Sandpoint Real Estate

What your real estate agent isn't telling you | Washington Examiner

2009-12-11T09:11:00.000-08:00

What your real estate agent isn't telling you | Washington Examiner

Found this to be a practical article about what your agent should be disclosing upfront to you as the buyer. Agency is most important. Whoever you choose to work with should go over the agency brochure with you in detail.

Short Sales: The Basics for REALTORS from the National Association of Realtors

2009-12-07T15:52:00.000-08:00

Short Sales: The Basics for REALTORS from the National Association of Realtors

U.S. Department of Housing and Urban Development (HUD)

2009-12-07T15:50:00.000-08:00

U.S. Department of Housing and Urban Development (HUD)

2009-12-01T10:24:00.000-08:00

Fannie Mae's shares are still falling, and they in turn tightening their lending requirements all together. One change is to get rid of all loans <80%LTV and no FICO's below 620. This will mean a continued increase in volume for FHA loans that require a 620 FICO but only 3.5% down. If you are selling a house that is in good condition, a good option is USDA Guaranteed. No money down, and the income limit for a family of four is $73,600.

Condo approvals are available for Fannie and Freddie directly through MetLife. We will have direct approvals for FHA as well by January 1. There is no cost for my assistance in getting your project approved, and once all of the paperwork is in and accurate, we can have that approval to you for your borrowers within 72 hours. If you have questions about the phasing, declarations, HOA bylaws or budgets, please give me a call and I will be glad to assist you.

http://www.mortgagenewsdaily.com/12012009_oct_pending_home_sales.asp

Mortgage Rates are at an amazingly low level right now:

30 year fixed conventional rate for purchase: 4.625%
FHA/VA/USDA purchase loans: 4.875%
20% down payment Jumbo Loans start at: 4.625% up to 6.25%

These rates will be on the rise over the next few days with the current ceiling on the Mortgage Backed Securities being pushed by the hour.

This information provided courtesy Kris Basset @ Met life:

Chris Bassett

Relationship Manager 212 N First Ave Suite 103 Sandpoint, ID 83864	Office: (208)265-8981 Cell: (208)290-0305 Fax: (208)265-8740
cbassett@metlife.com http://www.cjbassett.com

FDIC Approves Final Rule On Prepaid Assessments

2009-11-14T11:58:00.000-08:00

The FDIC must be hurting for money, they are requiring banks to prepay 3 years of premiums now. http://is.gd/4USAR

National Association of Realtor's Quarterly

2009-11-11T12:43:00.000-08:00

NAR Quarterly: Home Prices Falling, Sales Rising

From the Washington Post: Regional home prices drop 2.5 percent

2009-11-11T12:28:00.000-08:00

http://www.washingtonpost.com/wp-dyn/content/article/2009/11/10/AR2009111017750.html

New changes to the First Time Home Buyer Tax Credit

2009-11-09T14:10:00.000-08:00




	To: All REALTORS® From: Charles McMillan, 2009 NAR President Date: November 5, 2009 Re: Congress Passes Tax Credit Extension/Expansion Dear Fellow REALTOR®, I am VERY excited to report that Congress has answered our call to extend and expand the homebuyer tax credit! Both the House and the Senate have passed an unemployment insurance bill, which includes an amendment that expands and extends the tax credit. That bill will be sent to President Obama for his signature in the next day or so. I have recorded a special edition of my President’s Podcast, with details on the new tax credit and when it takes effect. Please take just a couple of minutes to listen. http://www.realtor.org/about_nar/presidents_report/_podcast_archive/mcmillan_taxcreditextended_20091105 We also have posted a comparison chart on Realtor.org. This can be a helpful resource as you work with buyers to take advantage of the credit in the months ahead. http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf On behalf of NAR, I thank you all for your participation in our advocacy efforts on this issue. Not only did we set a new record on responses to Calls for Action, but we helped move another step closer to a brighter future for America’s families and our economy. Sincerely, Charles McMillan, CIPS, GRI 2009 NAR President

Getting it Sold!

2009-09-10T14:40:00.001-07:00

301 Gold creek sold! In a tough market like this it pays to be objective and play to the market forces. We made good strategic moves with pricing which helped get buyers to make offers. Now buyer's got a great deal and the sellers received great return on their investment despite the market.

New listing: $210,021 a great buy for the Sandpoint area

2009-05-22T15:37:00.000-07:00

REALTOR® Magazine-Daily News-Mortgage Rates Continue Falling to Record Lows

2009-01-12T17:22:00.000-08:00

Hi everyone. Here is an article on the latest interest rates check it out and be ready to refinance, buy your first home, or make that great investment while its a buyer's market!

