February 9, 2015

Why Homebuyers Need To Act Now - National Association Of Realtors

Why Homebuyers Need to Act Now

Home buyers need to move fast if they want to spend less, notes Jonathan Smoke, chief economist at realtor.com® in commentary at the site.
“Delayed purchases will only result in higher monthly mortgage payments as prices and rates rise,” Smoke writes. Realtor.com® is forecasting that affordability may decline as much as 10 percent over the year.
The Federal Reserve continues to remind the financial markets that it plans to raise its target federal funds rate this year, which will cause mortgage rates to rise. Many economists are predicting 30-year fixed-rate mortgages to average near 5 percent by the end of the year.  
For now, mortgage rates are near historical lows for homebuyers and home owners who can take advantage. Freddie Mac reported last week that the 30-year fixed-rate mortgage averaged 3.66 percent (last year at this time it averaged 4.32 percent), and 15-year fixed-rate mortgages averaged 2.98 percent (a year ago, it averaged 3.40 percent). 
“Right now, the Fed is using the word ‘patient’ to describe its approach to picking the time to raise the target rate,” Smoke notes. “However, when the Fed ‘loses patience,’ rates will go up at least 20 to 40 basis points in anticipation of the target rate officially going up. … So, buyers beware: The clock on these low mortgage rates may be ticking.”
Source: “2015: Buy Now, Before the Fed’s Patience Ends,” realtor.com® (Jan. 30, 2015)

By: Heeran Workman, MBA, Realtor - eXp Realty Omaha 

January 23, 2015

Pocket Listings - Homes That Are For Sale But Not Available On The Market

What is a Pocket Listing?
Pocket listings exist when:
1.  A Realtor has signed up the listing paperwork to sell a home but the home is not on the market yet. For example, a seller may decide to hire Heeran's Home Team to sell their home and sign all of the listing paperwork, but the home is not on the market yet.  Those homes are in "Pre-Marketing" status and when we come across buyers who would be a right fit for those pocket listings, we let them know about it now but it's not available to the public yet.
2.  Sometimes a homeowner may hire an agent to sell their home privately.  They may not want their neighbors to know that their home is for sale or they may have other personal reasons.  They will ask their agent to refrain from listing the home on the Omaha MLS.
3.  A homeowner may be interested in selling their home in the upcoming months but not quite ready to pull the trigger to hire an agent.  They will ask Realtors that in the meantime if they come across a buyer who would be a great fit to sell their home to, to let them know.
How Do I Find Pocket Listings For Sale?
1.  Call every Omaha Metro Area Realtor and ask if they have Pocket Listings that fit your needs.
2.  Call Heeran's Home Team at (402) 707-7878 and let us know the type of home you are looking for and we will send out an email blast to the entire agent community looking for your perfect home!  This is by far the EASIEST option.  This is a FREE service to you!


By: Heeran Workman, MBA, Realtor - eXp Realty Omaha NE