For some, a return to homeownership could happen sooner than they think © Rido - Fotolia.com

The problem for these people is that most lenders in the US have strict rules that prevent them from granting new mortgages to anyone who went through a short sale or foreclosure for up to seven years. Besides this, we also need to consider the damaging effect that a short sale or foreclosure has on somebody’s credit rating – it can take lots of hard work on the part of the former homeowner to repair their credit score to something which is acceptable for lenders.

Even so, not everyone has to wait as long as that. For those who lost their homes due to circumstances beyond their control, such as losing their job or illness, they may be able to get back on the property ladder sooner than they thought, claims a report by Associated Press.

Rosa Herwick, owner of Century 21 JR Realty in Henderson, Nevada, told AP that it may be possible for these people to qualify for a mortgage right away.

“They’re probably going to pay a little higher interest rate, but with rates so low, a higher interest rate of 4 percent is not a big deal,” she explained.

According to AP, the length of time an ex-homeowner has to wait will depend on which lender and/or government entity they borrow from. For Fannie Mae and Freddie Mac, the waiting period would still be seven years for anyone with a foreclosure on record, whereas an FHA mortgage only stipulates a three-year waiting period.

Those who opted for a short sale instead can often get away with a much-reduced waiting time, depending on their personal situation. For example, the FHA will waive its three-year waiting period if the former homeowner opted to short sell following a job loss.

Of course, we mustn’t forget that money also talks. For those who can come up with a significant down payment of 20% or more, Fannie Mae are happy to cut their seven-year waiting period to just two years.

Home page of the new Century 21 First Realty Tallahassee website

All the property professionals in the company are very experienced and have received extensive training through their premier graduate school for real estate professionals, helping them to create an environment that is professional, cheerful, positive, productive and energetic. They also have access to the kinds of resources that will enhance each buying or selling transaction. Tallahassee real estate sales have been increasing over the last 10 years or so and Century 21 First Realty helps ensure the seller receives expert help in preparing their home for sale. It’s essential to have such a team of experts in place to ensure a home doesn’t sit on the market for an extended amount of time.

Innovative marketing techniques also help match prospective buyers with their dream home, especially as Tallahassee has many different neighborhoods, and having a market specialist helps to ensure buyers are presented with the elements in the home and its neighborhood that are important to them. Good real estate agents need to know the history of the area, properties already sold, market values and relevant information regarding the neighborhood. Century 21 First Realty agents have all this information at their fingertips, including information on foreclosures and market reports. There is also a newsletter available which contains information that is relevant to both home buyers and sellers, or anyone choosing to move into one of the many neighborhoods in Tallahassee.

Anyone interested in getting started in either buying or selling a home can visit Century 21 First Realty’s website to view information, contact the realtor, search for homes in the area, subscribe to the newsletter or even download one of the many useful books the company has to offer home buyers and sellers, helping them understand the process of buying and selling.

Their findings show the first-quarter reinforced many of the last quarter’s views about the strength of the Canadian commercial real estate sector, with the overall real estate sentiment index coming in at 61 up from 60 during the last quarter of 2011. However during the first quarter last year the sentiment index was 71, and in spite of many respondents reporting improvements there are also expectations that the rate of improvement will decline during the year. While this may sound bleak it’s important to remember that a score of 50 reflects a positive trend, and this is the 10th straight quarter where the index has been in positive territory.

The current index was 64 for the first quarter which is the same score as during the last quarter of 2011, and future index is 58, down from 71 year ago. Many think this drop is due to the substantial improvements seen during the last couple of years which means there is less room for continued progression during 2012, and that the Canadian market may be coasting. However most remain cautiously optimistic for the year, and see demand is being fairly consistent especially with low interest rates set to continue. Most expect the market to remain stable with little change.

In comparison the US sentiment index has remained relatively flat at 68, but the future index is now 70 reflecting the fact that the market in the US still has plenty of room for improvement as they are still emerging from the recession and are hoping to see more certainty in the European Union crisis.

The survey was based on the thoughts of 55 leading real estate executives, including residents, CEOs, board members and other senior executives. Respondents represented income producing real estate including retail shopping centers, office buildings, industrial buildings, senior residences, hotels and multifamily residential buildings.

REALpac is Canada’s premier industry Association for investment real property leaders and its members own in excess of C$180 billion in real estate assets.

FPL Advisory Group is a group of companies focused on providing highly specialised advisory services to the real estate and financial services industries.

© HaywireMedia - Fotolia.com

To bulk up the site for users, you may even add lots of images, tidbits about the neighborhood or community, and some background information about your real estate business. But to your surprise, what makes a great site for consumers and what makes a great site in terms of page ranking on the major search engines are two completely different things.

