Fear and Greed in the Real Estate Market "Be greedy when people are fearful and fearful when people are greedy," says Warren Buffet, one of the richest men on the planet. And with so much fear in the real estate market right now, you may be wondering now that spring is officially here, "Is now the right time to buy a home?" Keep Reading »
Finish Strong How Do You Respond to Challenge? Irving Berlin once said, "Life is 10 percent what you make it and 90 percent how you take it." So, how do you take it? Before you answer the question, we urge you to use the next few moments to watch Finish Strong, an inspirational video with a meaningful message. Keep Reading »
The Eyes Have It Advice from One of Hollywood's Top Makeup Artists It's been said the eyes are the windows to the soul. If you prescribe to this notion, you'll also agree that great looking eyes do more than enhance your look. They convey positive emotion, enhanced energy, and confidence. Be sure to watch our exclusive video, as one of Hollywood's top makeup artists gives correspondent, Jill Wilderman, her tips for creating spectacular looking eyes. Keep Reading »
Card Issuers Tighten The Screws Kiplinger.com Real estate isn't the only industry to be affected by the turmoil in today's financial market. More and more credit card companies are clamping down on their current clients by raising required credit scores or lowering existing credit limits. Here's how you can stay in their good graces and avoid sky-high rates. Keep Reading »
Wok This Way A Neophyte's Guide to the Perfect Stir-Fry By Kirk Leins Pretty catchy title, eh? Stir-fries are one of those dishes that most of us love, as long as they're done right, of course. So, how's your stir-frying? Have your attempts at this age-old cooking method yielded less than spectacular dishes? If so, I ask you to read this article carefully. Doing so may just result in a meal fit for an emperor. Keep Reading »
Cool New Gadgets The Title Says it All It doesn't matter if you're an electronics geek, or electronically challenged. Gadgets can be really cool. It's our opinion that the best electronic gadgets not only serve a legitimate purpose, they also have a big-time "wow" factor. Following are our picks for five of the coolest new gadgets. Keep Reading »
Spring Cleaning and Repairs Money-Saving Tips from the Pros Fresh rains in the early spring are symbolic of the season itself, offering a revitalizing cleansing of the outdoors. The warming weather also offers a reminder to homeowners that now is the ideal time to do a bit of spring cleaning. After all, a bit of due diligence by homeowners not only freshens their living quarters, it also helps them save money and avoid more costly repairs down the road. Keep Reading »
Bill Vourazeris Monarch Mortgage 600 Jefferson Plaza #205 Rockville, MD 20852
Are your finances keeping you up at night? You're not alone. Almost three-quarters of adults say money has them feeling stressed, according to the American Psychological Association. That's not surprising, especially in today's economy with skyrocketing energy and food costs, tepid investment performance and rising unemployment rates.
The remedy? Tackle that tension with a budget.
If the mere mention of the "b" word raised your blood pressure, take a deep breath and consider this: Budgeting is simply a way to make sure you have enough money to reach your goals.
A budget isn't constricting. It sets you free. When you have a plan, know how much money you have and where it's going, you don't have to worry about it. Knowledge really is power.
Here are the five basic steps to building a budget that'll put your mind at ease. It'll take a bit of time and effort, but it's well worth it.
1. Take inventory Before you can make a plan, you need to know how much money you have and where you spend it.
For at least one month, track all your expenses. And not just the biggies like your rent payment and grocery bill. Make a note of smaller purchases, too, especially cash purchases that may not show up on your bank or credit card statement. You can carry a small notebook to jot them down, or collect every receipt and toss them in a shoebox when you get home to sort through once a week.
You should also make note of large annual expenses, even if they don't happen to fall in the month you're tracking. For example, if you usually pay $600 every six months for car insurance, jot down $100 this month for that cost.
2. Make a diagnosis At the end of the month, examine your spending habits and look for red flags. Organizing your purchases into categories - such as housing, transportation, clothing, entertainment, food, dining out, etc. - will help.
This exercise can be eye opening. When I did this with my expenses, I found that I was spending almost as much on "quick trips" to the grocery store each month as I was on my main weekly shopping trip. You may discover you've been spending too much time at the coffee shop, or that you didn't save a single penny for a rainy day.
(Or you may find that your finances are doing just fine and that you had no reason to worry. Good for you.)
