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HUD HOME new on Market! Only $85,000!!!

HUD Home # 451-068996

Needs work

Great opportunity to own in Warwick, RI!

This home has a lot of potential. A large attic can be expanded to be another bedroom.

This home is FHA insured and qualifies for 203K Rehab loan.

Home is sold as is, and is available to owner occupants up to 2/12/2011

For further details see www.hudhomestore.com

To see a tour of this home, click here

Karen Hurst is the Neighborhood Listing Broker (NLB) for Hud Homes

Rhode Island is in serious trouble. Should you buy now?

Rhode Island Real Estate is in a state of flux right now. Yes, we had a flurry going for awhile with the tax credit for first time buyers. Amazingly homes were going so fast during the last couple of months, that it almost seemed as if prices would start going up. And they did, but very minutely.

Now, according to CNN News Rhode Island again is in the top ten. It seems we are always in the top ten of something! This time, it's our financial problems. I clearly remember the reason our governor ran for this position. He ran a business and knew how to manage money!! You can go here to see the CNN article

Here is the chart for "states in fiscal peril"



So, what does this mean for the housing market here in Rhode Island? Well one could say that yes, it is still a good time to buy. We now have an extension on the tax credit and an additional incentive for people who may have wanted to list their homes and make a move, but were afraid to because of the volatile market. Now if you wanted to list you would have a better chance of a buyer actually considering your home and when you moved, you would also be able to collect a few thousand (above and beyond).  This is nothing to sneeze at and will be ending April, 2010.

However, who is to say that homes will not continue to decline? We are all hearing those rumors about the foreclosures stuck in the "pipeline". In my business, I do a lot of traveling throughout Rhode Island and I see many, many unoccupied homes. Are they future foreclosures? And why are they not on the market now?  What is holding up the banks in these instances?

Also, anyone who has had the misfortune opportunity to be on either side of a short sale, already knows how futile they can be.  Yes, a buyer can get a really good bargain. (Better than a foreclosure because the plumbing is usually still in the house). However, that buyer needs to excersise extreme patience because it can be months and months before they even hear back from the bank. Why? 

I would venture to say that if you now want to list your home, it would be a pretty good time to do so.

I am a Realtor. I write about Rhode Island. Rhode Island has some beautiful coastline and picturesque country. I live in Rhode Island and grew up here. But, we are in financial trouble.  This is a good time for someone from out of state to come in and snap up a waterfront or bayside home. Our beaches are now sporting some great home deals! These homes were once coveted and now are on the market. Rhode Island's troubles are someone elses' gains, as is the case with just about everything.

Here's hoping Rhode Island gets back on its feet and shows its stuff. We have a lot of great places here. All we need is jobs!

TAX CREDIT MAY BE EXTENDED!!!!! President to sign Friday

Its looking pretty good that the tax credit will be extended until April 2010. Just waiting on the Senate and House votes...this one will also include a tax credit to people who have already owned a home for 5 years.

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WASHINGTON - Key Senate leaders agreed yesterday to extend a popular tax credit for
first-time home buyers and to offer a reduced credit to some buyers who already own
houses.

The tax credit provides up to $8,000 to first-time home buyers, but it is set to
expire at the end of November.

Senators agreed to extend the existing tax credit for first-time home buyers while
offering a reduced credit of up to $6,500 to repeat buyers who have owned their
current homes for at least five years, said Regan Lachapelle, a spokeswoman for
Senate majority leader Harry Reid, a Democrat from Nevada.

The home buyers’ credit would be available to individuals earning up to $125,000, or
$250,000 for couples, up from $75,000 for individuals and $150,000 for couples under
the current law, Lachapelle said.

The agreement was announced after the Commerce Department said sales of new homes
unexpectedly fell in September.

Lawmakers want to keep home sales from slipping as the economy struggles to recover
from the worst drop in prices since the Great Depression. Economists say a recovery
in housing is a key to rebuilding the confidence and finances of American consumers,
whose spending makes up 70 percent of the world’s largest economy.

The tax credits would be available to home buyers who sign sales agreements by the
end of April. They would have until the end of June to close on their new homes,
said a congressional aide, who spoke on condition of anonymity because he was not
authorized to discuss the deal.

Senator Christopher Dodd, a Democrat from Connecticut, has been negotiating for
several weeks with Senator Johnny Isakson, a Republican of Georgia, to craft the
extended tax credit. Senate minority leader Mitch McConnell, a Kentucky Republican,
agreed that most lawmakers support the homebuyer measures.

Senators were still negotiating the expansion of a separate tax credit that lets
money-losing businesses get refunds for taxes paid in previous years, providing them
with a source of cash.

Senators in both political parties were hoping to add both tax provisions to a bill
that would give people running out of unemployment insurance benefits up to 20 more
weeks of federal aid. The Senate could vote on the overall bill as early as today,
but lawmakers were still haggling over several unrelated amendments last night.

