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QUOTE OF THE WEEK..."You miss 100% of the shots you don't take." --Wayne Gretzky, hockey's all-time leading goal scorer
INFROMATION THAT HITS US WHERE WE LIVE... Hopefully, more people will be taking a shot at buying a home, with home ownership regaining its appeal as rents head higher. A real estate research firm reported average apartment rents UP 2.7% last year, while the national vacancy rate went below 5% for the first time since 2001. Increasing rents, plus very affordable home prices and near record low mortgage rates, have made home buying cheaper than renting in most areas, spurring on first-time buyers.
A major bank housing analyst said apartment rental costs have historically been about 10% lower than after-tax home ownership costs. That difference began shrinking in 2010 and now apartment rents are about 15% higher than home ownership costs. A new survey found that twice as many real estate professionals, compared to three months ago, expect home values to rise. The housing market appears to be stabilizing as home sales trend upward and homebuilders are more optimistic than they've been in years.
BUSINESS TIP OF THE WEEK... Focus your networking on the people who have referred business to you or made advantageous introductions. Stay in contact every three months to stay top-of-mind with these important contacts.
>> Review of Last Week
SLIPPING INTO Q2... In a not-so-wonderful start to the second quarter, the Dow suffered its worst weekly loss since last December, while the S&P500 and the Nasdaq also went lower. FOMC Minutes from the last Fed meeting left investors uncertain about monetary policy, while there were renewed concerns about Spain's sovereign debt. The ISM Services index, measuring the largest sector of our economy, dipped more than expected, but stayed in positive growth territory, as did the better-than-expected ISM Manufacturing index.
Friday, equity markets were closed, but the government's disappointing jobs report ended the week on a downer for us all. Just 120,000 new jobs were created in March, hugely below expectations. The unemployment rate crept down from 8.3% to 8.2%, but economists explained that was because more people are becoming discouraged and dropping out of the work force.
For the week, the Dow ended down 1.2%, at 13060; the S&P 500 closed down 0.7%, to 1398; and the Nasdaq edged down 0.4%, to 3081.
Following the weak jobs report, investors sought the safe haven of bonds in Friday's holiday-shortened session. Bond prices surged, with the FNMA 3.5% bond we watch finishing the week UP .92, to $103.16. National average mortgage rates eased again last week, according to Freddie Mac's weekly survey. Purchase loan demand rose to its highest level in months.
DID YOU KNOW?... The typical home purchased in 2011 was built in 1993, with three bedrooms and two bathrooms in 1900 square feet of space, as reported in the latest NAR survey.
>> This Week’s Forecast
BUDGET, FED VIEWS, INFLATION... Wednesday's March Federal Budget should show the government running a big deficit, no surprise there. This will be followed by the Federal Reserve's Beige Book of economic observations from Fed districts around the country. Could be some good stuff.
But the big reports will be PPI wholesale inflation on Thursday and CPI consumer inflation come Friday. The monthly numbers are expected to reflect annual inflation rates slightly above the Fed's 2% target. This is not good, as inflation cuts consumer buying power, sends mortgage bond prices lower -- and mortgage rates up!
>> The Week’s Economic Indicator Calendar
Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.
Economic Calendar for the Week of Apr 9 – Apr 13
Date Time (ET) Release For Consensus Prior Impact
W Apr 11 10:30 Crude Inventories 04/07 NA 9.009M Moderate
W Apr 11 14:00 Federal Budget Mar NA –$188.2B Moderate
W Apr 11 14:00 Fed's Beige Book Apr NA NA Moderate
Th Apr 12 08:30 Initial Unemployment Claims 04/07 355K 357K Moderate
Th Apr 12 08:30 Continuing Unemployment Claims 03/31 3.350M 3.338M Moderate
Th Apr 12 08:30 Producer Price Index (PPI) Mar 0.3% 0.4% Moderate
Th Apr 12 08:30 Core PPI Mar 0.2% 0.2% Moderate
Th Apr 12 08:30 Trade Balance Feb –$52.0B –$52.6B Moderate
F Apr 13 08:30 Consumer Price Index (CPI) Mar 0.3% 0.4% HIGH
F Apr 13 08:30 Core CPI Mar 0.2% 0.1% HIGH
F Apr 13 09:55 Univ. of Michigan Consumer Sentiment Apr 76.1 76.2 Moderate
>> Federal Reserve Watch
Forecasting Federal Reserve policy changes in coming months... The Fed said it intends to keep the Funds Rate low for quite some time, which is what economists expect. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.
Current Fed Funds Rate: 0%–0.25%
After FOMC meeting on: Consensus
Apr 25 0%–0.25%
Jun 20 0%–0.25%
Jul 31 0%–0.25%
Probability of change from current policy:
After FOMC meeting on: Consensus
Apr 25 <1%
Jun 20 <1%
Jul 31 <1%
30 Eylül 2012 Pazar
New Light Bulb Rules: What They Are and 3 Cost-saving Choices PLUS 3 Ways the Job Market Moves Housing
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NEW LIGHT BULB RULES
Thomas Edison's incandescent light bulb was a brilliant invention, but not very energy efficient. Just 10% of the electricity it uses gets converted into light; the rest is radiated as heat. This January, the old-style bulb got a big push toward extinction, as additional provisions of the Energy Independence and Security Act of 2007 kicked in.
The new rules do not ban incandescent bulbs outright, nor do they say we have to use compact fluorescent (CFL) bulbs. But they do require manufacturers and wholesalers to meet new standards that force them to improve the efficiency of incandescent bulbs or replace them with bulbs using newer technologies.
The new standards phase in over the next two years, starting with the 100-watt incandescent bulbs. The Department of Energy assures us that the average household replacing 15 traditional 60-watt bulbs with the new alternatives can save over $50 a year on electricity – and have longer lasting bulbs. Here are three choices:
Halogen Incandescents. These offer a brightness and light quality closest to traditional bulbs and should last up to three times longer than old-style incandescents. But they only cut energy use by 25%. Estimated annual cost savings: $19.50.