3. Put your eyes on the prize What are your financial goals? Perhaps you'd like to get out of debt, buy a new car, take a vacation or simply stop living paycheck to paycheck. If you have a specific goal, you know there will be a reward for taking the time to create - and follow - a budget.
4. Cut costs and boost income This isn't so painful when you stay focused on your goal. Look at the problem areas you identified in step two and find ways to fix them. For example, if you found that dining out was eating away too much money, take your lunch to work instead of eating at restaurants. That act alone could save about $100 a month.
That's money you can use to pay down debt, save toward something you want or use as a cushion for rising gas and food costs. Almost everyone has fat they can cut from their spending.
One problem you may need to address: You simply need more money. Start by checking your tax withholding. If you receive a tax refund every year (and most of you do), file a new W-4 form with your employer to get you more money each month, instead of in one big chunk when you file your tax return.
If your expenses and goals drastically exceed your income, you may need to take more dramatic action. For example, getting a part-time job on nights or weekends, selling your car and using public transportation, getting a roommate to cover housing costs, moving to a cheaper city or even moving back in with Mom and Dad. Again, remind yourself of your goal to motivate yourself to do the right thing. Sacrifices today can add up to big rewards tomorrow.
5. Stick with the plan There's not just one way to budget. Some people choose to do all their spending with a debit card so they can monitor their spending through their online bank statements. Others go the opposite route and stick strictly to cash. They place fixed amounts of money into envelopes for each spending category - and when the money's gone for the month, no more spending.
You could even join an online community, such as Wesabe.com , to track your expenses and get feedback and support from other users. Or put your goals on autopilot - arranging with your bank to make automatic contributions from your checking account to your savings or investments each month.
The key is to make your budget personal. Find a method that works for you, and consistently monitor your progress. You'll soon find your stress replaced by confidence - and you'll rest easier, too.
You are receiving a complimentary subscription to YOU Magazine as a result of your ongoing business relationship with Bill Vourazeris. While beneficial to a wide audience, this information is also commercial in nature and it may contain advertising materials.
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Problems With Your Mortgage? There May be a Short Way Out
With unemployment figures reaching a 25-year high, the toll of the declining economy continues to impact hundreds of thousands of families each month, especially homeowners struggling with their mortgage. According to RealtyTrac, 303,410 foreclosure notices were served on properties in the month of December alone. This followed the 2,854,396 foreclosure filings throughout all of 2008.
For homeowners facing foreclosure, options do exist that can prevent the trauma of losing their home or facing long-term financial loss. YOU Magazine has addressed these options in previous issues. So, this month we'll focus instead on short sales, an alternative to foreclosure for struggling homeowners who do not want to stay in their homes but would also like to avoid the years of potential financial damage that a foreclosure could cause on their credit rating. If you or someone you know are looking for a "short" way out of a mortgage, keep reading and find out if a short sale is a feasible option.
Don't Be Short-Sighted Before we dive into what a short sale is and how it can benefit some struggling homeowners, it's important to understand that you're not alone, and that just because you're struggling now doesn't mean you won't be able to recover in the near future. In today's tough economy, millions of Americans are facing challenging situations seriously affecting their finances right now that they can, and will, eventually overcome, including lay-offs, divorce, the death of a spouse, or even major losses in the stock market or their retirement investments.
That's why, before choosing to attempt a short sale, it's important to ask yourself if staying in your home is an option you'd like to explore, because there are opportunities, including a loan modification that may be a better path for some struggling homeowners to pursue. A loan modification would allow the homeowner, in many instances, to renegotiate the terms of their existing mortgage(s) to a more affordable monthly payment(s). This can be accomplished in a number of ways that bring about both temporary and permanent solutions but ultimately allow the homeowner to keep their home.
If you think that a change in your mortgage terms, like a lower rate or lower monthly payments, might help you make it through this rough patch, it's important to communicate with your lender, even if you're several months behind in your payments. Many lenders have reported that in over 50% of the cases where a homeowner is delinquent on his or her mortgage, they have been unable to reach the owner to discuss any options. Picking up the phone and placing a call is always in your best interest. More importantly, opening lines of communication with family members, in many cases, could help lighten the emotional burden that often comes along with these challenges.
When Staying is Not a Viable Option If, however, you think a loan modification would not be appropriate for your individual needs, one solution to avoiding foreclosure could be a short sale. A short sale is an agreement from the lender(s) to allow the homeowner to sell the property for less than what is owed on the mortgage(s). An example would be an agreement to allow a sale of the home to take place for $175,000 when $300,000 is actually owed on the property.
