Category Archives: Preparing to Sell a Home

Selling a Condo or Home Within a HOA? Make This Info and Documentation Available Now

Selling a Condo or Home Within a HOA?  
Make This Info and Documentation Available Now

http://www.genemundt.com/Default.aspx     If you’re a prospective Home Buyer and considering the purchase of a Condominium … or a home located in and governed by a Homeowner’s Association (HOA), there is important information you need to know regarding prior to signing a contract.

(For further info, read 2 of my previous posts on Condo/HOA buying: “To Condo or Not to Condo”. That Should Be the Question …”  and … How to Determine if You’re Viewing a Condominium or Townhome”.)

Some of the details a new Home Buyer should know regarding Homeowner’s Associations are:

  • Rules governing the Homeowner’s Association (HOA)
  • Restrictions attached to the ownership and use of the property
  • Assessments, Fees, Dues *

* Are any of these Assessments past due?  And if so, what percentage?

  • Budget of the HOA
  • “Health” of the HOA
  • Status of Reserve Funds
  • Percentage of Owners versus Renters

If you’re on the flip side of the transaction and the SELLER of a property impacted by a Homeowner’s Association, what information and documentation should you disclose and make available to prospective Buyers?  https://1609956119.secure-loancenter.com/FreeConsult.aspx

As most Buyers will also be utilizing a Mortgage to purchase the property, the following info and documentation will most likely be required from a Seller, the HOA, or the Signee (property holder) involved in the transaction.

Note:  Be aware that the Mortgage Lender representing the Home Buyer will need or request some of the following info/documentation also.

    • A copy of the HOA Budget/Accounting
    • Declaration and By-Laws
  • HOA Questionnaire and/or Survey  

In Illinois and the Chicagoland area, a HOA Questionnaire/Survey will be requested by the Mortgage Lender or Buyer’s Attorney.  There is typically a charge for the Homeowner’s Association to fill-out and prepare this document.  The person responsible for this payment is often designated as part of the Real Estate Contract.

Sellers that make these documents and information available to potential Home Buyers (and their representatives) and take measures to act proactively provide a great service.  They help facilitate their sale, the transaction, and the Buyer’s mortgage application more quickly and smoothly.

Should you be thinking of selling a home or condominium located within a Homeowner’s Association, start gathering this information and documentation sooner than later in the sale process.  That way there will be opportunity for fewer delays caused by a Buyer’s questions or requests.

As an added piece of information: 

Please be aware that in the cases where the Seller is a Bank, or an Entity such as Fannie Mae, Freddie Mac, FHA, or VA, often times there will be little or NO information made available to the Buyers from the Sellers.  In other words, the Buyer MUST track these down themselves through whatever means.

Bottom line, there may be some “inherent” risks and extra “work” involved when buying a property that has been Foreclosed upon.  The “price” may be discounted, but so may the “offerings from the Seller”.  This can be especially true when the property is a condominium.  That’s why working with a Mortgage Lender, Realtor, and Attorney experienced in these types of transactions is so very important.

If hoping to buy a Chicagoland Condo, or home located within a Homeowner’s Association … contact me today.  I’ll put my 37 years of Mortgage experience and knowledge hard to work on your behalf.

I can be easily found at any of the following:

Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281

 

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Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL. 

 

Dreaming of Owning a Home? Potential Move-Up Homebuyer? Don’t Be Afraid!

     Two articles I read just this morning addressed the issue of potential home buyers’ fears of rejection as they pertain to mortgage financing.  Each article, also spoke about the many misconceptions the public has that contribute to their fears.

https://1609956119.secure-loancenter.com/FreeConsult.aspx     The statistics quoted in these articles (per a national consumer survey by loanDepot LLC) were somewhat distressing for me as a Mortgage Lender.  The most alarming were:

  •  Nearly half (46%) of prospective homebuyers have not pursued the financing they would need in order to buy a home due to fear they wouldn’t qualify for a mortgage
  • More than half (56%) of all buyers who don’t currently own a home, but want to, indicated they’re not pursuing homeownership because they fear they won’t qualify for a loan
  • Of those who want to buy a home but haven’t tried to because they think they won’t qualify, 53% think today’s qualification environment is tougher than last year.


