<?xml version="1.0"?><rss version="2.0"><channel><title>Peoria  Real Estate News &amp; Listings Presented By RE/MAX Unlimited</title><link>http://www.jodilemkemann.com</link><description></description><lastBuildDate>Thu, 09 Feb 2012 05:52:14 GMT</lastBuildDate><item><title>1007, 1013 E Partridge, Metamora 61548</title><description><![CDATA[<img src="http://www.jodilemkemann.com/property/1007-1013-E-Partridge-Metamora-Illinois-2/images/noimage.jpg?size=ListingThumbnail" title="" alt="No image available" style="float:left; padding:3px;" /><p>Choice Duplex! 2011 updates include new roof, unit 1007-new A/C in June and new electric water heater in August, new paint and carpet. Unit 1013 has new vinyl flooring; carpet, paint and remodeled bathroom will be completed in October. Tenants share a common utility room with hook-ups and storage for each tenant. Kitchen appliances provided. Tenant pays utilities. Seller pays garbage. Live on one side and rent the other. Nice rear yard and great location! Located close to Snyder Village</p>]]></description><link>http://www.jodilemkemann.com/property/1007-1013-E-Partridge-Metamora-Illinois-2</link><guid>http://www.jodilemkemann.com/property/1007-1013-E-Partridge-Metamora-Illinois-2</guid><pubDate>Fri, 11 Nov 2011 00:21:49 GMT</pubDate></item><item><title>1007, 1013 E. Partridge, Metamora 61761</title><description><![CDATA[<img src="http://www.jodilemkemann.com/property/1007-1013-E-Partridge-Metamora-Illinois/images/index/351801/0/t" title="" alt="" style="float:left; padding:3px;" /><p style="text-align: left;"><span style="font-size: 10pt;">Choice Duplex! 2011 updates include new roof, unit 1007-new A/C in June and new electric water heater in August, new paint and carpet.  Unit 1013 has new vinyl flooring; carpet, paint and remodeled bathroom will be completed in October.  Tenants share a common utility room with hook-ups and storage for each tenant.  Kitchen appliances provided.  Tenant pays utilities.  Seller pays garbage.  Live on one side and rent the other.    Nice rear yard and great location!  Located close to Snyder Village.  24 hour notice is required.</span></p>]]></description><link>http://www.jodilemkemann.com/property/1007-1013-E-Partridge-Metamora-Illinois</link><guid>http://www.jodilemkemann.com/property/1007-1013-E-Partridge-Metamora-Illinois</guid><pubDate>Mon, 24 Oct 2011 23:14:45 GMT</pubDate></item><item><title>1183 N Rentsch Dr, East Peoria 61611</title><description><![CDATA[<img src="http://www.jodilemkemann.com/property/1183-N-Rentsch-Dr-East-Peoria-Illinois/images/index/351780/0/t" title="" alt="" style="float:left; padding:3px;" /><p>Come see this quality built 4 BR/ 3 BA ranch style home located in Germantown Hills. Beautiful setting situated on a .69 acre lot. Large open kitchen to great room. So much space for your family to enjoy. &nbsp;Casement windows, laundry shoot, fireplaced family room, and lots of hardwood flooring are just some of the many amenities. &nbsp;Finished basement has pool table, projection system, and built-in surround system which all stay with property. &nbsp;Covered deck is 24 x 16 to enjoy your spacious yard. Located on a quiet cul-de-sac, you will love this...must see!</p>]]></description><link>http://www.jodilemkemann.com/property/1183-N-Rentsch-Dr-East-Peoria-Illinois</link><guid>http://www.jodilemkemann.com/property/1183-N-Rentsch-Dr-East-Peoria-Illinois</guid><pubDate>Mon, 24 Oct 2011 22:29:30 GMT</pubDate></item><item><title>128 Spring Haven, Washington 61571</title><description><![CDATA[<img src="http://www.jodilemkemann.com/property/128-Spring-Haven-Washington-Illinois-2/images/index/351773/0/t" title="" alt="" style="float:left; padding:3px;" /><p>This 3BR/2Bath home is like brand new. &nbsp;Easy access to Rt. 24. Partial wood fence. Large open basement could easily be finished for additional living space. Egress window with rough in for bath. Large main floor laundry room with counter space for Scrapbooking or sewing. &nbsp;Lots of storage. Private wood deck w/ slider from kitchen. &nbsp;Beautiful landscaping. &nbsp;Garage is extra deep. Shows beautifully. Move right in and enjoy. No association fees.