Compact fluorescents (CFLs). These use 75% less energy and last up to ten times longer than traditional bulbs. Estimated annual cost savings: $54.
Light-emitting diodes (LEDs). These are the state of the art in low-energy lighting. They use 75%-80% less energy and last up to 25 times longer than old-style bulbs. They're costly, but prices should drop as more come to market. Estimated annual cost savings: $57.
THE SKINNY ON JOBS AND HOUSING
Over the years, in good times and bad, the most accurate indicator for the health of the housing market has been the health of the job market. When people are working full-time in good jobs they believe they'll keep, it's good for housing too. Here are three ways labor impacts homes:
1) Home Prices. A secure and healthy employment market helps stabilize home prices, since people aren't at risk of losing their homes because they can no longer afford them. A gain in jobs also brings in more first-time home buyers, which can help home prices rebound.
2) Home Size. In a good, healthy job market, businesses often compete for the best workers, driving up salaries. When people get paid more, guess where they think about putting the extra money? In a larger home!
3) Home Location. Thriving labor markets require employers to attract people from outside the local area. This is why housing markets are localized. Towns, counties and states with better job markets than their neighbors also enjoy better housing markets. Compare job growth figures and the unemployment rate in your locale to other areas and the nation as a whole. That will tell you the real health of your local housing market.
In any case, please note that in almost all markets, it now makes more financial sense to buy than rent.
If you're wondering about the housing market in your area or have any other related questions, please call or email us. We're always here to help.... Have a great day!
P.S. With the housing market looking poised for an upturn in more areas of the country, this could be a great time to upsize, downsize or refinance. Mortgage rates are still at historic lows and home prices are very affordable. Please call or email us now to discuss your situation.
Thomas Edison's incandescent light bulb was a brilliant invention, but not very energy efficient. Just 10% of the electricity it uses gets converted into light; the rest is radiated as heat. This January, the old-style bulb got a big push toward extinction, as additional provisions of the Energy Independence and Security Act of 2007 kicked in.
The new rules do not ban incandescent bulbs outright, nor do they say we have to use compact fluorescent (CFL) bulbs. But they do require manufacturers and wholesalers to meet new standards that force them to improve the efficiency of incandescent bulbs or replace them with bulbs using newer technologies.
The new standards phase in over the next two years, starting with the 100-watt incandescent bulbs. The Department of Energy assures us that the average household replacing 15 traditional 60-watt bulbs with the new alternatives can save over $50 a year on electricity – and have longer lasting bulbs. Here are three choices:
Halogen Incandescents. These offer a brightness and light quality closest to traditional bulbs and should last up to three times longer than old-style incandescents. But they only cut energy use by 25%. Estimated annual cost savings: $19.50.
Compact fluorescents (CFLs). These use 75% less energy and last up to ten times longer than traditional bulbs. Estimated annual cost savings: $54.
Light-emitting diodes (LEDs). These are the state of the art in low-energy lighting. They use 75%-80% less energy and last up to 25 times longer than old-style bulbs. They're costly, but prices should drop as more come to market. Estimated annual cost savings: $57.
THE SKINNY ON JOBS AND HOUSING
Over the years, in good times and bad, the most accurate indicator for the health of the housing market has been the health of the job market. When people are working full-time in good jobs they believe they'll keep, it's good for housing too. Here are three ways labor impacts homes:
1) Home Prices. A secure and healthy employment market helps stabilize home prices, since people aren't at risk of losing their homes because they can no longer afford them. A gain in jobs also brings in more first-time home buyers, which can help home prices rebound.
2) Home Size. In a good, healthy job market, businesses often compete for the best workers, driving up salaries. When people get paid more, guess where they think about putting the extra money? In a larger home!
3) Home Location. Thriving labor markets require employers to attract people from outside the local area. This is why housing markets are localized. Towns, counties and states with better job markets than their neighbors also enjoy better housing markets. Compare job growth figures and the unemployment rate in your locale to other areas and the nation as a whole. That will tell you the real health of your local housing market.
In any case, please note that in almost all markets, it now makes more financial sense to buy than rent.
If you're wondering about the housing market in your area or have any other related questions, please call or email us. We're always here to help.... Have a great day!
P.S. With the housing market looking poised for an upturn in more areas of the country, this could be a great time to upsize, downsize or refinance. Mortgage rates are still at historic lows and home prices are very affordable. Please call or email us now to discuss your situation.
Market Update - For the week of April 16, 2012 – Vol. 10, Issue 16
To contact us Click HERE
QUOTE OF THE WEEK..."Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof." --John Kenneth Galbraith, Canadian-American economist.
INFO THAT HITS US WHERE WE LIVE... When people tell you the housing market isn't showing many positive signs, here are some facts that may change their minds. As of January, the National Association of Realtors (NAR) reported the housing inventory of for-sale homes has fallen to its lowest level since March 2005 -- 2.3 million homes, about a six-month supply. Meanwhile, total home sales rose 13% in the last six months, according to another industry survey.
The NAR also reports that sales of second homes in 2011 shot up to their highest market share since the height of the housing boom. This includes both vacation and investment homes. A survey of real estate economists and analysts reported home prices should stabilize this year, rebound in 2013 and accelerate in 2014. Finally, Freddie Mac's weekly survey revealed that national average mortgage rates hit new all-time lows for 15-year fixed-rate loans and were just above the record low for 30-year mortgages.
BUSINESS TIP OF THE WEEK... When you have more problems than you can handle, start with the ones that are most important. Ask yourself, "what's the most valuable thing I could be doing right now?"
Over here, corporate earnings season got off to a great start with Alcoa, Google, JPMorgan Chase and Wells Fargo all coming in better than expected. The February Trade Deficit was lower than expected, as U.S. exports gained, a good thing. BUT weekly unemployment claims shot up to 380,000, Michigan Consumer Sentiment dropped for April and the CPI inflation reading showed consumer prices shot UP 0.3% in March after being UP 0.4% in February.
For the week, the Dow ended down 1.6%, at 12850; the S&P 500 closed down 2.0%, to 1370; and the Nasdaq sank 2.2%, to 3011.
