Homebuyer Survey reveals what women and men want FREE

Issue Date: Real Estate Insider - Aug. 31, 2009, Posted On: 8/20/2009Market Trends
Homebuyer survey reveals what women (and men) want FREE
It often seems as though men and women are from different planets, but every day millions of couples navigate through day-to-day and even life-altering decisions. Because a home is the biggest purchase most people will make in their lifetime, Coldwell Banker Real Estate LLC surveyed 1,000 individuals to discover how much men and women differ in the home-buying process.

The real estate company engaged a third-party research firm, International Communications Research (ICR), to delve into the innerpsyche of men and women, asking questions such as “How long did it take for you to know that the last home you purchased was right for you?” and “If you found the home of your dreams but had concerns about its security, would you still be interested?” Coldwell Banker Real Estate also surveyed couples on additional topics, such as “Who wears the pants in the relationship?” when it comes to making major financial decisions.
“The results were surprising,” said Diann Patton, the Coldwell Banker consumer real estate expert. “Not only did we uncover some of the inherent differences between men and women, but we also pinpointed a number of ways that the two genders are actually the same. For example, both men and women are increasingly concerned with having a space to work in their homes – something we would not have seen 40 years ago.
“We also found that feeling insecure about a home’s safety is a deal-breaker for most people, regardless of gender,” she added. Patton noted this topic is particularly timely given that many first-time homebuyers are hoping to take advantage of the $8,000 tax credit before it expires on Dec. 1.

Below are some key highlights from the Coldwell Banker Real Estate study:

Women may be inclined to make up their mind more quickly than men …
When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their mind the day they walked into the house, vs. 62 percent of men. Conversely, significantly more men needed two or more visits: (32 percent of men vs. 23 percent of women).

Women would rather live closer to their extended family than to their job …
55 percent of women find it more important to be closer to their extended family (those that do not live in their household) than to their job, compared to only 37 percent of men.

A home’s security is a deal-breaker for both men and women …
64 percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested. More than half of men agreed (51 percent).

Couples say that no one “wears the pants in the relationship” in terms of major financial decisions …
When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70 percent of respondents living with their significant other said it’s actually mutual. However, 23 percent think that they, themselves, wear the pants in the relationship, not their partner. More men than women said this (26 percent vs. 20 percent, respectively).

Men and women agree on how they would use a spare room, for the most part …
When the respondents were asked how they would use an extra 12-by-12-foot room if it could be anything they wanted, men and women agreed on the top three most popular, and very practical, responses:
Bedroom: 25 percent
Office/study: 15 percent
Family room/den: 11 percent
However, men really do want a “man cave”…
Interestingly, out of the 8 percent who indicated they would turn that spare room into an entertainment center, it was a preponderance of men leading the charge. In fact, four times as many men as women said they would use the extra space for recreation/ entertainment.
In addition to providing background on the survey results, Patton is able to offer tips for couples who are currently going through the process of buying a home. “These results further validate how critical it is for couples to recognize each other’s differences and work together, from deciding a neighborhood to how to use a spare room,” she said. “Online tools and the expertise of a real estate professional can be particularly helpful for couples, especially if they work together step-by-step along the way.”

LAST CALL FOR $8,000 TAX CREDIT

It’s hard to believe that we are into the second half of 2009. What a year it’s been for the Real Estate Industry! Our area is experiencing an increase in sales and recently was named as number 8 on a list of the Top 10 cities of opportunity by Forbes Magazine:

“Best Cities for Finding Opportunity Where are the best cities to live in the United States if you want to work hard and get ahead? Forbes magazine examined the nation’s 40 largest metropolitan statistical areas and based on the number of Forbes' 400 best big companies and 200 best small companies that are headquartered in each, it identified what it considered places with the most opportunity. The magazine says it took this route because the best big companies provide opportunities for those who seek to be employees, and the rate of success of small businesses indicates how the area treats entrepreneurs.”

We have been fortunate to be in the conservative Mid-West, faring better than most US cities not only when it comes to opportunity but also home values.

One of the results of the Stimulus Package was the $8,000 Tax Credit offered to first time home buyer (those not owning a home in the last 3 years).Recently this tax credit was amended to allow the buyer to use the money for closing costs or to add additional down payment (in addition to the required 3.5% minimum down). This has really helped to stimulate sales. To take advantage of this gift a home buyer must act NOW. A home purchase must close by Nov. 30th to qualify; the home buying process has been lengthened by the careful underwriting of a loan and appraisal changes. A serious buyer should be viewing homes now and get under contract no later than September to allow time for any delays in the process. If you’ve been sitting on the fence (or know someone who has) now is the time to jump down! Interest rates are still at record lows, there is lots of inventory to choose from and home prices are lower than they have been in years. We may never see a better scenario in our life time to buy real estate. THIS IS LAST CALL to get in on the free $8,000 gift!

The Two Latest Signs Housing Is Recovering

The Two Latest Signs Housing Is Recovering
Here’s more evidence that the housing market is recovering.Two major home builders, Toll Brothers Inc. and Hovnanian Enterprises Inc., say their losses were shrinking compared to last year because buyers are coming back to the market.Other encouraging news came from HIS Global Insight, a research firm, which said home prices fell on average at an annual rate of 2.2 percent in the first quarter in 199 of 330 metropolitan areas. That compares with a 12.5 percent decline in the fourth quarter of 2008 in 312 metropolitan areas."While it's too early to see a bottom of this housing downturn," the report said, the latest data "may signal that the market is beginning to stabilize."Source: The Wall Street Journal, James R. Hagerty and John Spence (06/04/2009)
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Labels: $8 000 tax credit for first time buyers, Career in Real Estate, first time Home buyers, SCHNEIDER Real Estate, st charles county

$8,000 Gift to Home Buyers Who Haven't Owned a Home in Three Years!

HUD: Tax Credit Can Be Used on Closing Costs
This is great News for all those folks who haven't owned a home in the last three years! You can now get your $8,000 gift upfront if needed- Read the details!
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning. Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today. The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.

PENDING HOMES SALES UP THREE MONTHS IN A ROW!

WASHINGTON, June 02, 2009
Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.
The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.
Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

New and Improved Tax Credit for First Time Home Buyers

HUD: Tax Credit Can Be Used on Closing Costs FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning. Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today. The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.Source: Robert Freedman, REALTOR® Magazine Online

Existing Home Sales Are Up

There’s a glimmer of hope in the housing market. Existing home sales increased in February 2009, at a rate of 5.1 percent, according to the National Association of Realtors (NAR). Chief economist Lawrence Yun says that first-time buyers accounted for half of all home sales last month, with activity centered in the lower price ranges. He attributes this increase to more potential homes buyers learning about the $8,000 tax credit for first time buyers.

Merle Schneider of the St. Charles County Association of Realtors notes that “locally, most of the statistics are better than the national numbers. More buyers are looking for homes and we are in the traditional spring-early summer home buying season.”

Schneider, who is co-owner of SCHNEIDER Real Estate, adds “with the stock market beginning a slight rebound, buyers and sellers have a more positive outlook on their financial futures. Home ownership has always been the core value for American security. Recent statistics show that we have begun to re-invest in housing stability.”

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