</p>]]></description><link>http://www.jodilemkemann.com/property/128-Spring-Haven-Washington-Illinois-2</link><guid>http://www.jodilemkemann.com/property/128-Spring-Haven-Washington-Illinois-2</guid><pubDate>Mon, 24 Oct 2011 22:15:50 GMT</pubDate></item><item><title>128 Spring Haven, Washington 61571</title><description><![CDATA[<img src="http://www.jodilemkemann.com/property/128-Spring-Haven-Washington-Illinois/images/index/351770/0/t" title="" alt="" style="float:left; padding:3px;" /><p>This 3BR/2Bath home is like brand new. &nbsp;Easy access to Rt. 24. Partial wood fence. Large open basement could easily be finished for additional living space. Egress window with rough in for bath. Large main floor laundry room with counter space for Scrapbooking or sewing. &nbsp;Lots of storage. Private wood deck w/ slider from kitchen. &nbsp;Beautiful landscaping. &nbsp;Garage is extra deep. Shows beautifully. Move right in and enjoy. No association fees.</p>]]></description><link>http://www.jodilemkemann.com/property/128-Spring-Haven-Washington-Illinois</link><guid>http://www.jodilemkemann.com/property/128-Spring-Haven-Washington-Illinois</guid><pubDate>Mon, 24 Oct 2011 22:14:33 GMT</pubDate></item><item><title>940 County Road 1600 N, Metamora 61548</title><description><![CDATA[<img src="http://www.jodilemkemann.com/property/940-County-Road-1600-N-Metamora-Illinois/images/index/351256/0/t" title="" alt="" style="float:left; padding:3px;" /><html />]]></description><link>http://www.jodilemkemann.com/property/940-County-Road-1600-N-Metamora-Illinois</link><guid>http://www.jodilemkemann.com/property/940-County-Road-1600-N-Metamora-Illinois</guid><pubDate>Fri, 21 Oct 2011 22:00:52 GMT</pubDate></item><item><title>MetLife Looks to Shed Its Mortgage Business</title><description><![CDATA[<div id="resize">
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<p>MetLife Inc., the nation&rsquo;s largest life insurer, is reportedly looking for a buyer for its mortgage business, MetLife Bank.</p>
<p>The company said in a statement that one of the main reasons it wants to exit the mortgage business is because of the increased regulatory environment in lending, which could &ldquo;divert resources away from MetLife&rsquo;s primary focus on its global insurance and employee benefits businesses.&rdquo;</p>
<p>However, MetLife says it plans to continue to operate its reverse-mortgage business, which issues home equity-backed loans to home owners aged 62 or older. It will also continue to originate mortgages and service existing mortgages until a buyer is found.</p>
<p>In the first quarter of 2011, MetLife Bank issued about $4.4 billion in residential home loans. In 2010, it ranked as the 11th largest mortgage servicer in the country.</p>
<p><em>Source: &ldquo;<a href="http://www.bloomberg.com/news/2011-10-12/metlife-may-sell-mortgage-business-in-life-insurer-s-retreat-from-banking.html" target="_blank">MetLife May Sell Mortgage Business to Focus on Insurance</a>,&rdquo; Bloomberg (Oct. 12, 2011) and </em><em>&ldquo;<a href="http://www.housingwire.com/2011/10/13/metlife-to-sell-mortgage-business-citing-excessive-regulation" target="_blank">MetLife to Sell Mortgage Business, Citing Excessive Regulation</a>,&rdquo; HousingWire (Oct. 13, 2011)</em></p>
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<p>Before you show your home to any potential buyer, you want to make sure the staging is perfect. Follow these general tips and your home will look better than the competition.</p>
<p><strong>FOR THE INSIDE</strong></p>
<ul>
<li>Clear all unnecessary objects from furniture throughout the house. Keep accessories and objects on the furniture restricted to groups of 1, 3, or 5 items. In general, a de-cluttered home helps the buyer mentally &ldquo;move in&rdquo; with their own things. Rearrange or remove some of the furniture in your home, if necessary. Many times home owners have too much furniture in a room. When it comes to selling your home, thin out overcrowded rooms to make the rooms appear larger.</li>
<li>Clear all unnecessary objects from the kitchen countertops. If it hasn&rsquo;t been used for three months&hellip;put it away! Clear refrigerator fronts of messages, magnets, pictures, etc.</li>
<li>In the bathroom, remove any unnecessary items from the countertops, tub, shower stall, and commode top.<strong> </strong>Keep only the most necessary cosmetics, brushes, perfumes, etc., in one small group on the counter. Coordinate towels in one or two colors only.</li>
<li>Take down, reduce, or rearrange pictures and objects on walls. Patch and paint all walls, if necessary.</li>
<li>Review the house interior, room by room, and&hellip;</li>
</ul>
<p>1. Paint any room needing paint.</p>