Good corporate earnings and increasing inflation would have hurt bond prices, but worries over European sovereign debt and China's economic growth kept investors committed to the safe haven of bonds. The FNMA 3.5% bond we watch finished the week off just .01, at $103.15. National average mortgage rates slipped again last week, as economic concerns kept investors in mortgage bonds, holding prices up and rates down.
DID YOU KNOW?... Crude Inventories is the DOE's estimate of the weekly change in barrels of crude oil held by commercial facilities. Growing inventories may lower oil prices, diminishing inventories can raise them.
Economic Calendar for the Week of Apr 16 – Apr 20
Date Time (ET) Release For Consensus Prior Impact
M Apr 16 08:30 Retail Sales Mar 0.3% 1.1% HIGH
M Apr 16 08:30 Retail Sales ex-auto Mar 0.6% 0.9% HIGH
M Apr 16 08:30 Empire State Manufacturing Apr 17.5 20.2 Moderate
M Apr 16 10:00 Business Inventories Feb 0.5% 0.7% Moderate
Tu Apr 17 08:30 Housing Starts Mar 700K 698K Moderate
Tu Apr 17 08:30 Building Permits Mar 710K 717K Moderate
Tu Apr 17 09:15 Industrial Production Mar 0.2% 0.0% Moderate
Tu Apr 17 09:15 Capacity Utilization Mar 78.5% 78.4% Moderate
W Apr 18 10:30 Crude Inventories 04/14 NA 2.791M Moderate
Th Apr 19 08:30 Initial Unemployment Claims 04/07 375K 380K Moderate
Th Apr 19 08:30 Continuing Unemployment Claims 03/31 3.275M 3.251M Moderate
Th Apr 19 10:00 Existing Home Sales Mar 4.62M 4.59M Moderate
Th Apr 19 10:00 Philadelphia Fed Mfg Apr 10.3 12.5 Moderate
Th Apr 19 10:00 Leading Economic Indicators (LEI) Mar 0.2% 0.7% Moderate
Current Fed Funds Rate: 0%–0.25%
After FOMC meeting on: Consensus
Apr 25 0%–0.25%
Jun 20 0%–0.25%
Jul 31 0%–0.25%
Probability of change from current policy:
After FOMC meeting on: Consensus
Apr 25 <1%
Jun 20 <1%
Jul 31 <1%
QUOTE OF THE WEEK..."Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof." --John Kenneth Galbraith, Canadian-American economist.
INFO THAT HITS US WHERE WE LIVE... When people tell you the housing market isn't showing many positive signs, here are some facts that may change their minds. As of January, the National Association of Realtors (NAR) reported the housing inventory of for-sale homes has fallen to its lowest level since March 2005 -- 2.3 million homes, about a six-month supply. Meanwhile, total home sales rose 13% in the last six months, according to another industry survey.
The NAR also reports that sales of second homes in 2011 shot up to their highest market share since the height of the housing boom. This includes both vacation and investment homes. A survey of real estate economists and analysts reported home prices should stabilize this year, rebound in 2013 and accelerate in 2014. Finally, Freddie Mac's weekly survey revealed that national average mortgage rates hit new all-time lows for 15-year fixed-rate loans and were just above the record low for 30-year mortgages.
BUSINESS TIP OF THE WEEK... When you have more problems than you can handle, start with the ones that are most important. Ask yourself, "what's the most valuable thing I could be doing right now?"
>> Review of Last Week
SECOND DOWN... The S&P 500 and the Nasdaq lodged their first back-to-back weekly losses, while the Dow had its worst week of the year. Some observers felt stock prices were simply due for a correction after zooming UP 30% since October. But others pointed to genuine economic concerns after China reported its economic growth slowing more than anticipated, dropping from 8.9% in Q4 to 8.1% for Q1. Of course, that's still over 2.5 times our growth rate! Spain's rising borrowing costs also worried Wall Street.Over here, corporate earnings season got off to a great start with Alcoa, Google, JPMorgan Chase and Wells Fargo all coming in better than expected. The February Trade Deficit was lower than expected, as U.S. exports gained, a good thing. BUT weekly unemployment claims shot up to 380,000, Michigan Consumer Sentiment dropped for April and the CPI inflation reading showed consumer prices shot UP 0.3% in March after being UP 0.4% in February.
For the week, the Dow ended down 1.6%, at 12850; the S&P 500 closed down 2.0%, to 1370; and the Nasdaq sank 2.2%, to 3011.
Good corporate earnings and increasing inflation would have hurt bond prices, but worries over European sovereign debt and China's economic growth kept investors committed to the safe haven of bonds. The FNMA 3.5% bond we watch finished the week off just .01, at $103.15. National average mortgage rates slipped again last week, as economic concerns kept investors in mortgage bonds, holding prices up and rates down.
DID YOU KNOW?... Crude Inventories is the DOE's estimate of the weekly change in barrels of crude oil held by commercial facilities. Growing inventories may lower oil prices, diminishing inventories can raise them.
>> This Week’s Forecast
BUILDERS AND EXISTING HOME SALES HANGING IN THERE... A lot of this week's economic indicators are expected to slip but stay in positive territory, as the economy continues to grow so slowly it's barely perceptible. But our key points of interest -- Tuesday's Housing Starts and Thursday's Existing Home Sales -- are actually forecast UP, though just by a tick.
