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Homeownership: The American Dream

July 19, 2012 By Leave a Comment

Posted: 18 Jul 2012 04:00 AM PDT



As a real estate professional, it’s important to understand, and remind yourself, that homeownership really is the American Dream and your job is be the guardian and guide to make that dream a reality. This is especially important in a market where some people may be misinformed about the benefits and possibilities of buying a home.

The good news is 96% of homeowners see homeownership as a positive experience and 88% of renters aspire to own a home. This is true in the United States more than any other country. Owning a part of our country has always been the American Dream and as an agent you are instrumental in this dream. It’s your job to help guide people to their ultimate goal of homeownership.

The first thing you must realize is that homeownership is NOT about the money. In fact, if we look at Fannie Mae’s quarterly National Home Survey, as far back as we can go, the top four reasons for buying a home are the same. The top four reasons people buy a home are:

  1. It means having a good place to raise children and provide them with a good education
  2. To have a physical structure where their family feels safe
  3. It allows for more space for their family
  4. It gives them control over what they do with their living space including renovations and updates.

Homeownership means something more to people and their families than just financial considerations. It’s up to you to be ready to communicate ALL the advantages to homeownership, not just the financial ones.

In tomorrow’s post, we will address more advantages of homeownership.

Filed Under: Bartlett NH real estate, 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: , , , , , ,

The Real Value of Homeownership – It’s Not Monetary

June 27, 2012 By Leave a Comment

The Real Value of Homeownership…It’s Not Monetary

Posted: 27 Jun 2012 04:00 AM PDT



There are numerous media sources reporting the advantages and disadvantages of homeownership. Every expert (from international money managers who have hundreds of billions of dollars of assets under management to local and national real estate experts) has chimed in on the subject. The bottom line is that the percentage of folks that own a home is going down.

This is largely because the amount of Echo-Boomers, adults from the ages of 18-34, are either still living at home or are renting. I write this blog post not for the hopes that those individuals will enter the world of homeownership (I am confident that they will when the time is right), but to give readers a real life experience of the value of homeownership. And it is certainly not monetary.

I grew up in a middle-class family. Both of my parents worked and were lucky enough to have steady employment for most of their careers. My father worked within the same industry for almost 30 years and retired at the age of 62 with my mother doing so as well. They purchased a simple home back in 1972 for about $35,000. At that time, their mortgage payment with taxes and insurance was about 40% of their take home pay. Needless to say, with all other household expenses, they were barely making ends meet. Their decision to buy a home was not made from the expectation of home appreciation and whether or not it was a good investment. No, they did not even remotely think of those points when closing on their home! Instead, their goal was to raise a family in a home which they could call their own. It would be a permanent place that their child could call home…a home in which they could have family gatherings for holidays such as Christmas and Christmas Eve which were always hosted by my mother and father. A home that when my parents came home from a long day at work they could walk into and relax. For a moment, they could feel like a burden was lifted off their shoulders and all the day’s work actually meant something. They were building a foundation of memories!

 

Childhood

I was born in 1974. I was lucky enough to have parents that had started to build the foundation that was the basis of memories that will last a lifetime. I can remember playing basketball and baseball in the driveway with my father and wrestling with my dogs on the front lawn. I remember waiting and looking out the window anxiously for all of my relatives to show up for the holidays. I remember the aroma of Christmas cookies and pies permeating the house. I remember all of my cousins and neighborhood friends retreating to the basement playroom during holidays where we would spend hours talking and playing with toys. We were establishing memories and friendships that carry on to this day.

Second Home

During the Summer, my father’s love for fishing and the ocean brought us to a campground on the shores of Cape Cod. My mother worked in the public school system which afforded her the summers off from work. From the time I was 7 years old, on the last day of the school year, we packed the car and headed off to the trailer for 3 months of beach going, fishing, and camping. My mother and I would stay down the Cape for the summer and my father would make the journey every weekend to join us. Again, I am blessed to have such great parents that allowed this to happen. In 1984, my parents, along with some campsite comrades, decided to purchase land and build a summer home for their respective families. The choice was a tough one. Both families knew it would be financially testing to complete such a task. However, in the long run, they felt it was the right decision. A permanent summer home where their families could congregate, host visitors, and relax from the week-long grind was worth the financial sacrifice. Again, this decision was not made in the hopes of financial gain; it was made for the good of their family.

I remember the construction of the home as if it were yesterday…from the pouring of the foundation, to the framing, to the day my father and I made our first overnight stay. We slept in cots in front of the fireplace that my father and his best friend built. The house was not finished but we were so anxious to stay in the house that we did so without plumbing or light fixtures. We had a blast! Those memories will last me a lifetime.