Sure, having a simple, user-friendly property search, some basic content relating to the real estate industry and a few professional-looking photographs is a nice touch for page viewers in the market for a new home, but if these very same homebuyers are unable to find your site during a simple Google search, what purpose does it really have besides acting as a glorified business card?

In order for your real estate website to start attracting a high-volume of traffic and producing quality leads that eventually generate more home sales, strategically combining the features that cater to both the home buyers and the major search engines should be your main objective when trying to reach the ultimate goal of boosting your overall revenue. In fact, some of the same optimization strategies that will improve your search engine ranking will actually coincide nicely with the usability your site has towards not only attracting potential clients, but keeping these clients on the site once they’ve found it.

For example, to understand what a website is selling or reporting, viewers need to be able to read the text and content that is provided on each page. Well, in order for a search engine to return your website in a basic search result, the search engine must be able to read the site’s text in the same way we do. So what’s one of the best ways to get your site noticed by these search engines? It’s simple–add more pages and add more content. The more index-able pages your site has available, the more text Google has to search and understand the relevance of your site in relation to what’s being searched. Similarly, the more pages and information your site has, the more likely viewers will stay on your page or contact you directly; rather than continuing to look for the information they are seeking and stumble upon a competitor’s site.

However, before you run off and start writing content until your eyes blur, understand that content is only the tip of the iceberg when it comes to search engine optimization. Making sure the content you write has applicable context will clearly work to your advantage, but to adequately optimize your size, it’s going to take time, patience, and complete dedication on your part. Writing page content is a perfect start towards getting your site to rank, but if you’re serious about using your site as a true lead generator, you better be in it for the long haul and avoid cutting the many corners some web “experts” may suggest.

Joe Heath is a graduate of Indiana University and possesses a Graduate Certificate in Real Estate Development from Drexel University. After working in the market research sector and authoring published Market Snapshots for Hanley Wood Market Intelligence, Joe now works as a Web Marketing Specialist and co-owns Real Estate Web Creation with his partner, Ted Guarnero-a 25+ year real estate veteran. 

It's hoped that HARP 2.0 will help millions more homeowners © Torian - Fotolia.com

First established in 2009, HARP was instigated as an option for underwater homeowners wanting to refinance their mortgage at lower interest rates. The original program was touted as the housing market’s ‘shining knight in armor’ when it was first rolled out, with government expectations that it would assist millions of homeowners who found themselves owing more on their mortgages than what their homes were worth.

Till now however, HARP has fallen woefully short of these expectations – prompting the government to relax eligibility requirements in an effort to help more people stave off foreclosure.

Billed as HARP 2.0, the government has extended the program until December 31, 2013 and set out new guidelines for those wishing to apply. One of the biggest criticisms of the original plan was that in order to qualify, homeowner’s loan-to-value ratio was required to be less than 125%, automatically ruling out millions whose home value fell below that figure. This requirement has now been relaxed with HARP 2.0, which stipulates that the property only has to be valued at less than the mortgage in order for homeowners to qualify.

In addition, the original HARP was restricted to the country’s five largest loan servicers – Bank of America, Citigroup, Ally Financial, Wells Fargo and JPMorgan Chase – further limiting the program’s accessibility.

Under HARP 2.0, the program is now available to all mortgage servicers, even in those cases where the mortgage had insurance attached, something that caused big difficulties under the original program. Mortgage insurers are required to sign off on a refinancing deal for any homeowner whose mortgage is insured, and now they are working with lenders to streamline this process, something that should result in many more approvals for HARP 2.0.

Certain rules remain in place for homeowners wishing to refinance through HARP 2.0. As with the original program, HARP refinancing is only available to Fannie Mae and Freddie Mac mortgages. Further, homeowners must be current with their mortgage, with no record of late payments in the last 12 months, and they must be able to show that they can afford the new payments on their home.

Aside from the changes in eligibility for HARP, the government is also making efforts to speed up the approval process, by eliminating the need for an appraisal in many cases.

For more information about HARP 2.0, and to find out if and when you can apply, check the official Home Affordable Remortgage Program website.

Keep 'em peeled whenever you enter a new home. Courtesy antiguan_life

Whilst it may not be financially possible for you to hire a home inspector for each home you’re considering purchasing, there are specific steps you can take to help spot any existing problems on your own and ensure the home is in excellent condition.

1. Mass Exodus in the Neighborhood:
Never assume that the home you are considering purchasing is perfect just because of its appearance. Do a thorough investigation and check out the entire neighborhood. Take the time to chat with the other neighbors in the area and ask questions. If there are a number of other homes for sale in the neighborhood, there may be a reason for it.

2. Poor Upkeep:
Look for signs that the current owners inhabiting the home may not be keeping up with the maintenance of it. Some signs of negligence include an unkempt lawn, gutters full of debris, woodwork in need of repair and peeling paint.

