Home Sales Will Remain Hot This Summer
July 22, 2015 10:17 am : Home Buyer News, Mortgage News, Real Estate News
People always talk about the “spring buying season” when they talk real estate. However, this year it appears as though the summer real estate market will be just as hot. The most recent Foot Traffic Report released by the National Association of Realtors (NAR) revealed that there are more buyers out looking at homes right now than at any other time in the last two years including the past two springs (in orange below).
The Foot Traffic Report is compiled from data on the number of properties shown by Realtors. NAR further explains:
“Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future.”
We can see that the number of prospective purchasers out looking at homes has been greater each month this year compared to the same month in 2014. And, though foot traffic fell off last June as compared to May, this year it has increased nicely.
Bottom Line – It is a great time to buy a home!
The housing market will remain strong throughout the summer and into the fall, making for one of the best years in real estate over the last decade.
| Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. |
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 J. Scott Harris Vice President – Mortgage Miracle Working – NMLS #375517  Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana 885 E. Collins Blvd. Suite 110 Richardson, TX 75081 24/7 Mobile: 214-435-8825 Secure Fax: 866-343-3688 Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122 |
Closing Real Estate Transactions change dramatically August 1st, 2015 – Docs to Title = Wait 3 days
May 26, 2015 4:48 pm : Mortgage News, Real Estate NewsGet Ready for TRID!
So, do we all really understand the changes taking place in the next 60 days?
Let’s start with TRID – what does it stand for? It is the TILA-RESPA Integrated Disclosure rule implementation. That is a mouthful so now we all get the abbreviation to just TRID.
What does it mean? Well, for starters…
Gone forever are: HUD1, GFE and TIL
Replaced by: the “Loan Estimate” and the “Closing Disclosure”
SAMPLE DOCUMENTS
TRID Loan Estimate & TRID Closing Disclosure
There are also new rules for the closing procedure.
All forms and closing documents must be ready three days prior to closing.
What this means is you and the other settlement service providers, including our closing team and the title agent, are under the gun to get everything squared away earlier than you have to today.
Buyers and sellers have to be cooperative as well, because if last-minute changes are made a new three-day waiting period kicks in, at least in some cases.
The CFPB’s goal in making these changes is obviously to increase transparency for consumers. Now, I know we don’t always like change on our side… but I do think once this gets ironed out, it will be better for the entire industry in the long run.
The good news is we have until August 1 to get familiar with the new forms and learn about the new closing procedures.
There are also many videos and webinars on the topic.
Quick/Easy video from Stewart Title – (3 min)
https://www.youtube.com/watch?v=7tNGICYIhtM&feature=youtu.be
Ken Tripeta from NAR – little more in depth but very informative (5 minutes)
https://www.youtube.com/watch?t=39&v=CLjFLD4LsnE
| Here’s the Bottom Line: Type a call to actionCall us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, Mortgage Expert J. Scott Harris
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Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122
New Construction: Builders cannot get them up fast enough!
May 21, 2015 4:05 pm : Home Buyer News, Real Estate News
If you are planning on selling your home over the next two years, now may be the time to act. Demand is high, supply is low and many homeowners are benefiting from an almost auction atmosphere with several buyers fighting for their house in the current multi-bid environment.
Higher prices and less stringent contingencies are making it easier for the seller and their family. However, there may be more (and better) competition about to hit the market in the form of newly constructed homes. This may put an end to the buyers’ frenzy over the limited inventory of existing homes which has been below normal levels for over a year.
According to the latest report from the National Association of Realtors (NAR), the forecast for new housing starts and sales will increase significantly over the next two years:
- NAR is forecasting 1.1 million new housing starts in 2015, jumping to 1.4 million in 2016.
- New home sales are projected to increase from the 437,000 in 2014 to 570,000 this year and 720,000 in 2016.
Bottom Line
In DFW, building cranes are again stretched across the city skyline. In most suburbs, you can again hear the thumping of a carpenter’s hammer in the background. Those are the sights and sounds that inform us that it may be time to buy or move-up!
| Call us 1st to avoid mortgage problems, Call us 2nd to SOLVE them.
J. Scott Harris |
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Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122
August 1st Looming – Real Estate Closings may grind to a halt!
May 5, 2015 1:08 pm : Real Estate NewsLawmakers Seek to Give Lenders More Time for New Mortgage Disclosures
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WASHINGTON — Two House Financial Services Committee members introduced a bipartisan bill late last week that is designed to give lenders breathing room when new disclosure rules go into effect on Aug. 1.
The bill would shield lenders from regulatory enforcement actions and private lawsuits through yearend if they make a good faith effort to comply with the Consumer Financial Protection Bureau’s new rule.
“It provides a safe harbor for those who are trying to follow in good faith,” said Rep. Brad Sherman, D-Calif., one of the co-authors of the bill. “But this is a shakedown cruise. The ship has got to launch on Aug. 1.If it there is a thing that goes wrong there, you got to fix it.”
The bill, which is co-authored with Rep. Steve Pearce, R-N.M., was introduced late Friday. It is directed at the CFPB’s rule combining the mortgage disclosures of the Real Estate Settlement Procedures Act and the Truth-in-Lending Act.
Here’s the Bottom Line:
Urge your Senators and Congressmen to support this gradual implementation of the CFPB’s new RESPA disclosure rules or Real Estate Closings will happen much slower August 1st.
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!
We close loans every day that Banks would not,
or could not approve.
J. Scott Harris
Vice President – MORTGAGE MIRACLE WORKING
NMLS #375517
Gold Financial Services, Inc.
5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688
Apply Online – www.MortgageXperts.com
Gold Financial Services, Inc.
is a division of Amcap Mortgage, Ltd. NMLS# 129122