The signs of a housing turnaround

Signs of Housing Turnaround

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T.H. Properties
Hendricks Mortgage

Buy your 1st home in a year...with this plan.

Buy your first home in a year

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5 Ways to Save at Closing

5 ways to save at closing

THP Mortgage Rates

20 do-it-yourself jobs that take 20 minutes

1. Jazz up the cabinets

One of the quickest, most affordable ways to update the appearance of a kitchen or bathroom is to upgrade all the knobs and drawer pulls.

But before you head out to buy the new hardware, remove the existing pulls and carefully note their size and screw positions. The replacements of two-screw handles should have the same space between holes. If you can't find pulls to match existing holes in the drawer fronts or doors, find hardware that has a decorative escutcheon or back plate to cover up the old holes.

Before installing the new hardware, give the doors and drawer faces a good scrubbing. It'll be much harder to clean them after the knobs and pulls are installed.

2. Quiet rattling doors
When latched interior doors rattle, it's usually because of a poor fit between the lock set, strike plate and doorstop molding.

Read more here.

Settlement Preparation: early year-end mortgage payments

Early year-end mortgage payment could cut taxes

A little year-end attention to your mortgage could lower your upcoming IRS bill.

Unlike rent, which you pay beforehand (i.e., your Jan. 1 bill covers your stay in the rental unit for that coming month), your mortgage payments are made at the end of your occupancy period. That means your Jan. 1 mortgage statement represents interest for December, making it a tax-break-eligible bill for this year.

Read more of the article here.

Bracing for winter: 5 tips to hold down heating costs

If winter hits hard in northeastern Iowa, Jake Schmitt knows that his heating-oil customers aren't going to be happy.

Schmitt, an energy specialist with fuel provider New Century FS Inc. in Traer, Iowa, has already heard consumers griping about the cost of residential heating oil, which is projected to rise about 25% nationwide from last year.

"Some of them don't know how they're going to be able to pay for it," he said.

Read more here...

Getting ready for settlement: 19 Ways to slash your utility bills.

19 ways to slash your utility bills

Insulation in the attic is not enough; warm air is sneaking out of your house in dozens of places. Here’s how little fixes can build up to big savings.

Where George Scott sees red, his clients are bleeding green.

Scanning the outside of a ranch home in Longmont, Colo., the energy auditor’s infrared camera registered blue and aqua in spots where heated air stayed put.

That’s what the homeowner expected. “He thought he’d done everything right,” Scott said, because he had tackled obvious stuff like adding insulation. “But he was baffled by his high gas bills.”

Read more from the entire article here.

10 weekend projects to improve your home's value

You don't have to shell out big bucks to get a better price for your home. These easy, inexpensive fixes will add value to your home without breaking the bank.

Fetching top dollar for your home in today's tough market doesn't require an $80,000 kitchen remodel or an expensive landscape redesign.

Real-estate experts say your best bet is to invest a little sweat equity into a series of small weekend jobs — $300 or less — that boost your home's appeal and eliminate buyers' biggest objections.

Read more from the entire article here.

Record low mortgage rates...so what?

What does it mean for me...?



Help is here.

Re-sale Help...more tips for getting your home ready.

21 Instant Home Updates

Check out the ultimate resource for simple remodeling ideas that you can try today.

Bedroom Furniture

4. Try positioning your bed opposite the entry to the bedroom. This will focus the room on its most important function: being a place to rest.

5. Pull small tables or chests of drawers from other rooms to use as bedside tables.

6. Use angle to freshen up your space. Place furniture in a corner diagonally to open up the room and give it a different feel.

Read more from the entire article here.

30-Year Mortgage Rates Sink to Lowest on Record

Interest rates on 30-year fixed rate mortgages dipped to their lowest level in at least 37 years after the Federal Reserve this week reaffirmed its commitment to a program designed to loosen consumer lending, according to a closely watched weekly survey released yesterday.

The average rate fell to 5.19 percent, down from 5.47 percent the previous week and 6.14 percent at the same time last year, according to mortgage financier Freddie Mac, which polled lenders the first three days of this week. The rate is the lowest since the firm started tracking such data in April 1971.

For borrowers, that means the monthly principal and interest payment on a $200,000 mortgage at this rate is $1,097. That's $35 less than it was at last week's rate and $120 less than it was a year earlier. The previous low in Freddie Mac's survey was 5.21 percent in June 2003. In the 1960s, 30-year mortgage rates were generally between 6 and 8 percent. More...

Follow this link to find out what rate are available to you!