Keep an eye on today's Retail Sales numbers, as they indicate consumers' willingness to spend at the store on everything up through autos, which are included in the overall number. Cars, of course, are the second biggest consumer purchase after homes.>> The Week’s Economic Indicator Calendar
Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.Economic Calendar for the Week of Apr 16 – Apr 20
Date Time (ET) Release For Consensus Prior Impact
M Apr 16 08:30 Retail Sales Mar 0.3% 1.1% HIGH
M Apr 16 08:30 Retail Sales ex-auto Mar 0.6% 0.9% HIGH
M Apr 16 08:30 Empire State Manufacturing Apr 17.5 20.2 Moderate
M Apr 16 10:00 Business Inventories Feb 0.5% 0.7% Moderate
Tu Apr 17 08:30 Housing Starts Mar 700K 698K Moderate
Tu Apr 17 08:30 Building Permits Mar 710K 717K Moderate
Tu Apr 17 09:15 Industrial Production Mar 0.2% 0.0% Moderate
Tu Apr 17 09:15 Capacity Utilization Mar 78.5% 78.4% Moderate
W Apr 18 10:30 Crude Inventories 04/14 NA 2.791M Moderate
Th Apr 19 08:30 Initial Unemployment Claims 04/07 375K 380K Moderate
Th Apr 19 08:30 Continuing Unemployment Claims 03/31 3.275M 3.251M Moderate
Th Apr 19 10:00 Existing Home Sales Mar 4.62M 4.59M Moderate
Th Apr 19 10:00 Philadelphia Fed Mfg Apr 10.3 12.5 Moderate
Th Apr 19 10:00 Leading Economic Indicators (LEI) Mar 0.2% 0.7% Moderate
>> Federal Reserve Watch
Forecasting Federal Reserve policy changes in coming months... Last week, Fed Vice Chairman Janet Yellen suggested the central bank could keep the Funds Rate super low through 2015 if necessary. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.Current Fed Funds Rate: 0%–0.25%
After FOMC meeting on: Consensus
Apr 25 0%–0.25%
Jun 20 0%–0.25%
Jul 31 0%–0.25%
Probability of change from current policy:
After FOMC meeting on: Consensus
Apr 25 <1%
Jun 20 <1%
Jul 31 <1%
Market Update -- For the Week of July 9, 2012
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QUOTE OF THE WEEK... "Most people never run far enough on their first wind to find out they've got a second." --William James, American philosopher and psychologist
INFO THAT HITS US WHERE WE LIVE... The housing market sure seems to be getting a second wind. The latest forecast from the National Association of Realtors predicts a 9.5% gain in existing home sales in 2012 and a 6.9% boost in 2013, to almost 5 million units. New home sales are projected to jump 29% this year and 62% (!!) in 2013, to 629,000 units. Median prices for existing homes should be UP 3% in 2012 and UP 5.7% in 2013. New home median prices are expected UP 4% this year and UP 4.6% in 2013.
Want some corroboration for this good news? No less an authority than the Joint Center for Housing Studies of Harvard University asserts in "The State of the Nation's Housing 2012" that "...there is reason to believe that 2012 will mark the beginning of a true housing market recovery." The report cautions: "Sustained employment growth remains key,..." adding: "If the broader economy weakens in the short term, the housing rebound could again stall."
BUSINESS TIP OF THE WEEK... Do what you tell people you're going to do. This includes what you tell yourself you'll accomplish. You'll be seen as reliable and productive, two great business traits.
Review of Last Week
NO FIREWORKS... There was nothing much to celebrate on Wall Street as the Labor Department reported that the U.S. economy created just 80,000 jobs in June, about one third of them temporary. Hiring slowed sharply in the second quarter, job gains averaging only 75,000 per month. In response to this tepid data, investors sold off stocks, sending the Dow and the S&P 500 down for the week. However, the tech-heavy Nasdaq managed its fifth straight weekly gain, albeit by a minuscule 0.1%.
Adding to the disappointment, ISM Manufacturing came in below 50, signaling contraction in the factory sector for the first time since mid-2009. But the ISM Non-manufacturing index, while dropping in June, stayed just above 50, indicating slight expansion. Unfortunately, June Same Store Sales came in below expectations, with 14 retailers missing estimates, the most since May 2011. Finally, China and the European Central Bank cut interest rates and the Bank of England stepped up its asset purchase program to stimulate growth.
For the week, the Dow ended down 0.8%, at 12772; the S&P 500 closed down 0.5%, to 1355; and the Nasdaq was up 0.1%, to 2937.
With the world worried about another economic slowdown, investors flocked to the safe haven of bonds. The weak U.S. Employment Report gave prices a final boost. The FNMA 3.5% bond we watch finished the week UP 0.20, at $105.25. National average mortgage rates on 30-year and 15-year fixed rate mortgages plunged to record lows in Freddie Mac's weekly survey. Purchase loan demand edged up slightly for the week, according to the Mortgage Bankers Association.
DID YOU KNOW?... Quantitative easing is the process of increasing the money supply to ease a credit crunch and, hopefully, boost the economy. It is usually employed only after interest rates are already at zero..
This Week’s Forecast
TRADE DEFICIT, FED DEFICIT, FED MINUTES... After the big focus on last Friday's jobs numbers, we have a relatively quiet week ahead. Tuesday's Trade Balance should show the deficit in May still hovering near the $50 billion level. Thursday's Federal Deficit for June is also worth watching, having been up past $43 billion.
Wednesday it may be instructive to check out the FOMC Minutes from the Fed's meeting on June 20. We could get a clearer idea of if and when the central bank will start printing more money ("Quantitative Easing") in an effort to stimulate the economy.
The Week’s Economic Indicator Calendar
Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.
Economic Calendar for the Week of Jul 9 – Jul 13
Date Time (ET) Release For Consensus Prior Impact
W Jul 11 08:30 Trade Balance May –$48.9B –$50.1B Moderate
W Jul 11 10:30 Crude Inventories 07/07 NA –4.270M Moderate
W Jul 11 14:00 FOMC Minutes 06/20 NA NA HIGH
Th Jul 12 08:30 Initial Unemployment Claims 07/07 375K 374K Moderate
Th Jul 12 08:30 Continuing Unemployment Claims 06/30 3.300M 3.306M Moderate
Th Jul 12 14:00 Federal Deficit Jun NA –$43.1B Moderate
F Jul 13 08:30 Producer Price Index (PPI) Jun –0.6% –1.0% Moderate
F Jul 13 08:30 Core PPI Jun 0.2% 0.2% Moderate
F Jul 13 09:55 Univ. of Michigan Consumer Sentiment Jul 73.5 73.2 Moderate
Federal Reserve Watch
Forecasting Federal Reserve policy changes in coming months... In the current economic environment, economists expect the Fed to keep the Funds Rate exceptionally low at least through late 2014. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.