<p>2. Clean carpet and draperies that need it.</p>
<p>3. Clean windows.</p>
<ul>
<li>Pack up and store. If you need room to store extra possessions, get a storage unit.</li>
<li>Leave on certain lights during the day . During showings turn on ALL lights and lamps.</li>
<li>Set a background tune. Play light FM music every day in the house, for all viewings.</li>
</ul>
<p><strong>FOR THE OUTSIDE</strong></p>
<ul>
<li>Go around the perimeter of the house and move all garbage cans, discarded wood scraps, extra building materials, etc., to the garage or, if applicable, take them to the dump.</li>
<li>Check gutters and roof for dry rot and moss. Make sure they are swept and cleaned.</li>
<li>Examine all plants. Plants are like children&hellip;they grow so fast. Prune bushes and trees. Keep plants from blocking windows: &ldquo;You can&rsquo;t sell a house if you can&rsquo;t see it!&rdquo;</li>
<li>Remove any dead plants, weed all planting areas, and put down fresh mulching material.</li>
<li>Keep your lawn freshly cut, edged, and fertilized during the growing season.</li>
<li>Clear patios or decks of all small items, such as little planters, flower pots, charcoal, barbeques, toys, etc.</li>
<li>Check the condition of the paint on your home, especially the trim and the front door. The first impression, or &ldquo;curb appeal,&rdquo; is very important.</li>
</ul>
<p><strong>IN GENERAL</strong></p>
<p>Try to look at your house &ldquo;through a buyer&rsquo;s eyes,&rdquo; as though you&rsquo;ve never seen it before. This exercise will help you see what needs to be done. Any time and money invested on these items will usually bring you the return of more money and a quicker sale.</p>
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<p>Kelly O&rsquo;Ryan, an office manager for Coldwell Banker in Lexington, Mass., recently highlighted several tips of what home owners shouldn&rsquo;t do when trying to sell their home in an article at RISMedia. Here are a few don&rsquo;ts that made it on their list, see if you agree!</p>
<p><strong>1. Don&rsquo;t slack off on home maintenance.</strong> Houses in need of TLC often attract investors or property flippers, which are known for submitting low-ball offers. To attract offers and the highest bids, sellers should attend to any upkeep and maintenance issues before putting the house for sale.</p>
<p><strong>2. Make sure the home isn&rsquo;t being overshadowed outside. </strong>Nothing kills curb appeal more than a home you&rsquo;re selling that you can&rsquo;t even see. Be sure to trim trees or bushes to ensure they aren&rsquo;t blocking any windows or the exterior of the home.</p>
<p><strong>3.</strong> <strong>Remove wallpaper.</strong> Wallpaper and borders can be a nuisance to remove so you might want to take these personal decor touches down before you list the home. Neutralize the homes in subtle colors that will appeal to the most buyers and allow buyers to better visualize their personal decor moving in.</p>
<p><strong>4. Don&rsquo;t keep an empty home empty. </strong>Buyers can struggle in picturing themselves moving in if a home is left empty. Vacant homes can feel cold and rooms can look smaller than they really are. That&rsquo;s why O&rsquo;Ryan reminds us why builders spend thousands of dollars staging model homes. If your listing is vacant, consider staging it to bring in furniture and accessories to help define the various rooms functions.</p>
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<div class="metabar">Many buyers are demanding perfection in home&rsquo;s today.</div>
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<p>A small stain on the carpet? Forget it. Distracting paint colors? They can&rsquo;t look past it. No granite countertops? Onto the next house!</p>
<p>As home values drop, offering buyers some of the best bargains in years, more home buyers have realized they can get more choosy when home-shopping. And with inventories high in many areas, sellers realize their home needs to exude perfection if its going to stand out.</p>
<p>During the housing boom a few years ago, buyers were more willing to overlook flaws, or accept them, that is. They may have negotiated with the seller over repairs or upgrades, but some buyers were willing to even take the home &ldquo;as-is&rdquo; to win a bidding war or to get the home in the area they wanted.</p>
<p>Times have changed.</p>