    And finally …
 

  • Fewer than three-quarters of Americans who fear they won’t qualify admitted they haven’t actually taken any steps to find out for sure


     That last statistic is a particularly frustrating one, as it seems that collectively Mortgage Lenders, the real estate industry, and news media have done a good job of delivering the message (a needed educational one, admittedly) regarding the numbers of steps and larger amount of documentation required of today’s mortgage applicants.  

     But we may have done too good a job.  As the statistics show, potential homebuyers are now intimidated and fearful of the homebuying and mortgage process.  That’s not good … nor is it the reaction we seek. 

     If you are hoping and wanting to buy, you shouldn’t be scared of the process you need to follow to accomplish it.  And you certainly should never be scared of approaching or contacting me or your real estate professional.  You should not be afraid to ask questions or perform some fact-finding.  

     What you find out may surprise you! 
    

http://www.genemundt.com/MortgageChecklist.aspx

     Recently I wrote a post, What are the Requirements to Qualify for a Home Loan Today?”  It offered many of the basics for mortgages and mortgage applicants as they exist currently (post written 4/28/2014).

     The truth is:

  • Mortgage programs are available that accept Credit Scores (in some cases) as low as 580.
  • You do NOT have to put 20% Down on your home purchase
  • Mortgage Programs exist for 0% Down (VA and USDA-RD loans) or as little as 3.5% Down (FHA financing)
  • According to Ellie Mae:  Credit standards have loosened in comparisons to one year ago.  Approval rates for  applications are almost 3% higher than they were (58% in March of 2014
  • Exceptions DO exist for those that suffered “Extenuating Circumstances” (Foreclosures, Short Sales, Bankruptcy, etc.)
  • Sellers CAN assist with Closing Costs
  • A NO received on your Mortgage Applications doesn’t have to remain a NO indefinitely
  • Mortgage consultations are typically FREE.  Mine, for Chicago area clients, definitely are.

  
     Please, if you’re considering buying a home now or in the future … don’t assume you know an outcome or the answers to questions left un-asked.  Find out for sure if you can buy for the first time or if you can become a “move-up” buyer.   

     Dreaming of Owning a Home?  Potential Move-Up Homebuyer?  Don’t Be Afraid!  Contact me today.  Together we’ll discover what facts and reality exist for you … and then move forward accordingly.

http://www.genemundt.com/ContactUs.aspx


     *  Hoping to Buy, Construct, or Refinance a home in New Lenox, another Lincoln-Way Community, Will County, or elsewhere in the Chicago areaContact Me.  I’ll put my 36 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281
 
Click HERE for your FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
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Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL


    

Is it the Right Time for You to Sell Your Present Home & Buy the Next?

 

Is it the Right Time for You to Sell Your
Present Home and Buy the Next?

 
https://1609956119.secure-loancenter.com/FreeConsult.aspx     The final decision to Refinance your existing Mortgage (or  not), should be based on one simple thing.  It must make good financial sense …  

     That decision is often times determined by the length of time you, as a Homeowner, “guesstimates” you’ll own your loan (i.e., stay in your present home).  A good rule-of-thumb is that the monthly payment savings received through the Refinancing (at minimum), should “pay back” your Closing Costs for your Refinance.  

     Similar (and additional) considerations need to be made by those Homeowners hoping to upgrade or “step-up” to a bigger and better home and becoming Home BUYERS again.  For those in this situation, it’s important to remember: 

     ALL transactions are not created equal.  In most transactions, Home Buyers pay a “fixed” amount of Closing Costs.  “Variables” that affect that amount could be (but not limited to):

     Sometimes, these costs can be paid for by the Sellers, if negotiated into the Sales Contract.  Otherwise, Home Buyers can easily pay up to $5,000 for costs associated with buying.  In simple math this equates to:  A Homeowner’s 5-year stay in their purchased home costs $1,000 a year.  ($5,000 of totals costs, divided by the number of years in the home (5), equals $1,000 of costs per year.)