For a lender to consider a short sale, there are a number of factors that the lender will take into consideration before an approval can be secured, including:
Current hardship, which can include a change of income due to job loss, loss of hours or salary reduction, illness, death of a wage earner, or a change in marital status.
The property is "upside down," which means the house is worth less in today's market than what is owed.
It's important to note that, unlike a loan modification, a homeowner does not have to be delinquent to be considered for a short sale. However, a hardship should be demonstrated showing that the homeowner would not be able to remain current on the mortgage in the future due to mounting financial obligations.
Why would a lender agree to sell your home at a loss? Well, in many cases, the foreclosure process results in a loss of up to 40% or more of the original mortgage balance for the lender. When borrowers and lenders work together on a short sale or loan modification, however, these losses can be reduced by roughly half, in many cases. For example, a foreclosure on a $300,000 home could cost the lender up to $120,000 or more in losses, where they might only lose $60,000 by working with the borrower. Add to that the record losses incurred on other foreclosures, and it's clear why lenders, in many cases, prefer to negotiate a solution.
Credit Benefit Working with a lender to negotiate a short sale instead of a foreclosure can also be more beneficial to your credit as well, especially if you want to secure another mortgage in the near future when your finances are back on track. According to Fannie Mae, one of the largest mortgage insurers in the country, a foreclosure on your credit record will likely mean it will be between 3 and 5 years before you're able to secure a new mortgage. The typical timeframe to buy a new home with a short sale on your record, however, is only two years.
A short sale also has a lesser impact to your FICO score compared to a foreclosure, which is very important for obtaining future credit from everything including automobiles and consumer credit to getting reconnected with local utilities and cell phones services. Your credit score can even affect certain employment opportunities as well.
Start the Process The first step of a short sale is to contact your lender and seek their assistance.
The second step is to enlist the help of an experienced real estate agent. An agent who is skilled at handling the negotiation process will not only minimize negotiation time, he or she will also help in limiting the time and costs of marketing the property.
Tony Sena, a real estate agent with North American Realty in Las Vegas, Nevada agrees. Sena, who is currently closing 10-15 short sale transactions a month says, "The single greatest reason for a distressed property not selling is selecting the wrong agent."
When selecting an agent, don't be afraid to ask questions about their experience. Sena says to look at the current inventory of listings the agent represents and ask:
How many of the properties are currently short sale properties?
Does the agent have testimonial letters from short sale sellers?
If an agent says they have sold a number of short sale properties, how many of the transactions were listings sold, not just where they had the buyer.
The third step is to price the house properly, according to the market. While many buyers would love to "steal" your property for the lowest price possible, remember that the lender is already going to incur a loss and they are not interested in losing more than they have to. Sena suggests initially pricing the property at the current value and then reducing the asking price every two weeks until it attracts buyers. Then, once you have an offer, the negotiations on the final price can begin with the lender.
The last step is to be prepared for challenges in both the short sale process and in the market place. Remember, you have a lot of competition out there and getting a property sold can be tough, especially in a buyer's market. However, choosing the right agent and setting the right price can assist you in not only selling it more quickly but also in minimizing the friction of having to deal with the lender directly.
Be aware that, in some cases, not all, a lender will agree to a certain price, but only if the seller agrees to accept a promissory note for some amount of the deficiency - that means money that you will be responsible for paying back. In some cases, Sena has seen lenders ask that sellers pay up to $20,000. However, while early last year the interest rate for these notes was in the range of 4% to 8%, lately Sena has seen that lenders have also been extending offers with 0% and terms of repayment up to ten years.
Get Moving Once you recognize that you are having problems keeping up with your mortgage payment, take action quickly. Decide whether you want to stay in the home or not. Then contact your lender to find out the best solution to your needs. If you'd like to learn more about short sales or other foreclosure alternatives, a great place to start is by contacting the professional who provided you with this copy of YOU Magazine.
You are receiving a complimentary subscription to YOU Magazine as a result of your ongoing business relationship with Bill Vourazeris. While beneficial to a wide audience, this information is also commercial in nature and it may contain advertising materials.
UNSUBSCRIBE to YOU Magazine. In the unlikely event you decide that you would not like to receive your complimentary subscription to YOU Magazine, please reply to this email with "Remove" in the subject line.
Warren Buffet says, "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful." While Mr. Buffet was writing about buying stocks, the same can be said for housing today.
