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Top 10 Features 55+ Baby Boomer Buyer's Want In A Home.

by Anthony Litz

A recent survey given to 55+ Home Buyers shows what their 10 most important design features are.  This can be important information to you when selling a home or when buying and thinking of selling down the road.  Surprisingly a downstairs master bedroom isn't higher on the list!  --In Pitt County and the Greenville Area, we as Realtors get asked more often about what floor the master bedroom is on than if the house comes with a washing machine.

  1. 90% - Washer/Dryer in the Home
  2. 84% - Storage Space
  3. 81% - Windows that Open Easily
  4. 73% - Garage Door Opener
  5. 73% - Easy-to-use Thermostat
  6. 71% - Master Bedroom on 1st Floor
  7. 67% - Private Patio
  8. 66% - Porch
  9. 65% - Attached Garage
  10. 64% - Bigger Bathrooms.

 

For more information about current real estate topics including selling your home or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Resources: National Association of Home Builders

google map to real pro systemsFannie Mae-owned foreclosed properties are currently available for purchase to owner-occupied buyers before investors have an opportunity to buy them.  Fannie Mae calls this program First Look and has offered this incentive for a little more than a year, and recently revamped the program to include some HUD homes. In the Greenville, NC-Pitt County area, the First Look time period is typically the first 15 days the property is initially on the market.  Fannie Mae has made it easy to see what day of First Look the listing is on by visiting www.HomePath.com.

Home owners who plan to occupy a purchased home can put a property under contract during the first 15 days of the listings life. While investors, who typically buy about 70% of all foreclosures, have to wait until the First Look period is over with; ie: day 16.  Fannie Mae says, "While investors play an important role in the REO market, home buyers who intend to occupy a home make an immediate and lasting commitment to the community and therefore merit priority consideration in the REO sales process."  This program is making some inventory sit on the market longer than you would expect; even up to 90 days before investors can make an offer.

The truth of the matter is that most foreclosure and bank owned properties are in unlivable or undesirable conditions and are generally not the type of homes owner-occupants purchase. Buyers typically do not want a lot of clean-up and projects to work on when they first buy and move into a home.  Plus, many foreclosure homes will not qualify for conventional loans because of even small defects in the properties, such as a hole in a wall.  This means foreclosure homes cater to investors because investors more often have the resources to renovate these distressed properties.

From The Pistol Tingen Team’s experience Fannie Mae's First Look program does give more opportunity for home owners to have a leg up on investors.  On the other hand, quite often the program is letting the wrong person buy the house. Which has actually made more deals fall through, foreclosures stay on the market much longer and end up selling for less!

Foreclosures typically are not in the pristine condition that owner-occupant buyers are hoping for. Or buyers can't get a loan because of a defect in the home.  So, the owner-occupant buyer may by contract legally walk away from the deal during their inspection period. Thus the home goes back on the market, still belonging to Fannie Mae and the First Look period restarts at day 0.  In this example, 30+ days of marketing time have been used up, for no deal and to start all over again.  Our Team is seeing some single family Fannie Mae homes that fit this description go under contract 2-3 times before someone actually closes on the home. A lot of times it is an investor, who had realistic expectations to start with (that the home was in poor condition) that finally purchases the house.  Ironically the investor will buy the home for less because the listing is now “old” and due for price reductions. And all the while the investor could have purchased and closed within a fraction of time and would have probably paid more for the home.

In a perfect world it is nice that Fannie Mae is giving such opportunity to these owner-occupants.  But in the real world their program is clogging the market with aging, distressed properties while we are heading into the slowest marketing season of the year.

For more information about current real estate topics including foreclosures or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Resource: FannieMae.com

New Trend? Interest Rates Increase -2nd Week In A Row.

by Anthony Litz

Not too long ago mortgage rates reached an all time low, and are still the best that any buyer could hope for.  But a new trend is emerging; 30-year fixed interest rates have increased for the second week in a row according to national averages with Freddie Mac.  This comes after around 10 weeks of decline.

9-17-2010 30-year mortgage rates increase

We may have hit the bottom.  If you are "on the fence" waiting for the house buying market to get even sweeter, it may be time to make a move.

Of course rates are going to vary on a case-by-case basis depending on an individual’s credit history and what programs a lender can offer. Rates are negotiable and competitive.  Shop and compare a couple lenders' quotes to get the best rate and combination of fees. Call The Pistol Tingen Team at 252-321-6161 or send us an email if you would like some lender recommendations along with their phone numbers.  We are a wealth of information; please don't hesitate to contact us with any questions or for advice.

