Real Estate Information Archive

Good Monday morning to you!

Hopefully some Spring sunshine is in our very near future - I hear more snow is one the way tomorrow...what a Winter its been!

As we approach this Spring and Summer, our best sales seasons, you may be thinking of moving or know someone that is too.
We have created www.TexomaHomeValue.com for those of you that are looking to sell and wondering what the market around you has done in the last few months. Simply enter your home's information and your contact information, and we'll have a market analysis to you within 24 hours.

January 2010 for us was up over 2009 and we already have 16 new pending for February. Its looking like this will be another GREAT year for the Bishop/Gustafson Team.

This week's Myth Buster:

Myth: "If I price my house high in the beginning, that will give me more negotiating room and the buyer will feel like they're getting a deal."
Fact: This simply is not true - you cannot fool buyers in this market.
The only home that sold over $300,000 in Wichita Falls for the month of January was originally on the market at $875,000 - and it sold for $425,000 908 days later. Pricing high caused this home to be on the market almost 3 years! Had they priced aggressively in the beginning, they probably would have netted more money, and saved almost 3 years in taxes, utility bills, and lawn care.

Please call me this week if I can serve you or anyone you may know.

Wisdom is knowing what to do next; virtue is doing it. David Jordan

Ashton

Owner - Bishop Realtor Group                                                             

Rates have trended up this week with reaction to the Fed’s announcement that the discount rate was increasing from .5% to .75%. This is the rate banks lend to each other.  The 10 year treasury is now above 3.8% and has taken mortgage rates to a slightly higher level.  Rates as of today are………
 
Conventional
30 year fixed                      5.125% 0+0         (740 FICO, $120,000 maximum loan amount)
15 year fixed                      4.500% 0+0         (740 FICO, $120,000 maximum loan amount)
 
FHA
30 year fixed                      5.250%  0+0         (660 FICO, $120,000 maximum loan amount)
15 year fixed                      4.500%  0+0         (660 FICO, $120,000 maximum loan amount)
 
Jeff McClatchy
VP, Mortgage Manager
Fidelity Bank
940-720-5425 direct
940-564-6650 cell
jmcclatchy@fidelitybankwf.com

It’s frustrating: homeowners facing tough

mortgage situations are finding it difficult to get

sound advice at a time when they need it most.

That’s why I’m providing an easy-to-understand

comparison of foreclosures and short sales, just

for you at: www.WichitaFallsShortSale.com

This free report will provide you with more

information abot your options in these

challenging times. As CDPE, I am trained

to help homeowners evaluate their

options and come up with a plan. I offer

solutions.

Visit my site and explore what’s

available. It’s time for a new

financial future.

I’m here to help.

Ashton Gustafson - Certified Distressed Property Expert

Bishop Realtor Group - Owner

Good Monday morning to you!

Did you know that the Federal Tax Credit for 1st Time Home Buyers and Existing Home Owners is set to expire at the end of April? If you or someone you know has buying a home on their "to-do" list for 2010, now is the time. Interest rates are at historic lows and our local lenders have money to lend. See www.TheFallsHomeFinder.com for information or to make an appointment to view any home for sale in our area.

Great Buy of the Week - 5127 Rock Point - $79,500

This 3 bed 1.5 bath home in Meadowlake is the perfect home for the 1st Time Home Buyer, Newlywed, or small family. Recent paint and crown molding can be found on the inside. The backyard is also complete with a newly installed covered patio and a great shop with power. Call us today @ 940.691.7355 for an appointment to preview.

Word on the Street - Short Sales

Through my experience handling distressed properties at Bishop Realtor Group, I've found that homeowners today have more questions than answers about their circumstances. I have created the site, www.WichitaFallsShortSale.com to help everyone understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners.

You will also notice that I'm offering a FREE Report to explain options to help one decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for everyone to have all the facts necessary to make an informed decision.

As an agent with the CDPE® Designation, I have a strong and unique appreciation of the factors affecting the market, and know that there are options available to you.

If you would like to know more about your options, please call me at (940) 224-0881. I am here to help … in any way I can.