Housing issues have permeated the economy both locally and nationally. This week, one index that tracks housing prices, S&P/Case-Shiller Home Price Indices, indicated home values fell the most since 1968, declining 18.5% in December from the year before.
Looked at from a different perspective, this means home prices have fallen to levels not seen in six to twelve years, depending on individual markets. Following the Case-Schiller report was the report from the National Association of Realtors (NAR) recently. The NAR reported that home prices for the month of January fell by 14.8%.
The bright spot though in contrast was that the number of homes sold in December increased. Home buyers from coast-to-coast have been buying distressed properties at the rate of 45% of total sales.
Recognizing that now is the time to buy, everyone - from those looking to purchase their first home to seasoned real estate investors - is buying homes today. Bruce Norris, the head of an investment group in Southern California, expects to buy at least 100 homes this year as, "This is the buying opportunity of our lifetime."
Fundamentals Point to Strength The basic fundamentals of the housing market point to higher prices ahead. Almost half of the properties being sold today are existing homes that are either owned by banks or homes on which banks are accepting short sales, allowing them to be sold for less than what is owed.
New homes or homes under construction are near all-time lows. The country's demographics point to more potential buyers coming into the housing market than projected inventory in coming years. This all points to higher prices on the horizon as demand will be greater than supply. This is supported by the fact that the inventory of unsold homes fell 2.7% in January.
Why Buy Now? Three very important reasons to buy now are:
Interest rates are near all time lows;
Home prices have declined to levels not seen in years; and
Qualified first-time home buyers are now eligible for up to an $8,000 tax credit.
Lower Prices Don't Always Equate to Lower Payments One final point to consider. Even if you believe that home prices will continue to decline, it's very difficult to believe that interest rates will remain at these low levels.
Did you know that even if home prices were to decline 10% but also during that time, interest rates available for home loans were to increase by 1.00%, your monthly principal and interest payment would actually be higher? It's true. So, if you are thinking of buying or the end of your lease is near, get busy and get in the game. To quote Mr. Buffet again, "If you wait for the robins, spring will be over."
Call me and we can discuss the best options for you today.
The purpose of marketing is to obtain mental real estate. Competition is fierce these days,
as consumers are bombarded with distractions from every direction. How can you make
sure that your message is heard and remembered?
One way is working with a good mortgage person, they can increase the number of transactions you do every month?
Communication is Key
Whether it's a company brochure, a newsletter, or a flyer, the idea is the same. You are
trying to attract the reader's attention!
When you create a company brochure, produce something that's compelling. Remember,
your brochure will be competing with a mountain of magazines in the waiting room. Don't
hand out a standard overview of your company, with a look and feel that mirrors
everything else in your industry. Create something that will "wow" the reader and help you stand out from the crowd. Give me a call to talk about co-marketing.
Newsletters are a popular marketing tool, but their effectiveness depends upon their content. Rather than producing a
lengthy piece that prattles on about your business, try to provide brief bits of interesting information. Give the reader
general news and tips they can use, or at least share with co-workers around the water cooler. Success stories are an
especially useful communication device. Select a difficult transaction you've completed which had a great outcome, and
use it to indirectly illustrate your talents to your customers. If you are looking for a good loan officer to market with please give me a call. I would love to sit down with you over coffee and talk about how I can increase your bottom line.
Utilize Your Database
Your client database is the most valuable resource you have. Do you use it to its full potential or is it merely a repository
for data from past transactions?
Each contact within your database should be classified as either an active or passive lead.
Active leads are those who are about to make a decision, and they should be contacted frequently. Rather than
calling a client to ask if they're ready to commit, try calling to provide them with information instead. Tell them
about an additional feature of the item you've discussed, or bring up a different product for their consideration.
Perhaps you have a special offer that might interest them. By contributing something of value to the
conversation, you're able to touch base and further establish your worth as a resource.
·
Passive leads include past clients and prospects who wriggled off the hook and wound up working with someone
else. These individuals should be contacted at least every thirty days. Your perseverance will impress former
prospects and even assist you in winning some back! Regular communication will also ensure that past clients
remember you the next time they, or their associates, need the services you provide.
