Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Feb. 10, 2021

3-Month Forbearance Extension for FHFA Loans

February 10, 2021

The Federal Housing Finance Agency announced it would allow borrowers with Fannie Mae and Freddie Mac-backed loans to request an additional three months of forbearance.

Originally, borrowers with federally backed mortgages could request up to 12 months of forbearance if experiencing financial hardship due to the COVID-19 pandemic. But FHFA is now allowing those still struggling to make their mortgage payments to prolong their current forbearance.

Eligibility for the three-month extension is limited to borrowers who are on a current COVID-19 forbearance plan as of Feb. 28. If granted, that means a borrower who has a government loan could now have up to 15 months total of missed and delayed mortgage payments.

FHFA also announced on Tuesday that Fannie Mae and Freddie Mac were extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until March 31. The moratoriums were originally set to expire on Feb. 28.

The foreclosure moratorium applies to government-backed, single-family mortgages only. The REO moratorium applies to properties that Freddie Mac or Fannie Mae have acquired through foreclosure or deed-in-lieu of foreclosure transactions.

“To keep families in their home during the pandemic, FHFA is allowing borrowers to be in COVID-19 forbearance for up to 15 months and extending [Fannie Mae and Freddie Mac’s] foreclosure and eviction extension,” says Mark Calabria, director of FHFA.

 

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Posted in Market Updates
Jan. 5, 2021

Prepping Your Home for Sale

Maximize Curb Appeal
Getting them through the front door starts at the curb. Manicure the lawn, trim the trees and shrubs. Pull weeds and plant some colorful flowers. Clear the walkways. Fix peeling paint and wind up that hose. Paint the address number on the curb.

Make Repairs to Visible Blemishes
Is there something that’s an eyesore, but an easy fix? If looking at it bothers you, it could bother a potential buyer and reduce the appeal of your home. Replace burnt out light bulbs, fix that loose door handle, make needed paint touch-ups.

Make a Buyer’s Entrance Inviting
Freshly paint the front door with a color that contrasts the house. Add a new welcome mat. Hang a fresh wreath on the door.

Let the Light Shine In
Removing heavy window coverings to let in the natural light we all crave. Add lamps to brighten up darker areas to add more cheer.

Remove the Clutter
This serves two purposes. First, you want your home to have an open and inviting appearance. Removing clutter will make rooms appear larger and more appealing. Second, it helps YOU prepare to move. Going through the clutter and getting rid of what you don’t need will make your move much easier.

Remove Personal Items
It will be much easier for a potential buyer to imagine your home as theirs when they can envision their own items in it.

Highlight Special Features
Use accents and color to draw eyes to special features that you want potential buyers to notice—throw pillows, plants or other eye-catching accessories.

Add Mirrors
Use mirrors to make rooms look larger and lighter. Position opposite windows for best effect.

Clean Out Cabinets and Closets
Buyers are nosy and they WILL open the cabinets. Make sure your contents are orderly and organized.

Eliminate Odors
Clean to remove any odors and do not cook any meals with heavy, lasting smells before a showing.

Add Aromas
You can easily add appeal by quartering an orange and adding it to a pot of water with a cinnamon stick. Simmer on low for an inviting aroma. Or bake a fresh batch of cookies (and leave a plate of them on the counter for visitors).

 

Posted in Sellers Corner
July 31, 2017

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Posted in Market Updates