<p>Even first-time buyers, who once were lured to the &ldquo;starter home&rdquo; (a.k.a. a fixer-upper), are getting choosier. A Coldwell Banker survey earlier this year found that 87 percent of first-time buyers say they want a &ldquo;move-in&rdquo; ready home over a fixer-upper&ndash;and they want it to be affordable too!</p>
<p>Buyers are &ldquo;missing out on some excellent, older lived-in houses,&rdquo; Holly Kirby Weatherwax, a real estate professional in Reston, Va., told the <a href="http://www.toledoblade.com/Real-Estate/2011/03/06/first-time-buyers-demand-perfection-in-older-low-priced-starter-homes.html" target="_blank">Toledo Blade</a>. &ldquo;It&rsquo;s a shame, simply because they can&rsquo;t overlook&rdquo; flaws that wouldn&rsquo;t have bothered most buyers in the previous two decades. Those flaws could be anything from minor imperfections like kitchen appliances by different manufacturers to the home&rsquo;s color not matching the buyer&rsquo;s furniture, Kirby notes.</p>
<p>&ldquo;Anything that can be a distraction, you want to eliminate,&rdquo; a Tennessee home seller noted in a recent <a href="http://www.tennessean.com/article/20110911/LIFE04/309110025/In-buyer-s-market-house-must-perfect" target="_blank">news article</a>. &ldquo;A light bulb isn&rsquo;t a big issue, but it can affect [buyers&rsquo;] subconscious.&rdquo;</p>
<p>So how did buyers get so picky anyway? Is it just the power of a buyer&rsquo;s market? Some also blame the rising popularity of home design shows on TV for making buyers more selective when viewing homes. But in recent months, <a href="http://realtormag.realtor.org/daily-news/2011/07/25/housing-reality-tv-refocuses-foreclosure-makeovers" target="_blank">more home design TV programming</a> is showing a slight shift to fixer-upper housing make-overs, showing how a home&rsquo;s flaws can be overcome to still become a dream home. Will such TV shows eventually make more buyers give less-than-perfect homes a second chance?</p>
<p>Until then, before the for-sale sign goes up, more sellers are heeding the advice of their real estate agent to clean, paint, upgrade and stage to avoid lowball offers. Plus, with the huge glut of low-priced foreclosures, <a href="http://realtormag.realtor.org/news-and-commentary/feature/article/2011/02/finishing-touches" target="_blank">such finishing touches</a> may help home owners rise above the competition.</p>
<p><a href="http://styledstagedsold.blogs.realtor.org/2011/09/19/are-home-buyers-getting-too-picky-minor-home-flaws-derail-more-deals/#more-2493">http://styledstagedsold.blogs.realtor.org/2011/09/19/are-home-buyers-getting-too-picky-minor-home-flaws-derail-more-deals/#more-2493</a></p>
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<p>For the first time ever, 30-year fixed-rate mortgages fell below 4 percent, Freddie Mac reported in its weekly mortgage market survey.</p>
<p>In the last month mortgage rates have continued to set new weekly record lows, but the 30-year mortgages&rsquo; latest drop below 4 percent may be an important threshold for potential buyers. The 30-year mortgage is the most popular financing option of buyers.</p>
<p>Mortgage rates are expected to stay well-below 5 percent through 2013, Fannie Mae economists are projecting. Home buyers taking out loans for purchase is expected to more than double in the next two years too, <a href="http://www.inman.com/news/2011/10/6/no-rush-lock-in-record-low-mortgage-rates" target="_blank">Inman News reports</a>.</p>
<p>Rates have continued to free-fall as concerns over a global recession grows, Frank Nothaft, Freddie Mac&rsquo;s chief economist, said in a statement.</p>
<p>Here&rsquo;s a closer look at rates for the week ending Oct. 6.</p>
<ul>
<li><strong>30-year fixed-rate mortgages:</strong> averaged 3.94 percent this week, down from last week&rsquo;s previous record low of 4.01 percent. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.27 percent. </li>
<li><strong>15-year fixed-rate mortgages: </strong>averaged 3.26 percent, another all-time low. This is the sixth-consecutive week the 15-year mortgage has posted new average record lows. Last week, 15-year rates averaged 3.28 percent. Last year at this time, 15-year rates averaged 3.72 percent. </li>
<li><strong>5-year adjustable-rate mortgages: </strong>averaged 2.96 percent this week, dropping from last week&rsquo;s 3.02 percent. A year ago, the 5-year ARM averaged 3.47 percent. </li>
