Vacant Homes Pose Risks for Agents by Inman News

June 5, 2012 By Bill Barbin Leave a Comment

Vacant homes pose risks for agents

Squatters — or worse — may be lurking in REOs

By Inman News, Tuesday, June 19, 2012.

<a href="http://www.shutterstock.com/pic.mhtml?id=28422466">Vacant home</a> image via Shutterstock.

Vacant home image via Shutterstock.

By DAVID W. MYERS

It was a typical balmy Southern California afternoon when veteran agent Stephanie Janeshak of Tarbell Realtors in Corona stopped by a modest-sized foreclosed home to give it a preview before showing it to one of her clients.

She had toured dozens of vacant properties before and was comfortable with the task — so much so that she brought her 2-year-old toddler with her because a babysitter wasn’t available.

The front of the home was in fairly decent shape, Janeshak recalls, so she retrieved the keys from the lockbox on the door and walked in. The kitchen looked OK, and so did the living room; there were no broken windows or graffiti on the walls, two tell-tale signs that the home might be occupied by squatters or drug dealers.

And then, she opened the door to the bedroom.

http://www.inman.com/news/2012/06/19/vacant-homes-pose-risks-agents

Filed Under: Bartlett NH real estate, Buying a NH home, Jackson NH real estate, NH Bank Owned, North Conway Foreclosures, North Conway NH bank owned, North Conway NH foreclosed real estate, North Conway NH real estate Tagged With: Bartlett NH Condos, Bartlett NH real estate for sale, Bartlett NH ski chalet, jackson nh real estate, North Conway NH bank owned real estate, North Conway NH commercial lease, North Conway NH Commercial real estate, North Conway NH condos, Tamworth NH foreclosure

Sales Are Up. Prices Still Have a Way To Go.

May 15, 2012 By Bill Barbin Leave a Comment

Posted: 15 May 2012 04:00 AM PDT

We believe the housing market is recovering. We believe that sales will be robust through the rest of the year. However, we also believe that the increase in demand will not impact prices in a big way as we think there will also be an increase in the supply of homes coming to the market. This increase in supply will offset the increase in demand. The increase in supply will be fueled by two categories of inventory:

Foreclosures entering the market as a result of the National Mortgage Settlement
Pent up supply of homeowners who have been unable to sell their homes over the last several years

There have been several recent headlines making strong statements about home values in the country. We must be sure to read the ENTIRE report – not just the headlines. Here are four headlines and the portion of the report that reflects the caution in their ‘cautious optimism’.

HEADLINE:

LPS Home Price Index Shows U.S. Home Price Increase of 0.2 Percent in February; Early Data Suggests Further Increase of 0.3 Percent is Likely During March

CAUTION:

“Reasons for caution are clear, as we’ve been here before. Non-seasonally adjusted prices increased for a few months in early 2009, 2010 and 2011 – trends that all ended by summer, after which all the gains – and then some – were lost. As is true this month, those temporary increases were on low sales volumes – about 30 percent lower than at any point since 1998. Furthermore, the inventory of distressed homes remains high, which will continue to put a drag on prices.”

HEADLINE:

Foreclosure hotspots show signs of housing turnaround

CAUTION:

“However, much will depend on the continued health of our economy, specifically job rates, and how lenders will release their foreclosure inventories now that the 49 state AG Agreement has been signed.”

HEADLINE:

Fiserv Expects Home Prices to Stabilize

CAUTION:

“On the other hand, nearly one-half of the metro areas, or 191, saw prices decrease by more than 2 percent, including double-digit losses in Atlanta (-12.8 percent), Reno, Nevada (-10.8 percent), and Tucson, Arizona (-10 percent).

In the fourth quarter of 2011, the average price of a U.S. single-family home fell four percent from the year-ago period, and Fiserv Case-Shiller projects a further decline of 0.8 percent by the end of 2012.”

HEADLINE:

Home Prices in March Show Monthly Gain: CoreLogic

CAUTION:

“Even with price gains above 5 percent for leading states and CBSAs, Capital Economics said in response to the CoreLogic report that over the year, prices are more likely to stabilize rather than make a dramatic climb.

“There are fears in some quarters, triggered by recent disappointing GDP and payrolls data, of a sharp slowdown in economic growth which could derail the fledgling improvement in the housing market,” said Paul Diggle, property economist for Capital Economics.”

Sales Are Up. Prices Still Have a Way To Go..

