Demand among homebuyers is so high in some parts of the country that builders are holding lotteries to decide who gets to purchase homes in their developments.

O’Brien Homes started holding a monthly housing lottery for its 228-unit development called Fusion in Sunnyvale, Calf., after seeing throngs of prospective buyers camp out at the openings of other new condo complexes in the area.

“We didn’t want that,” said Susie Frimel, a spokeswoman for O’Brien Homes. “We wanted our customers to be pleased with the process.”

Each month, as new sections of the development came under construction, roughly 50 buyers would show up at O’Brien Homes’ sales office hoping to be picked for one of the 10 or so sites available. The participants were already pre-qualified for a mortgage and had their down payment in place. After being assigned a number, they crossed their fingers and waited for each bingo ball to be plucked from the tumbler.

For each unit, the company drew a winner and a backup, just in case the winner backed out.

Lotteries are not a perfect solution, especially for the buyer who walks away empty-handed.

“Some people would come back month after month,” said Frimel. “It got very frustrating for them.”

Adding to that frustration was that home prices rose virtually every time a new group of homes went on sale. The two-, three- and four-bedroom homes started out between $420,000 and $620,000. The last grouping went for $555,000 to $815,000, a 32% increase.

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The Residences at W Hollywood just upped the ante in the game of insane penthouses. Hitting the market for a whopping $45 million this week is perhaps the Los Angeles penthouse to end all Los Angeles penthouses. Found atop the trendy Hollywood Blvd. locale, the impressive penthouse specimen weighs in at a staggering 25,000 square feet of opulence and, as one might imagine, is chalked full of the finest interior design features on the grandest of grand scales.

Designed by Richard Robertson III, no expense was spared on the epic spread, which is said to offer 340-degree views and practically every luxury under the sun (a 250-person ballroom, a solarium, a wine room and vault, a screening room, a fitness center with its own beauty parlor, a pub-style tap room, a screening room and plenty of premium parking). The master suite itself, one of just four bedrooms and eight bathrooms, measures 4,000 square feet alone and goes all out with a fireplace, foyer, and a “walk-in closet and dressing room designed to look like a Ralph Lauren Store.”

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Bring us an offer!!!! Fantastic opportunity to purchase a wonderful home in Chesterfield. Nestled on a little over an acre this gorgeous home has over 3500 sq. ft of finished living space. The kitchen and bathrooms have been updated and the lower level is finished. All bedrooms are generous in size and the finished lower level family room is complete with a bar. ***Attention golf enthusiasts*** The property boasts a regulation putting green and a second practice putting green. A three-tier waterfall flows under 2 garden bridges down to an outside bar and covered Gazebo. All of the trees have spot lights that shine down on the golf areas and the Gazebos. Multi-tiered decks in the back yard lead to a hot tub and second Gazebo. This is an amazing place to entertain friends and family! You really must see this one to realize the value and the potential this unique property has to offer.

Find out more about this property today by reaching out through our Contact Form or you can call us direct at 314-221-6927. When you would like to see ALL of the great homes in the area simply request our powerful Hot List.

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You may have heard that the government’s Home Affordable Foreclosure Alternatives Program (HAFA) ended December 31, 2012. New policy changes for HAFA will become effective as of February 1, 2013 but the banks can implement these new changes prior to this date.

In addition, despite what you may have read about Bank of America no longer participating in the HAFA program, BOA has in fact extended its HAFA program until December 31, 2013. The changes that will be taking place within the program are as follows:

Servicers must make a decision regarding a seller’s HAFA eligibility within 30 days. This is in comparison to the previous 45-day time frame.
Select sellers can have what is called a “pre-determined hardship.” To qualify for a pre-determined hardship, the seller must be 90+ days delinquent with their mortgage payment and have a FICO score less than 620. If the seller qualifies for the pre-determined hardship then the seller must sign a hardship affidavit before closing a HAFA short sale.
If a seller has a good credit score and is not delinquent with his payment (HAFA guidelines state the borrower must be 60+ days behind in payments), can still qualify for HAFA but will need to explain the nature of his hardship in the hardship affidavit.
HAFA also provides assistance for short sales where the property is not owner-occupied. If qualified, HAFA offers relocation assistance to those tenants living in the distressed property and the tenants are eligible to receive up to $3000.00.

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Hopefully you all saw this morning’s news that home prices rose 9.3% in February which is the largest year over year gain since 2006 – that’s 7 years! Additionally home prices increased 1% month from January 2013 month over month. Read the latest Case Shiller report or here is a good summary from CNBC

Compare the Case Shiller results to the ActiveRain survey on Agent Confidence. ActiveRain is again leading the pack!

Implications from today’s Case Shiller report from the Wall Street Journal (link on image below):

Prices set to rise further
Prices rising fastest in cities with job growth or the cities with the largest declines during the housing crisis
Home prices continued to increase in the winter of 2012/2013 despite general seasonal slowdowns.
It’s a GREAT time to be in real estate.

Make sure your customers understand that 2013 holds great promise for real estate and the market actually seems to be helping! (And they should get off the fence before home prices rise further).

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Planning a first home as a couple can be one of the most exciting parts of the newlywed year. You are creating a place that is truly yours together. Deciding on the specifics is can be a bit tricky, but if you managed to get through the wedding, you can certainly get through this. The main buzzwords to keep in mind are “budget” and “fairness”.

