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Here are some interesting statistics recently published in “The Residential Specialist” magazine. (Their source for the information was Harris Interactive.) This magazine is available to all real estate agents who have earned their Certified Residential Specialist certification through the National Association of Realtors.
Several of Hometown Realty agents in Hutchinson, MN have earned this CRS designation.
What percentage of Americans participated in energy-saving activities within the past year?
Installed more energy efficient light bulbs: 63%
Purchased energy efficient appliances: 36%
Started paying bills online: 46%
Switched to paperless financial statements: 40%
Donated an electronic device for recycling: 41%
Swithed from bottle to tap water: 29%
Installed a low flow showerhead: 17%
Installed a low flow toilet: 16%
Made home improvements that provided government tax credits: 14%
Bought a more fuel efficent car: 13%
None of thes: 13%
So, how do you and your family compare?
Many homeowners have been able to take advantage of the loan modifications that some of the lenders are doing on mortgages that either are in trouble or may soon be.
We at Hometown Realty here in Hutchinson, MN have clients who have been able to work out modifications with their lenders to lower their monthly payments by hundreds of dollars and now are able to stay in their homes.
Some of the modifications have required the homeowner to come up with some cash at the time of the modification, some of the loans have been extended to 35 and 40 years, while others have simply lowered interest rates to allow for lower monthly payments.
That’s all the good, now for the bad. These loan modifications will affect the homeowner’s credit scores negatively. This isn’t always explained clearly to the homeowners who become surprised down the road when they learn that their credit scores have dropped considerably.
So, if you are considering doing a loan modification, be sure you know all the ramifications before you proceed.
I just came from the Hutchinson Home Landscape and Garden show that is being held at the McLeod County Fairgrounds here in Hutchinson, MN. The show ends at 4:00 p.m. on Sunday, February 21, 2010.
It was encouraging to visit with all the people who came to the show this year. Almost everyone that I visited with seemed to be much more upbeat about our economy. This is completely different than it was a year ago at the same show.
In talking to many of the vendors who have booths there this year, almost all of them told me that they had done a lot more business this year than in the past.
All of these things are good signs that people are beginning to regain confidence in our economy.
At Hometown Realty our first two months of 2010 has shown good improvement over 2009 for the real estate market here in Hutchinson, MN.
All of this seems to tell me that things are getting better and let’s hope that this momentum will continue throughout 2010!
According to the National Association of Realtors “Profile of Home Buyers and Sellers 2009″, 90 percent of buyers used the Internet as an information source in their home search, up 30 percentage points during the past six years. First-time buyers were even more likely to use the internet.
Also reported was that 47% of recent buyers were first-time buyers, 21% of recent home buyers were single females, and 10% were single males.
The housing market in Hutchinson, MN would be in line with these findings.
Recently one of our clients in Hutchinson, MN had an experience with one of the “big” mortgage companies that I want to share with you.
They decided to sell the home they currently live in and buy a larger home. They went to the mortgage company and made loan application based on them selling their current home (which they were selling on a contract for deed.) They were also putting 30% down on the purchase of the new home.
The pre-approval letter they got from the mortgage company said that one of the conditions was that the contract for deed be executed. They and their buyer signed the contract for deed and it was recorded at the courthouse.
One week before they were scheduled to close on their new home, the mortgage company’s underwriting department denied their mortgage application for the new house stating that they “wanted one year’s history of payments made on time with the contract for deed.” The original pre-approval said nothing about payment history on the contract for deed, just that it needed to be executed!
Fortunately for this client, they had other resources so they were still able to purchase their new home, but needless to say, they were not happy with the mortgage company.
So, even though you have a pre-approval in writing with certain stipulations, be cautious because they could change their mind.
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