tag:blogger.com,1999:blog-82534007381722647752024-03-05T08:07:14.278-08:00Northwest Tucson Real EstateReal Estate and BusinessDave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.comBlogger15125tag:blogger.com,1999:blog-8253400738172264775.post-82846780144724215172012-01-28T10:02:00.000-08:002012-01-28T10:02:36.782-08:00Don't believe me? Believe Warren Buffett.I have followed the real estate market for most of my adult life, have bought and sold many of my own homes, owned rental property, and have sold many homes as a real estate professional. In my continuing quest to be educated about real estate and investing, I have read many books on real estate investing and investing in general. Here are two that I highly recommend:<div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeaDaE5Tnh5PKJuV_wCEJWH8AnGGWyUntuJXOfYL0y-MyANVo3OLDjcdkT53L6ogMFxvmxKcXoB2wb7Ms30hnHd53_jwmZRwxfZSLKvKf_i1JUqRO2OygHHKUQyuFAOg1KRE2lZgHYXWDw/s1600/the-intelligent-investor-benjamin-graham.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeaDaE5Tnh5PKJuV_wCEJWH8AnGGWyUntuJXOfYL0y-MyANVo3OLDjcdkT53L6ogMFxvmxKcXoB2wb7Ms30hnHd53_jwmZRwxfZSLKvKf_i1JUqRO2OygHHKUQyuFAOg1KRE2lZgHYXWDw/s320/the-intelligent-investor-benjamin-graham.jpg" width="240" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUkSeU65_fsSP3hhC6XnasmjmfjXZZ6HJpUcH6SFoqjmIS7wyc0X7pBYGHW9xVPJIehWsaHWsFXnQlJCA941Qxo9sgL7oPxkQL4FG3tkKmWrYvBUI05it52y5jPiWppGyAA50shKBV1xpq/s1600/Millionaire+Real+Estate+Investor.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUkSeU65_fsSP3hhC6XnasmjmfjXZZ6HJpUcH6SFoqjmIS7wyc0X7pBYGHW9xVPJIehWsaHWsFXnQlJCA941Qxo9sgL7oPxkQL4FG3tkKmWrYvBUI05it52y5jPiWppGyAA50shKBV1xpq/s320/Millionaire+Real+Estate+Investor.jpg" width="242" /></a></div>
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What I have learned from my studies is that the best time to buy any investment is when it is at a cyclical low, the prospects for appreciation high, and when there is an opportunity to buy at below current market value. Over the last two years, I have been advising everyone I know to buy real estate due to the fact that we have been at or near a cyclical low, there are many opportunities to buy below current market value, and the interest rates have been at historic lows. I can't stress this loudly or often enough; There will be tremendous wealth created in this market by those who are BOLD enough to invest heavily in real estate right now! Investors and first time home buyers are driving our market right now! They get it! There have been many articles suggesting the idea that now is the time to buy a first home, vacation home, retirement home, or a move up home. If you won't listen to me, or any of the other voices encouraging everyone to buy now, will you<a href="http://www.forbes.com/sites/janetnovack/2012/01/27/warren-buffetts-advice-to-a-boomer-buy-your-sunbelt-retirement-home-now/"> listen to Warren Buffett?</a></div>
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<br /></div>Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com0tag:blogger.com,1999:blog-8253400738172264775.post-6764055470004121842011-08-18T16:53:00.000-07:002011-08-18T16:53:20.604-07:00Real Estate Is Still LocalIt seems there is always a new headline about the condition of the housing market in America. Many times, the story you read on Friday contradicts the one you read on Wednesday. Here in Tucson, we have made the news as being the sickest real estate market in the country, and the best place to invest in the same month. What should you do with that information?<br />
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The national media has one job: Write interesting headlines. It is important to note when you read any story about the housing market, that each market is different. What is happening in southern Arizona is not what is happening in New Jersey or Texas. In Tucson, unit sales have been going up steadily since January, and our inventory levels have dropped consistently over the same period. We have 6 months of inventory, which is a very healthy balance of buyers and sellers.Tucson has tremendous opportunity right now! These are strong signs that we may have hit the bottom in home values. Lets hope the trend continues.<br />
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Real estate is still local. Please do not rely on the national or even local media to determine your course of action in real estate. They get paid to sell papers, not homes. If you are interested in what is happening with housing in your area, <a href="http://davestuckyonline.com/">speak with a local real estate professional</a> that is licensed, actively engaged, and busy selling properties. They will know what is happening in your market, and they will have all of the facts at hand. These decisions are too important to leave to a reporter.<br />