Establishing a budget involves not just looking at what you have spent in the past but what you plan to spend in the future. Your spending habits will naturally change as you become a couple. You may also have some things you need to save for like planning to have children.

Two Can Live As Cheaply As One?

There’s an old saying that two can live as cheaply as one, but in most cases that’s wishful thinking. There are certain categories in which this is truer than others. You will want to look at insurance coverage as one place where you can combine coverage and potentially save money. Categories to consider for consolidation include medical insurance, auto insurance, life insurance, and homeowners or renters insurance.

True Debt Confessions

Hopefully if you are planning to marry your financial futures to each other you know both what your partner makes and how much debt they carry. If you don’t, now is the time to come clean. It’s also important to make sure you know your credit scores and if there are any problems that need to be addressed or resolved. If you are planning to buy a home or looking for a new rental it’s important to get any potential problems solved sooner rather than later. This will also help you going forward if you are thinking of buying a home.

Even though you have merged hearts and households, you don’t merge credit scores: those are tied to your individual Social Security number. When the two of you jointly apply for something, both of your credit histories will be evaluated. If one of you has a poor credit score that will be taken into account. You can help your spouse’s credit by adding them to your credit card accounts (if you trust they won’t run up the balance). If one partner has both better credit and better income, that person can also apply for a home loan individually and may have a stronger chance of getting approved.

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Your home is one of your biggest expenses but it is also one of your biggest investments. Whether you are planning to sell soon or are in it for the long haul, it’s important to evaluate whether your home is doing its part in contributing to your overall financial health. Here are some things to keep in mind when evaluating whether or not to move up, downsize or stay put:

1) Can you make an extra mortgage payment?
Paying a few dollars extra each month can shave years off your mortgage. Doing this doesn’t just mean you will own the place free and clear sooner, you’ll save a bundle in interest. It doesn’t take too much work to create a big difference: make 13 payments a year instead of just 12 and you’ll cut your loan just about in half. Even adding just $25-$50 a month can make a significant difference. Keep good records, though, and make sure your lender credits the extra money to principal, not your escrow account.

2) Check your credit history.
You never know when an opportunity to refinance or a chance to move up to a bigger, better place might present itself. Making sure your credit is solid means you can easily act when you need to. Mistakes often take months to correct so it’s important to spot errors early. Check your files annually with the three major credit agencies, Equifax, Experian, and TransUnion by visiting: https://www.annualcreditreport.com/.

3) Do You Still Need PMI?
If your downpayment was less than 20 percent of the price of your home, you likely had to take out “private mortgage insurance” or “PMI” to protect your lender in case you default. However once you pay down your loan to 75-80 percent you should be able to cancel coverage. You may have to pay for an up-to-date appraisal to prove your home’s worth, but the savings is worth the cost. Check with your lender for specifics.

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Home sales are “stuck” this spring due to the limited number of homes available to buy, says Lawrence Yun, chief economist for the National Association of REALTORS®.

The supply of homes for sale is 17 percent below year-ago levels, according to NAR data.

For-sale inventories are most constrained on the low-end of the housing market, where investors had moved in floods to purchase distressed homes and hold them as single-family rentals, housing experts note. About a four-month supply of homes is available under $100,000. As such, sales of low-end homes have dropped 16 percent from year ago because there just isn’t enough inventory, according to NAR.

Some home owners are still hesitant to sell, noticing the recent price increases and hoping for more, notes Richard Smith, CEO of Realogy Holdings. “If I am underwater in my equity and now suddenly I’m not, but I’m up 5 percent and the market around me is appreciating 6,7,8,9, 10 percent, why don’t I wait and perhaps get a 10 percent return on my investment, not a 5 percent return?” Smith explains.

“The housing shortage is going to continue,” Yun told CNBC. He says that home builders will need to ramp up their housing starts by 50 percent to help meet demand, but he says that is unlikely due to constraints such as land and labor shortages.

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This cozy, two-story home is ready for a new home owner! Three bedroom two bath. Nice sized Living Room. Spacious Kitchen with white appliances and stainless steel double bowl sink. Main floor Master Bedroom Suite. Two nicely sized bedrooms on second floor with bonus room that can be used as an office or large, luxurious walk-in closet. Lots of storage throughout including asement. Covered front porch and covered deck in backyard. Fully fenced, private backyard perfect for pets, children or just to relax in the hot tub. Designated parking space in back.
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Find out more about this property today by reaching out through our Contact Form or you can call us direct at 314-221-6927. When you would like to see ALL of the great homes in the area simply request our powerful Hot List.

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Beautiful, five bedroom three bath home perfect for entertaining and comfortable living. Entry Foyer welcomes you to a wall of windows that overlooks backyard. Soaring cathedral ceilings Large Great Room with marble fireplace. Large, beautiful eat-in kitchen with bay window, Oak cabinents, stainless steel appliances, double bowl sink, planning desk and breakfast bar. Seperate Formal Dining area. Main floor Master Bedroom Suite with cathedral ceilings. Master Bath with soaking tub and double vanity. Partially finished lower level with large Recreational Room, two bedrooms and a full bath. Large, private fenced backyard with deck. Three car garage. Newer paint throughout.

Find out more about this property today by reaching out through our Contact Form or you can call us direct at 314-221-6927. When you would like to see ALL of the great homes in the area simply request our powerful Hot List.

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