Have fun!

Brian

Nationally, such properties account for a third of all sales. Furthermore, according to Zillow.com, 30% of the houses for sale nationally were reduced in price last month.  Says Amy Bohutinsky, a spokeswoman for Zillow.com, “For sellers to understand how they should price, they should deeply understand their market and competition — what’s on the market now, not just what’s sold.”

Buyer interest in foreclosures wanes ~ An ongoing online survey has been conducted by Trulia.com and RealtyTrac to measure home buyers’ attitudes toward foreclosures.  “For every borrower who avoided foreclosure through the Home Affordable Modification Program (HAMP) last year, another 10 families lost their homes,” said Trulia’s co-founder and CEO Pete Flint.  Data from the survey in May revealed the following:

§        45% of adults would consider purchasing a foreclosed home, compared to 55% one year ago.

§        1% of homeowners would walk away from their home as a first choice if they could no longer afford their mortgage, but 41% would at least consider it if their mortgage was “underwater.”

§        95% of consumers expect to pay less for a foreclosed home, and 36% expect a discount of at least 50% when purchasing bank-owned properties.

§        78% of adults believe there are downsides to buying foreclosed properties, compared to 85% one year ago.

§        92% of consumers would be willing to invest in renovations and remodeling if they purchased a foreclosed property.

§        57% of the renters surveyed are somewhat likely to purchase a foreclosed home in the future, compared to 40% of current homeowners.  Willingness of renters to purchase these properties do vary with age: 65% of those 18-34; 63% of those 35-44; 54% of those 45-54; and, 31% of those 55 and older.

§        Of adults likely to buy a foreclosed home: 62% would use it as a primary residence; 19% as a rental property; 8% as a second home or vacation property; and, 6% to resell or “flip”.  83% of renters would purchase it as a primary residence, compared to 51% of current homeowners.

“Although fewer consumers expressed interest in buying a foreclosed home than a year ago, the actual sales of bank-owned properties (REOs), along with sales of properties in the foreclosure process, continue to increase — accounting for more than 30 percent of total sales in the first quarter of 2010 according to our data,” said Rick Sharga, senior vice president for RealtyTrac. “

Brian – Explore Colorado Homes

http://www.gazette.com/articles/sales-98189-home-april.html

Colorado Springs Real Estate is looking goooood!

Fannie Offers Spur to Avoid Foreclosure ~ Fannie Mae will make it easier for some struggling homeowners to buy houses in the future if they avoid foreclosure in the present.  Under rules released this month that will take effect in July, some troubled borrowers who give up their homes by voluntarily transferring ownership through a “deed in lieu of foreclosure” or by completing a short sale, where a home is sold for less than the amount owed, will be eligible in two years to apply for a new mortgage backed by Fannie.Fannie Mae has announced a new plan that would help those that have lost their homes, re-group and buy again in two years.

This is good news for those folks that have lost their homes and want to avoid paying rent for Years until they could own a home again…. GO FANNIE MAE!

I am very fortunate to be in a position where I get to spend a considerable amount of good, quality time with my lovely bride and with the little monsters that I call my children. It wasn’t always that way of course, but now that I can spend the time with them I am really thankful and I appreciate all of the joys of having a strong family unit.

For far too many years I spent my time either behind the windshield driving to or from work, or behind my desk doing what I can to make my employer healthy wealthy and — er, not wise, but perhaps more effective. I was never home much, especially not enough to build and foster a meaningful relationship with my better half nor with my kids.  It took some proverbial slaps in the face and some serious soul searching to realize that I missed my family and I barley even knew them — nor they me. I realized that I did not want my children thinking that that way of life was how it was supposed to be. We had money to spare, but not much time. We really where, in many ways, strangers… It was time to make a serious change.

Sooo, the light of my life I call my bride and I talked (and talked and talked and talked …) and decided to pack up the bags, the pets — even the kids, call it quits at the job and move to Colorado Springs. We had no real plans, no contacts and no idea what we where going to do once we got here – but if we didn’t just pull the trigger right then, we may never. And never making a change, never leaving the rut, never taking that chance would mean that nothing would change — and we needed something to change.

It’s been three years now and it was the best thing we have ever done. Not a day goes by that I don’t slap myself on the back for coming up with such a fine idea   joke of course, it was all my wife’s idea.

Anyway, it’s times like this, holidays seem to bring it out more the average day, that I think about how lucky I am to have a family that I love and that supports me in whatever I do (even when I uproot them, they are a bit crazy I guess). And that I have learned how to make time to spend with them. We made the decision to slow down our life, make family a priority and not worry so much about the things that in the end, don’t really matter anyway.

Soo, I just wanted wish everybody happy holidays. I hope that you are enjoying the ones you love and that love you. Here’s to taking chances and to brighter futures!

Cheer. Brian Olsen

Here is a summary of the changes:

First-time buyers who have not had interest in a principal residence for three years are still eligible, and the maximum amount remains the same; $8000 for married couples, $4000 for those filing separately.

Current homeowners who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years are also eligible. However, the maximum amount for those homeowners is lower; $6500 for married couples and $3200 for those filing separately.

The tax credit may not be used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns.

The income limits for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples.

Thats it in general terms – and in a nutshell. If you have specific questions, please contact me.

Cheers
Brian