Access to FHA funds to purchase HUD properties

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Posted By Scott Farrell on January 25th, 2010
In Press Releases,Real Estate News

The U.S. Department of Housing and Urban Development (HUD) announced last week a temporary program to help with the sale of properties in foreclosure. As reported on HUD’s website a plan to help bring some measure of stability to the market and home prices.  Below are some key excerpts from the HUD article:

WASHINGTON – In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties

The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.

“As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,” said Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization.”

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

“This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed,” Donovan said.

For more information please visit the HUD website or contact us at 1-800-851-5253 or our website @ www.helenadamsrealty.com

Top Selling Neighborhoods in Huntersville, NC Area

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Posted By Holly on January 21st, 2010
In Charlotte Market Data,Neighborhood News

In this strong buyer’s market, it is interesting to see what neighborhoods in the Charlotte metro area had the highest number of sales in 2009. Real estate is local, so you really must focus in on stats for pocket Sub Areas to see sales trends.  Often we look at numbers on a larger scale, but what homeowners  really want to know is…what is selling in my local community?

Let’s take single family homes in Birkdale / Huntersville, NC  area for example (which is located in the 28078 zip code, and subarea 9-5 ).  For 2009, here are the top selling neighborhoods:

Top Selling Single Family Neighborhoods in Area 9-5 in 2009:

1.  Birkdale / Birkdale Village: 53 sold, $195-$527K price range

2.  Macaulay: 30 sold, $190 – $435K price range

3.  Cedarfield: 26 sold, $155 -278K price range

4.  Henderson Park: 17 sold, $150- 231K price range

5.  Tanners Creek: 15 sold, $150 – $231K price range

 

Top Selling Single Family Neighborhoods in 28078 in 2009:

1.  Birkdale / Birkdale Village: 53 sold, $195-$527K price range

2.  Monteith Park / Monteith Place: 46 sold, $145 – $360K price range

3.  Macaulay: 30 sold, $190 – $435K price range

4.  Cedarfield: 26 sold, $155 -278K price range

5.  Centennial: 21 sold, $212 – $305K price range

 

The majority of home sales in the Carolina Multiple Listing Service are in the $250,000 and under category, which has been hovering at approximately 75% of all sales for the past several months.  In contrast, homes priced above $350,000 to $500,000 account for 7% of home sales, and homes priced $500,000 to $1 million account for 5% of home sales, and homes priced over $1 million make up 0.8% of home sales.

 
Absorption rate pricing is the best way to price your home to sell in this competitive market.  This kind of analysis takes into consideration the month’s supply of  inventory on the market in your neighborhood (i.e. home listings that compete with your home).  There are only a certain number of homes that will sell in any market at any given time.

  • A 6 month supply of homes for sale is a balanced market.
  • Less than 6 months supply of homes is a Seller’s market (not enough homes to fill demand).
  • More than 6 month supply of home inventory for sale is a Buyer’s market (not enough Buyers to purchase the supply).

 

Helen Adams agents are versed in Absorption Rate pricing.  Ask your agent to conduct an Absorption Rate pricing analysis on your neighborhood, so that you can determine the saleability of your home.  AND if you are a BUYER, why utilize an Absorption rate study to discover the hottest-selling neighborhoods in town, so that you can ensure a sound investment?