Current Fed Funds Rate: 0%–0.25%
After FOMC meeting on: Consensus
Aug 1 0%–0.25%
Sep 13 0%–0.25%
Oct 24 0%–0.25%
Probability of change from current policy:
After FOMC meeting on: Consensus
Aug 1 <1%
Sep 13 <1%
Oct 24 <1%
UIE
INFO THAT HITS US WHERE WE LIVE... The housing market sure seems to be getting a second wind. The latest forecast from the National Association of Realtors predicts a 9.5% gain in existing home sales in 2012 and a 6.9% boost in 2013, to almost 5 million units. New home sales are projected to jump 29% this year and 62% (!!) in 2013, to 629,000 units. Median prices for existing homes should be UP 3% in 2012 and UP 5.7% in 2013. New home median prices are expected UP 4% this year and UP 4.6% in 2013.
Want some corroboration for this good news? No less an authority than the Joint Center for Housing Studies of Harvard University asserts in "The State of the Nation's Housing 2012" that "...there is reason to believe that 2012 will mark the beginning of a true housing market recovery." The report cautions: "Sustained employment growth remains key,..." adding: "If the broader economy weakens in the short term, the housing rebound could again stall."
BUSINESS TIP OF THE WEEK... Do what you tell people you're going to do. This includes what you tell yourself you'll accomplish. You'll be seen as reliable and productive, two great business traits.
Review of Last Week
NO FIREWORKS... There was nothing much to celebrate on Wall Street as the Labor Department reported that the U.S. economy created just 80,000 jobs in June, about one third of them temporary. Hiring slowed sharply in the second quarter, job gains averaging only 75,000 per month. In response to this tepid data, investors sold off stocks, sending the Dow and the S&P 500 down for the week. However, the tech-heavy Nasdaq managed its fifth straight weekly gain, albeit by a minuscule 0.1%.
Adding to the disappointment, ISM Manufacturing came in below 50, signaling contraction in the factory sector for the first time since mid-2009. But the ISM Non-manufacturing index, while dropping in June, stayed just above 50, indicating slight expansion. Unfortunately, June Same Store Sales came in below expectations, with 14 retailers missing estimates, the most since May 2011. Finally, China and the European Central Bank cut interest rates and the Bank of England stepped up its asset purchase program to stimulate growth.
For the week, the Dow ended down 0.8%, at 12772; the S&P 500 closed down 0.5%, to 1355; and the Nasdaq was up 0.1%, to 2937.
With the world worried about another economic slowdown, investors flocked to the safe haven of bonds. The weak U.S. Employment Report gave prices a final boost. The FNMA 3.5% bond we watch finished the week UP 0.20, at $105.25. National average mortgage rates on 30-year and 15-year fixed rate mortgages plunged to record lows in Freddie Mac's weekly survey. Purchase loan demand edged up slightly for the week, according to the Mortgage Bankers Association.
DID YOU KNOW?... Quantitative easing is the process of increasing the money supply to ease a credit crunch and, hopefully, boost the economy. It is usually employed only after interest rates are already at zero..
This Week’s Forecast
TRADE DEFICIT, FED DEFICIT, FED MINUTES... After the big focus on last Friday's jobs numbers, we have a relatively quiet week ahead. Tuesday's Trade Balance should show the deficit in May still hovering near the $50 billion level. Thursday's Federal Deficit for June is also worth watching, having been up past $43 billion.
Wednesday it may be instructive to check out the FOMC Minutes from the Fed's meeting on June 20. We could get a clearer idea of if and when the central bank will start printing more money ("Quantitative Easing") in an effort to stimulate the economy.
The Week’s Economic Indicator Calendar
Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.
Economic Calendar for the Week of Jul 9 – Jul 13
Date Time (ET) Release For Consensus Prior Impact
W Jul 11 08:30 Trade Balance May –$48.9B –$50.1B Moderate
W Jul 11 10:30 Crude Inventories 07/07 NA –4.270M Moderate
W Jul 11 14:00 FOMC Minutes 06/20 NA NA HIGH
Th Jul 12 08:30 Initial Unemployment Claims 07/07 375K 374K Moderate
Th Jul 12 08:30 Continuing Unemployment Claims 06/30 3.300M 3.306M Moderate
Th Jul 12 14:00 Federal Deficit Jun NA –$43.1B Moderate
F Jul 13 08:30 Producer Price Index (PPI) Jun –0.6% –1.0% Moderate
F Jul 13 08:30 Core PPI Jun 0.2% 0.2% Moderate
F Jul 13 09:55 Univ. of Michigan Consumer Sentiment Jul 73.5 73.2 Moderate
Federal Reserve Watch
Forecasting Federal Reserve policy changes in coming months... In the current economic environment, economists expect the Fed to keep the Funds Rate exceptionally low at least through late 2014. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.
Current Fed Funds Rate: 0%–0.25%
After FOMC meeting on: Consensus
Aug 1 0%–0.25%
Sep 13 0%–0.25%
Oct 24 0%–0.25%
Probability of change from current policy:
After FOMC meeting on: Consensus
Aug 1 <1%
Sep 13 <1%
Oct 24 <1%
UIE
6 Tips to Sell Your Home FAST--PLUS 4 outdoor living areas gaining appeal
To contact us Click HERE
The real estate market is local. So if you want to sell your home fast, first find out how quickly homes at your price point are selling in your area. Then take these steps to speed up the process.
1. Ask Agents the Key Question. Ask prospective Realtors the average time their listings were on the market before they sold. Days on the market is influenced by the state of the market and the list price, but you still want to see who sold their homes the quickest.
2. Price It Right. If you want to sell fast, start off with an attractive price. Your home will stand out from homes that are listed unrealistically high. You’ll get more showings and more potential buyers.
3. Prep It Completely. Make your home look its best inside and out. Curb appeal counts. Paint the front door, pull weeds, plant bright flowers. Inside, put extra furniture in storage along with any clutter you can't throw out. Then clean the place thoroughly.
4. Shoot It Sharp. Once your home looks great, have your Realtor take lots of crystal clear pictures that show off the house and grounds. Keep cars, kids and pets out of the picture.