Filed Under: Bartlett NH real estate, Buying a NH home, Jackson NH real estate, NH Bank Owned, North Conway Foreclosures, North Conway NH bank owned, North Conway NH foreclosed real estate, North Conway NH real estate Tagged With: Bartlett NH, Bartlett NH condo, Bartlett NH real estate for sale, Bartlett NH ski chalet, jackson nh real estate, North Conway NH, North Conway NH bank owned real estate, North Conway NH Commercial real estate, North Conway NH homes for sale, North Conway real estate, Tamworth NH foreclosure

What Is QM and Why Does It Matter?

May 6, 2012 By Bill Barbin Leave a Comment

Posted: 02 May 2012 04:00 AM PDT

We often discuss the difference between the PRICE and the COST of a home. We want buyers to realize, in many ways, the cost of a home is more important to them than the actual price. Obviously, price is part of the cost equation. The other piece, available financing, is also crucial. Soon, there will be major decisions finalized by the government regarding house financing moving forward. These decisions could negatively impact many buyers.

“QM” is a new term which stands for qualified mortgage. The new Bureau of Consumer Financial Protection (CFPB) will be responsible for defining QM thereby setting the consumer guidelines banks and lending institutions must follow before issuing a mortgage.

Richard Cordray, the Director of CFPB, plans to finalize the definition this summer. The Center for Responsible Lending quotes American Banker on this timeline:

“The Consumer Financial Protection Bureau will issue a final rule by the end of June defining what constitutes a ‘qualified mortgage’ that will be exempt from new rules compelling lenders to verify borrowers’ repayment ability.”

The fear of many is that the definition will be too ‘narrow’ resulting in many purchasers not being able to qualify for a mortgage under the QM definition. In a letter to Director Cordray, several industry organizations talk to this issue:

“Most economists and housing market analysts in government and in the private sector agree that today’s underwriting standards are tight and are contributing to a slow housing recovery. Our organizations believe that an unnecessarily narrow definition of QM that covers only a modest proportion of loan products and underwriting standards and serves only a small proportion of borrowers would undermine prospects for a housing recovery and threaten the redevelopment of a sound mortgage market…

We are convinced that the choices around this important rule, including in large measure the breadth of the QM standard, will affect sustainable homeownership for generations to come.”

What Could This Mean To a Home Buyer?

If a buyer does not qualify under the new ‘QM’ rules, the cost of financing a home will increase. As the letter mentioned above states:

“A narrowly defined QM would put many of today’s loans and borrowers into the non-QM market, which means that lenders and investors will face a high risk of an ability to pay violation and even a steering violation. As a result of these increased risks, these loans are unlikely to be made. In the unlikely event they are made, they will be far costlier, burdening families least able to bear the expense.”

Securing a mortgage before these new guidelines take effect may make sense to many buyers.

What Is QM and Why Does It Matter?.

Filed Under: Buying a NH home, NH Bank Owned, North Conway Foreclosures, North Conway NH bank owned, North Conway NH foreclosed real estate, North Conway NH real estate Tagged With: Albany NH real estate, Bartlett NH, Bartlett NH condo, Bartlett NH Condos, Bartlett NH real estate, Bartlett NH real estate for sale, Bartlett NH ski chalet, North Conway NH commercial lease, North Conway NH Commercial real estate, North Conway NH homes for sale, North Conway NH real estate, North Conway NH real estate for sale, North Conway NH ski house, radio station condo, Tamworth NH foreclosure

Prices: 1Q 2012 vs. 4Q 2011

May 4, 2012 By Bill Barbin Leave a Comment

Prices: 1Q 2012 vs. 4Q 2011

Posted: 04 May 2012 04:00 AM PDT

[InfoGraphic]

Prices: 1Q 2012 vs. 4Q 2011.

Filed Under: Buying a NH home, NH Bank Owned, North Conway Foreclosures, North Conway NH bank owned, North Conway NH foreclosed real estate, North Conway NH real estate Tagged With: Bartlett NH real estate for sale, Bartlett NH ski chalet, North Conway NH bank owned real estate, North Conway NH Commercial real estate, North Conway real estate, North Conway slopeside condo, Tamworth NH foreclosure

Foreclosures: What About the Children? (Part 1)

April 24, 2012 By Bill Barbin Leave a Comment

Posted: 24 Apr 2012 04:00 AM PDT

We were recently troubled by the findings of a research paper authored by Julia Isaacs of the Brookings Institute for the organization First Focus which was titled The Ongoing Impact of Foreclosures on Children. In the report, Ms. Isaacs quantified the number of children that have been impacted:

2.3 million children have already lost their homes to foreclosure
3 million additional children are at risk of losing their home

As a local broker that brings North Conway NH real estate to you through this site I see the problem here first-hand.