<li><strong>1-year ARMs:</strong> averaged 2.95 percent, the only mortgage rate to move up last week. Last week, the 1-year ARM averaged 2.83 percent. A year ago, the 1-year ARM averaged 3.40 percent. </li>
</ul>
<p><br /><em>By Melissa Dittmann Tracey, REALTOR&reg; Magazine Daily News</em></p>
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<div class="section" style="z-index: 620;">Daily Real Estate News | Thursday, October 06, 2011</div>
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<p>A federal lawsuit filed in 2006, but unsealed until this week, accuses 13 large banks and mortgage companies of overcharging military veterans who were applying for home loans guaranteed by the Department of Veterans Affairs.</p>
<p>Federal law does not allow lenders to charge attorney fees and settlement closing costs with certain home loans for military vets. They&rsquo;re only allowed to charge &ldquo;reasonable and customary&rdquo; fees. But the lawsuit claims military veterans were charged attorney fees on thousands of loans, and banks covered up the charges by labeling them as &ldquo;title examination&rdquo; or &ldquo;title search&rdquo; fees.</p>
<p>Banks named in the lawsuit include lending giants such as Wells Fargo, JPMorgan Chase &amp; Co., and Bank of America. The banks have denied any wrongdoing in court documents, Associated Press reports.</p>
<p>About 90 percent of more than 1.2 million refinance loans that have been made to veterans and their families in the past decade have been found to have alleged fraud, the Associated Press reports in an interview with the plaintiff&rsquo;s attorney.</p>
<p>"This is a massive fraud on the American taxpayers and American veterans," James E. Butler Jr., one of the attorneys who brought the case, told the Associated Press.</p>
<p><em>Source: &ldquo;<a href="http://www.washingtonpost.com/business/federal-lawsuit-claims-banks-mortgage-companies-cheated-veterans-by-hiding-illegal-fees/2011/10/04/gIQAvxslLL_story.html" target="_blank">Federal Lawsuit Claims Banks, Mortgage Companies Cheated Veterans by Hiding Illegal Fees</a>,&rdquo; Associated Press (Oct. 4, 2011)</em></p>
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<p>The House of Representatives included a short-term extension to the National Flood Insurance Program in a continuing resolution Tuesday, and while the NATIONAL ASSOCIATION OF REALTORS&reg; applauded Congress&rsquo; action, it said more still needed to be done. NAR is urging Congress to approve a longer-term extension of the NFIP in order to &ldquo;ensure access to affordable flood insurance for millions of home owners.&rdquo;</p>
<p>NAR has been lobbying for a five-year extension of the NFIP, which is now set to expire Nov. 18.</p>
<p>&ldquo;NAR strongly supports the NFIP and believes that a five-year extension of the program&rsquo;s authority to issue flood insurance is essential to a properly functioning real estate market,&rdquo; <a href="http://www.realtor.org/press_room/news_releases/2011/10/flood_extension">NAR President Ron Phipps said</a> in a statement Tuesday.&ldquo;The NFIP was created because of the lack of available and affordable flood insurance in the private market, which remains true today, and serves as an alternative to expensive taxpayer-funded disaster relief for flood victims.&rdquo;</p>
<p>The National Flood Insurance Program writes and renews flood insurance policies for more than 5.6 million home and business owners in 21,000 communities nationwide, according to NAR.</p>
<p><em>Source: NATIONAL ASSOCIATION OF REALTORS&reg;</em></p>
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<p>CoreLogic announced its new credit score service, CoreScore, which will give lenders greater insight into a borrower&rsquo;s outstanding debts and help to understand their credit worthiness. The new CoreScore credit report, which will be available to lenders and consumers, will include credit-risk information, as compliant with the Fair Credit Reporting Act.</p>
<p>It will not replace current credit reports but aims to fill in some gaps in current credit score reports.</p>
<p>The report will help &ldquo;lenders mitigate risk by uncovering debt obligations, and increase new lending opportunities by identifying previously hidden credit behavior that could improve a consumer&rsquo;s credit profile,&rdquo; CoreLogic said in a press release announcing CoreScore.</p>
<p>According to CoreLogic, the reports will include such information as:</p>
<ul>
<li>Properties owned (with and without debt obligations) </li>