REALTOR® Magazine-Daily News-Mortgage Rates Continue Falling to Record Lows

FHA video

2008-12-13T16:28:00.000-08:00

http://link.brightcove.com/services/link/bcpid1857622901/bclid1847308108/bctid1858922689

2008-12-02T12:58:00.000-08:00

I received this market information from my good friend Chris Basset at Metlife in Sandpoint, ID. Looks like the market is still bearish. But, as we all know there is opportunity out there if you are one of those who is weathering the storm well.

This week we have several reports with expectations for almost all to decline that will more than likely take a toll on the stock market as people look for a safe place to put their money. In most cases that is in a form of bond, and the Mortgage Backed Securities market is seeing revived interest with the $600 Billion injection into that market by the feds. Expect maintained low rates barring some possible unforeseen information. Today's rate 5.375% 30 yr. fixed with possible improvements likely.

Today:
Construction Spending: November Actual -1.2% Month to month. Definition: The dollar value of new construction activity on residential, non-residential, and public projects. Data are available in nominal and real (inflation-adjusted) dollars. Expected -.9%

ISM Manufacturing Index: November Actual 36.2 (down from June's 50.2). Definition: The Institute for Supply Management surveys more than 300 manufacturing firms on employment, production, new orders, supplier deliveries, and inventories. A composite diffusion index of national manufacturing conditions is constructed, where readings above (below) 50 percent indicate an expanding (contracting) factory sector. Export orders, import orders, backlog orders and prices paid for raw and unfinished materials are also measured, but these are not included in the overall index. (Institute for Supply Management). Expected 38.4

Rest of the week: I have included a link for definitions and expectations if you would like more information about any of the upcoming reports.

Tuesday 12/2/2008:
Motor Vehicle Sales: http://www.econoday.com/clients/basics/bloomberg/reports/US/EN/New_York/motor_vehicle_sales_1/year/2008/yearly/12/index.html

Wednesday 12/3/2008:
!!!!! MBA Purchase Applications: http://www.econoday.com/clients/basics/bloomberg/reports/US/EN/New_York/mba_purchase_applications/year/2008/weekly/49/index.html
ADP employment report: http://www.econoday.com/clients/basics/bloomberg/reports/US/EN/New_York/adp_employment/year/2008/yearly/12/index.html
ISM Non-MFG Survey:
http://www.econoday.com/clients/basics/bloomberg/reports/US/EN/New_York/non_manufacturing_napm/year/2008/yearly/12/index.html

Thursday 12/4/2008:
Jobless Claims: http://www.econoday.com/clients/basics/bloomberg/reports/US/EN/New_York/jobless_claims/year/2008/weekly/49/index.html
Factory Orders:
http://www.econoday.com/clients/basics/bloomberg/reports/US/EN/New_York/factory_orders/year/2008/yearly/12/index.html
Chain Store Sales:
http://www.econoday.com/clients/basics/bloomberg/reports/US/EN/New_York/chain_store_sales/year/2008/yearly/12/index.html

Friday 12/5/2008:
Employment Situation:
http://www.econoday.com/clients/basics/bloomberg/reports/US/EN/New_York/employment_situation/year/2008/yearly/12/index.html
Consumer Credit: http://www.econoday.com/clients/basics/bloomberg/reports/US/EN/New_York/consumer_credit/year/2008/yearly/12/index.html

Economist's Commentary: September 22, 2008

2008-09-24T14:32:00.000-07:00

Economist's Commentary: September 22, 2008

Tax Credit for First Time Home Buyers!!!!!

2008-09-18T11:35:00.001-07:00

The tax credit is available for first-time home buyers only.
The maximum credit amount is $7,500.
The credit is available for homes purchased on or after April 9, 2008 and before
July 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
The tax credit works like an interest-free loan and must be repaid over a 15-year period.
If you own land and want to build you can qualify for this tax credit.*

If you have any questions or know someone who could benefit from this information please call or email me anytime and I will be happy to answer any questions you may have.

Sandpoint Economy - Economic Development

2008-08-20T16:13:00.000-07:00

Check out this great article on the economy of Sandpoint, ID.
Sandpoint Economy - Economic Development

SAR Mission Statement

2008-06-28T09:03:00.001-07:00

Selkirk Association of REALTORS

Strategic Plan (Draft)

May 8, 2008

Mission

The mission of the Selkirk Association of REALTORS® is to provide members with programs and services that improve their ability to conduct business with integrity and competency while advocating public welfare in matters relating to real estate.