She also noted the four ways foreclosures may affect children negatively:

“First, and most obviously, families receiving foreclosure notices are much more likely to move than other families, and, … children who move frequently do less well in school.

Second, homeowners receiving a foreclosure notice are under a lot of financial and psychological stress, as they struggle to stay in their house, and if that fails, to find a new home quickly…parents under a lot of financial distress sometimes engage in harsher and less supportive parenting, which in turn can lead to negative behaviors on the part of children, making it harder for them to interact well with peers and in school.

Third, foreclosures and housing instability have a negative impact on physical as well as mental health, with studies finding higher rates of non-elective visits to emergency rooms and hospitals in ZIP codes with the highest foreclosure rates, as well as a strong association between housing instability and postponement of needed health care visits and necessary medications.

Finally, because foreclosures are often highly concentrated in certain neighborhoods, children living in or near foreclosed homes may suffer the consequences of living in neighborhoods with more vacant houses, higher crime rates, lower social cohesion, and a lower tax base.”

If you find that you are at risk of foreclosure, know your options. The new National Mortgage Settlement might give you a pathway to stay in your home.

You can get information on the opportunities the settlement offers here.

However, if you have exhausted all your options and now must decide between a short sale and foreclosure, analyze what is the best decision for you and your family. Tomorrow, we will discuss these choices.

Foreclosures: What About the Children? (Part 1).

Filed Under: Buying a NH home, NH Bank Owned, North Conway NH bank owned, North Conway NH foreclosed real estate, North Conway NH real estate Tagged With: Bartlett NH Condos, Bartlett NH real estate for sale, Bartlett NH ski chalet, North Conway NH bank owned real estate, North Conway NH Commercial real estate, North Conway NH commercial retail lease, North Conway NH condos, North Conway NH real estate, North Conway slopeside condo, Tamworth NH foreclosure

Short Sale Stats

March 30, 2012 By Bill Barbin Leave a Comment

Short Sale Stats

Posted: 30 Mar 2012 04:00 AM PDT

InfoGraphic

Filed Under: Buying a NH home, NH Bank Owned, North Conway Foreclosures, North Conway NH bank owned, North Conway NH foreclosed real estate, North Conway NH real estate Tagged With: Bartlett NH, Bartlett NH real estate, North Conway NH bank owned real estate, North Conway NH Commercial real estate, North Conway real estate

Single Women Buy North Conway NH Real Estate

February 28, 2011 By Bill Barbin Leave a Comment

Single women buy more North Conway real estate than single males

The figures keep arriving in! Record numbers of single women are making the choice to purchase a home today. The good news for single females is that rates are low and inventory is high in the North Conway NH real estate market. Right now one can choose from a lot of housing choices in a lot of regions for the smallest price obtainable in years. As with a lot main financial investments, timing is almost everything. Now is the time to buy housing. Glimpse around the community wherever you lease, check out vacation spots like North Conway NH real estate, find a residence the place you find the value is worth the cost and buy it.

Women home buyers come from all walks of life and history. These folks are, never betrothed, divorced, children, no children, dog fans, cat people, and so on. Real females want real homes. All people has various needs and wishes they want achieved via their house. Not everyone must own a flat in Boston when they can rent in-town and own a holiday residence in the North Conway NH area, which they get away to 1 or 2 instances a month. Females are leading the initiative far more now than ever to own their piece of the world. In reality, the Joint Center for Housing Studies has documented a trend that since 08 two times as many single females are buying houses than single men. In urban and suburban markets over 1 in 5 house prospective buyers is a solitary female .

Vacation ownership is the key gem of property investing. As mentioned in the instance above, many non-traditional homeowners are taking benefit of purchasing low in a lower real estate climate.

The advantage of use of the property increases it’s value to the home-owner while the values recuperate over the next 5 – 10 years, following the historical cycles of the property market. Proximity to city markets gives a safe advantage to 2nd residence possession for women by providing income potential for leases and short driving times from the population centers. Recreational areas have traditionally came about as they have in the Northeast U.S. regional North Conway NH real estate market, just 2 hrs. drive by car north of Boston. A lotof main metropolitan regions will also possess a similar destination, just a couple of hrs drive time away.