Fast Forward

Unfortunately, after a battle with cancer my father passed away on April 28, 2010 at the age of 69. A month earlier, my daughter, his first grandchild was born. Tragically, my daughter will never have the privilege to meet my father and my best friend. But while sitting on the Cape house deck in the very chair my father always relaxed in, watching my wife and mother play with Riley in her wading pool, I came to realize something. So many of us look at homeownership through “monetary glasses”. When one is buying a house as a primary or secondary residence and is hoping to stay a while, homeownership is not about the monetary/price appreciation aspect of purchasing the home. It is about building a foundation of memories for you and your loved ones. I count my blessings that my parents thought this way. It is because of their wise decisions, that the foundation they built will be enjoyed for generations to come.

The Real Value of Homeownership is Not Monetary.

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: , , , , , , , ,

Nearly 16M Homes Are Now Underwater

May 30, 2012 By Leave a Comment

Posted: 30 May 2012 04:00 AM PDT



Zillow just reported that their data shows nearly 16 million homes in this country are now in a negative equity position where the house is worth less than the mortgages on the home. This number is dramatically higher than the approximate 11 million reported by other entities. Why the huge difference? Zillow professes to take into consideration ALL loans on the property not just the most recent loan (purchase or refinance).

The key findings in the study:

  • Nearly one-third (31.4 percent) of U.S. homeowners with mortgages – or 15.7 million – were underwater on their mortgage.
  • A slower pace of foreclosures after the robo-signing issues of 2010 contributed to slower progress in working down negative equity. Foreclosures cause homes to come out of negative equity when a bank or third party takes ownership.
  • Nine in 10 homeowners continue to make their mortgage and home loan payments on time, with just 10.1 percent of underwater homeowners more than 90 days delinquent.
  • Nearly 40 percent of underwater homeowners, or 12.4 percent of all homeowners with a mortgage, owe between 1 and 20 percent more than their home is worth.
  • An additional 21 percent of underwater homeowners, or 6.6 percent of all homeowners with a mortgage, owe between 21 and 40 percent more than their home is worth.
  • About 2.4 million, or 4.7 percent of all homeowners with mortgages owe more than double what their home is worth.

How can negative equity impact the housing market? In the report, Zillow Chief Economist Stan Humphries explains:

“Not only does negative equity tie many to their homes, by making homeowners unable to move when they may want to, but if economic growth slows and unemployment rises, more homeowners will be unable to make timely mortgage payments, increasing delinquency rates and eventually foreclosures.”

Nearly 16M Homes Are Now Underwater.

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: , , , , , , ,

Short Sales Will Increase Dramatically in 2012

May 7, 2012 By Leave a Comment

Posted: 07 May 2012 04:00 AM PDT



We believe that short sales will be a major part of the real estate market in 2012. That is why we have dedicated this entire week to posts exclusively on this subject. We hope that by the end of the week you have a better handle on the need for short sales and a better understanding of the process. – the KCM Crew

It seems that the banks have finally realized that a short sale is a better option than foreclosure for them, the homeowner and the neighborhood. It is for this reason we believe that 2012 will come to be known as the year of the short sale. CNN Money reported on this exact point:

“We believe 2012 could be a record year for short sales,” said Daren Blomquist, vice president at RealtyTrac.

Banks are showing signs of being more open and willing to approve the deals — even if it means accepting less money. The average sales price for a short sale was $174,120 in January, down 4% from December and 10% year-over-year.

Market Watch also addressed the short sale situation recently:

Fitch expects the increase in short sales to continue because of the potential benefits afforded to both lenders and borrowers. Some borrowers may prefer short sales because, though they cannot stay in the property, they often walk away with cash incentives from lenders and healthier credit reports unmarred by foreclosure. For lenders, short sales provide a more efficient and cheaper alternative to the increasingly lengthy and costly foreclosure process.

Why Are the Banks Now Leaning Towards Short Sales?

The simple answer is that the banks lose less money when doing a short sale. The CNN Money article mentioned above explains:

Typically, banks get about 20% less for a foreclosed home. Foreclosure can also take years to unload, during which expenses, like property taxes, insurance and other expenses, mount up.

The Market Watch report breaks it down further:

Short sales…are currently getting completed 20 months after the last payment made on the loan, approximately 10 months less than the average time to foreclose. Shorter timelines reduce lenders’ carrying costs (i.e. accrued loan interest and property taxes, insurance, and maintenance) and eliminate most of the legal expenses associated with foreclosure and liquidation. As a result, loss severities tend to be considerably lower. Historically, for loans with similar attributes, short sales have severities 10%-15% less than REO sales. As the proportion of short sales increases, we expect average loss severities to improve further.

How Many Short Sales Could Be Completed?