Goal 1: Enhance communications with the members

Strategy A: Create greater broker accountability by requiring that every broker serve as the liaison between the association and his/her agents. Brokers could designate someone from within the office to serve as the broker's designee.

Strategy B: Provide the broker liaison or his/her designee with direct communications regarding the issues the association feels are essential to communicate to all members.

Strategy C: Conduct quarterly meetings for all brokers and include any association liaisons they have designated.

Strategy D: Broaden our communications base to include multiple methods of communication.

Strategy E: Appoint a work group consisting of our younger members to propose new forms of member communication.

Strategy F: Use the MLS log-in screen to present headline-type issues with links to detailed information hosted on our website.

Goal 2: Explore emerging concepts such as regionalization, data reciprocity and cooperative efforts with neighboring associations

Strategy A: Explore the creation of a public MLS data site.

Strategy B: Ask the "Regional Issues Committee" to develop a broker education program documenting the advantages and disadvantages of regionalization and data sharing.

Strategy C: Once recommendations have been developed, meet with brokers and other interested parties to test the concepts proposed and obtain support for any recommendations.

Strategy D: Once broker support has been achieved, invite neighboring boards to discuss regionalization.

Goal 3: Establish a public relations program that enhances the REALTOR image in our community

Strategy A: Advise the IAR committee developing the State Association's REALTOR public relations campaign how we would like PR money invested in our region.

Strategy B: Develop a spokesperson policy and submit it to the Board of Directors for approval.

Strategy C: Broaden the use of press releases supporting our community events.

Strategy D: Consider the use of a part-time PR consultant or the IAR PR consultant to strengthen the association's contacts with the media.

Strategy E: Create on the public side of our website a consumer help section which would feature home-buying information, market statistics, "Ask a Professional Agent" column, etc.

Strategy F: Consider offering home-buyer educational programs to the public.

Goal 4: Offer more educational programs locally

Strategy A: Better communicate the educational opportunities we offer by involving the brokers in the communication process.

Strategy B: Develop a plan to offer an educational package at a set fee and include it as an option on the annual dues bill.

Strategy C: Offer incentives to sign up early for education courses and set aside money in the budget to offer financial incentives such as reduced dues to members who obtain advanced designations.

Strategy D: Host educational classes in other towns within our jurisdiction on a rotational basis.

Strategy E: Create a work group consisting primarily of brokers with agent input to develop minimum standards by which all our members should function.

Strategy F: Expand orientation to include these standards.

Strategy G: Create a recognition program that gives positive, public recognition to the offices that have adopted and adhere to these standards.

Strategy H: Partner with other local associations to provide GRI and other designation courses in Northern Idaho.

Goal 5 (tie): Address member apathy

Strategy A: Create an on-line member profile for every one of our members.

Strategy B: On a regular basis, feature a member in the newsletter and at membership meetings.

Strategy C: Create an internal member blog where members could ask questions relating to business and submit comments relating to association issues.

Strategy D: Introduce a "tip of the week" column submitted by members that addresses business practices, technology, etc.

Strategy E: Appoint and ad hoc committee to develop a "Selkirk Association of REALTORS Honor Society," create an on-line application and promote the Honor Society concept to the members.

Strategy F: Consider the needs of our Affiliate members in all the programs we create.

Goal 5 (tie): Create better awareness of technology issues

Strategy A: Appoint an SAR "Technology Committee" responsible for keeping the members up to speed on emerging technology.

Strategy B: Create a technology blog overseen by the Technology Committee as a way of better educating our members on technology.

Strategy C: Assign the Technology Committee the task of investigating the impact of social media, wikis and agent and public comment surrounding the listings of other brokers.

Strategy D: Develop a recommendation for consideration by the Board of Directors to upgrade our lockbox technology.

Goal 7: Strengthen our government affairs program

Strategy A: Become proactive regarding issues that impact private property rights, the environment, smart growth, our quality of life, etc.

Strategy B: Participate in the IAR program to score statewide politicians based upon the support they show for REALTOR issues.

Strategy C: Create a policy whereby the Board of Directors may endorse or oppose legislative, economic development and regulatory initiatives that relate to real estate and the political candidates involved in these initiatives.

Strategy D: Educate members regarding the importance of RPAC.

Strategy E: Explore the possibility of hiring a shared GAD.