·
Marketing has never been more challenging than it is today. Make the most of the communication opportunities you have,
and you'll reap the benefits for years to come. I am looking for realtors to partner up with and will offer you the following:
Discount rates
Free Home warrantee
Free-Prequals
Marketing Fliers
Referrals
Co-Marketing
In House Underwriting
C-Perm products
Door hangers
If you would like additional marketing strategies, please call me! I have a Gift of Knowledge Interview with
marketing guru, Bill Hillestad, that I would like to share with you!
Obama Unveils Homeowner Affordability and Stability Plan
Revised February 20, 2009
President Obama unveiled his plan to help stabilize the housing market and keep millions of borrowers in their homes.
The Homeowner Affordability and Stability Plan includes two initiatives to help struggling homeowners. One is a refinancing program for homeowners with less than 20% equity in their homes, or who owe more than their home is worth. The second program attempts to lower monthly payments for homeowners at risk of losing their home. In addition, the plan includes a third initiative to support low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac.
Many of the plan's details are still being worked out and will not be announced until March 4, here is an overview of the plan's main components.
Refinancing Initiative Under current rules, those families who own less than 20% equity in their homes have a difficult time refinancing and taking advantage of the historically low interest rates. Therefore, the refinancing initiative in the new plan provides refinancing help for homeowners with less than 20% equity in their homes or who owe more than their home is worth. This initiative is open to homeowners who have conforming loans which are guaranteed by Fannie Mae and Freddie Mac, and who owe up to 5% more than their home is worth.
According to the plan, "credit-worthy" or "responsible" homeowners can refinance their mortgage into a 30- or 15-year, fixed-rate loan based on current market rates. The refinanced loan, however, cannot include prepayment penalties or balloon payments. For many families, this low-cost refinancing may help reduce their mortgage payments by up to thousands of dollars per year.
As with the rest of the plan, details about this initiative will be released at a future date-including what, if any, credit score requirements will be included.
Stability Initiative This initiative aims at providing help to individual families as well as entire neighborhoods by helping reduce foreclosures and stabilize home prices. It is intended to help homeowners who are struggling to afford their mortgage payments, but cannot sell their homes because prices have fallen significantly.
The goal of this initiative is simple: "reduce the amount homeowners owe per month to sustainable levels." To accomplish this, lenders are encouraged to lower homeowners' payments to 31 percent of their income by lowering their interest rate to as low as 2% or by extending the terms of the loan. In addition, lenders can also lower the principal owed by the borrower, with Treasury sharing in the costs.
Homeowners who are current on their mortgages but are struggling can still apply for this program. As such, this is one of the few programs designed to help homeowners who may face delinquency soon, but are current at the moment.
Since the focus of this initiative is on helping families and neighborhoods, investment properties do not qualify. This initiative also includes a number of additional elements and incentives that benefit homeowners and lenders alike, including:
Incentives to Help Borrowers Stay Current: To provide an extra incentive for borrowers to keep paying on time, the initiative will provide a monthly balance reduction payment that goes straight towards reducing the principal balance of the mortgage loan. As long as a borrower stays current on his or her loan, he or she can get up to $1,000 each year for five years.
Reaching Borrowers Early: To keep lenders focused on reaching borrowers who are trying their best to stay current on their mortgages, an incentive payment of $500 will be paid to servicers, and an incentive payment of $1,500 will be paid to mortgage holders, if they modify at-risk loans before the borrower falls behind.
Supporting Low Mortgage Rates As part of the Homeowner Affordability and Stability Plan, the Treasury Department is increasing its funding commitment to Fannie Mae and Freddie Mac to ensure the strength and security of the mortgage market and to help maintain mortgage affordability. This portion of the plan will use using funds already authorized in 2008 by Congress for this purpose.
The increased funding will enable Fannie Mae and Freddie Mac to carry out ambitious efforts to ensure mortgage affordability for responsible homeowners, and provide forward-looking confidence in the mortgage market.
I will continue monitoring the plan as new information becomes available. If you have any questions or would like to discuss how this may specifically impact you, I'd be happy to sit down with you. Just call or email me to set up an appointment.
I received a large number of calls this last week about what the Government's latest attempt to stimulate the economy really means to them. Thus I have highlighted below a couple of the more important items.
Tax Credit for Homebuyers First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction - a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
Tax Credit Versus Tax Deduction
It's important to remember that the $8,000 tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a homebuyer were to owe $8,000 in income taxes and would qualify for the $8,000 tax credit, they would owe nothing.
Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a homebuyer is liable for $4,000 in income tax, he can offset that $4,000 with half of the tax credit... and still receive a check for the remaining $4,000!