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Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com0tag:blogger.com,1999:blog-8253400738172264775.post-6871647323189947742011-08-03T19:51:00.000-07:002011-08-03T19:51:23.168-07:00What would you do if you knew you could not fail?<a href="http://kcmblog.com/2011/08/02/when-did-americans-start-playing-it-safe/">Here is the link</a> to a great blog post about playing it safe. My testimony: In early 2009, my wife ruptured a disc in her back and was forced to dissolve her home cleaning business. She was also rapidly losing her hearing. A month later, I was laid off from the company I had been with for almost 12 years. Income gone. Inexpensive health care gone. After much prayer and consideration, we moved to Arizona based on a gut instinct that it was what we were supposed to do. The safe thing to do was to stay in a familiar area, with additional family and friends there for support. There was a network of friends and business associates that provided a sense of security. With many connections, we surely would have been gainfully employed quickly.<br />
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Yet, every member of my household felt that risking everything and moving to a town where we knew no one was the correct course of action. Family and friends said we were crazy. I have since passed up two different opportunities to move away from Tucson and go back to work in my previous industry. Back to "security".<br />
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Maybe we were crazy to come here and are crazy to stay, but what I know is this; we are much stronger and healthier for it. Each of us has grown spiritually, and we have a focus on giving that we did not have previously. We have found a <a href="http://faithtucson.org/">fantastic church</a>. We are in the best physical shape of our lives. My wife's hearing has improved. Our son has many more options both for education and employment. We have met many wonderful new friends, and developed relationships that we expect will last a lifetime. My business is growing fast, and through July I have already generated 140% of the business that I did in all of 2010. I expect to double my business next year, and hire help. I have no income ceiling. We all feel more challenged, engaged, and confident. I am glad we didn't play it safe. Playing it safe is risky. What would you do right now if you knew you could not fail?Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com0tag:blogger.com,1999:blog-8253400738172264775.post-55786336950599366842011-07-25T11:40:00.000-07:002011-07-25T11:40:42.685-07:00Is your business ethical?<a href="http://sethgodin.typepad.com/seths_blog/2011/07/no-such-thing-as-business-ethics.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2Fsethsmainblog+%28Seth%27s+Blog%29&utm_content=Google+Feedfetcher">Here is a great blog post by Seth Godin</a> about business ethics. Is your business ethical?Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com0tag:blogger.com,1999:blog-8253400738172264775.post-89937506297979627812011-07-22T16:02:00.000-07:002011-07-22T16:42:40.428-07:00High unemployment = opportunityA <a href="http://blogs.wsj.com/economics/2011/07/22/jobless-rates-rise-in-most-u-s-states/?mod=e2tw">WSJ report</a> today indicates that the unemployment rate is up in 28 states. What does this mean for the housing industry? Nationally, it means more of what we have been experiencing. Uncertainty. I believe that we will not see mortgage interest rates rise in any significant way until the economy begins to recover. Without jobs, the economy won't be turning around. So, rates are likely to remain low for the time being. In the Tucson market, we are seeing some stability begin to take shape. We have 5 straight months of declining home inventory, and a general increases in sales activity. This is a good trend for price stabilization. Low supply + greater demand = higher prices. It is still to soon to call the bottom of the housing market in Tucson, but it is sure looking like we are close. There are investors and first time buyers out there right now looking for homes and I am currently working with both. What to do? Buy a home as soon as you can get it done! Rates won't stay low forever, and neither will prices. <a href="http://www.longmortgage.com/Pre-Approval_Ben.asp?AgentID=27718&MLS=&MCID=3000291&MLSSource=&FormType=Agent&SourceType=Agent+Website">Speak with a lender today</a> to get yourself qualified, and<a href="http://www.davestuckyonline.com/"> go shopping</a>! If you are selling to upgrade or downsize, there are buyers out there ready to buy your home. <a href="http://www.davestuckyonline.com/">Get it listed!</a> This is a time that we will all look back at later and say "boy, I really should have bought more property when I had the chance"!Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com0tag:blogger.com,1999:blog-8253400738172264775.post-44660331317790804142011-07-20T21:02:00.000-07:002011-07-20T21:03:55.180-07:00Looking to buy a home? Pick the right Realtor.The people that visit my many open houses present me with a great opportunity to learn. I ask a lot of questions, and listen carefully to the responses. Sometimes, the visitors take the opportunity to tell me about their current or last Realtor. Here are some if the things that I hear; "She seemed too busy for us", "He didn't explain things very well", "We have to call her to find out about anything", "He kept showing us property that we specifically told him we didn't want", "we must have looked at 30 homes", "She never answers her phone".<br />