<li>Mortgage obligations with companies that may not report to traditional credit reporting agencies </li>
<li>Property legal filings, such as notices of default </li>
<li>Property tax amounts and payment status </li>
<li>Estimated market values on all U.S. properties owned </li>
<li>Rental applications and evictions </li>
<li>Inquiries and charge-offs from pay-day and online lenders </li>
<li>Consumer-specific bankruptcies, liens, judgments and child support obligations </li>
</ul>
<p>Such information will be pulled from CoreLogic's databases on real estate, rental information and public records.</p>
<p><em>Source: &ldquo;<a href="http://www.housingwire.com/2011/10/03/corelogic-launching-new-borrower-credit-report">CoreLogic Launching New Borrower Credit Report</a>,&rdquo; HousingWire (Oct. 3, 2011) and &ldquo;<a href="http://www.corelogic.com/about-us/news/corelogic-to-act-as-supplemental-consumer-credit-repository-to-augment-traditional-credit-reports.aspx" target="_blank">CoreLogic to Act as Supplemental Consumer Credit Repository to Augment Traditional Credit Reports</a>,&rdquo; CoreLogic (Oct. 3, 2011)</em></p>
<p><strong>Read More: </strong><br /><a href="http://www.jodilemkemann.com/sales-and-marketing/handouts-for-customers/for-buyers/5-factors-decide-your-credit-score">Customer Handout: 5 Factors That Decide Your Credit Score</a></p>
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<div class="section" style="z-index: 620;">Rick Sharga, executive vice president with Carrington Mortgage Holdings, says the housing market is in a &ldquo;catfish recovery,&rdquo; with the market hitting bottom this year but prices mostly remaining flat until 2014.</div>
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<p>The looming shadow inventories of distressed properties are continuing to prevent prices from rebounding, he explains. Sharga, former senior vice president at RealtyTrac, says more than a million foreclosure actions failed to move forward this year due to delays, which will cause a delay in prices rebounding. Sharga made his comments during a talk at the Asian Real Estate Association of America conference last week in San Francisco.</p>
<p>About 800,000 REOs remain on banks&rsquo; books, with three-quarters of those not yet listed for sale, Sharga says. What&rsquo;s more, an additional 800,000 homes are in foreclosure, and 1.5 million loans are delinquent, HousingWire reports.</p>
<p>Sharga says he expects monthly foreclosures to remain high through 2012, and REO inventories to stay elevated through 2013.</p>
<p><em>Source: &ldquo;<a href="http://www.housingwire.com/2011/09/30/housing-market-has-hit-bottom-former-realtytrac-exec" target="_blank">Housing Market Hit Bottom: Former RealtyTrac Exec</a>,&rdquo; HousingWire (Sept. 30, 2011)</em></p>
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<p>Starting Saturday, many borrowers in pricey housing markets may find they&rsquo;ll need a higher down payment or pay higher rates. The size of mortgages that the government will back in several high-priced regions is set to drop on Oct. 1, which some analysts expect will serve as another thorn to the housing market.</p>
<p>In 2008, Fannie Mae and Freddie Mac raised its cap on conforming loans up to $729,750 in some of the most expensive housing markets so that larger mortgages would be available to home buyers. But those caps are set to reset on Oct. 1, scaling back to a maximum of $625,500 in some areas of the country.</p>
<p>Housing analysts say the drop will make it more expensive and harder for some buyers to qualify for home purchases in expensive markets, particularly along the coasts.</p>
<p>&ldquo;The down-payment issue is the most significant aspect form borrowers standpoint,&rdquo; says Greg McBride, a senior financial analyst at Bankrate.com. &ldquo;These changes will price some prospective borrowers out of the market.&rdquo;</p>
<p><em>Source: &ldquo;<a href="http://www.marketwatch.com/story/big-borrowers-face-larger-down-payments-rates-2011-09-30" target="_blank">Big Borrowers Face Larger Down-Payments, Rates</a>,&rdquo; MarketWatch (Sept. 30, 2011) and &ldquo;<a href="http://money.cnn.com/2011/09/30/real_estate/mortgage_loan_caps/index.htm?section=money_realestate&amp;utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29" target="_blank">Big Mortgages: Harder to Get and More Expensive With Loan Caps</a>,&rdquo; CNNMoney (Sept. 30, 2011)</em></p>
