Realtor Coaching & Training: CNBC Videos
First Time Home Buyer Credit
Harris Real Estate University Students (and future students), we want your comments and feedback on this topic. As you know the home buyer tax credit is soon expiring. All signs point to this home buyer credit not being renewed or extended.
Our question for you is, did it matter?
We know that the NAR, MBA and the Home Builders Association were huge proponents of this government handout. The real question is, did the credit really motivate buyers or did the low interest rates and low home prices do the trick?
Are you seeing an increase or decrease in buyers looking for homes? Are a majority of your buyers ‘first timers’, investors or move ups?
Last question, do you think the expiration of this tax credit will have an adverse effect on your real estate market?
Here is the video:
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This is a new video from CNBC….
HREU students will watch this video and think to themselves….”Tim and Julie told me about all of this new HAFA info LAST November”
Yep, we did.
And many of your took action late last year and are now ready for all the massive changes with short sales starting April 5th!
Bottom line, 2010 IS the Year of the Short Sale…here are a few of the highlights of the new HAFA Short Sale Plan:
* Standard Short Sale documents. All the forms will be the same regardless of lenders.
* $1500 to borrowers to move. Homeowners will literally earn $1500 for doing a short sale!
* $1000 to the banks to do Short Sales. Lenders will receive $1000 for doing a short sale.
* 6% commissions. No more worrying about reduced commissions.
* Lenders will required to respond to all short sale offers within 10 days!
* fast track short sale closings…we expect to see short sales close faster than even REOs!
Agents, please be clear on this. Your market will want you to know how to do short sales using these new Treasury Department guidelines. Learn now, earn now. Watch the FREE HREU CDPD Agent Short Sale Secrets video now…and download the FREE Agent Short Sale Secrets book.
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Harris Real Estate University has been advocating the streamlined…fast track short sales for years.
The HREU CDPD Short Sale Secrets coaching program is the nations largest short sale training education resource in the nation.
Why should you care?
Simple, because we have the utmost confidence that HAFA (or whatever it evolves into) will be the solution for this seemingly never ending housing crisis. Agents, you simply must learn the new 2010 Short Sale Rules. Everything you think you know about short sales will change April 5th. Are you ready?
Interesting video from CNBC’s Diana Olick.
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The US housing market will face another retreat while mortgage-backed securities and Treasurys are likely to go through a “material” correction, Meredith Whitney, CEO of Meredith Whitney Advisory Group, told CNBC Tuesday.
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Interesting new story from CNBC about PMI companies not paying up.
Specifically, the PMI companies aren’t paying the mortgage lenders for the losses they are incurring. This is useful information for those of you whom have come across PMI companies attempting to demand repayment from the borrower for a portion of the loss.
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What will happen when the Fed pulls out the support for the mortgage markets..later this month?
That is one of the biggest ‘unknowns’ in the real estate industry.
Interesting points from this video:
* Home sales DOWN over 7%.
* Despite interest rates BELOW 5% demand is not increasing…why?
* Millions of homeowners are upside down and can’t move up…so interest rates don’t help those folks.
* Jumbo Loans are still VERY difficult to obtain. Lenders have to use their own money vs Fannie/ Freddie.
* Shadow inventory expected to hit the markets….5,000,000.
* Government programs are slowing the correction that must happen inorder for the housing market to completely ‘clear’.
Here is the video:
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The S&P Case Shiller Home Price index was just released. Here are the talking points:
* Home Prices RISE for the 7th straight month in a row!
* Government intervention IS a huge factor. Agents, remember….this ‘intervention’ end this spring AND don’t expect for the buyer credit to be extended.
* Very uncertain what will happen once the government stops buying MBS (Mortgage Backed Securities) and interest rates rise. Higher rates = fewer buyers.
* Added insecurity from the ending of the home buyer tax credit. Dr. Shiller seemed to believe that once the credit expires the market will suffer.
* Home prices are almost at pre-bubble values…2000. So…yeah…if you are going to own your home for a long time…it is indeed..A GREAT TIME TO BUY.
* Double dip in housing can’t be ruled out. Dr. Shiller was concerned that once the interest rates rise, the credit expires there may be a ‘double dip’ in national home values.
* Not optimistic for builders in the short run.
* Housing has no momentum..negative or positive.
* Unemployment rate and consumer confidence
* His bottom line, once the bubble appreciation is completely deflated.
* Long term? Slow…boring…moderate to low (or no) home value appreciation for the long run. Homes are a place to live…NOT and ‘investment’.
Here is a video from CNBC:
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