Treasury, mortgage rates keep tumbling

Investors poured more money into Treasurys on Thursday, sending yields to record lows again even as the Treasury Department said it would sell record amounts of notes next week.

Usually, a boost in supply would dampen prices and raise yields. However, after the Federal Reserve said Tuesday that it was considering buying long-term government debt, investors are not yet worried about a drop-off in demand.

The 10-year Treasury note's yield sank as low as 2.04 percent, and the 30-year bond's yield dropped as low as 2.52 percent. Low yields are good for borrowers with rates tied to Treasurys, but bad for investors in funds that are swarming to Treasury issues for safety.

"Yields are just at jaw-dropping levels," said Kim Rupert, managing director of global fixed income analysis at Action Economics. "Obviously at some point it comes to an end, but it's not clear where ... If this market has told us anything, it's don't underestimate the powerful demand for Treasurys."

More here...

THP

Re-sale Help...getting your home ready for sale.

8 ways to make your home more charming.

1. Add a picket fence

The big idea: Frame your home by installing a picket fence around your lawn. Anchor posts with bright flowers for a pop of color, or plant a climbing vine that spills over the top.

Notice the details: Pickets come in a variety of shapes and sizes. Four feet is a standard height, and the tops can sit side by side or form a gently sloping pattern.

Read more here.

Purchasing a new home - where do I start?

Step I...watch this video on how to begin. THP outlines the 7 steps to buying your new home!

THP in SecondLife...?

Even THP knows how to have fun! SecondLife is the on-line world for fun, business, and meeting people across the globe.

Who is THP?

The Faces of THP

Who are some of the people that make up the Delaware Valley's largest privately-held builder? Look no further than Linkedin!

Some of THP's Faces...

THP's in Wikipedia!

Helpful Home Ownership Tips

From paint touch-ups to nail pop repairs, we all need help and "pointers" on what to do with new-home settling and seasonal changes. THP has created videos to help...check it out.

New Homes for Sale in Greater Philadelphia Area

Pennsylvania Home Price Heat Map

Trulia has a great tool to understand current pricing trends in Pennsylvania.

The 2010 Census

Gearing up for the 2010 Census...what are the Housing Alliance of PA's plans...? As members of the affordable housing community, we're all aware of the importance of an accurate and complete United States Census. That's why we're passing on this call for help and participation in the upcoming 2010 CENSUS.

Obama Taps NY Housing Chief

President-elect Barack Obama has picked New York City housing commissioner Shaun Donovan to be secretary of housing and urban development, a post that Obama said would play a lead role in his administration's efforts to stem the rising tide of foreclosures and rebuild the nation's efforts to expand homeownership.

Speaking yesterday during his weekly address, Obama also said that he had asked his economic team to develop a "bold plan" to dramatically increase the number of people who can stay in their homes despite being threatened with foreclosure.

National Home Prices by Metro Area

U.S. home prices fell 2.7% in the third quarter and have dropped 4% over the past 12 months, according to data released Tuesday by the Federal Housing Finance Agency. That's the largest four-quarter drop in the history of the index, which dates to 1975.

"Prices continued their retreat in most areas in the third quarter," agency chief economist Patrick Lawler said. "While housing affordability has improved and may have drawn in some new buyers, it seems that high inventory levels and buyer uncertainty have had the dominant impact on prices."

Read more information here.

Philadelphia Area Housing Stats

The average home price in Philadelphia, PA, is approximately $224,000.00. This average price has steadily risen for many years.

Read more information here.

Number of first-time home buyers is increasing

Falling prices and lower interest rates allow for a very buyer-centric housing market. The first-time home buyer has the opportunity to shop without having the additional concerns of selling their current home.

Low home prices and excess supply helped drive a rise in first-time U.S. home buyers and reduce excess inventory, according to a study released Saturday by The National Association of Realtors.

According to the survey, which was released at the 2008 Realtors Conference & Expo, the number of first-time buyers rose to 41 percent from 39 percent of all transactions in 2007.

"First-time buyers are much more flexible in entering the market because they aren't concerned about selling an existing home," National Association of Realtors Chief Economist Lawrence Yun said in a statement.

Read the entire article here.

Homeowners refinance and stash savings away

As rates drop like the prices at the gas pumps, people re-evaluate the choices between staying in their current home and purchasing a new one. You can maintain control over your options as long as you know, understand, and follow the trends.

When mortgage rates dropped to the lowest levels in almost a year, Warren Zeger seized the opportunity to slash $720 off his monthly mortgage payment by refinancing his home in Potomac, Md.

Just don't expect him to spend the savings.