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</div><div>When you are ready to start the search for a new home, do yourself a favor and take the time to find the right Realtor. Ask yourself a few questions after you have spoken with a prospective Realtor; Do they seem to understand the current market? After you have spoken with them for a while, do they know the inventory well enough to suggest specific properties? Did they suggest multiple uses of technology (<a href="http://www.davestuckyonline.com/pages/virtual-home-finder--long-realty-company--tucson-1">internet search tools</a>, texting tools, quick response codes) to aid in your search? Did they write down anything you told them? Did they ask questions about you? Or did they just talk about their qualifications? Did they suggest a meeting at their office to review/explain the home buying process from start to finish? Do they have an office? If they can walk you through the process smoothly, there is a good chance they will understand the process well enough to assure the details of your transaction are completed timely. These are all things that a true professional Realtor will do. If they can communicate with you and listen to you in the interview, then chances are that they will do so throughout the transaction. A professional values your time as well as her own. Their job is to ask questions, listen to your answers, and apply what they have learned to get you what YOU want, quickly and efficiently. </div><div><br />
</div><div>Take the time to find <a href="http://www.davestuckyonline.com/pages/why-use-me-as-your-agent">the right Realtor</a>. You will be glad you did.<br />
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</div>Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com0tag:blogger.com,1999:blog-8253400738172264775.post-188383637140177252011-04-10T20:25:00.000-07:002011-04-10T20:25:01.845-07:0010 Great Reasons To Buy A Home NowNow is an excellent time to buy a home. Do you need 10 good reasons? <a href="http://online.wsj.com/article/SB10001424052748703376504575492023471133674.html">Here they are.</a> If you need more reasons, just <a href="http://davestuckyonline.com/">give me a call</a>.Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com0tag:blogger.com,1999:blog-8253400738172264775.post-27267797980698507592011-02-11T21:09:00.000-08:002011-02-11T21:09:50.625-08:00Tucson Real Estate Tabbed As A "Best Recovery Bet"The Tucson Arizona area remains a highly desirable area and an outstanding value in real estate. Wise investors from all over the United States have started to recognize that we are at or near a cyclical low in the real estate market and the buyers have been out in force this winter in Tucson, Oro Valley, and Marana. Many are picking up second homes and retirement homes at bargain prices. <a href="http://money.cnn.com/galleries/2011/real_estate/1102/gallery.best_recovery_bets/7.html">A recent cnn.money.com article has tabbed Tucson as a "best recovery bet"</a>. I believe there will be a tremendous amount of wealth built in our country as a result of this low spot in the real estate market. With interest rates on the rise, now is the time to secure your slice of the desert southwest! What are you waiting for?<br />
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Questions? Visit <a href="http://davestuckyonline.com/">DaveStuckyOnline.com</a>. Call or text 520-991-4078Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com0tag:blogger.com,1999:blog-8253400738172264775.post-21035207437185169602011-02-02T11:16:00.000-08:002011-02-02T11:16:38.663-08:00What Is Shadow Inventory?Many people visiting my open houses ask about where home values are headed. Most of the people "in the know" are forecasting more declines in values nationally, for the first 3 quarters of this year. The main reason for these forecasts is the presence of shadow inventory. Here is a link that will explain <a href="http://kcmblog.com/2011/02/02/what-exactly-is-shadow-inventory/#more-7131">shadow inventory</a>, and why prices are expected to continue softening this year. Even if the prices do soften nationally, your market may be different. It is important that you consult with an active real estate professional that knows your area. They can give you information about local trends. If you or someone you know is interested in the Tucson market, please visit <a href="http://davestuckyonline.com/">my website</a> for further information, or give me a call.<br />
