mshda.

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