"I'd love to tell you I'm going to spend it to help prop up the economy, but we've tightened our belts," said Zeger, 61, a retired attorney. "I plan on holding on to it."

Zeger echoed homeowners The Associated Press interviewed nationwide who have taken advantage of lower rates since Nov. 25th. They planned to stuff the money they saved under the mattress or pay off bills. Refinance activity has surged as interest rates tumbled about 1 percentage point to around 5.5 percent in response to the Federal Reserve's plan to scoop up $600 billion of mortgage-related securities.

Read the entire article here.

Housing and Economic Recovery Act of 2008

I thought it would be a good exercise to look back at the summer, around the time of the $300 billion infusion to help "cure" the ailing market. Let this serve as more of a tool to educate, as we close out 2008 and approach the winter housing market of 2009. An educated consumer is [still the] our best customer - I think I just dated myself?

The Housing and Economic Recovery Act of 2008 (Pub.L. 110-289, 122 Stat. 2654, enacted July 30, 2008) designed primarily to address the subprime mortgage crisis, was passed by the United States Congress on July 24, 2008 and signed by President George W. Bush on July 30, 2008. It authorizes the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders write-down principal loan balances to 90 percent of current appraisal value. It's intended to restore confidence in Fannie Mae and Freddie Mac by strengthening regulations and injecting capital into the two large U.S. suppliers of mortgage funding. States will be authorized to refinance subprime loans using mortgage revenue bonds. It also establishes the Federal Housing Finance Agency (FHFA) out of the Federal Housing Finance Board (FHFB) and Office of Federal Housing Enterprise Oversight (OFHEO).

For additional information please click here.


FAQ's from the U.S. Department of Housing and Urban Development can be found here.

Mortgage Applications More than Double

Mortgage applications more than doubled in the holiday week ended Nov. 28, the Mortgage Bankers Association said Wednesday, as government bailouts led to sinking interest rates.

In the weekly report, the Market Composite Index - the association's measure of mortgage loan application volume - surged 112.1% on a seasonally adjusted basis from the week earlier.

On an unadjusted basis, the index increased 51.4% from the previous week; it was down 21.9% from a year earlier, the report said. Results include an adjustment to account for the Thanksgiving holiday.

Rates plummeted following the Fed's announcement that it would buy debt and mortgage-backed securities from mortgage finance companies Fannie Mae and Freddie Mac, according to Orawin Velz, associate vice president of economic forecasting, in a statement.

Read the entire article here.

Lower Rates Could Open the Door to Your New Home

Proposal Could Drop Mortgage Rates to 4.5 Percent

Silicon Valley mortgage brokers could barely contain their enthusiasm as news leaked from Washington of a proposal to reignite the dormant housing market by driving down mortgage rates to the 4.5 percent range.

The plan, which reportedly could be announced as early as next week, has the potential to dramatically boost the housing market and the faltering economy by stimulating stagnant home sales and significantly lowering monthly mortgage payments for millions of Americans.

"It would be a dream come true," said Cathy Warshawsky of Bay Area Loan in San Jose, the president of the Silicon Valley chapter of the California Association of Mortgage Brokers.

At rates of 4.5 percent for a fixed, 30-year loan, "We would have everybody and their brother who had equity in their homes coming to refinance. That would be an amazing influx of loan applications. It would keep things going for a long, long time."

Read the entire article here.

Brighter Skies Ahead

The silver lining in a cloudy economy; a real estate view, focused on the multifamily market.

How is the credit crisis impacting multifamily, regarding both the approval of new renters and getting new projects financed?

An obvious casualty of the present dislocation/risk aversion in the real estate capital markets is the apartment supply pipeline. Financing for new apartment construction has become considerably more difficult to secure. Thus, following net completions of about 140,000 units in 2008 and 120,000 units in 2009 across the PPR54 (the 54 largest metros in the U.S.), expected deliveries in 2010-11should be extremely modest. On the resident side of the equation, payroll losses and high levels of home foreclosures mean that landlords are facing a pool of renters who have a more challenging credit background.

Read the entire article here.

New Home Purchase Questions

Buying a home can be a complicated process. There are many areas to consider when purchasing a new home. Asking the right questions can help you decide where to purchase and how to build your new home. Some are obvious and some are more complicated.