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520-991-4078Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com0tag:blogger.com,1999:blog-8253400738172264775.post-51992832931668857712011-01-27T18:15:00.000-08:002011-01-27T18:15:14.272-08:00Changes to HAFA program<div class="post_content" style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; outline-color: initial; outline-style: none; outline-width: 0px;"><div style="margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">The <a href="http://makinghomeaffordable.gov/" style="color: #444444; margin-top: 0px !important; outline-color: initial; outline-style: none; outline-width: 0px;" target="_blank" title="More information">government’s HAFA program</a> can be of great help to anyone contemplating the <a href="http://www.davestuckyonline.com/pages/short-sales" style="color: #444444; outline-color: initial; outline-style: none; outline-width: 0px;" target="_blank" title="What is a short sale?">short sale</a> of their home. Recently, changes were made to make the program even better. The changes are summarized below. If you or someone you know is contemplating a short sale or is concerned about foreclosure, please <a href="http://www.davestuckyonline.com/" style="color: #444444; margin-bottom: 0px !important; outline-color: initial; outline-style: none; outline-width: 0px;" target="_blank" title="My contact information">contact me</a>. I will be happy to share information.</div><div style="margin-bottom: 0px !important; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">On December 28, 2010, the Treasury Department released an update to the Home Affordable Foreclosure Alternatives Program (HAFA). The changes will increase the number of eligible borrowers who may participate in the program and should expedite approvals:<br style="margin-top: 0px !important; outline-color: initial; outline-style: none; outline-width: 0px;" /><br style="outline-color: initial; outline-style: none; outline-width: 0px;" />(1) A borrower’s reason for relocation no longer needs to be connected to employment nor be of a certain distance from the property. Borrowers may have moved up to 12 months before certain dates in the HAFA process but may not have purchased another home.<br style="outline-color: initial; outline-style: none; outline-width: 0px;" />(2) Servicers are not required to determine if the borrower’s total monthly mortgage payment exceeds 31% of gross income. Borrowers will still be required to show a hardship.<br style="outline-color: initial; outline-style: none; outline-width: 0px;" />(3) Servicers are now required to communicate approval, disapproval, or a counter offer no later than 30 calendar days after receiving an (i) executed sales contract, (ii) Alternative Request for Approval of Short Sale, and (iii) a signed Hardship Affidavit.<br style="outline-color: initial; outline-style: none; outline-width: 0px;" />(4) If an unsolicited borrower requests HAFA, the servicer has 30 calendar days to determine the borrower’s eligibility and, if eligible, send the borrower the Short Sale Agreement.<br style="outline-color: initial; outline-style: none; outline-width: 0px;" />(5) HAFA will no longer impose a 6% cap on payments to each subordinate mortgage/lien holder. The $6,000 aggregate limit is still in effect.<br style="outline-color: initial; outline-style: none; outline-width: 0px;" /><br style="margin-bottom: 0px !important; outline-color: initial; outline-style: none; outline-width: 0px;" />The update also clarifies vendors of the servicer may not be paid from the real estate commission. Servicers must implement the changes by February 1, 2011.</div></div><div class="clear" style="clear: both; color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; height: 0px; line-height: 19px; outline-color: initial; outline-style: none; outline-width: 0px; overflow-x: hidden; overflow-y: hidden;"></div><div class="footer_links with_source_url" style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; font: normal normal normal 11px/normal 'Lucida Grande', Verdana, sans-serif; line-height: 13px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px; overflow-x: hidden; overflow-y: hidden; white-space: nowrap;"><span class="source_url" style="display: inline-block; height: auto; outline-color: initial; outline-style: none; outline-width: 0px; overflow-x: hidden; overflow-y: hidden; white-space: nowrap;"><a href="http://www.realtor.org/fedistrk.nsf/pages/wk01032011?OpenDocument#report_1_01_03_2011" style="color: #a8b1ba; outline-color: initial; outline-style: none; outline-width: 0px; position: relative; text-decoration: none;">Source: realtor.org</a></span></div>Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com0tag:blogger.com,1999:blog-8253400738172264775.post-43190430396738244432011-01-27T18:14:00.001-08:002011-01-27T18:14:11.134-08:00Know a first time home buyer in Pima County?<div style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">If you do, you might tell them about this. The Pima County Bond program offers a guaranteed low interest rate for first time buyers. The rate has recently been reduced to 3.99% to keep up with the latest low rates. Here are the basics to qualify:</div><div style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">Be a first time home buyer, and make it your primary residence.