3 Hot Foreclosure Listings:

by Anthony Litz

103 N Outerbridge St, Robersonville, NC

Foreclosure home for sale in Robersonville, 103 N Outerbridge St

$28,000
Tax Value=$122,970
3,086sqft
2 Bedrooms
2 Bathooms
1-Car Attached Garage
1-Car Detached Garage/Shop


3086sqft, Covered porch, 2-Sunrooms, 1-Detached Garage/shop, 1-Attached Garage, Hardwoods, Home has somewhat been updated recently, but repairs are not complete and home does need work. Foreclosure, Fannie Mae Home. Purchase this prop for as little as 3 percent down! Home is approved for HomePath.com Mortgage Renovation Financing. Property to be re-keyed at buyers expense.

Click here to view this listing via our team's website with additional photos.

 


671 Tabard Rd, Winterville, NC

Foreclosure home for sale in Winterville, 671 Tabard Rd

$204,900
Tax Value=$221,509
2,228sqft
3 Bedrooms
2.5 Bathooms
2-Car Attached Garage


Built by The Evans Company, this one-owner home is now available for sale as a foreclosure. Situated in Winterville’s Canterbury subdivision, on a tree-lined .24 acre lot with an open backyard, deck, covered front porch and attached 2-car garage makes this home great for family fun and relaxation! The floorplan features approximately 2,228 sq. ft., 3 bedrooms, 2.5 bathrooms, formal dining room, dine-in kitchen and laundry/mud room. Richly toned hardwood floors flow throughout the foyer and dining room. An oversized master suite awaits featuring 2-walk-in closets, private bathroom with tiled shower, oversized-whirlpool tub and double vanity. Other desirable features of this fantastic home include wood trim/ moldings throughout, all bedrooms have ceiling fans, many rooms have recessed lighting, finished bonus room, extra eve-storage as well as an attic. Don’t miss seeing this charming home in a great neighborhood and priced to sell—truly a rare  find!

Click here to view this listing via our team's website with additional photos.

 


2113 5th Street, Greenville, NC

Foreclosure home for sale in Greenville, 2113 5th Street

$139,900
Tax Value=$152,403
2,340sqft
5 Bedrooms
3 Bathooms
2-Car Attached Carport


Conveniently located near downtown Greenville and in the University Area this home sits across the street from Wahl Coates Lab Elementary School. Updated some, this home includes approximately 2,340sq. ft., 5 bedrooms and 3 bathrooms, and a spacious family room with fireplace.  Both cooking and dining  alike will be a pleasure within either the formal dining room, or eat-in kitchen which offers a gas range, and dishwasher. Lots of cabinetry and counter space offer ample, accessible storage solutions.  The fenced-in patio with big backyard is a wonderful area where seasons of outdoor fun and memorable family activities can be created!  Plus, the backyard patio is the perfect spot for both grilling and entertaining. This is a Fannie Mae HomePath property, it is pre-approved for HomePath Mortgage and Renovation Financing. The home may be purchased with as little as 3% down with HomePath. Call us today for a tour or to get more information on HomePath and Fannie Mae Foreclosures!

Click here to view this listing via our team's website with additional photos.



For more information about these foreclosure listings or for assistance searching for other real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.


Foreclosures Increase 25% From Last August

by Anthony Litz

Since the US mortgage crisis began banks and lenders have foreclosed on more homes this past August than ever. The rate of foreclosures has increased annually every month for the last nine months. 95,364 properties nationwide were taken-back in August, only 3% more than July, but that is a 25% increase from a year ago.

Foreclosure sign, Fannie Mae, Homepath.com Experts say even though it seems there are more bank-owned listings for sale today, less than 33% of the current foreclosure inventory is listed for sale! "These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer's market with too much distressed inventory for fear of what it would do for house prices," says Realtytrac.com.

In August 338,836 properties have received a foreclosure-related warning. This translates into 1 out of every 381 US properties.

For more information about current real estate topics or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

 Homes lost to foreclosure up 25% from last August -USA Today

Displaying blog entries 1-5 of 5

BERKSHIRE HATHAWAY HomeServices Prime Properties,   Greenville, NC, 2625 Charles Blvd.

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