     This fact also needs to be considered: During the time you’ve lived in your home you’ve paid down your Mortgage balance … year by year, payment by payment.  Maybe you’ve even paid some extra to the Principal too.  

     On the Sales side of their transaction, Sellers must remember:  Their home’s Appreciation or Depreciation in value must also be considered.  In a good housing market, the home will have appreciated in value during that duration of time.  That Appreciation helps to cover the costs they as Sellers face when they move on.

http://www.genemundt.com/ContactUs.aspx     As a Seller, it’s a good rule-of-thumb to assume that costs will equal 8% to 10% of the Sales Price of your home.  That varies of course, depending on the state, city, county, and the percentage of Real Estate Commission being paid.

     While your decision to move can be ruled by emotional reasons or the need for a lifestyle change, the decision should definitely include financial considerations, as well.  No matter your reasons, if you’re ready to move, it’s important to “do the math” regarding a move and sale.  Obtaining a Realtor’s opinion of what it will take to sell your home is wise.  

     Down Payment funds are critical to any purchase, but especially for those Selling one home and buying another.  BEFORE you agree to list your home and sell it, get Pre-Approved by a Mortgage Lender to discover your options or limitations for purchasing your next home. 

     Most U.S. Homeowners consider a move within the third and fifth year after their first purchase.  National averages have shown that most 30-year Fixed Rate Mortgages last an average of  7 years (approximately).  When Sellers retain control of the timing of their moves from one home to another, they are more likely to come out ahead.  

     Is it the Right Time for You to Sell Your Present Home and Buy the Next?  Possessing the facts and information needed to make sound financial decisions greatly reduces the stress that accompanies the Buying and Selling of a home.  

     In Chicagoland, contact me so we can discuss your plans and do the math for your personal scenario.  We’ll discover what options exist for you.  That way you’ll be better prepared to make sound Sellingor Buying decisions …        

http://www.genemundt.com/ContactUs.aspx

     

*   I can be easily found at:

Direct:  815.524.2280
eFax:  815.524.2281
Cell or Text:  708.921.6331

 

Click HERE for your FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
https://1609956119.secure-loancenter.com/WebApp/FullAppLogin.aspx

 

 

 

 

 

 

 

 

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Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL

 

 

 

Preparing to Buy a Chicagoland Home: Seller-Paid Closing Costs

Preparing to Buy a Chicagoland Home:

Seller-Paid Closing Costs

– See more at: http://activerain.com/blogsview/4308152/preparing-to-buy-a-chicagoland-home-seller-paid-closing-costs#sthash.spFanGOx.dpuf

Preparing to Buy a Chicagoland Home: 
Seller-Paid Closing Costs
https://1609956119.secure-loancenter.com/FreeConsult.aspx     Looking out my office window right now, you’d never know that Spring … and Spring’s busier Chicagoland housing market isn’t that far off.  Yet, it’s true …

     Chicagoland First-time Home Buyers (those typically purchasing homes from the low $100K’s to the low-$200K’s) and anyone else hoping to buy during this upcoming Spring’s warmer-weather market, should be making their plans NOW, while winter snow is still on the ground and temperatures are frigid. 

     So, if you’re a hopeful Chicagoland First-Time Home Buyer (or anyone seeking Mortgage financing) what should you be considering or educating yourself about right now … at the beginning point in your process?

     First of all, find yourself a knowledgeable, experienced Mortgage Lender to work with.  Not sure how to do that?   

     Here’s a few suggestions:  

     Inquire with Real Estate Agents that transact in Chicago or the Chicagoland area in which you hope to live.  Check with Real Estate Attorneys, your friends or family members that have Closed on a Mortgage loan recently. Talk to Insurance Agents or others that work in the local real estate industry.  Gather names and note those mentioned multiple times. 

     Don’t skimp on the attention you give this matter.  Do your homework.  Find the right person for you.  (For more help and guidance, click HERE.)