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<p>More military service members who are underwater on their homes may now be able to take part in the Home Affordable Foreclosure Alternatives program, allowing them to qualify for short sales and deeds-in-lieu of foreclosure.</p>
<p>The Treasury Department on Thursday clarified its guidelines for HAFA, after many military families had complained that the program failed to consider a permanent change of station as a financial hardship. The omission was preventing many from taking part in the program. Many military members who were underwater on their homes say they were current on their mortgage until receiving orders to move.</p>
<p>"An example of such hardship includes a service member citing a 'Permanent Change of Station' order as the basis for his or her financial hardship when requesting HAFA even if such service member&rsquo;s income has not been decreased, so long as the service member does not have sufficient liquid assets to make his or her monthly mortgage payments," the Treasury said in a directive sent to mortgage servicers Thursday.</p>
<p><em>Source: &ldquo;<a href="http://www.housingwire.com/2011/09/29/treasury-moves-to-help-more-military-qualify-for-hafa" target="_blank">Treasury Moves to Help More Military Qualify for HAFA</a>,&rdquo; HousingWire (Sept. 29, 2011)</em></p>
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<p>Short sale transactions are becoming less popular among first-time home buyers. Buying a home in a short sale transaction may offer a huge bargain&mdash;sale prices average 27 percent lower than non-distressed properties&mdash;but more first-time home buyers say the processing delays aren&rsquo;t worth the trouble.</p>
<p>Among first-time buyers, their short sale purchase share dropped to 39.7 percent of all short sale transactions in August&mdash;posting a three-month drop and reaching its lowest share ever recorded for first-time home buyers, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. In November 2009, first-time home buyers&rsquo; share of short sales had reached a peak of 54.1 percent of all short sale transactions.</p>
<p>With bargain deals, why are short sales losing their appeal? Buyers are complaining that short sale transactions take too long to close, with approval times often taking several months after a buyer even submits an offers. Some buyers frustrated at the delays are placing offers on multiple properties, planning to close on whichever one is approved the fastest. The average time on market for short sales is 16.6 weeks, and the majority of that time is spent waiting for short sale approval, the HousingPulse Tracking Survey found.</p>
<p><em>Source: &ldquo;<a href="http://rismedia.com/2011-09-26/first-time-buyers-losing-interest-in-short-sales/" target="_blank">First-Time Buyers Losing Interest in Short Sales</a>,&rdquo; RISMedia (Sept. 26, 2011)</em></p>
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<div class="section">A newly built home will cost buyers more than buying a pre-owned home, but for buyers who can afford the premium price, experts say there are still benefits of buying new.</div>
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<p>&ldquo;It&rsquo;s appealing to people who are concerned about energy costs in the future and the longer-term efficiency of the home,&rdquo; says John K. McIlwain, senior resident fellow for the Urban Land Institute. &ldquo;There&rsquo;s also the advantage that if you buy a home today, that has energy features that will be worth more down the road, when the market recovers.&rdquo;</p>
<p>New homes also are maximizing usability space and offering modern amenities, such as big closets, that can be a lure to buyers.</p>
<p>Buying new &ldquo;has become a deep part of American culture,&rdquo; McIlwain said. &ldquo;We built an economy around having to replace everything every two to three years.&rdquo;</p>
<p>However, new-homes have become a tough sell. The median sales price of a new home in July was $222,000. On the other hand, the median sales price of an existing home in July was $171,200, according to the National Association of REALTORS&reg;.</p>
<p>Besides price, appraisals are also a big issue hurting the new-home market. In many cases, appraisals are coming in lower than the cost of construction. Appraisals may come in low particularly when there aren&rsquo;t very many new homes selling in an area, which then means appraisers must look at similar sales in the area. Low appraisals are causing many deals to fall apart, experts say.</p>