Never a good sign... Courtesy melinnis

3. Damage to the Foundations:
It’s important to inspect the front yard and driveway area and to check if it slopes toward the house. If it does, this could present a hazard and result in water seeping into the foundation walls and the basement area. Both problems can be costly to repair, so carefully inspect the foundation thoroughly for any signs of buckling or cracking.

4. Foul Odors
Be conscious of the smells inside and outside of the dwelling. If you notice any noxious odors, this could be a sign of a serious problem with the home, or the land it sits on. Also, if you notice an overpowering scent of air freshener, this could be the sellers trying to mask an issue.

5. Archaic or Malfunctioning Wiring:
Even though you may not be a licensed electrician, take the time to walk through the home and check the switches and outlets. See if they are in working condition, if the switch plates or outlets are warm to the touch and if any of the lights are flickering. If any of these issues occur, this could be signs of wiring problems.

Avoid any nasty shocks in the future... Image courtesy Velo Steve

6. New Coat of Paint to One Wall:
A fresh coat of paint can definitely give the home a neat appearance, but it can also indicate the sellers may be hiding a larger problem like damage due to water, mildew or mold. Take a look around to see if there are any water stains or sagging walls or ceilings. If you notice anything suspicious, have a professional home inspector do a thorough investigation.

7. Barricaded Areas or Locked Doors:
When walking through a home that you’re seriously considering purchasing, the sellers should never have any areas that are locked or barricaded from entering. If there are restricted areas, ask the sellers the reasoning and if you are still interested in the home, make an appointment to see those areas another time. It’s still important that you see the entire home before you decide to buy it.

If it's locked up, there might very well be something the owner doesn't want you to see... Image courtesy documentarist

8. Structural Renovations:
While you may love the current layout of the home, make sure to ask questions and see if the dwelling has had any major renovations. If a floor or structural wall has been removed, there may not have been any other adjustments made to ensure the home is sound. This could shift the weight to other areas and repairs to fix the problem could be costly. Secure the services of a structural engineer to check to safety of the home.

About the author

Andrew Potter works for My Online Estate Agent and regularly contributes interesting and insightful articles to the online property arena. My Online Estate Agent is one of the UK’s leading online estate agents and advertises on the leading UK property portals such as Rightmove, Zoopla and Prime Location.

Confused about the housing recovery? So are we! © Dawn Hudson - Fotolia.com

We recently published an article about the strange happenings in the California real estate market that seem to follow in line with what we‘re seeing on a national scale. California includes a diverse set of markets due to its size, but the prevailing presence of investors in the state with cash made the inventory levels drop significantly across the board.

What about nationally? We took a look at three of the top ten metro areas in the nation:

Chicago

According to the Illinois Association of Realtors, a possible reason for the decrease in Chicago inventory could be attributed to several settlements between states and five major banks related to foreclosure abuses. The backlog of foreclosed inventory should be moving more freely now, resulting in a decrease in available inventory. The Association also asserts that “while sellers may not be getting all of the money they want for a house, they are getting traffic and interest at levels that haven’t been seen in several years”. This supports the decrease in the median list price, and high demand in buyers.

Dallas

Rental rates are rising in Dallas, which may drive residents to look toward homeownership rather than navigate the jungle of high-rises. Low mortgage rates will just perpetuate this in the coming months, but the median list price has risen 12% since last year.

Miami

High demand also plays a key role in the dwindling inventory in Miami. This doesn’t exactly mean that the market is a well-oiled machine though, as 49% of all closed residential sales in Miami were distressed. Strangely, the average foreclosure is reported to still take around 800 days to complete, but the same forces that influenced Chicago’s inventory—mainly legal settlements with bank establishments—are likely the galvanizing factor in the movement of backlogged foreclosures.

Article written by Lauren Tyson of Movoto Real Estate, striving to make home-buying easy for everyone.

Eco-Friendly home's tax advantage © Alberto Masnovo - Fotolia.com

If you haven’t filed your taxes yet and you’ve made the savvy investment of transforming your home or condo into a modern, eco-friendly residence, there are a variety of 2011 energy credits that will reduce the amount you’ll pay in year-ending taxes. Although this year’s benefits fail to meet the 2009 and 2010 tax credits that were in compliance with the American Recovery & Reinvestment Act as a way to help boost the economic recovery, plenty of money can still be saved despite the changes made in 2011.

According to Energy Star, the following Federal Tax Credits are available to consumers who updated their homes this past year to feature energy efficiency products:

1)      Homeowners who have installed Energy Star windows and doors can receive a tax credit that covers 10% of the purchase price, with the credit for doors having a ceiling of $500 and the credit for windows having a ceiling of $200.

2)      The Installation of non-solar water heaters meeting various energy requirements has a maximum tax credit of $300.

3)      Energy Star air-conditioning-$300 tax credit; Energy Star Furnace (including the following: natural gas, propane, oil, & hot-water)-$150 tax credit with efficiency requirement set to 95%.

