Team Thayer Property Servicing

Where do you see the housing market right now in terms of recovery, and what more, if anything needs to be done to have a complete recovery? In terms of where we stand, there's actually two ways to look at it. If you look at it from the perspective of home prices, we're pretty much fully recovered. Home prices are approaching their pre-bust peaks, and that's looking at it across the various gauges of home prices. If you look at it from the perspective of sales, it's not a complete recovery and not moving into expansion yet, but that's probably because we're not likely to revisit the kind of sales pace that we saw in the peak parts of the housing boom. Maybe we're halfway back from the perspective of sales, but if you think back to prices being richer, that can actually, oddly enough, can help sales because what it's likely to do is bring more supply into the market, then people see that the prices are higher and they start listing their homes, ...

Home prices rose in almost all metro areas in the U.S. mostly due to the increase in home sales during Q2, according to the  latest quarterly report by the  National Association of Realtors  (NAR). Despite low inventory levels, the median existing single-family home price increased in 93 percent of measured markets, with 163 out of 176 metropolitan statistical areas (MSAs) showing gains based on closings in the second quarter compared with the second quarter of 2014. Meanwhile, only 13 areas recorded lower median prices from the previous year. "Steady rent increases, the slow rise in mortgage rates, and stronger local job markets fueled demand throughout most of the country this spring," said Lawrence Yun, NAR's chief economist. "While this led to a boost in sales paces not seen since before the downturn, overall supply failed to keep up and pushed prices higher in a majority of metro areas." According to the NAR, price gains were recorded in 85 percen...

Rising home prices propelled 3.5 million U.S. properties out of negative equity in one year, but the number of underwater mortgages will shrink at a slower pace in the future as price appreciation cools, according to data released today by CoreLogic and Trulia. Approximately 6.3 million properties, or 12.7 percent of all U.S. mortgaged properties, were underwater in the first quarter of 2014, according to CoreLogic. That’s down from 6.6 million homes, or 13.4 percent of all U.S. mortgaged properties, in the fourth quarter of 2013, and 9.8 million homes, or 20.2 percent of all mortgaged properties, from a year before. The rapid price appreciation that has lifted so many homeowners out from underwater has slowed recently.  Asking prices were up 8 percent in May from a year ago , the smallest bump in 13 months but still far above the historical norm, according to the latest Trulia Price Monitor. The home-price slowdown has tempered gains in “hyper-rebounding markets,” like Las...

Understanding The FHA Short Sale A homeowner may be eligible for an FHA short sale if the hardship of seller is determined by the HUD. The government has its involvement in short sale so almost all the FHA short sale falls under the Housing and Urban Development guidelines. A short sale may be tricky and confusing to understand for agent and sellers.  Below given tips may be helpful to understand the FHA short sale. FHA Short Sale Guidelines If the short sale is on the short track to nowhere, then there are chances that it is stuck in the FHA waterfall. FHA may want to look for loan modification possibilities. Your FHA short sale process will be much faster if your loan modification was rejected. The home is identified as 1 to 4 units. This means a duplex or fourplex can qualify for the FHA short sale, but a 5-unit apartment building cannot. Vacant houses are not allowed to be renting out more than eighteen months.  A variance must be obtained to proceed th...

Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? Can buyers qualify for a mortgage?  These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are five of those reasons. 1. The Most Serious Buyers Are Out Now Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. These buyers are  ready ,  willing  and  able  to buy…and are in the market right now! 2. There Is Less Competition Now Housing supply always grows from the spring through the early summer. The choices buyers have will continue to increase over the next few months. Don’t wait until all the other potential sellers in your market put their homes up for sale. 3. The Process Will Be Quicker One of ...