THE FUTURE OF SHORT SALES

Short sales and foreclosures played a starring role during the Great Recession. According to National Association of REALTORS® statistics, in the summer of 2009, distressed sales made up just under 50 percent of all transactions as. Fast forward to last fall, and that number dropped to only 14 percent.

Short sales are becoming less common for many reasons. For one, many markets are now well into recovery mode. Home values are rising and sellers who were underwater only a year ago have a bit more breathing room today. With fewer homeowners in financial distress—and the worst of the cleanup from the housing bubble behind us—banks and courts are finally processing through their backlogs of distressed properties. And employment growth means more homeowners can afford to stay in their homes and make their mortgage payments.

In addition, short sales are becoming less favorable for sellers. For the last few years, the Mortgage Forgiveness Debt Relief Act of 2007, which protects sellers from having to pay tax on unpaid or forgiven debt, has made short sales a viable option for many underwater homeowners. However, the Act was sunset at the end of 2013. A short sale in 2014 could significantly impact your tax obligation, making it less attractive.

Buyer interest in distressed properties has also cooled. Too much hassle, and most short sales and foreclosures are not such a great deal after all. Finally, lenders themselves are also less interested in short sales. As market values increase, there is less need for lender/borrower negotiated sales. Added to that, the return of third-party purchasers (institutional investors or cash buyers purchasing at foreclosure auctions) is shifting the pendulum back toward traditional foreclosure auction and REO.

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How To Prepare Your Home for Holiday Guests

Is your home ready for holiday visits from friends and family? Here’s how to prepare for the invasion.

Some preparations for holiday guests take only a few minutes; some take a lot longer. Start preparing your home for the holidays now.

Declutter guest rooms and public areas — foyer, kitchen, living room, den, and dining room. Remove anything unnecessary from countertops, coffee tables, and ottomans; if it’s out of sight, keep it out of mind, for now.

Light the way: Even though you can navigate your home blindfolded, your guests can’t. Make sure outside lights are working so they don’t trip on the way to your door. Put motion-activated night lights in hallways, bathrooms, and bedrooms to ensure safe passage after the sun sets.

Child proofing: Ask parents to bring hardware that keeps their small ones safe, such as baby gates and cabinet locks. Transfer toxic cleaners and medicines from base to wall cabinets. Hide matches and lighters.

Entryway upgrades

Your home’s foyer is the first place guests see, so make a good first impression.

·         Upgrade exterior entry doors or give old doors a new coat of paint. Polish and tighten door hardware, and oil hinges to prevent squeaks.

·         Clear out shoes, umbrellas, and other clutter.

Kitchen prep

Your kitchen is command central during the holidays, so make sure it’s ready for guests and extra helpers.

·         Move your coffee station into a family room so guests don’t crowd the kitchen when you’re trying to fix meals.

·         If you like to visit while you’re cooking, place extra stools and chairs around the perimeter of your kitchen so guests can set a spell.

Bathroom storage

Bring toilet paper, towels, and toiletries out of hiding, and place them on open shelves so guests can find them easily.

If you don’t have enough wall space for shelves, place these items in open baskets around the bathroom.

Also, outfit each tub with a bath mat (to avoid falls) and each toilet with a plunger (to avoid embarrassment).

For other tips go to http://findneworleansproperties.com/

Home Prices Continue to Soar in May

Data through May 2013 showed consistent increases in home prices in May versus April. Dallas and Denver reached record levels surpassing their pre-financial crisis peaks set in June 2007 and August 2006, and five cities – Atlanta, Chicago, San Diego, San Francisco and Seattle – posted monthly gains of over three percent, also a first time event.

The time to buy is NOW!

To buy a home in the Greater New Orleans Area search HERE

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