Phase-out Examples
According to the plan, the tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.
To break down what this phase-out means to homebuyers who are over those amounts, the National Association of Homebuilders (NAHB) offers the following examples:
Example 1: Assume that a married couple has a modified adjusted gross income of $160,000. The applicable phase-out to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time homebuyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.
Example 2: Assume that an individual homebuyer has a modified adjusted gross income of $88,000. The buyer's income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.
Remember, these are general examples. You should always consult your tax advisor for information relating to your specific circumstances.
Homes that Qualify
The tax credit is applicable to any home that will be used as a principle residence. Based on that guideline, qualifying homes include single-family detached homes, as well as attached homes such as townhouses and condominiums. In addition, manufactured or homes and houseboats used for principle residence also qualify.
Higher Loan Amounts
More good news - there is an extension on the additional tier of conforming loan amounts which had been first established in 2008. This tier of home loans are those greater than $417,000, and with a maximum that depends on the area, but is not greater than $729,750. These loans will again be eligible for rates that are slightly higher than conforming loan rates, but less expensive than the standard "jumbo" loan rates.
Additional Housing-Related Provisions
Tax Incentives to Spur Energy Savings and Green Jobs - This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.
Landmark Energy Savings - This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.
Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing-This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs.Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.
Expanding Housing Assistance-This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.
More Help for Homeowners in the Future Another thing to keep an eye on in the coming weeks is President Obama's plan to help struggling borrowers before they are faced with a default on their mortgage.
According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster.
While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That's because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices.
The Economic Stimulus Plan is huge, and impacts a number of industries. I've highlighted some of the major provisions that may impact you now and in the future.
As always, if you have any questions or would like to discuss how this may specifically impact you, I'd be happy to discuss this with you. Just call or email me when you have time to get more information..
Want to make yourself "unforgettable" to your clients and associates? Try this novel
idea...give a book!
One great benefit of giving a book is that it won't get thrown away. Even if it doesn't
immediately get read, a book certainly won't get pitched in the trash. Be honest. Like
most people, you probably have a stack of books somewhere in your home or office
that have not yet been read, but there they sit, patiently awaiting a quiet, relaxing
hour of your time.
Books are also flattering to the recipient as an "intellectual" gift. Even if your recipient
isn't a big reader, they will be flattered that you thought that they might be! And many
people even claim that a house is not a home without a few good books at hand.
Books are cost-effective. Most great books are available for well under $20, and many are even less than $10. You can
save yourself even more money - and time - by purchasing several copies of a favorite book to have on-hand, or ordering
multiple copies online or through your local bookstore. Book aficionados might even enjoy a trip to browse through the
aisles of the local bookstore, but if a fast search and online ordering is more your speed, try www.amazon.com.
Books are also perfect for the whole family. Most parents would agree that the best way to win their hearts is to be
thoughtful of their children. Especially if the family is going through a major change such as moving to a new home, don't
forget about the kids.
Books can be easily personalized. A simple handwritten inscription inside the front cover of the book such as, "Very best
wishes to you in your new home!" or "This is a great read - hope you enjoy it as much as I did!" followed by your signature
really makes the book something personal and special.
And speaking of being personalized, if you really want to do something special, select a book on a specific topic you know
will like. If they're into remodeling or just purchased a "fixer-upper," a how-to book would be perfect. If they've recently
retired and are ready to hit the road to explore and travel, find a book about ways to plan terrific vacations. Your selection
will show how much you care, in a far deeper way than, say, a fruit basket ever could.
Amazon's website has an excellent search feature. Simply enter key words such as "new home," "gardening," or "road
trips" and you will be quickly directed to a great selection of books to browse. You can now even "thumb through" the
book online, viewing the front and back covers, table of contents and an excerpt from the book, as well as reviews.
One great idea is to purchase regional books that showcase what might be little-known facts and history of your city or
state, secret spots for a day trip, pictures of "then and now." For the young and the young-at-heart alike, try Shel
Silverstein's The Giving Tree or Dr. Suess's Oh, The Places You'll Go! Simple and understandable, these books are
moving, meaningful, and memorable. And for anyone and everyone on your list, George Clason's The Richest Man inis a home run. It is a quick, easy parable about wealth-building principles, one of the best-selling books of all
Babylon
time.
If there are some books you think I should add to my list, please don't hesitate to give me a call.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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