     Once you’ve found your Mortgage Lender, have a long talk with them about your finances and your Credit.  Get Pre-Qualified to discover:

  •   What Home Buying options exist for you
  •   Your Credit Scores 
  •   Your Credit capabilities
  •   If elements of your Credit need polishing 
  •   The Price Range of home you can buy
  •   Establish a timeframe for your upcoming purchase

     
     One of the most important topics you’ll talk about with your Mortgage Lender will be regarding a Down Payment on your home purchase.  At this time in the year, I often hear from Borrowers that Income Tax Refunds will be a contributing source to their Down Payment funds.  

     For Buyers hoping to utilize Income Tax Refunds during their home purchase (or Agents working with those Buyers), it’s critical to make sure that Income Tax Returns are filed as early as all supporting documentation (W-2’s, etc.) is received.  Tax Returns should be filed electronically, as this  expedites the depositing of Tax Refunds into Checking or Savings Accounts.

     It’s important for Home Buyers to know:  Income Tax Refunds ARE acceptable to Lending Underwriters when saving/accumulating assets to buy a home.  Since most loan programs require Down Payment funds to come from the Buyer, it’s important to demonstrate Down Payment funds as verifiable money in accounts.  (Accounts can be Savings, Checking, Money Market, Mutual Funds, Bonds, Stocks, and Retirement.)

http://www.genemundt.com/MortgageChecklist.aspx

      

Keep in mind that the:
  • Minimum Down Payment on FHA Loans is 3.5% 
  • FHA requires a 3.5% Down Payment, but ALL or PART of that Down Payment can be a Gift
  • Minimum Down Payment on most Conventional Loans is 5% 
  • At this time, it remains totally acceptable for Sellers to pay Closing Costs.  

     In the case of Sales Prices under $100,000, it’s almost necessary to get Seller-paid Closing Costs due to new regulations in place as of January 10, 2014, per the Consumer Financial Protection Bureau (CFPB).  Certain Closing Costs ARE allowable when Seller-paid.  That simply allows your Mortgage Lender, to cover the cost of traditional fees incurred in a Real Estate purchase at Closing time. 

     I’ve included a breakdown of the guidelines (as of this writing) on the maximum allowable Closing Costs that a Seller can pay.  These Costs are expressed as a percentage (%) of the Sales Price …

     For Conventional Loans:

  • Fannie Mae –  3% if Owner-Occupied  *
  • Freddie Mac – 3% (2.5%in some cases) if Owner-Occupied
  • Investment Property – 2%

    *  Can be greater, if Loan-To-Value is less than 90%
     
     For FHA:

  • Up to 6%

     For VA:

  • Up to 4% 

    
Preparing to Buy a Chicagoland Home: Seller-Paid Closing Costs …  As you can see, there’s quite a list of things to talk over with your Mortgage Lender when you hope to buy a Chicagoland home.  It’s normal to have lots of questions.  So, let’s get started and get those questions answered.  Contact me now so together we can best prepare you to buy a home …

http://www.genemundt.com/ContactUs.aspx


     *  Hoping to Buy, Refinance, or Build a Home in Chicago or the greater Chicagoland area?  Contact me!  I’ll put my 36 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281
Click HERE for a FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   Digg Acct. of Gene Mundt, Mortgage Lender
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender   Lender411 Acct. of Gene Mundt, Mortgage Lender    Klout Acct. of Gene Mundt, Mortgage Lender    Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender
Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.

The Effect Real Estate Taxes and Insurance have on Mortgage Loan Approvals and Monthly Mortgage Payments

The Effect Real Estate Taxes and Insurance have on  Mortgage Loan Approvals 
and Monthly Mortgage Payments
     There is an acronym in the Mortgage Loan Industry known as PITI.  This stands for:
  • Principal
  • Interest
  • Taxes
  • Insurance(s)   (Insurance for Homeowners Premium and Monthly Mortgage Insurance must be calculated and included in an Estimated Housing Payment.  Mortgage Insurance is required if a Down Payment is less than 20%).

