I Haven’t Vanished, Just Moved

First – to all who have read, comments, subscribed or contacted me from this blog over the last four years  - Thank you very much.

You’ll notice that I haven’t posted any new articles here since July, 2010. The reason for that is that I have transitioned out of the Real Estate business to pursue my other business on a full-time basis.  Since this blog still has more than 1500 visits per month I am leaving intact.  The 107 articles are there for you to view at your convenience.

If you still require a current does of Schwartz-isms stop by my new home SALES ADDICTION.COM   or connect with me on FACEBOOK or TWITTER.

Rick

Fun, Free Kids Event 7/30 at ENOPI in Brookfield

Is summer starting to drag? Take your kids to this free comedy/magic show this Friday in Brookfield.

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Low Mortgage Rates, Low Prices – So Where Are The Buyers?

There’s very little debate over the fact that this is a “Buyer’s” Market” right now.  The thing is that this time around it’s a little different than in past market cycles.  There are plenty of homes to choose from, prices are low (still declining in many areas) and interest are as ever.

By all rights, there should be lots and lots of people buying houses right now.  There aren’t!  There are buyers and they are buying houses but not at the pace that the market conditions should justify.

Why not?

Here’s a short video that may be helpful in understanding part of the reason.

New “Quality” Guidelines for Fannie Mae Mortgages

I recently received the following doc from William Raveis Mortgage Company* regarding the new guidelines that went into effect on 6/1/20.

As you’ll see there are some new pieces of documentation that will be required for all FNMA loans. These are being adopted by Secondary Market Investors.

This does not necessarily mean that it will be harder to get through the mortgage process.  It does mean that you should be very vigilant in discussing ALL aspects of getting your loan with your lender.   Being prepared lessens the chances of last-minute surprises.

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*William Raveis Mortgage Company is an affiliated company owned by the brokerage I work for – William Raveis Real Estate.

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Rick Schwartz,   REALTOR

Homes for sale in Danbury, Bethel, Brookfield, Newtown, New Fairfield, New Milford, Ridgefield and Redding CT.

Will “Shadow Inventory” Drive Home Prices Further Down?

First to start with a disclaimer: Even if the opinions and predictions in this article are 100% accurate – it does NOT mean you can’t buy or sell a home.  It just means you have to work with a Realtor who is staying on top of the dynamics in the market place.    It’s always been my feeling, in all walks of life, that most bad outcomes are the results of  “flying blind”.

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We all keep waiting for the  market to hit bottom and then rebound.  That may not happen for a while – a long while according to an article from Amy Hoaks of Market Watch.

Most of the theory and forecasting in this article come from a presentation that Stan Humphries, Chief Economist from Zillow.com gave to the National Association of Realtor Estate Editors (an 80 year old organization of Real Estate Journalists) in Austin Texas earlier this month.

SUPPLY ‘N DEMAND

The gist of the forecast is, always, about inventory.  Remember the Real Estate Market runs on the very basics of Business 101 – Supply And Demand.   When inventory is down, prices go up and vice versa.

There is much data to support that inventory is going to continue to go up dramatically over the next 18 – 24 months.  Humphries proejcts than even light of the slight up-tick in the national median home sale price – there are two large sources of inventory that likely will hit the streets soon.

SHADOW INVENTORY

The first is “shadow inventory”. These are homes that banks are currently holding but have not yet put on the active market. In addition there are a lot of homeowners who have not yet been foreclosed upon but likely will be. They are way behind on payments, or they are trying to handle a loan modification, which is still difficult for them to make payments.  There doesn’t seem to be an accurate number for this but the consensus is that it’s a big one.

SIDELINED SELLERS

According to Humprhies the other large group – which he estimate to be as many as 5 million homes – are people who have been putting off selling their homes for the last couple of years as they have waited for the market.  Due the plethora of “signs” that the economy is improving slowly, many of these homeowners will put their houses on the market because they really need to move, for whatever reason.

No one really knows what’s going to happen but I think it’s important to stay as informed as possible so you can make contingency plans to handle whatever is coming.

Here is the link to Hoak’s article.

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Rick Schwartz,   REALTOR

Homes for sale in Danbury, Bethel, Brookfield, Newtown, New Fairfield, New Milford, Ridgefield and Redding CT.

Danbury CT Summer Concerts On The Green Start 6/12

City Center Danbury CT is kicking off  their 2010 Concerts On The Green tomorrow evening at 7:30 with the Danbury Symphony

Orchestra.  Admission is free.

Concerts will be held all summer long culminating with The Marshall Tucker Band on September 11.

Here is the entire schedule.  Hope to see you there.

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Rick Schwartz,   REALTOR

Homes for sale in Danbury, Bethel, Brookfield, Newtown, New Fairfield, New Milford, Ridgefield and Redding CT.