5. Stay on Top of the Marketing. Marketing is the agent's responsibility, but check up on the advertising and ask to be featured prominently.
6. Seriously Consider the First Offer. "The first offer is the best offer" – this is true more often than not. Unless the offer is preposterous, holding out may be just wasting time when you need to sell your home fast. Again, enlist the services of a professional and heed their advice!
LIVE LARGER OUTSIDE
Today, more people are upgrading their homes by creating outdoor living areas with more function, comfort and style. Here are four ideas gaining appeal around the country.
1: Outdoor Kitchens. Barbecuing is just the beginning. Outdoor kitchens can also include a stove, oven and small refrigerator so the cook has all ingredients at hand. Some layouts include sinks, storage cabinets and preparation areas.
2: Outdoor Dining Spaces. These can be covered with a weatherproof gazebo that can be hung with curtains and screens. Tables with durable glass or tile tops, along with matching chairs with removable cushions make an attractive patio. Fancy hammocks and "gravity" chairs are also popular. These living areas can come alive at night with special lighting, outdoor fireplaces, chimneys and gas-powered fire pits in a style to complement your home.
3: Waterworks. Fountains, self-contained waterfalls, small ponds and water gardens add the soothing sounds of water without costing a lot. But if pools are common in your neighborhood, adding one can enhance your outdoor living and might increase property value. But first find out about maintenance and other ongoing expenses.
4: Shade Trees. Outdoor living is always enhanced with the addition of a few large shade trees. They provide cool shade in summer and beautiful silhouettes in winter. Planted on the east side of the house, shade trees prevent morning heat and on the west and southwest sides, they stop heat buildup from the afternoon sun to cut cooling costs.
If you'd like to know more about financing or refinancing your home or about funding home improvements, please call or email us – we're always here to help.... Have a great day!
P.S. Each month brings more evidence the housing market is recovering in many areas, with record low mortgage rates and very affordable home prices. But it's a good idea to get the financing process started early. So if you're thinking about buying or refinancing, please call or email us now to discuss your situation.
| Sell Your Home Fast! |
1. Ask Agents the Key Question. Ask prospective Realtors the average time their listings were on the market before they sold. Days on the market is influenced by the state of the market and the list price, but you still want to see who sold their homes the quickest.
2. Price It Right. If you want to sell fast, start off with an attractive price. Your home will stand out from homes that are listed unrealistically high. You’ll get more showings and more potential buyers.
3. Prep It Completely. Make your home look its best inside and out. Curb appeal counts. Paint the front door, pull weeds, plant bright flowers. Inside, put extra furniture in storage along with any clutter you can't throw out. Then clean the place thoroughly.
4. Shoot It Sharp. Once your home looks great, have your Realtor take lots of crystal clear pictures that show off the house and grounds. Keep cars, kids and pets out of the picture.
5. Stay on Top of the Marketing. Marketing is the agent's responsibility, but check up on the advertising and ask to be featured prominently.
6. Seriously Consider the First Offer. "The first offer is the best offer" – this is true more often than not. Unless the offer is preposterous, holding out may be just wasting time when you need to sell your home fast. Again, enlist the services of a professional and heed their advice!
LIVE LARGER OUTSIDE
Today, more people are upgrading their homes by creating outdoor living areas with more function, comfort and style. Here are four ideas gaining appeal around the country.
1: Outdoor Kitchens. Barbecuing is just the beginning. Outdoor kitchens can also include a stove, oven and small refrigerator so the cook has all ingredients at hand. Some layouts include sinks, storage cabinets and preparation areas.
2: Outdoor Dining Spaces. These can be covered with a weatherproof gazebo that can be hung with curtains and screens. Tables with durable glass or tile tops, along with matching chairs with removable cushions make an attractive patio. Fancy hammocks and "gravity" chairs are also popular. These living areas can come alive at night with special lighting, outdoor fireplaces, chimneys and gas-powered fire pits in a style to complement your home.
3: Waterworks. Fountains, self-contained waterfalls, small ponds and water gardens add the soothing sounds of water without costing a lot. But if pools are common in your neighborhood, adding one can enhance your outdoor living and might increase property value. But first find out about maintenance and other ongoing expenses.
4: Shade Trees. Outdoor living is always enhanced with the addition of a few large shade trees. They provide cool shade in summer and beautiful silhouettes in winter. Planted on the east side of the house, shade trees prevent morning heat and on the west and southwest sides, they stop heat buildup from the afternoon sun to cut cooling costs.
If you'd like to know more about financing or refinancing your home or about funding home improvements, please call or email us – we're always here to help.... Have a great day!
P.S. Each month brings more evidence the housing market is recovering in many areas, with record low mortgage rates and very affordable home prices. But it's a good idea to get the financing process started early. So if you're thinking about buying or refinancing, please call or email us now to discuss your situation.
29 Eylül 2012 Cumartesi
East Edge Path Nears Completion [Pics]
To contact us Click HERE
by Osman Parvez
In Boulder, we take our bike paths seriously. Not as seriously as the Danes, but we're getting there.
Maybe it's just me, but do bike path projects take half as long to complete as roadway projects? I suppose it just seems to go faster because of the lack of traffic backups. Bicycles take up a fraction of the space of cars. Then again, check out the supervisor to worker ratio (1:4). One worker is cropped out and yes, he was working hard leveling the concrete with a board.
For your viewing pleasure, a few shots of the new East Edge Path as it nears completion are below. This path will run along the side of Kittredge field, connecting the Aurora ave underpass to the path along Broadway, Baseline, and the Base Mar shopping area.
The stonework for the retaining wall is complete a little further north. The iconic First Christian Church is visible (no construction as yet on the Province) in the photo.
With the new path, those living on the 28th street frontage will find access to the Base Mar plaza far improved. One Penn, Landmark Lofts, Lotus Lofts, Gold Run, Golden West (senior housing), the Outlook Hotel, and the entire Baseline neighborhood get a direct benefit.