Regardless of whether it is a getaway home in North Conway NH, Bartlett NH or Jackson NH or if you prefer the Ossipee Lake NH region or the nearby hills of Shawnee Peak in Bridgton Maine and the beautiful slopeside log homes we offer there or nearby in Knight’s Hill,or a primary residence, condo or log home, most solitary females buying homes are using financing. Low price and low finance charges equal low cost. The unspoken hazard which lurks in the cost is the pattern of the finance rates. What seems like minor changes to extremely low rates has a direct correlation to the value. For instance, a 5% drop in the price tag of a $200,000 residence is speedily offset by a 1% increase in the interest rate. Because the rate is so low and has been for so long, a lot professionals say the only way remaining to go is “up”. So far more single women are purchasing now to benefit from the low rates AND the timing.

Single females have the access to same accomplishments as their male counterparts. This includes satisfying the dream of house ownership and the experience of control of one’s own destiny. In truth, the desires and the aims haven’t changed much. As a substitute, what has changed is the method that a solitary woman can now reach those objectives and go after her desires.

If you are interested in going after home ownership, speak to a housing agent. Ask the sponsor of this article. Regardless of whether you are looking for real estate in North Conway NH or anyplace in the world I am positive they are prepared to assist you tolocate a professional that can work for you.

Filed Under: Buying a NH home, North Conway NH real estate Tagged With: North Conway NH bank owned real estate, North Conway NH Commercial real estate, North Conway NH condos, North Conway NH homes for sale, North Conway NH real estate, North Conway NH ski house, North Conway real estate

5 reasons why now is the time to buy or sell in NH real estate

February 18, 2011 By Bill Barbin Leave a Comment

The conventional wisdom when selling a home has always been to wait until the ‘Spring Buying Season’. Over the years, that has seemed to make sense and is now accepted as a good strategy for those who want to sell their house and receive the best possible price, especially in a wintery market like North Conway NH real estate. This real estate market has shattered many previously held beliefs. The wisdom of waiting for a spring market is another belief that is about to fall. Here are five reasons why?

While banks are trying to rectify their foreclosure procedures, there is a large supply of discounted properties which has been delayed coming to market in NH. This inventory will be released sometime in the next few months. Foreclosures sell on average at a 41% discount. When released they will be competing with your house for the buyers in the marketplace. If you are looking to sell in 2011, you want to sell before this inventory becomes your competition.

Every year there is an increase of inventory which comes to market as we approach the spring. Here is the number of listings available for sale in 2010 in the US.

* February – 3,531,000
* March – 3,626,000
* April – 4,029,000

We believe there will be an increase in these numbers in 2011 as there is a pent-up selling demand created by the weak market of the last few years. You won’t have to worry about this increasing competition if you sell now.

There is mounting evidence that buyers are coming out earlier this year in the North Conway real estate market. A belief that now is a good time to buy coupled with the increase in interest rates has started the buying season early here in the North Conway area.

Interest rates have spiked up rather dramatically over the last ninety days and are now over 5%. Initially, an increase in rates has a positive effect on the market as it forces buyers off the fence. However, it also eats into a buyer’s purchasing power. As rates increase, the mortgage amount a buyer qualifies for decreases. This will eventually have a negative impact on prices.

If your family goal is to sell your current house and take advantage of the fabulous selection of properties currently available to buy the home of your dreams, DO IT NOW! Prices will continue to soften in most markets. However, if you are buying, COST should be more important than PRICE. Cost can be dramatically impacted by rising mortgage interest rates. Do the math and decide if now is the time to buy your vacation or primary home in North Conway NH.

Filed Under: Buying a NH home, North Conway NH real estate Tagged With: North Conway NH, North Conway NH Commercial real estate, North Conway NH foreclosures, North Conway NH homes for sale, North Conway NH real estate for sale, North Conway real estate

3358 White Mountain Hwy North Conway NH Commercial Lease

January 25, 2011 By Bill Barbin Leave a Comment

North Conway NH Commercial Retail space for lease – Super Visibility and an in-town location that is close to all North Conway NH commercial real estate and other local businesses. High Traffic Count. Gallery Quality Retail space for rent. [Read more...]