If the Senate passes the bill, it would go to the House, which passed a similar bill
extending unemployment benefits last month. House leaders have hinted they would
support extending the tax credit for home buyers.

Lawmakers didn’t release a cost estimate for extending the tax credit, though
similar proposals were projected to cost about $10 billion.

Industry representatives said uncertainty about the tax credit is hurting new home
sales. September’s decline was the first since March.

It takes 45 days to 60 days to close on a house, making it unlikely a sale made
today would be consummated by the end of November, said Lucien Salvant, spokesman
for the National Association of Realtors. “Buyers right now have an incentive to
hold off, not knowing whether the credit will be extended,’’ Salvant said.

Purchases of new homes dropped 3.6 percent last month to a 402,000 annual pace,
which was lower than the most pessimistic economist’s forecast, according to
Commerce Department figures.

Material from Bloomberg News was used in this report.

© Copyright 2009 Globe Newspaper Company.

Two Family Cranston RI REDUCED!!!!

This is it! Your chance to own a two family in a great neighborhood and get help with your mortgage. See the Virtual tour below.

This house has been drastically reduced for a quick sale. This is a bank owned home and will be selling AS IS. Mostly needs updating. You will need a prequalification letter to make an offer, so get that first then call me. Don't wait too long.

Follow this link to see the tour.

Washington Park area home for sale

THIS HOUSE IS SOLD. EMAIL ME FOR OTHERS

Looking for a large home for a large family? Or are you looking to rent out rooms to help with mortgage payments? Don't let this one slip by. Priced at a very low $115,000, you can click Here to see the virtual tour.

Four beds, full partially finished basement, vinyl sided, newer roof.

This is a bank owned home and will be sold as is. The kitchen needs updating and home requires minor tlc.

Call your Realtor or email Karenhurst@rihome.net

House for Sale Warwick, RI New Price!

THIS HOUSE IS SOLD. EMAIL ME FOR OTHERS

38 Largo Road in the

Strawberry Field section of Warwick!

Cute 2 bed ranch in need of someone to take care of it! Fully fenced back yard w/shed. Good sized deck, attached garage, full basement, gas heat, everything you have been looking for!

This is a bank owned home. What that means to you is when you make an offer, have your prequalification letter ready and be prepared to buy AS IS.

This home needs TLC, ie painting, cleaning.

Priced reasonably at $167,000.

Email me for a showing at Karenhurst@rihome.net

Rhode Island First time homebuyers' dilemma

Are you looking to buy a home in Rhode Island? Are you a first time home buyer without any savings?

It used to be that you could go to RIHMFC (Rhode Island Home Mortgage and Finance Company) and if you had decent credit, be able to borrow 100% of your mortgage and get help with closing costs. In the past couple of weeks, RIHMFC's criteria has changed. This is due to all the mortgage mess we have been hearing about in the news and all the foreclosures going down.

There are two schools of thought on buying a home with a 100% mortgage. One is that people should be "saving" for their own down payment and their own closing costs. The other is that many, many people will not be able to own their own home without this help.

I am one of those people who has an obsession for putting people into homes of their own. This is the reason I went into Real Estate! Nothing makes me happier than searching for a home, uniting someone with a good Mortgage broker and a great loan and then seeing them in their own home. In my opinion there is a psycological feeling of pride when someone actually buys a house. It changes their whole perspective on things. It is called "nesting". Both men and women have the nesting instinct.

The point of this post is simply to remind people that even though there are many changes going on in the mortgage industry, there are still many programs out there to get you into your first home. Don't give up! Call a Realtor, preferably me:) and I will advise you on what you need to do.

Most importantly in these turbulent Real Estate days, you need to have good credit, so make sure you pay your payments on time and try to clean up any charge cards or loans you may have.

If you are looking for a home in Warwick, Cranston, or East Greenwich, and need some help, I am here for you. Happy Hunting!

Investors take notice!!! New Price

THIS HOUSE IS SOLD. Email me for others.
$80900!!!!!

Private lot next to Pawtuxet River located at end of cul de sac. Newer windows, vinyl siding, roof and cement driveway.

Interior needs much work. Carpets, walls, floors, etc and basement also needs work.

This is a bank owned home selling AS IS with all offers to be accompanied by a prequalification letter.

Priced accordingly at $80,900! Ride by and email or call me! Home is located in Warwick, Rhode Island at 3 Byron Boulevard.

Click for Virtual Tour.

Rhode Island Real Estate 2008

Sigh! This picture is a definite portrayal of how I feel after the Holidays! Now its January 2008 and as a Realtor, I am expected to start the new year with a rush! The stats for 2007, especially in Rhode Island, were not good, as you all know. Rhode Island was second to Michigan in losing population. We were 8th in foreclosures. The mortgage industry has realigned and unless you have impeccable credit and a good work history, you can plan on paying much more in interest rates for a home. We are reading doom and gloom everywhere about the Real Estate Industry. I have been working with REO's, which is Real Estate Owned property. This means that the bank has bought back their interest in a foreclosed home. These homes are actually still selling due to the fact that they are cheaper then the regular market. However, there are so many of them, that the prices are actually driving down prices of what we call market value homes! This is a tough pill for Sellers to swallow. Many sellers viewed the equity in their homes as actual money! Real estate is very much like the Stock market. It is not actual money until it is in your pocket!