</div><div style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">Occupy the residence within 60 days.</div><div style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">Qualify for existing loan programs (FHA, VA, Conventional)</div><div style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">Have a FICO score of 620 or better.</div><div style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">Make no more than $72,480 (1-2 in household) or $79,675 (3 or more in household).</div><div style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">Buy a home in Pima County with a sale price of $276,334 or less.</div><div style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">With current rates now around 4.25% or more, this is a good deal and will just get better when interest rates rise. And they WILL rise. It’s just a matter of when.</div><div style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">Keep this program in mind for anyone you know that will be purchasing a home for the first time here in Pima County. Feel free to contact me for more information.</div><div style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;"><a href="http://davestuckyonline.com/" style="color: #444444; margin-bottom: 0px !important; margin-top: 0px !important; outline-color: initial; outline-style: none; outline-width: 0px;">http://davestuckyonline.com</a></div><div style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; margin-bottom: 0px !important; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">520-991-4078</div>Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com0tag:blogger.com,1999:blog-8253400738172264775.post-58504004520266323512011-01-27T18:11:00.001-08:002011-01-27T18:11:57.124-08:00Special Loan Programs<div style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">As everyone knows, mortgage lenders have significantly tightened their lending standards. If you know anyone who wants to buy a home, but aren’t sure if they qualify, you might pass this information along.</div><div style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">There are programs available to help specific groups of people to obtain home financing. There are many vets coming home that will be looking to buy a home. The Veterans Administration has a great home loan program available. The USDA has programs available for people buying rural properties. The FHA has a program for buyers looking to purchase and renovate a home. Seniors over 62 may want to check into a purchase reverse mortgage. A recent client of mine bought a home using a purchase reverse, and it enabled them to get a nice retirement home with no mortgage payment, which enabled them to preserve more of their savings for living expenses. Many states including Arizona have programs designed to help revitalize neighborhoods will help the buyer with down-payment money to buy specific properties within the program area.</div><div style="color: #444444; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 19px; margin-bottom: 0px !important; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: 0px;">For more information on these programs, you can start by taking a look <a href="http://kcmblog.com/2010/09/16/4-loan-programs-you-need-to-know-about/" style="color: #444444; margin-top: 0px !important; outline-color: initial; outline-style: none; outline-width: 0px;" target="_blank" title="More information">here</a>. As always, if I can help you obtain more information about buying or selling a home please contact me via <a href="http://davestuckyonline.com/" style="color: #444444; margin-bottom: 0px !important; outline-color: initial; outline-style: none; outline-width: 0px;" target="_blank" title="Dave's website">my website</a>, or email to dstucky@longrealty.com</div>Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com0tag:blogger.com,1999:blog-8253400738172264775.post-15821338732720292962010-09-09T07:30:00.000-07:002010-09-09T07:30:23.721-07:00New FHA Short Refinance Option<span class="Apple-style-span" style="font-family: inherit;">As of September 7, the FHA has a new program to help people who are underwater (owe the bank more than their home is worth). </span><a href="http://www.fha.com/fha_article.cfm?id=169"><span class="Apple-style-span" style="font-family: inherit;">Check out the details here</span></a><span class="Apple-style-span" style="font-family: inherit;">. Basically, the program allows you to refinance your primary residence under certain conditions: The lender must agree to forgive 10% of your unpaid principal, you must obtain the cooperation of all lien holders, the lender must agree to forgive at least 10% of the unpaid principal on the original note to bring the combined loan to value ratio to a maximum of 115%,</span><span class="Apple-style-span" style="font-family: inherit;"> the new FHA loan must not have a loan to value ratio of more than 97.75%, you must be current on your payments, you must have a credit score better than 500 and meet other normal FHA requirements.</span><br />