JPMorgan has projected that over 500,000 short sales will be done this year. Also, NECN.com recently reported:

RealtyTrac estimates that if the January numbers it found hold up, there would be about 105,000 “pre-foreclosure” sales of homes, most of them short sales, during the first quarter of this year, and at that rate something like 400,000 for the year.

How Long Will Short Sales Be a Major Part of the Market?

The NECN article shows us that short sales are here to stay for some time.

According to the Mortgage Bankers Association, there are nearly 3.5 million homeowners delinquent on their mortgages by at least one month, including 1.5 million who are 90 days or more behind on paying their mortgage. And there are 12.5 million homeowners still who are “underwater,” owing more on their mortgage than their home is worth. That suggests that at the current rates, barring some spectacular economic recovery, it would take years, even decades, for short sales alone to clean up the mortgage mess that remains.

Short sales are here to stay. We must accept this fact and work hard to learn the process and apply it where it makes sense.

Short Sales Will Increase Dramatically in 2012.

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: , , , , , , , ,

What Is QM and Why Does It Matter?

May 6, 2012 By 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: , , , , , , , , , , , , , ,

Bank Owned Conway NH home – 384 Eaton Road – Sold Sept. 30 2011

August 15, 2011 By Leave a Comment

Foreclosed home in Conway NH

This foreclosed home on 1.9 acres just outside of Conway Village in the White Mountains of NH NEEDS WORK! This NH foreclosure property is an older home (1930s) with plenty of deferred maintenance issues.

Sold Sept. 30 2011!

However, it is a short drive to Crystal Lake in Eaton NH, Conway Lake, Dolloff Pond, The Saco River, Cranmore Mountain Resort and Fitness Center, King Pine Ski Area and all of the other things that make the Mt. Washington Valley a great place to call home or your vacation destination.

Listing Price: 64900
Address: 384 Eaton Rd.
City: Conway
State: NH
ZIP: 03818
MLS # (if any): 4085791
Square Feet: 1425
Bedrooms: 3
Bathrooms: 1
Basement (full, 1/2, finished, unfinished): partial-unfinished

Filed Under: Featured Posts, My Listings, North Conway Foreclosures, North Conway NH real estate Tagged With: , , , , ,

Sneak Preview – Bank Owned Cranmore Condo North Conway NH

June 27, 2011 By Leave a Comment

Bank owned North Conway NH real estate condo

Soon to be listed!

Be the first to know!

 

This 4 bedroom 3 bath Cranmore Birches Condo will be available soon! I have the completed foreclosure file and I am just waiting for the bank to set the price!

 

Very Good condition!

Listing Price:
Address: Vista View Lane
City: North Conway
State: NH
ZIP: 03860
MLS # (if any):
Square Feet: 1695
Bedrooms: 4
Bathrooms: 3
Basement (full, 1/2, finished, unfinished): Full finished

Foreclosed condo in North Conway NH

North Conway foreclosed condo interior

Filed Under: Bank Owned, Featured Posts, Featured Property, NH Bank Owned, North Conway Foreclosures, North Conway NH real estate Tagged With: , , ,

Bank Owned Real Estate in North Conway NH

March 3, 2011 By Leave a Comment

North Conway NH Foreclosures

Buying foreclosed homes in North Conway NH appeals to many people that invest in NH real estate. At a glance buying low and selling higher is a generally sound investment strategy. The purchase of a property that is bank owned in the North Conway NH area, and sold at a discount of 10-20% off the current market values, accomplishes the “buy low” side of the strategy. The goal is to get to where the property can sell at a higher price and make a profit. The condition of the property and local market conditions must be considered; North Conway NH real estate is a different market than Boston MA. These are a few suggestions for people interested in North Conway NH bank owned real estate.

 The first important decision is whether or not to finance the purchase through a lender. People that can pay cash are at an advantage when making any offer on a bank owned property in North Conway NH. People that need financing can still win a bidding war with a cash buyer. Some buyers think they can borrow more than they can and some potential buyers don’t know that they can borrow enough to buy a home of their own. The first step for a home buyer that needs any kind of financing is to contact a trusted lender. Mortgage brokers offer a variety of loan services. Banks offer more specific loan packages but are also eager to do business with home buyers. If you don’t know who to talk to about financing move on to the next hint.

Buying bank owned real estate in North Conway NH is not a simple process for most people. If you need help make sure you get good quality help. Find a realtor online and check them out on the internet thoroughly. If you get the feeling that you will like them, from their internet presence, they qualify for a phone call. The search isn’t to find a new best friend. Find a North Conway NH area real estate agent you feel you can trust. That person will become the hub for your search and the transaction to purchase the foreclosed real estate. A real estate agent with a strong online presence and the open forum it provides, is demonstrating their effort and dedication to keeping potential buyers and sellers informed and educated. By providing this site and the advanced NH real estate search map, Bill Barbin (603-986-0385) is leading the region in blending new technology with traditional real estate skills.

