Archive for month: June, 2015

Homeowners Re-entering Housing Market!

1.5 Million Homeowners Could Re-Enter Housing Market in Next 3 Years

 According to a new study from TransUnion, more than 1.5 million homebuyers negatively impacted by the financial crisis could potentially re-enter the mortgage market in the next three years. This population of consumers negatively impacted by the financial crisis – commonly known as boomerang buyers – was defined by TransUnion as being 60+ days delinquent on a mortgage loan, having lost a mortgage through foreclosure, short sale or other non-satisfactory closure, or having a mortgage loan modification.

coupleTransUnion’s study found that approximately 700,000 boomerang buyers might be able to re-enter the housing market in 2015. Over the next five years, TransUnion anticipates 2.2 million boomerang buyers could re-enter the market.

The study analyzed the overall U.S. credit-active population at the end of 2006 (the end of the mortgage Bubble), the end of 2009 (the end of the Burst) and in 2014 to determine consumers’ ability to re-enter the mortgage market.

“Based on our study findings, the Burst had a significant and dramatic impact on many consumers’ ability to re-enter the mortgage market after suffering through the downturn,” says Joe Mellman, vice president and head of TransUnion’s mortgage group. “It’s been over seven years since the beginning of the mortgage crisis; this is significant because many derogatory items, such as foreclosures and short sales can prevent consumers from qualifying for a new mortgage for a period of time. As consumers responsibly manage their credit and pass these milestones, we anticipate a tide of newly mortgage-eligible consumers entering the market.”

TransUnion analyzed every consumer it could track between 2006 and 2014, which came to 180 million consumers. During the mortgage Bubble in 2006, 43 percent of that population, or 78 million consumers, had a mortgage. 42 percent of the recovered consumers currently have a mortgage, while 58 percent of the recovered consumers have not yet re-entered the mortgage market.

“As boomerang buyers who experienced foreclosures or other negative impacts become eligible to re-enter the mortgage market, they may not immediately do so if they are not aware they are eligible again, or feel daunted by their prior experience,” Mellman says. “Lenders can help consumers ease this transition with credit education programs addressing consumer eligibility, and help them better understand their borrowing options.”


Credit Score Impact

The study also looked at how big of an impact the mortgage crisis had on consumer credit scores. Between the Bubble and the Burst, 39 million consumers dropped at least one credit score tier. As of 2014, 16 million of these consumers had recovered sufficiently to reach at least the risk tier they were in before the Burst.

Despite the significant impact on consumer credit scores, a marked improvement in scores has also been observed for certain credit score risk tiers. The study found that 7 million more consumers have moved into prime or better risk categories (VantageScore® 3.0 credit score of 661 and above) between the Burst in 2009 and the close of 2014. Additionally, 8 million consumers left the subprime risk tier (VantageScore® 3.0 credit score of 600 or below) to enter higher risk tiers during the same timeframe.

“An important question lenders face is when to re-engage with consumers who have been challenged managing credit in the past. Despite the negative impact of the mortgage crisis on many consumers, we’re seeing promising recovery as consumers shift to lower risk tiers,” says Ezra Becker, vice president of research and consulting in TransUnion’s financial services business unit. While some lenders may be hesitant to offer loans to these impacted consumers, our data show these consumers are becoming better credit risks. Our study puts a framework around the re-engagement question relative to the mortgage crisis, and that’s good news for both lenders and consumers alike.”

 

For more information about the study, visit www.transunioninsights.com/boomerang.

This Blog was posted on June 24, 2015 on The Real Estate Book Blog Spot.

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This blog was posted on www.agentrising.com on June 26, 2015

Pioneer Basement Visits BOLD Moves Real Estate!

BOLD Moves Real EstatePioneer Basement came to visit BOLD Moves Real Estate today during their weekly sales meeting.  Ken Daggett, Project Manager, explained the services that Pioneer Basement offers to homeowners, including those buying and selling a home.

Pioneer Basement has many solutions for all kinds of basement problems, including ground water control, moisture control, air quality, and maintenance to name a few.  They can help your home meet the criteria for a Healthy Basement Certificate and a Nationally Backed Warranty through Grate Products.  This Warranty is transferable to new owners when the house is sold.

The basement is an integral part of your house and a healthy basement environment benefits everyone and makes it possible to expand your living space or simply keeping the quality of the air in your house healthy for all the occupants.

This can also affect real estate sales.  A guaranteed healthy basement is a great reassurance for a buyer looking at a house and can help a seller when they are putting their house on the market.  A transferable Healthy Basement Certificate can add value to a house.

BOLDIES were happy to listen to the presentation by Ken Daggett to pass on to our clients.

BOLD Moves Real Estate

Visit www.boldmovesrealestate.com for the latest real estate news, trends and listings.

This blog was posted on www.boldmovesrealestate.com on June 15, 2015.

Safety Tips for Property Tours!

