Real Estate News January 2017

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Real Estate News January 2017
Shadow Inventory: More Houses Will Soon Be Available for Sale
By Alexis Craig, RISMedia
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Image 1All signs point to an improved housing market—home values are up by about 30 percent since 2012, they’re selling faster, and overall demand is high. But this recovery has led to a dramatic decrease in the overall housing inventory.

Fortunately, there might be some relief from the shortage in sight. The inventory that has been hiding in the shadows for years is finally coming into the light.

Why Is This Inventory Up for Sale?
With the improved market, it would be natural to think the impact of the housing crisis is over, but there are still some old foreclosures in the pipeline that are ready to pour over the dam of legislation and legal delays that have been holding them back.

Banks and lenders are starting to make the final push to flush out homes in the foreclosure pipeline, resulting in a higher surge in repossession and REO listings. The backlog of foreclosed homes that was created by lengthy judicial reviews and long foreclosure timelines are entering the market in states like New York, Florida, New Jersey, Arkansas and Hawaii

The possibility of new foreclosures in 2017 is also impacting the housing inventory estimates. In 2016 and beyond, many homeowners may find it difficult to make their mortgage payments as “resets” are rolled out. For example, the government’s Home Affordable Modification Program (HAMP) provided temporary relief to borrowers during the housing crisis, but that relief ended after five years. These payment resets will increase the loan payment for nearly 900,000 homeowners—some of whom will find it difficult to keep up with their mortgage in this sluggish economy.

HAMP isn’t the only program. It’s estimated that about two million modifications will face interest rate resets in the coming years, and a high percentage of those homes are in depressed markets with little to no equity in their homes.

What’s the Impact?
A backlog of foreclosures are finally available for sale, but there is likely to be a second wave of foreclosed homes since the foreclosure problem wasn’t solved, but delayed. You can expect REO listings and foreclosures to increase in the next coming years. How this impacts the real estate market largely depends on how fast these homes enter the market.

Must-Have Home Features? Think Long-Term
By Maria Patterson, RISMedia
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Image 2When you’re considering purchasing a new home or adding a new feature to your existing home, it’s important to consider the long-term impacts of your choices.

According to a recent report by Kiplinger, there are seven features that will help sell a home faster: a laundry room; exterior lighting; energy efficient appliances and windows; a patio; hardwood floors; garage storage space; and an eat-in kitchen.

Conversely, some of the most unwanted features in a home, according to a National Association of Home Builders study, include a pet-washing station, an elevator and a wine cellar.

QUESTIONS? VISIT MY WEBSITE AT www.FindaHomeinElkGrove.com

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Christmas Trees: Real vs. Fake

xmasReal Tree or Fake Tree?

I myself am a converted ‘has to be a real tree and anything else is just…fake!‘ to a ‘fake tree all the way, for ever and ever to come‘.    I am going on 6 years now with my original fake tree, that I bought off my mother-in-law for full price (since it was still in the box), because she decided she is now in the ‘tree’s are too much work for me anymore, I’m going treeless!‘ club.   I’m not there yet, but I can see where she’s coming from…

Search for a new home in Elk Grove for my Christmas tree!
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About twice as many real trees vs fake are still sold each year!

Could it be that they are a fraction of the cost of a good fake tree, or that they don’t have to store them all year long??  I know they smell good, but man are they a lot of work!  ….Tromping around to find one, (because if your going to go with a real one, that is the only way to do it!)  Cutting it down, hauling it home, getting it stand up straight in that thing they call a tree holder, getting it inside, watering it, vacuuming all the needles up, and let’s not forget to water it every few days so it doesn’t become a huge fire hazard in your living room.

Annually there are about 210 fires caused by live Christmas trees!

What finally did me in, was coming home to the tree knocked over, presumably by the cat, and the subsequent water damage to my floor.  That was it, no more real trees!

Smaller Carbon Footprint with a Fake Tree

 

If you have your fake tree for at least 4 years, it is less of a carbon footprint on the earth than growing, transporting, and disposing of a real tree every year.

Did you know there is an actual website called The Christmas Tree Association?  Here is the tree ‘fact guide’ from their site:  The Christmas Tree Association ~They have more info on the snipet’s above, as well as tips, and how to pick a perfect tree!

Which ever you choose, have a great holiday!

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Real Estate Made Simple

 The data relating to real estate for sale on this web site comes in part from Keller Williams Realty- Elk Grove. Database last updated 03/01/2017

 

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