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Robert Stamey

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5 Reasons You Shouldn't For Sale By Owner

by www.keepingcurrentmatters.com

Some homeowners consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers.

Here are five reasons:

1. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

  • The buyer who wants the best deal possible
  • The buyer’s agent who solely represents the best interest of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies which work for the buyer and will almost always find some problems with the house.
  • The appraiser if there is a question of value

2. Exposure to Prospective Purchasers

Recent studies have shown that 88% of buyers search online for a home. That is in comparison to only 21% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

3. Results Come from the Internet

Where do buyers find the home they actually purchased?

  • 43% on the internet
  • 9% from a yard sign
  • 1% from newspaper

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

4. FSBOing has Become More and More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 9% over the last 20+ years.

5. You Net More Money when Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.

Studies have shown that the typical house sold by the homeowner sells for $208,000 while the typical house sold by an agent sells for $235,000. This doesn’t mean that an agent can get $27,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.

FHA Mortgage Insurance Premiums Reduced

by White House Press Release

THE WHITE HOUSE

Office of the Press Secretary

 

FOR IMMEDIATE RELEASE

January 7, 2015

 

FACT SHEET: Making Homeownership More Accessible and Sustainable

 

When President Obama took office, our housing market was in free-fall, and rising unemployment and plunging house prices posed numerous challenges for families and the broader economy.  The President took immediate action to stabilize the housing market and protect the middle class.  These steps helped millions of middle class families stay in their homes, save money on their mortgages, and turn their communities around. 

Today, the housing market is on firmer footing. Rising home values have brought millions of families out from being underwater, new foreclosures are at the lowest levels since 2006, and home sales have substantially increased.  The President’s push for tough enforcement against past abuses and strong new consumer protections have helped curb irresponsible lending and have given responsible Americans more confidence and security in their most substantial investment. And the Consumer Financial Protection Bureau has pioneered new, streamlined mortgage forms to make simpler and easier for families to buy a house. 

Still, there’s more work to do: too many creditworthy families who can afford—and want to purchase—a home are shut out of homeownership opportunities due to today’s tight lending market. That is why today, the President announced a major new step that his Administration is taking to make mortgages more affordable and accessible for creditworthy families. The Federal Housing Administration (FHA) will reduce annual mortgage insurance premiums by 0.5 percentage point from 1.35 percent to 0.85 percent. For the typical first-time homebuyer, this reduction will translate into a $900 reduction in their annual mortgage payment. Existing homeowners who refinance into an FHA mortgage will see similar reductions to their mortgage payments as well. In total, this action will help millions of families save billions of dollars in mortgage payments in the coming years, helping to support the housing market recovery. The new premium level is fully consistent with the FHA’s commitment to continue strengthening its financial health through growing reserves. At the same time, full documentation and continued strong underwriting means lending will remain prudent and sustainable – benefitting both homeowners and FHA.

This step is part of the President’s broader effort to expand responsible lending to creditworthy borrowers and increase access to sustainable rental housing for families not ready or wanting to buy a home. In the coming months the Administration will be taking additional steps to cut red tape and clarify lending standards to build on the measures announced today. And the Administration will continue to urge bipartisan progress in Congress to pass comprehensive housing finance reform legislation that will secure a stable and resilient housing finance system – one that will ensure broad access to mortgages at affordable rates and better serve future generations.  

Lower Credit Scores Now Accepted

by Robert Stamey

Atlantic Bay Mortgage just annouced a new opportunity for folks with lower credit scores. Here are the highlights;

Here are some highlights
· Credit scores as low as 580 on FHA, VA*
· Credit scores as low as 620 on USDA loan programs**
· Very few lenders are able to offer these flexible terms
· Most lenders require at least a 640 credit score on
government programs
· Competitive rates even with lower credit scores
· We’ll allow credit rescoring to help those
qualify for the best mortgage terms
· 48 hour underwriting turn times
· Atlantic Bay underwrites, closes, and funds the loans
· Quick closings

Credit scores as low as 580 on FHA, VA*· Credit scores as low as 620 on USDA loan programs**· Very few lenders are able to offer these flexible terms· Most lenders require at least a 640 credit score on government programs· Competitive rates even with lower credit scores· We’ll allow credit rescoring to help those qualify for the best mortgage terms· 48 hour underwriting turn times· Atlantic Bay underwrites, closes, and funds the loans· Quick closings!

Contact me for more information or to pre-qualify for your home loan. 

Instantly Learn Your Homes Value!

by Robert Stamey

Instantly Learn Your Homes Value

Thinking of Selling?

by Robert Stamey

 

Then don’t forget we offer a 4% total commissions program to sell your home. Not only will you save thousands, you’ll get our extreme marketing plan as well.  Be sure to ask about our NO HASSLE exit agreement. There’s no reason to call anybody else!

Sold for better than list price in one day

by Robert Stamey

My recent clients made the news...I was the list agent and they the sellers on the house referenced in this article...The story is pretty cool and the letter was a nice touch...But I'm thinking the $5k over list price is what sealed the deal...A win win for everyone in this deal!!!!!

 

http://hamptonroads.com/2013/07/when-buying-new-home-becomes-personal

Laurel Woods Estates in the News

by Robert Stamey

We made the news again! Check out the Pilot Online article below.

http://hamptonroads.com/2013/07/building-business-booming-currituck-county

Why VA residents move to NC?

by Robert Stamey

It’s simple. Lower cost of living, more land, great schools, and no money down financing. With a tax rate of only .32 cents per 100 dollars of valuation, the tax savings alone will reduce your monthly mortgage around $130.00 dollars. Qualified military retirees pay “no” state tax in North Carolina.  For families, great schools make moving to the Moyock area a smart decision. Currituck County schools are consistently recognized as some of the best schools in the state. As for financing, qualified buyers can take advantage of the USDA “no money down” financing option which is not available in Hampton Roads;

  • No down payment and no mortgage payment the first month.
  • Closing costs, prepaid items, legal/service fees may be included.
  • 30-year fixed loans at the lowest market rates.
  • No sales price limit - limits based on income and household size.

Do you have specific questions about relocating to Moyock/Currituck NC or the USDA no money down financing?  Feel free to contact me directly @ 757-287-7333.

Should I Buy a Home Now?

by Robert Stamey

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

Displaying blog entries 1-9 of 9

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Robert Stamey
A Better Way Realty
111 Currituck Commercial Dr. Ste. B
Moyock NC 27958
252-455-1122
252-435-6402
Fax: 252-435-6403