Questions you should ask yourself before searching for a new home:

• How far am I willing to commute to work?
• Would I be willing to drive further to save money?
• What monthly payment would I be comfortable with?
• Will I plan to have more kids or need room for an expanding family?
• What do I like / dislike about my current living situation

Questions to ask homebuilder sales agent:

• Are there any current builder incentives with the community?
• What features set your home apart from other builders?
• What other communities have you built in the past? (then visit those communities)
• How long do you project this site to be under construction?
• How long will it take to build my home?
• What does the typical person spend on upgrades? Can I see a list of your upgrades?
• What are you standard features?
• How much money is needed for down money?
• What are typical closing costs?
• Is there a Home Owner’s Association (HOA) and if so how much are the HOA fees?
• I have a home to sell. Do you offer a contingent agreement of sale? (Not all builders offer this. Contingencies allow you time to sell your home and provide no risk for losing your down money).
• Lastly, ask to look at all documents including HOA documents, site plans, agreement of sale, and any other pertinent documents before signing the agreement of sale.

Where to look for a new home

Whether you are relocating or just looking for a new home in your current town. Here are some general rules when searching for that right community.

I have broken down the new construction housing market into 5 main areas:

City Center
Immediate Suburbs
Outer Suburbs
Exurbia
Rural Living

As a general rule of thumb for new construction: Your city centers and immediate suburbs are going to be the highest priced areas. The farther out you go from a city center, prices definitely drop. Consider looking for new home construction a little further out you’re your normally would. Often times for an additional commute time of 15 to 20 mins longer, you can save any where in the range of $100,000!

For example, the builder I work for T.H. Propertes once had an ad in Lansdale, PA for a Pennsburg, PA community that read, “Driving 20 mins could save you $100,000 or more.” Rural exurbia is sometime closer thank you think and could save you lots of money. Additionally, these homes have the greatest potential for higher resales. Most of these areas are “up and coming areas” and will increase in value as more people move to the area. Lastly, you will have less traffic congestion, a more scenic surrounding, and a bigger home for less money! Areas to consider in the Philadelphia market are northern Montgomery, Northern Bucks County, Eastern Camden County, and Western / North Western Chester County.

Once you find that area you want to live in, visit every sales center possible even if you think it is out of your price range. Home Builders are offering ridiculous incentives right now and the home of your dreams might less expensive than you think!

New First-Time Home Buyer Tax Credit Overview

President Bush signed into law yesterday the First-Time Home Buyer Tax Credit http://www.foxnews.com/story/0,2933,394304,00.html. This is monumental for those people that were on the edge of the buying. If ever there was a time to buy, now is the time to do it! Prices are as low as they will ever get, most builders are offering great incentives, and this new $7,500 tax credit will only sweeten the deal. All first time home buyers that settle or have settled on their home between April 9, 2008 and July 1, 2009 will be eligible for this tax credit. Of course there are income requirements which I have listed below:

• Single or head of household homebuyers with an adjusted gross income (AGI) less than $75,000 will be eligible for the full $7,500 rebate.
• Married couples filing joint returns have an increased limit of $150,000.
• Partial payments are available for single / head of household taxpayers with incomes between $75,000 - $95,000.
• Partial payments are also available for married couple filling jointly between $150,000 and $170,000.

Things to note:

• The tax credit must be repaid, but over a 15 year period and get this…. it is interest free!
• Probably the single biggest change is the elimination of down-payment assistance programs. However, this will not be eliminated until September 30, 2008! Visit a homebuilder now to take advantage. Many builders are able to provide assistance with little or no money down. The company I work for, T.H. Properties, currently has an offer to get people in their homes with less than $1,000 down before October 1, on top of the $7,500 tax credit, cash incentives as high as $25,000, and they'll even cover your closing cost.

I can't stress enough that this is the time to buy. At the very least, visit a local builder and see what they have to offer.

For more information, visit http://www.federalhousingtaxcredit.com/

Buying a new home?

Building a new home can be one of the best financial and personal decisions you will make in your life. We’ve all heard the horror stories of some homebuilders taking advantage of their customers. However, by being an informed consumer and asking the right questions you can be well on your way to owning a new home that is comfortable, well-built and proud to show your friends and family. Benefits of building new construction over a resale home are:

• Being able to choose your own floor plan and options to match your style and needs
• Not having to worry about the maintenance costs of an older home
• Having the comfort of an extensive warranty that provides comprehensive protection for one to two years and provides structural protection for five to ten years
• Relying on the builder customer service team that will typically fix anything that goes wrong in the first year if not first two years
• Finally, it’s never been lived in! No used toilet seats, no worn down carpet and no scratches in the countertop – everything is brand new

This blog will cover the ins and outs of buying a new home. We will cover common mistakes and how to avoid those mistakes. Additionally, we will reveal how to get the most for your money. You should never settle for anything but quality, no matter what your price range!