I was interviewed for a piece in Rhode Island Monthly last month. The advice I gave and still give is: If you do not have to sell your home now, don't! If you do have to sell it, make it pretty and price it well. There is a lot of competition out there, but this does not mean you have to give it away. Check with a Realtor and find out just what prices are doing right now and then price yours accordingly. Do not try to price it by what you paid for it, or what you refinanced it for. Picture yourself as the buyer and view your home with a keen eye. Would you be impressed when you first walked in? Is there any odor from animals? Is it clean? Why would someone want your house as opposed to the 4000 others out there? Remember, location is important, but price rules!!! If your home stays on the market for more than three months, even after you have lowered your price, it starts becoming stigmatized and even a good buyer will pass on it, thinking there is something wrong with it.

Now on the other side. If you are a Buyer looking for a deal and are qualified for a good loan, then I would suggest you also contact a Realtor and get your ducks in a row. The market will go down within this next year, but no so much that you can afford to wait forever. It will also start rising again, my guess, around mid 2009! Take a look around and figure out where you can get the most for your money. History dictates that prices will rise again, so do not miss out by trying to play the market!

Research is key to making qualified decisions. I spend many hours researching the housing market and while I do not have a Crystal Ball (actually I do have one:), my predictions are based on everyday knowledge. This is my career! Be careful who you listen to when you are anticipating one of the largest deals in your life!

Rhode Island Buyers Christmas

Yes, Virginia, it is now Christmas for Buyers'.

The rates are low, the homes are priced lower. If you haven't been paying attention, it's time to do your Christmas shopping for a new home.

How to make money buying Real Estate

I guess everyone wants to know the answer to this. The problem is that everyone already knows the answer.

It's very simple, "Buy low, Sell High".

That is all you need to know to make money in Real Estate.

In the past few years, many investors tried to buy homes, but they miscalculated and bought High. Now they are reluctant to Sell low, which, while understandable, is creating a large supply of homes on the market.

Home buyers that planned on living in their home (Owner occupied) who bought in the past few years, also "Bought High". They are not inclined to "Sell Low".

All of this "emotional" buying and selling creates a down market.

This, coupled with the Mortgage Industries' problems this past year, have created a stagnant market.

Rhode Island Real Estate has been in a turmoil in the past few years. After the Credit Crisis of the late 1980's and early 1990's the market started on an incredible upswing. Unless you have been living in a cave, you had to have noticed the High prices of homes. Homes were selling so fast that bidding wars were everywhere.
Of course, you knew, and so should everyone else have known, that this would not last.

Now, the market has been steadily declining. Homes bought in 2005 no longer command the price they once did and have actually dropped. Tax assessments in most cities have continued to rise and some are now assessed at over the Market Value of the home.

The market will not remain stagnant for long. It has to move. Figure it out for yourself. Which way will the Market go?

Save your home!

If you are in trouble on your mortgage payments due to having bought a home with an ARM mortgage and now your new payments are coming due, you need to read this article written by fellow Active Rainer , Aaron Gordon Mortgage Banker on the new guidelines from HUD. It may save your home. Here is the article This article explains the way it will work, who will be qualified and provides links to Hud. Good Luck.

Why Isn't my Home Selling?

For the many, many home owners out there with their homes languishing on the market and wondering why their home is not selling. Here are some tips. Top of the line tip: Your house is overpriced! Whether you are pricing it yourself or you have a Realtor, look at the actual comparables of houses that sold in the last three months that are close to your neighborhood and similar in style, size and condition to your home. Next, check out what is also for sale in your neighborhood. Put yourself in the buyers seat and look at all the homes for sale. Why would they choose your house?

After you are satisfied with your price, you now need to look at the "appeal" and condition of your home. Does it show well? When someone drives by, do they think "That's a nice house"? Or do they not notice it at all? Or worse, do they think "what a rat trap"? All these thoughts are what makes a buyer automatically put a "mental price" on your home. You want them to hear the price and think "What a great deal"! I need to move on this one.

And last, but not least, a sign in front of the house, while it will catch some buyers, is not the only thing you should be doing to advertise. If you have a Realtor, then he/she will automatically be doing everything possible to get your home advertised, but if you are doing it on your own, you need to advertise everywhere you can, both on the internet and in local classifieds.

While this is not a "standard" buyers market. (The prices have not gone down enough) It is definitely not a sellers market and you need to do whatever you can to promote your home. Happy Selling. Feel free to email me with your questions/concerns.

Making Realty a Reality