Goal 8: Strengthen Code of Ethics education, compliance and the enforcement process

Strategy A: Offer Code education at the membership meetings featuring on one aspect of the Code at each meeting.

Strategy B: Create better awareness of the Professional Standards process in order to make members more comfortable with the complaint process.

Strategy C: Establish a mediation alternative to the arbitration process, fund mediator training and educate members regarding the advantages of mediation.

Goal 9: Create a smooth transition to the new office

Strategy A: Develop a time line for transitioning to the new office.

Strategy B: Market the benefits of the new office to both the members and the community.

Strategy C: Schedule a "Work Day" as a way of creating excitement for and involving more members in the creation of the new office.

Strategy D: Create a policy covering the use of the new facility by both members and the community.

Strategy E: Publish photos in the newsletter showing the space being renovated along with a rendering of what the space will look like once the building has been completed.

Strategy F: Decorate the building with REALTOR family memorabilia depicting important people and events in the history of our organization. Include our mission, motto, community service events, past leadership, etc.

Strategy G: Schedule a public open house and consider inviting local artists to display and sell their works.

Foreclosures

2008-06-20T13:23:00.000-07:00

Daily Real Estate News June 19, 2008

Avoid Pitfalls When Buying Foreclosures Buying a foreclosed home is no cakewalk. It can be a sure-fire way to lose money for a purchaser who isn’t knowledgeable and careful.Here are some prime considerations for anyone wading into the foreclosure market.

Avoid outstanding liens. Make sure the property has a clean title. Any outstanding liens and fees incurred by the original owner will be transferred to the new buyer.
Bid conservatively. The market in many places is still depreciating. That unknown added to transaction, repair, and marketing costs could sour the deal.
Beware foreclosure concentration. Prices in neighborhoods where there are lots of foreclosures have declined the most – and prices in these areas are still declining. A buyer should confirm that there’s an opportunity to make money if prices fall another 15 percent.
Beware the appraisal. If the price is discounted from an appraisal done before August 2007, it is almost certainly unrealistically high.
Cash is king. Even a buyer with a renter lined up and enough money for a 20 percent down payment needs still more cash to weather another two or three years of a depressed market before unloading the property.

Source: Forbes, Matt Woolsey (08/19/08)

New rules for home buyers - May. 12, 2008

2008-06-12T12:18:00.000-07:00

New rules for home buyers - May. 12, 2008

Check this article out on home buying and get up to speed for the summer, then give me a call to go look at homes!

Continuing Ed.

2008-05-15T16:52:00.000-07:00

Like any education oriented career mastering your trade is a process of always seeking education opportunities and getting out there and gaining important real life experience. An important part of my real estate career is continuing to seek out more education that will help keep me up to speed on changes in real estate law, finance, ethics and more. I started a program through Century 21 called Create 21. It is an online class that meets in a live online format with audio, video, and chat capability. I have taken some masters classes in business that were online and they were complete drudgery. All chat, nothing was real time and almost zero interaction. So, I was reluctant when I started this course. But, I find it fun, informative as well as flexible in the sense that if I want to eat breakfast or brew up a second cup of coffee I can do so and not bother the class. I really enjoyed being able to talk to the professor and students in real time.

Buffett advice: Buy smart...and low - May. 5, 2008

2008-05-06T13:58:00.000-07:00

Buffett advice: Buy smart...and low - May. 5, 2008

This article can be related to real estate. You should have a philosophy around home buying and selling a home. You need to know enough about the property to make the investment or if you are a home owner getting a qualified Realtor to educate you on the value of your home will help you make good fiscal decisions on the sale of your property.

Arbitration Guidelines

2008-05-01T10:31:00.000-07:00

As I learn my trade I am required by the National Association of Realtors to go through there "code of ethics" training. This helps me to be informed of what my ethical responsibilities are to my customers, clients and other real estate agents. You might think would be common sense and much of it is, but the ethics of real estate are as involved as the contracts required to broker a purchase or sale. In fact the contracts we use today are a result of ethical disputes regarding the law and the intentions of a buyer or seller. So, when two parties sign a purchase and sale agreement they are both agreeing in writing to be honest and faithful in the business dealings. Knowledge is power folks and keeps everyone honest.

Tips for the real estate professional

2008-04-25T09:41:00.000-07:00

Century 21 Adds etc

2008-04-25T09:40:00.000-07:00

Real Estate Tips

2008-04-25T09:33:00.000-07:00

Here are some videos with great tips on buying and selling homes.