     If buying a property within a Homeowners Association, you can add an “A” to the end of that list/word, so it becomes PITIA.
https://1609956119.secure-loancenter.com/FreeConsult.aspx 
     PITI/PITIA is the actual total housing payment that is arrived at when a Loan Officer is “pre-approving” a Home Buyer.  

     As Mortgage Lenders, we tend to focus mostly on the Sales Price or Loan Amount for Home Buyers’ Pre-Approvals.  But I’m ultimately trying to pin down the Maximum Payment of PITI/PITIA.  This payment is then compared to the Home Buyer’s gross monthly income for what’s called the Housing Ratioor Front-End Ratio.  

     To arrive at the Total Debt Ratio, or Back-End Ratio (ideally 43% in this day and age), I add the Mortgage Payment (PITI/PITIA) to the other monthly debt my Borrowers have … that debt coming from Auto Loans, Student Loans, Installment Payments, Credit Card Payments, Child Support (if applicable) that my Borrower may have.

     So what is the significance of this seemingly straight-forward lending exercise??

     I want to illustrate how important it is to know if the piece of property my Borrower is considering for purchase lies within a Homeowners Association … and if it does, what the corresponding Association Dues are.

http://www.genemundt.com/ContactUs.aspx     Knowing the last available Real Estate Tax Bill is also important for a Mortgage Lender and Borrower.  That bill is needed in order to calculate a Monthly PaymentIf Mortgage Insurance is needed, there are various factors that impact and figure into the cost of that Insurance (i.e., Credit Scores, Down Payment Percentage, Owner-occupied VS Investor, etc.).  

     And lastly, the Principal and Interest (P&I) Payment is calculated based on the appropriate combination of Loan Amount and Interest Rate.  Add the Estimate for monthly Homeowners Insurance … and I get a reliable PITI/PITIA.

     Without a “reliable” and accurate PITI/PITIA, I’d be gambling with your Approval in Underwriting, especially when you’re approaching the Maximum Allowable Debt-to-Income Ratio (DTI).  Debt-to-Income Ratios are best kept at 43% to 45% (or less), for your optimum chance of receiving Loan Approval. 

     The Effect Real Estate Taxes and Insurance have on  Mortgage Loan Approvals and Monthly Mortgage Payments.  Home Buyers need an accurate calculation of their total Monthly Mortgage Payment in order to make sound decisions surrounding their Mortgage financing and home purchase.  It may seem like I’m asking a lot of questions when we’re in the Pre-Qualifying stage of your Mortgage Process.  But as you can see from above, the success of your Approval depends on me asking them. 
     *  Hoping to Buy, Refinance, or Construct a Home within a Lincoln-Way Community (Manhattan, New Lenox, Mokena, Frankfort), Will County, or elsewhere in ChicagolandContact me today!  I’ll put my 36 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:
Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281
Click HERE for a FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
https://1609956119.secure-loancenter.com/WebApp/FullAppLogin.aspx
  Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   Digg Acct. of Gene Mundt, Mortgage Lender
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Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL
 