Good news for students is good news for the rest of us too. This is a step in the right direction. The underpass area at Baseline and 28th Street is a known hangout for panhandlers who fly cardboard signs on the on/off ramps. I ride the area frequently on my bike and it's not always fun to cycle (or run) past drunk vagrants, broken glass, and trash.
This path allows cyclists and others to bypass the trouble areas and stay more visible. The 28th street frontage road and the intersection of Baseline is a beehive of development. Stay tuned for more...
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
by Osman ParvezIn Boulder, we take our bike paths seriously. Not as seriously as the Danes, but we're getting there.
Maybe it's just me, but do bike path projects take half as long to complete as roadway projects? I suppose it just seems to go faster because of the lack of traffic backups. Bicycles take up a fraction of the space of cars. Then again, check out the supervisor to worker ratio (1:4). One worker is cropped out and yes, he was working hard leveling the concrete with a board.
For your viewing pleasure, a few shots of the new East Edge Path as it nears completion are below. This path will run along the side of Kittredge field, connecting the Aurora ave underpass to the path along Broadway, Baseline, and the Base Mar shopping area.
 |
| The view to the North. |
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| View to the south. The tire tracks are the approximate location of the new path. |
 |
| Early signage, expect improvement |
This path allows cyclists and others to bypass the trouble areas and stay more visible. The 28th street frontage road and the intersection of Baseline is a beehive of development. Stay tuned for more...
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
First Impression - Don't Sue Me
To contact us Click HERE
Last week, I took my buyers to see houses in Superior. The sign below was attached to the front door of one of the houses.
First impressions matter. Greeting potential buyers with your fear of being sued is not exactly rolling out the welcome mat.
Walking in the door of this house, I expected to see shards of broken glass on the floors, fire damage, stairs hung askew, or curtains of mold hanging from the walls. Yet none of these things were present. It was a just a typical house with a favorable layout, low end finishes but a good location. There was nothing scary inside.
Is it possible that a potential buyer will get injured in your home and sue you for damages? Of course it's possible, this is America after all. Sellers should not be negligent, take some time and make their house safe for visitors. In other words, correct the trip hazards and if necessary (rare), put up signs to help people avoid injury from obvious hazards. As for THIS sign? I'll leave it to the legal scholars in the audience to tell us whether it offers any real protection from liability. I have my doubts.
And if the sign offers no real protection, why put it up? It only affects the buyers negatively.
p.s. This is the only house I've seen - EVER - that had a injury disclaimer taped to the front door.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
 |
| And Don't Run with Scissors |
First impressions matter. Greeting potential buyers with your fear of being sued is not exactly rolling out the welcome mat.
Walking in the door of this house, I expected to see shards of broken glass on the floors, fire damage, stairs hung askew, or curtains of mold hanging from the walls. Yet none of these things were present. It was a just a typical house with a favorable layout, low end finishes but a good location. There was nothing scary inside.
Is it possible that a potential buyer will get injured in your home and sue you for damages? Of course it's possible, this is America after all. Sellers should not be negligent, take some time and make their house safe for visitors. In other words, correct the trip hazards and if necessary (rare), put up signs to help people avoid injury from obvious hazards. As for THIS sign? I'll leave it to the legal scholars in the audience to tell us whether it offers any real protection from liability. I have my doubts.
And if the sign offers no real protection, why put it up? It only affects the buyers negatively.
p.s. This is the only house I've seen - EVER - that had a injury disclaimer taped to the front door.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
The Magnum P.I. House
To contact us Click HERE
by Osman Parvez
There's a reason we include a staging consultation with every Silver Fern listing. Admittedly, not everyone needs the full blown, comprehensive advice. Most of our clients have good taste and our suggestions don't replace their sense of style, it simply enhances the marketability of their house.
And then there's this guy.
Thankfully, he's not my seller but he sure could use a little advice.
The first thing that happens when you walk into this house is that years of cigarette smoke will hit you like a slap to the face. Once you recover, you'll notice an office adjacent to the front door. As you turn to face the office, you can't miss the poster sized framed print "Sophisticated Lady" hanging above the desk.
Yep, this happened today as I was previewing property for buyers flying in next week.
Don't get me wrong, I'm a fan of the Ferrari 308. As a child of the 80's, it evokes a nostalgia for mustaches, loud shirts, chest hair, and tropical beaches like nothing else. Want to jog your memory? Go on, take a trip down memory lane.
Fun, isn't it? But does it belong in hanging on the wall in a house for sale? No, it doesn't even belong hanging over a box of tools in the garage. Sure, it's campy but trust me - that wasn't the intended effect. Lots of other tacky art featuring semi-naked women suggests the owner is serious about his taste. And it might just be why his house is still for sale.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
by Osman ParvezThere's a reason we include a staging consultation with every Silver Fern listing. Admittedly, not everyone needs the full blown, comprehensive advice. Most of our clients have good taste and our suggestions don't replace their sense of style, it simply enhances the marketability of their house.
And then there's this guy.
 |
| Pixelated So You Don't Get Fired |
Thankfully, he's not my seller but he sure could use a little advice.
The first thing that happens when you walk into this house is that years of cigarette smoke will hit you like a slap to the face. Once you recover, you'll notice an office adjacent to the front door. As you turn to face the office, you can't miss the poster sized framed print "Sophisticated Lady" hanging above the desk.
Yep, this happened today as I was previewing property for buyers flying in next week.
Don't get me wrong, I'm a fan of the Ferrari 308. As a child of the 80's, it evokes a nostalgia for mustaches, loud shirts, chest hair, and tropical beaches like nothing else. Want to jog your memory? Go on, take a trip down memory lane.
Fun, isn't it? But does it belong in hanging on the wall in a house for sale? No, it doesn't even belong hanging over a box of tools in the garage. Sure, it's campy but trust me - that wasn't the intended effect. Lots of other tacky art featuring semi-naked women suggests the owner is serious about his taste. And it might just be why his house is still for sale.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
Pre-listing ALERT - Estate Sale in Boulder!
To contact us Click HERE
by Osman Parvez
The market for houses priced below $500,000 remains challenging for buyers in Boulder. I should know, I have had several buyers in this range this year. When a new house hits the market, it's important to get information to my buyers, fast.