<p><em>Source: &ldquo;<a href="http://www.marketwatch.com/story/why-would-you-buy-a-new-home-2011-09-26" target="_blank">Why Would You Buy a New Home?</a>&rdquo; MarketWatch (Sept. 26, 2011)</em></p>
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</div>]]></description><link>http://www.jodilemkemann.com/Blog/Why-Some-Buyers-Still-Prefer-New-Construction</link><guid>http://www.jodilemkemann.com/Blog/Why-Some-Buyers-Still-Prefer-New-Construction</guid><pubDate>Tue, 27 Sep 2011 02:00:00 GMT</pubDate></item><item><title>Are Home Buyers Getting Too Picky? Minor Home Flaws Derail More Deals</title><description><![CDATA[<div class="metabar"><em>By Melissa Dittmann Tracey, REALTOR&reg; Magazine</em></div>
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<p><img class="wp-image-156 size-full alignleft" style="border: white 5px solid;" title="welcome_forblog" src="http://styledstagedsold.blogs.realtor.org/files/2009/01/welcome_forblog.jpg" alt="welcome_forblog" width="367" height="244" /></p>
<p>Many buyers are demanding perfection in home&rsquo;s today.</p>
<p>A small stain on the carpet? Forget it. Distracting paint colors? They can&rsquo;t look past it. No granite countertops? Onto the next house!</p>
<p>As home values drop, offering buyers some of the best bargains in years, more home buyers have realized they can get more choosy when home-shopping. And with inventories high in many areas, sellers realize their home needs to exude perfection if its going to stand out.</p>
<p>During the housing boom a few years ago, buyers were more willing to overlook flaws, or accept them, that is. They may have negotiated with the seller over repairs or upgrades, but some buyers were willing to even take the home &ldquo;as-is&rdquo; to win a bidding war or to get the home in the area they wanted.</p>
<p>Times have changed.</p>
<p>Even first-time buyers, who once were lured to the &ldquo;starter home&rdquo; (a.k.a. a fixer-upper), are getting choosier. A Coldwell Banker survey earlier this year found that 87 percent of first-time buyers say they want a &ldquo;move-in&rdquo; ready home over a fixer-upper&ndash;and they want it to be affordable too!</p>
<p>Buyers are &ldquo;missing out on some excellent, older lived-in houses,&rdquo; Holly Kirby Weatherwax, a real estate professional in Reston, Va., told the <a href="http://www.toledoblade.com/Real-Estate/2011/03/06/first-time-buyers-demand-perfection-in-older-low-priced-starter-homes.html" target="_blank">Toledo Blade</a>. &ldquo;It&rsquo;s a shame, simply because they can&rsquo;t overlook&rdquo; flaws that wouldn&rsquo;t have bothered most buyers in the previous two decades. Those flaws could be anything from minor imperfections like kitchen appliances by different manufacturers to the home&rsquo;s color not matching the buyer&rsquo;s furniture, Kirby notes.</p>
<p>&ldquo;Anything that can be a distraction, you want to eliminate,&rdquo; a Tennessee home seller noted in a recent <a href="http://www.tennessean.com/article/20110911/LIFE04/309110025/In-buyer-s-market-house-must-perfect" target="_blank">news article</a>. &ldquo;A light bulb isn&rsquo;t a big issue, but it can affect [buyers&rsquo;] subconscious.&rdquo;</p>
<p>So how did buyers get so picky anyway? Is it just the power of a buyer&rsquo;s market? Some also blame the rising popularity of home design shows on TV for making buyers more selective when viewing homes. But in recent months, <a href="http://realtormag.realtor.org/daily-news/2011/07/25/housing-reality-tv-refocuses-foreclosure-makeovers" target="_blank">more home design TV programming</a> is showing a slight shift to fixer-upper housing make-overs, showing how a home&rsquo;s flaws can be overcome to still become a dream home. Will such TV shows eventually make more buyers give less-than-perfect homes a second chance?</p>
<p>Until then, before the for-sale sign goes up, more sellers are heeding the advice of their real estate agent to clean, paint, upgrade and stage to avoid lowball offers. Plus, with the huge glut of low-priced foreclosures, <a href="http://realtormag.realtor.org/news-and-commentary/feature/article/2011/02/finishing-touches" target="_blank">such finishing touches</a> may help home owners rise above the competition.</p>
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