Decide Which Size Fish You Want to Be

Decide Which Size Fish You Want to Be
 
“It is better to be a big fish
in a small pond, than to be a
small fish in a big pond “
The Galveston Daily News, June 1881
Contact Me for a quality referral to an experienced agent today!
     It was reported recently by the  National Association of REALTORS  (NAR)  that “median existing single-family home prices are rising in more metropolitan areas, but a lack of inventory  –  notably in lower price ranges  –  is limiting buyer choice in an increasing number of markets around the country”.  (Latest Quarterly Report)
     They have evidence of rising home prices too.  Prices rose in 110 out of 147 metro areas.  And another statistic of interest that configures into the overall picture on current market status is this … Distressed homes (foreclosures and short sales) accounted for 26% of recent sales.  That percentage being down from 33% a year ago.
     Many other news and housing data sources report much of the same.  Housing inventory is down in many markets.  Selection is suffering.  Look at these examples:
Selling your present home with the hopes of buying another?  Contact me Today!
     And while inventory definitely influences purchases and housing prices, other things, such as Buyers’ ability to purchase, also are playing a big part.  Recent indications show that current home buyers are now proving ample income and can meet down payment requirements when seeking financing for their new home purchases.  Don’t forget too, interest rates are at historic lows, and monthly payments on home purchases remain favorable to home buying.
    So … what should all these reports and facts mean to someone thinking about SELLING their home?
     It means, if you’re contemplating a sale, NOW might be the time to act.  It means, that the old adage shown above … “It is better to be a big fish in a small pond, than to be a small fish in a big pond” … could definitely work in your favor as you list and sell your home.
     How?? As I see it, it boils down to this:  Choices.  Which size … and what kind … of home-selling fish do you  want to be?
  •  Do you want your home to stand-out?  Create curb appeal.
  •  Do you want potential Buyers to imagine themselves living in your home?  Make any needed repairs.  De-clutter, clean, and stage your home well.  Modernize.  Make it appealing.
  •  Do you want Buyers that fall in love with your home .. and then act decisively, and respond quickly with an offer?   Price your home realistically.
  •  Do you want to be the best and most desirable home in your area’s “pond”?  Act now to take advantage of current low inventory levels.  Contact an agent today.
     I can tell you, as a  Mortgage Lender,  what I’m hearing backs-up the stats and news articles currently being reported above.  I’m hearing complaints about home inventory and property choices all the time, from both home buyers and agents alike.  Good condition, well-priced homes are scarce.
     But I’m also hearing … Good condition, well-priced homes get attention.  Good condition, well-priced homes sell quickly.  And I know for a fact that … Good condition, well-priced homes arrive at their new Buyer’s Closings successfully.  They appraise out.  Underwriters find fewer issues to raise.
    “Good condition, well-priced”.  Does that describe your  home?  It can, if you prepare properly for your sale.  It can, if you listen to and follow  the experienced advice of your real estate professional.
         Now is the right time to list and sell your home. Recent NAR reports and statistics back that decision up.  So do others.  They also prove the wisdom of the old saying,   “It is better to be a big fish in a small poContact Gene Mundt, Mortgage Lender for an Agent Referral todaynd, than to be a small fish in a big pond.”
 
   You as the home seller just need to wisely … “Decide which size fish you want to be” …
     * Hoping to become a successful home seller in  Will County, Chicagoland, or elsewhere across our nation?  In need of a referral for an experienced, successful real estate agent to help you sell your home?  Contact me  today.  I’ll be happy to refer you to the best in the business.
     I can be found at any of the following:
Cell/Text:   708.921.6331
Email:  genemundt
Skype:   630.219.1316
Mobile:  m.genemundt.com

The Spring Home Market. A Thaw After a Hard Cold Winter?

    

     As I mentioned in a recent blog, “What is the state of the Boxers and Briefs in your home? Spring sales indicators … “,  I found an article on Kiplinger.com that addressed the question that is on most real estate professional’s minds …  “What is the financial outlook for this Spring?”

     According to the Kiplinger.com article mentioned, “10 Signs the Economy is on the Upswing”, there are 10 everyday life-indicators suggesting that our economy is improving. I made some folly within my post of the #1 indicator speaking of boxers and briefs … but truly, most of the indicators mentioned made sense when analyzed.

     A comment I received regarding my post from  SarahGray Lamm, Alan Tate Realtors, Chapel Hill, NCsuggested that this article was correct. The public’s personal perception of indicators is perhaps the most reliable measure of how our economy is presently doing or where it’s heading. The public is afterall, the frontline of the economy.

     And SarahGray Lamm is right.  Even though many economists speak of the current recession having actually turned the corner in fall of 2009 … most Americans said “it ain’t so!”  Today’s statistics, measured and reported by  The Conference Board  (conducted by the Nielsen Company), indicate that consumer confidence is again on the rise.  I believe that they are right, as I am personally hearing comments in that vein and business calls I receive certainly reflect that as well.