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<span class="Apple-style-span" style="font-family: inherit;">The federal government has tried desperately to stabilize the housing market through tax credits (see my last blog post), by purchasing mortgage backed securities, and implementing loan modification programs. None of these things have done the trick, and I don't expect that this new program will turn things around either. However, for homeowners that are just squeaking by, and that meet the criteria above, this may be an excellent way to refinance and save some money each month. </span>Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com0tag:blogger.com,1999:blog-8253400738172264775.post-83891487366503366082010-08-30T10:21:00.000-07:002010-08-30T10:21:06.609-07:00Are more tax credits needed to revive housing?We are starting to see suggestions for another round of federal tax credits in order to try and jump start the housing market again. Is this really a good idea? Thanks to Bryan Murphy for the link to <a href="http://www.cnbc.com/id/38917380">this article</a>. While it would certainly provide some short term relief and as the article suggests, provide a reduction in the current inventory of homes, experience suggests that the last round of tax credits did not do much to solve the underlying problem. I would suggest that further tax credits are not the answer. The tax credits earlier in 2010 worked well to stimulate activity, but the market is paying the price with a slow down now. The housing market will recover on it's own, and the faster it corrects naturally, the better for everyone in the long term. Housing would benefit much more if the federal government would use their "laser beam" to focus on job creation . There are hoards of people out there who are on the fence about buying their first home, or upgrading their current home. I speak with them every weekend. They are not moving forward because of the wobbly economy, the reckless spending of the feds, or a general unease about our country. They fear for their own long term stability. What we need to stimulate the housing market is a boost in consumer confidence. Once people are confident, they will be out in force buying homes. Builders will start building new homes again, and the economy will start to take off.<br />
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With low home prices, and record low interest rates already present in the market, the only missing piece is some confidence in our economy. Please call or write your congressman and ask them to keep their eye on the ball. Elect representatives that will focus job creation and spending cuts.Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com0tag:blogger.com,1999:blog-8253400738172264775.post-5252194003571996742010-08-12T16:23:00.000-07:002010-08-12T16:23:42.536-07:00Mortgage rates at all time lows! What a great time to buy a home or rental property!These are amazing times we live in. There are tremendous wealth building opportunities in real estate right now. As of today, I am hearing of interest rates at 4.375% for 30 yr. fixed and 3.875% for 15 yr fixed loans with no points! The housing market in Tucson (and most places nationally) continues to be soft, so there are tremendous deals out there on homes to go along with these historic low rates. If you have any inclination to upgrade, downsize, or re-finance, now is the time to do it! For those of you waiting for the value of your home to climb again before making a move, my question is why? Yes, you will sell low. But, you will also buy low, so your net result will not change. What will likely change is interest rates. While most experts in the industry are not expecting rates to climb in the short term, we know they will rise. We also know that historically when rates do rise, they do it quickly. In addition, HUD has plans to increase the monthly cost to those who will need mortgage insurance on an FHA loan.<br />
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It is times like these where great wealth is created. Cyclical lows in home prices and interest rates make for tremendous opportunity for those willing to act. Real estate has served as the primary wealth building tool in our country since it's beginnings. It is about buying low and selling high, or buying low, holding, and paying off the loan. Either way, buying at the low point in a cycle is the key.<br />
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If you need any help figuring out your options for a home purchase or sale, I will be happy to help. Contact me personally via my <a href="http://davestuckyonline.com/">webpage</a>. While you are there, take a moment to check out the many resources available to you. Even if you live out of state I can help point you in the right direction, or refer you to a good Realtor.Dave Stuckyhttp://www.blogger.com/profile/11124885906720958549noreply@blogger.com2