Energy saving windows are the way to go © angiolina - Fotolia.com

4)      Energy efficient roofing & insulation: the installation of roofing products that satisfy Energy Star requirements qualify for a tax benefit of 10% the purchase price or installation fee, with the maximum benefit reaching $500. Similarly, the installation or upgrading to energy-efficient insulation will qualify for a 10% of the purchase or installation cost, with the maximum benefit reaching $500.

5)      Purchasing and installing a biomass stove can also provide a tax incentive to homeowners. All stoves using biomass fuels to heat your home or condo qualify for a $300 tax break, providing the stove produces a thermal energy efficiency rating of 75% or better.

In addition, several significant Energy Tax credits will remain active through 2016. These larger projects include the installation of geothermal heat pumps, solar-energy systems, small wind turbines, and fuel cells. With the exception of a fuel cell installation, which has a $500 maximum tax credit, each of these upgrades will provide homeowners a 30% tax credit with no maximum limit for the purchase cost. So if the savings from tax breaks isn’t enough motivation to upgrade your home to Eco-friendly status, consider the money you’ll save each month in utility costs. On average, an efficient water heater will cost between 10 and 20% less to operate than a typical, outdated heater, while other upgrades to your dishwasher or laundry units can save you up to 1000 gallons of water a year. Not a bad investment, right? In close, I wish you happy savings and good luck throughout this year’s ongoing tax season!

© Tupungato - Fotolia.com

I remember as a kid many fun times watching the Kansas City Royals in their beautiful Kauffman stadium, soaking up the atmosphere and downing as many dogs as my dad would buy for me! The dogs and Royal Crown cola. Good times!

I only recently learned that the team was named after the American Royal – a horse show and rodeo held every year in Kansas City – and yet another event I remember having lots of fun going to. My favorites were always the Clydesdales pulling the Budweiser wagon!

The real estate market in the Heart of America is, according to a study conducted by HousingPredictor.com expected to be a great place for investors to focus their attention. As mentioned in their report “Best Investor Markets for 2012”, Kansas City is named among other cities as a location expected to see rising prices because of high crop prices in the region.

According to Trulia.com, during the last quarter of 2011, KCK experienced a decrease of 16.9% in the price per square foot for homes when compared to the same time the previous year, however the median sales price rose by 12.4% during the same time period. I’ve always put more stock in long term trends, however, so news that over the last five years, prices have appreciated by 7.4% is welcome news, especially when considering the recent report about crop prices.

Kansas City Skyline © bev - Fotolia.com

Individuals wishing to buy in the Kansas City area need to take a look at the favored communities of Turner, Bethel,Welborn, Victory Hills, Kensington, Riverview and Arengentine.

The parents reporting to Trulia.com about the area schools give very low ratings (1 out of 10) to most of the area schools. There are a few bright spots, however, such as Bertram Caruthers, Christ the King Elementary School and others who stand out above the crowd. Trulia.com is not the authority, however, on schools, so if you are planning to move to the area it is advisable to check out the schools in person.

KCK has several buildings listed in the National Register of Historic Places; Fire Station No. 9, Granada Theatre, Great Wolf Lodge, Sauer Castle among others, and its rich history of starting as a “cow town” can still be seen, albeit dimly, past the shining city that is Kansas City, Kansas.

Paisley Wall Stencil from Cutting Edge Stencils

This Paisley All Over Stencil will absolutely be making its way onto my bedroom wall, in exactly the colors shown here.

Zamira All Over Stencil from Cutting Edge Stencils

Perhaps a bold geometric print is more your style? The Zamira Allover Stencil makes a great visual statement.

Tree and Bird Stencil from Cutting Edge Designs

If you prefer soft and subtle, this Tree and Bird Stencil adds quiet interest to a serene space.

If you are really adventurous, you can make your own stencil by following the directions listed here on the True Value Hardware site.  Of course, for those who are creatively challenged, you can always purchase stickers made to look like stencils like these from Wall Tat.  If affordability is a concern, stores such as Kohl’s and Target offer affordable wall stickers and stencils under $30.00.

For the commitment phobic wall tattoos are a great alternative

For the tamer tastes, Martha Stewart has some great stenciling ideas that don’t involve walls.  Even accessories are getting in on the stenciling action.  From mirrors, to pillows, dining room tables to curtains, anything is fair game to add some interest and refresh a mundane room.

If bold focal walls aren't your thing, Martha Stewart suggests a stenciled accessory

From the very bold, to the very subtle, there are options for everyone when it comes to this latest design trend.  Stenciling is a great option for people who want to stay with current trends, but want something a bit less committal than say, wall paper.  On your next design whim, these stencils can easily be painted over, providing you with a clean slate for the next design endeavor.   Have you tackled wall stenciling? If so, I’d love to see what you’ve done!