Working with a local North Conway NH real estate agent and the internet will provide easy access to foreclosure listings in North Conwy NH and surrounding areas. Many internet sites offer lists of foreclosures for a fee. The information is not always perfect. A local NH and Maine real estate agent knows what is for sale and what properties are foreclosures and which aren’t, and the potential investor doesn’t pay a fee. With good information an investor can find a good selection of foreclosed real estate in NH and nearby towns of Maine. Some markets, like North Conway NH real estate, have experienced lower than average foreclosure rates while areas, Fort Myer’s FL, have seen greater than average foreclosed properties.

Once a property has been identified a solid analysis of the property is required to fully assess the financial potential of bank owned real estate. A good building inspector or contractor can help assess the physical condition of the property, which is usually the most clear evidence of the distressed real estate status. Neccessary repairs and cost effective improvements need to be taken into account along with price. If unexpected conditions are discovered the bank that owns the NH property may make adjustments to price. However, keep in mind that the price was discounted when they put the property on the market. The banks are not typically “giving away” their properties but they do sell them well below market value in most cases.

The bottom line is whether or not a specific foreclosed property in North Conway NH and the surrounding area can be purchased, repaired and improved, and then sold for more than the sum of the expenses. The North Conway NH real estate market areas currently have bank owned inventory that does offer these opportunities but it takes a determined buyer to reach the end result. In markets across the country success stories like North Conway real estate are examples of people that have decided to take advantage of bank owned real estate today.

Showing properties 1 - 8 of 8. See more North Conway NH area Foreclosures.
(all data current as of 5/24/2013)

  1. $28,000 : 1925 Route 16, Ossipee
    2 beds, 1 full bath
    Home size: 1,036 sq ft
    Lot size: 27,878 sqft
    Year built: 1890
    Days on market: 15
  2. $77,500 : 1145 Bearcamp Hwy, Tamworth
    2 beds, 1 full bath
    Home size: 1,300 sq ft
    Lot size: 23,086 sqft
    Year built: 1977
    Parking spots: 3
    Days on market: 16
  3. $140,760 : 26 Old Mill Rd, Ossipee
    3 beds, 1 full, 1 part baths
    Home size: 1,862 sq ft
    Lot size: 1.42 ac
    Year built: 1985
    Parking spots: 1
    Days on market: 47
  4. $156,500 : 100 "E" Street, Conway
    4 beds, 2 full baths
    Home size: 1,776 sq ft
    Lot size: 18,730 sqft
    Year built: 2004
    Parking spots: 3
    Days on market: 67
  5. $125,460 : 65 Grove St, Conway
    2 beds, 1 full, 1 part baths
    Home size: 878 sq ft
    Lot size: 16,988 sqft
    Year built: 1920
    Days on market: 88
  6. $109,900 : 190 Hillside Ave, Conway
    3 beds, 1 full, 2 part baths
    Home size: 1,178 sq ft
    Lot size: 14,374 sqft
    Year built: 1979
    Days on market: 106
  7. $154,500 : 31 Alpine Drive, Jackson
    2 beds, 1 full bath
    Home size: 916 sq ft
    Lot size: 32,234 sqft
    Year built: 1965
    Days on market: 200
  8. $66,300 : 63 Mckeil Pond Road, Bartlett
    3 beds, 1 part bath
    Home size: 1,464 sq ft
    Lot size: 23,522 sqft
    Year built: 1950
    Days on market: 280

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Contact Bill Barbin to find more bank owned properties: 603-986-0385

Shawnee Peak Slopeside Maine header

Filed Under: Buying a NH home, NH Bank Owned, North Conway Foreclosures, North Conway NH real estate Tagged With: , ,

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

February 18, 2011 By 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.
North Conway NH real estate drain

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: , , , , ,

116 Ludwig Strasse Bartlett NH Ski Chalet

February 14, 2011 By Leave a Comment

Swiss Style Chalet Buy this property if you own bathing suit, golf clubs, tennis racquet, skis, hiking boots and love life. Near North Conway Malls, central to year round activity, fully furnished move in condition. 1/2 acre near Story Land, [Read more...]

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Bill Barbin, Residential and Commercial Real Estate Broker with Badger Realty of 2633 White Mountain Hwy. North Conway NH 03860 - Office: 603-356-5757 Cellphone: 603-986-0385

Copyright 2013 Northern New England Real Estate Network, Inc. All rights reserved.

This information is deemed reliable, but not guaranteed

The data relating to real estate displayed on this web site comes in part from the IDX Program of NNEREN

Data last updated 5/24/13 6:32 AM PDT


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