     This Spring’s real estate market will most definitely be more sensitive than in the past due to the personal indicators talked about in the Kiplinger.com article. But there are other very large reasons that will most likely factor into making Spring 2011 atypical for real estate professionals and the public alike. They are, IMO:

     •Major changes in the Financial Industry, effective April 1st (and that’s no fooling!) Higher rates, higher lending costs, tightening of standards, etc., are all going to contribute to the effects seen.
     •Interest Rates will most likely move firmly into the 5% – 6% range.
     •Another wave of foreclosures is said to be lurking and predicted to hit the market sometime this Spring. That means more housing inventory to move through.
     Although none of the above sounds optimistic, public sentiment and the statistics measuring them are proving to make an opposite case. “Hits” to Trulia.com saw an increase of 40% in January 2011 page visits over the same time as one year previously. Other similar websites are reporting much the same. I am seeing the same results on my own personal website.

     An active interest in home buying seems to be re-emerging. There may be pockets of areas that may see further dips in home prices, but the pendulum seems to have already steadied or started to upswing in many major areas.

     Now is the time for Realtors, as well as Lenders, to send an united message to the public that buyers can’t afford to wait any longer. It’s most likely to be a losing gamble if they do. (See my post “Reality Home Buying … The Numbers Don’t Lie. Buying NOW vs Later”.

     Spring is just around the corner. The mood and optimism of Americans is hopefully warming along with the temperatures. In the meantime, those thinking of becoming buyers and sellers need to prepare themselves for their possible entrance into the home market.

     Real estate professionals should and can help them accomplish this preparation during these weeks leading up to Spring. Education and preparation is key to buying and selling success .. buyers, sellers, … and professionals.

What Kind of Personality Do YOU Have? Take This Quiz!

     My wife has a friend, that as of these last few weeks … you’d better not be found standing still around her.  If dormant even for a second, she’ll clean and polish you, store you, or throw you out.

    Every conversation Marilyn has with Lisa is peppered with the relatings of Lisa’s lastest cleaning and purging adventures.  I guess that explains why the topic of storage and storage techniques was on my wife’s mind when she discovered the handy-dandy website offered below.
 
    While visiting one of her favorite websites, (Better Homes and Gardens – bhg.com),  Marilyn found the following  “personality quiz”. 
 
    Being somewhat of a lover of these things anyhow, this  BHGStorage Personality Quiz  really caught her eye.  This quiz combines the topic of psychology with the art of de-cluttering.  Seems there are differing personalities regarding someone’s zeal and tastes for storage and the art of de-cluttering.
 
     So this got me thinking …  
 
     If as someone hoping to sell your home, you take this test, find out your “storage personality”, and implement the information you tap … can you make the de-cluttering of your home:
 
  • Easier to accomplish?
  • The task and outcome more psychologically appealing?
  • Increase the likelihood of the sale of your home?      
     Hmmmm …  For those presently in the process of selling their homes and those considering it in the near future, there may be something of real substance to consider here!  (Stagers!  Weigh in!)  And, it might not a bad idea to consider for those of us just wanting to spruce up the homestead or make our lives more efficient either.
 
       So, go to:  Better Homes and Gardens … Storage Personality Quiz Take the test to find out what storage techniques and solutions work best for YOU.  The  Better Homes and Gardens  site offers tips, photos, and videos that will help you accomplish your storage and de-cluttering tasks and goals … all in a style that pleases your eye and fits your unique personality. 
 
      Enjoy!      
 
       
        *  Just as there are many storage personalities and styles to be found, there are many mortgage programs available for consideration when buying or refinancing a home.  To find out what mortgage program suits YOU and your personal finances best, contact me at:  http://www.genemundt.com/Contact-Me.html.   Together we will analyze, then work towards finding the  perfect mortgage for you.
 
Gene Mundt, Professional Mortgage Banker
NMLS  #216987
Chicago Bancorp –  NMLS #63483
Cell/Text:  708.921.6331