The mortgage-backing government entities announced that they will offer mortgage forbearance for at least 90 days to borrowers in the Houston area affected by Hurricane Harvey. In some cases, this could be extended for up to a year.Storm victims with Fannie Mae, Freddie Mac, and Federal Housing Administration–backed loans will not have to make their monthly payments. They will face no penalty fees. Interest on their loans, however, would still
Contract signing mostly stalled last month as housing shortages across the country continued to hamper home sales, the National Association of REALTORS® reported Thursday. The West was the only major region of the U.S. to see an uptick in pending July home sales.Overall, NAR’s Pending Home Sales Index—a forward-looking indicator based on contract signings—dropped 0.8 percent to a reading of 109.1 in July. The index is now 1.3 percent lower
Denver, Dallas and Nashville are leading the wayKey Takeaways A little more than 48 percent of homes nationwide have exceeded their pre-recession value. In Denver, Dallas, Nashville, Portland, Raleigh, Louisville and San Jose, more than 90 percent of homes are now worth more than they were in 2007.According to Zillow’s July Market Report, nearly 50 percent of homes nationwide have regained or exceeded their 2007 pre-recession value.In seven of
Focus on the sellers’ underlying concernsKey Takeaways If you aren’t able to identify a seller’s underlying concerns from the objections they offer, ask open-ended questions to draw them out.Despite what you may have heard, handling objections effectively isn’t about mastering scripts. To overcome objections consistently, agents must be able to think on their feet and apply appropriate strategies.Instead of trying to memorize specific r
Instead of trying to sell something, solve something for your prospects, and you’ll immediately see a spike in businessHow do successful real estate agents keep taking their growth to the next level without working themselves to borderline insanity or heavily increasing their marketing spend?Well, it all comes down to five success principles. These five principles will lead you to where you want to be, no matter where you are.1. Solve probl
Keep communication open and honest for easier deals and a more pleasant experience for everyoneWalking into a meeting with a client who has different expectations and conflicting opinions is a nightmare for any real estate agent. How can we identify those situations quickly? What part does empathy play in securing that sale?Apply business skills personally Knowing the basics of communication theory is a key skill, not just for real estate, bu
When real estate agents are posed with the question of whether clients should buy or rent, what's the right answer?With millennials’ preference toward a mobile lifestyle, the question of “buy versus rent” is prevalent among a demographic that constitutes a large segment of our first-time homebuyers.Furthermore, baby boomers are confronted with the same question for varied reasons that include a newfound desire to be mobile and investing
Call your mortgage servicer if you've been hit, agency saysKey Takeaways Fannie Mae, Freddie Mac and the FHA are offering housing relief to Hurricane Harvey disaster victims, including a 90-day moratorium on foreclosures.Hurricane Harvey has caused thousands in and around the Houston area to flee from the rising waters engulfing their homes and killed at least 14 people to date.In this time of crisis, federal mortgage agencies Fannie Mae, Freddie
It's one month before the NFIP is set to expire and a few days before new weather-related claims rules start in TexasKey Takeaways The federal flood insurance program is set to expire at the end of September; if it does, homeowners with federally insured loans in high-risk flood areas will be affected first. Houston homeowners should get their insurance claims filed before Friday, if possible.Harvey’s timing couldn’t be more interesting from
With a big truck and her fiance in tow, Nicole Lopez is a Hurricane Harvey hero“There is no real estate business happening in Houston right now,” said Nicole Lopez, a Realtor and team leader at Houston’s Intero Real Estate Services. But you won’t find her on high ground watching Netflix.Lopez spent Monday in the trenches with her fiance, Heath Cummins, helping the Houston Police Department save families, children and pets in Hurricane Har
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