For Real Estate Professionals

Jovan Hackley
June 8th, 2015
From what we’re hearing, business is good. You’re getting slammed with calls, e-mails, and inquiries that have you (property) touring like a celebrity. Unfortunately, sometimes when caught up in the positive hum of buyer and seller interest, it’s easy to forget that the real estate business has its risks.Here are seven reminders and tips from agents like you to help you show homes safely this high season:

1. Entertain Near An Exit and With Your Phone Close By.

“When it comes to open houses and tours with clients new to you, hanging out near the front door or another exit is a great safety strategy. I always keep my cell phone in my pocket. If it is a man by himself, I never go to the basement and I stay near the front door,” says Marilyn Dexter of Sandwich, Maine.

This strategy is good for two reasons– First, it keeps you sage. Second, it gives potential buyers breathing room to generate their own questions and tell you what’s important in a sale. If you have to make a quick exit due to danger, you’ll be in the best position. If the buyers are serious, the feedback they come up with on their own will help you find them a home that’s the best fit.

2. Don’t Use Tools You Don’t Know.

Recently, Rose O’Reilly of San Diego, California commented with some valuable feedback, “Some agents carry pepper spray but I’m afraid I might pepper spray myself by accident.”

If you’re going to invest in devices, like pepper spray, to protect yourself, be sure to supplement them with training and be sure they are kept up to date. In a high-risk situation, training, like a self-defense class, is the only way to help ensure you respond in a way that keeps you safe ad doesn’t increase your risk.

3. Lead from Behind

“Always walk behind the prospects, NEVER lead. You can get bonked on the back of the head!” says Laguna Beach broker, Lee Ann Canaday. If you’ve heard this advice echoed from your broker and places like NAR’s Realtor Safety tips, know that we all repeat it because it’s one of the smartest tactics that too many agents forget about–especially when there’s a big commission to distract.

No matter how nice the property, client, or prospect, be sure not to forget fundamental tips like these to stay safe.

4. Don’t Rely on Numbers for Safety

While a high-traffic open house can make you feel safe, Gloria Ensley of Miami has an important tip for those that think traffic alone is a savior, “One can never be too careful! Especially near the end, bad people tend to stay behind and surprise one when least expected. Stay with someoone you can trust, like a co-worker.”

If you’re looking for someone to partner with you for safety, Sean Hillier, Team Leader from Southern California has a great suggestion, “I always try to have two people at all my open houses. One can be a lender; buyers love talking to lenders about payments, interest rates, etc.”

Numbers are a great way to stay safe and having a back-up attendee, like a lender, can be a great way to pass along and generate referral business.

5. Stop by for a Cell Phone Check

Most of us think of our cell phones as a lifeline, but what if you don’t have reception, then what? Before you go on a property tour, do a quick drive by to make sure you have service in the area. If not, follow the next tip to make sure you’ve got back up in case of danger.

6. Check In with a Trusted Resource

One of my favorites on the list of NAR’s safety tips, is to “Track Your Colleagues.” If you’re headed to a new neighborhood or a property where cell service is spotty, schedule a check in with your broker, family member, or another colleague to help stay safe. These small check in calls, not text messages, are a great way to ensure safety and alert someone if something goes wrong.

7. Never Get Blocked In

This doesn’t just go for walk-throughs. When touring homes, make sure you park in a way that clears you for a quick exit. In driveways, that means you pull in after clients and backing in is better. If in a neighborhood, makes sure your vehicle is pointed outward and not toward a cul-de-sac or dead in. In the case of an emergency, this makes for a quicker, easier getaway.

Safety Tips and Stories

These are just seven of my favorite safety tips. What would you add to the list?
Comment below and tell us about your strategies for showing safely or stories where one of the above tips paid off big when it came to staying safe.

Jovan HackleyWRITTEN BYJovan HackleyMore about Jovan Hackley
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This blog was posted on www.beyondboldmedia.com on June 9, 2015

Rochester Memorial School Band Plays at Martha’s Vineyard!

 

 

The Rochester Memorial School 5th and 6th grade band traveled to Martha’s Vineyard on Wednesday,  June 3rd to play with the Martha’s Vineyard Band.  The children took the ferry over to the Vineyard and then walked up to the hill to the school to play with the band.  The Martha’s Vineyard band consisted of children from Oak Bluffs, Vineyard Haven and Tisbury.  They all gathered at the school to play with the Memorial School Band.

The children had never played together but they had all practiced the same songs separately and then practiced together before the concert at 1:00PM.  They sounded great!  You would never know that they were not one cohesive band that had played together previously.

he band teachers from each school took turns leading the band for a total of eight songs.  The children enjoyed playing together and today, Friday, June 5th, the Martha’s Vineyard Band will travel to Rochester Memorial School in Rochester, MA to play together once again for the Memorial School.

This exchange is a tradition and occurs every two years so everyone in the band is able to experience it for 5th or 6th grade.

The kids had about an hour after the concert to walk around Oak Bluffs and take in the sights.  Ice Cream was a popular place where most of the kids stopped and then had some fun playing ball in the park before they headed back to the ferry and home.  The weather cooperated and a good time was had by all.  Chris Williamson and Sue Ellis headed the trip along with parent chaperones.  What a nice day!

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This blog was posted on June 5, 2015 on www.boldmovesrealestate.com

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