Quote of the Week

To sensible men, every day is a day of reckoning.  ~John W. Gardner

Let's live great stories this week,

Ashton

Good Monday morning to you!!!!

Remember that if you or someone you know is looking to buy and get the first time Home Buyer's Tax Credit, they need to be in contract by the end of April and close by the end of June.

This also goes for the $6500 Tax Credit for current home owners. Some have asked about details on this issue. They are as follows:

Its been a great year thus far for the Bishop Team. If we can serve you or anyone you may know this week, please let us know.

www.TheFallsHomeFinder.com - For Buyers

www.TexomaHomeValue.com - Thinking of Selling?

www.TexasBankOwned.com - Investing?

www.WichitaFallsShortSale.com - Mortgage problems?

"Dreams pass into the reality of action. From the actions stems the dream again; and this interdependence produces the highest form of living." Anais Nin

Good Monday morning to you!

Interest rates took another dip this week back to around 5% for the 30 year fixed and 4.5% for the 15 year fixed. I cannot stress enough how significant these rates, and they really have only one way they can go from here...up! See the graph below for some historical perspective.

While 1% may not seem like much, with a $200,000 loan there is a difference in total payments of $45,360 when comparing rates from 5% to 6%.

Call me today if you would like to set up a time to speak with someone about your next Real Estate loan.

Remember our sites for fast answers:

www.TheFallsHomeFinder.com - Info on all homes in MLS.

www.TexasBankOwned.com - Weekly Foreclosure List

www.TexomaHomeValue.com - Thinking of Selling?

www.WichitaFallsShortSale.com - Behind on your mortgage payment?

www.TalkRealty.com/AshtonGustafson - Market Update Pod Cast

Make it a great week.

"He who says he can and he who says he can't are both usually right." Confucius

Click here to listen to Ashton Gustafson and Denny Bishop on the Rise and Shine Show with Joe Tom White.

www.riseandshine.texomacountry.com/2010/01/22/friday-january-22-2010.aspx    

 http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016
 
HUD No.10-016
Melanie Roussell
(202) 708-0980FOR RELEASE
Wednesday
January 20, 2010

FHA Announces Policy Changes to Address Risk and Strengthen Finances
New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities
WASHINGTON – Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.
The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. U.S. Housing and Urban Development Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.
“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” said Commissioner Stevens. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities.”
Announced FHA Policy Changes:
Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.
Update the combination of FICO scores and down payments for new borrowers.
New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
Reduce allowable seller concessions from 6% to 3%
The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
Increase enforcement on FHA lenders
Publicly report lender performance rankings to complement currently available Neighborhood Watch data - Will be available on the HUD website on February 1.
This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
Implement Credit Watch termination through lender underwriting ID in addition to originating ID.
This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.
Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process
Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.
HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:
Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite
Legislative authority permitting HUD maximum flexibility to establish separate "areas" for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches
In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.
###
HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development ad enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.
 

5110 Lake Wellington - $315,000 - 3 beds - office - 2 baths - 3 car garage

Wichita Falls, TX - Lake Wellington

Built by RJ Wachsman, this stunning home found in Lake Wellington is in mint condition and move in ready. It has everything one could look for: open floor plan, hardwoods and tile throughout, office space, sewing closet, 3 car garage, granite countertops, huge master closet, isolated master bedroom, fabulous kitchen...and the list goes on.

For more information call Ashton Gustafson @ 940.224.0881.

Chances are, you or someone you know in Wichita Falls is facing the possibility of foreclosure. But you need to understand that you are not alone.

Today, 1 out of every 10 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it's important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.

Through my experience handling distressed properties at Bishop Realtor Group, I've found that homeowners today have more questions than answers about their circumstances. I have created this site to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners.

You may also have noticed that I'm offering you a FREE Report to explain your options and help you decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for you to have all the facts necessary to make an informed decision.

As an agent with the CDPE® Designation, I have a strong and unique appreciation of the factors affecting the market, and know that there are options available to you.

If you would like to know more about your options, please call me at (940) 224-0881.

I am here to help … in any way I can. See www.WichitaFallsShortSale.com for more information.

Ashton Gustafson