Today I stumbled onto a house that is about to hit the market. I happened to have my camera so I snapped a few photos. It's a basic 3 bedroom, 1 bath ranch in Martin Acres. The house is mostly original but it has the much coveted "bonus room" in the back. If you're going to buy one of these basic ranches, you really want any additional square footage you can get. This one also faces west and would be a solid candidate for a future pop/expansion (views to the flatirons). Pricing is yet to be determined but I'd guess it will list in the $380,000 to $405,000 range.
A shot of the house is below. Click HERE for the full slideshow. If you'd like to see the house in person or learn more details, call me at 303.746.6896.
---
Realtors at Silver Fern provide the latest market information, straight forward advice and the highest standards of service. You can reach Osman at (303)746-6896.---
Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
by Osman ParvezThe market for houses priced below $500,000 remains challenging for buyers in Boulder. I should know, I have had several buyers in this range this year. When a new house hits the market, it's important to get information to my buyers, fast.
Today I stumbled onto a house that is about to hit the market. I happened to have my camera so I snapped a few photos. It's a basic 3 bedroom, 1 bath ranch in Martin Acres. The house is mostly original but it has the much coveted "bonus room" in the back. If you're going to buy one of these basic ranches, you really want any additional square footage you can get. This one also faces west and would be a solid candidate for a future pop/expansion (views to the flatirons). Pricing is yet to be determined but I'd guess it will list in the $380,000 to $405,000 range.
A shot of the house is below. Click HERE for the full slideshow. If you'd like to see the house in person or learn more details, call me at 303.746.6896.
 |
| It's not on the MLS, yet. Call me for details. |
Realtors at Silver Fern provide the latest market information, straight forward advice and the highest standards of service. You can reach Osman at (303)746-6896.---
Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
FHA 203K Mortgage Lender at Your Service!
To contact us Click HERE
This is the first blog post for 203K Mortgage Lender. Here you will find Q&A, Tips and Updates about the FHA 203K Loan as well as other Real Estate and Mortgage related topics. I hope you find this blog helpful and if you would like more information you can download my free guide about the FHA 203K loan at my website www.203kmortgagelender.com or contact me at (888) 788-9398 ext. 203 or Marvin@203kMortgageLender.com
Hope to talk to you soon
Marvin Hernandez
"Your 203K Mortgage Lender"
www.203kMortgageLender.com
My Podcast Alley feed! {pca-bf8379173d85ad8d8bf65e10eeedc36d}
Hope to talk to you soon
Marvin Hernandez
"Your 203K Mortgage Lender"
www.203kMortgageLender.com
My Podcast Alley feed! {pca-bf8379173d85ad8d8bf65e10eeedc36d}
28 Eylül 2012 Cuma
Preview of the Masters
To contact us Click HERE
Spring has definitely arrived by the time the Masters kicks off at Augusta National Golf Club every year.
The tournament is filled with tradition. The azaleas, amen corner, butler cabin, Eisenhower's tree, the green jacket that the winner receives, the Champions Dinner where the previous year's winner picks the menu for all of the previous winners in attendance.
The Masters is the only one of the four major PGA golf tournaments that is played at the same venue every year. For some reason it never gets old. There's a magic to it and this year will be no different.
The honorary starters will be golf legends Jack Nicklaus, Arnold Palmer, and Gary Player. Tiger Woods, Rory McIlroy, and Phil Mickelson have really hit their strides and it should make for very exciting competition. Tiger just won for the first time in 30 months at Bay Hill two weeks ago and he has 3 other top five finishes this year. Phil had a win at Pebble Beach in February and a top four finish at the Houston Open last week. McIlroy has been on fire with a 1st, 2nd, and 3rd place finish in his three PGA appearances this year. He will of course be trying to overcome his meltdown at the Masters last year when he was leading by four strokes in the last round and almost hit a cabin with his tee shot on the 10th tee.
Evidently, they've been getting some rain in Augusta so the perilous greens will be soft and ripe for birdies. Scores should be lower than normal and there will be a lot of thrilling shots. If you need a good local place to watch the action try one of our great local golf courses: Pleasant Valley (http://www.pleasantvalleygc.com/) or South Riding (http://www.southridinggc.com/). They'll have all the food and refreshments you need as well as flat screen tvs and a great atmosphere. Enjoy this special event.
The tournament is filled with tradition. The azaleas, amen corner, butler cabin, Eisenhower's tree, the green jacket that the winner receives, the Champions Dinner where the previous year's winner picks the menu for all of the previous winners in attendance.
The Masters is the only one of the four major PGA golf tournaments that is played at the same venue every year. For some reason it never gets old. There's a magic to it and this year will be no different.
The honorary starters will be golf legends Jack Nicklaus, Arnold Palmer, and Gary Player. Tiger Woods, Rory McIlroy, and Phil Mickelson have really hit their strides and it should make for very exciting competition. Tiger just won for the first time in 30 months at Bay Hill two weeks ago and he has 3 other top five finishes this year. Phil had a win at Pebble Beach in February and a top four finish at the Houston Open last week. McIlroy has been on fire with a 1st, 2nd, and 3rd place finish in his three PGA appearances this year. He will of course be trying to overcome his meltdown at the Masters last year when he was leading by four strokes in the last round and almost hit a cabin with his tee shot on the 10th tee.
Evidently, they've been getting some rain in Augusta so the perilous greens will be soft and ripe for birdies. Scores should be lower than normal and there will be a lot of thrilling shots. If you need a good local place to watch the action try one of our great local golf courses: Pleasant Valley (http://www.pleasantvalleygc.com/) or South Riding (http://www.southridinggc.com/). They'll have all the food and refreshments you need as well as flat screen tvs and a great atmosphere. Enjoy this special event.
Solving the Housing Crisis With Community Land Trusts
To contact us Click HERE
As the Federal government and banks roll out plans to help underwater homeowners avoid foreclosures and to protect real estate values from further decline, one community approach is having notable success in preventing the problems in the first place. Meet the Community Land Trust. These innovative organizations – created over thirty years ago - focus on stabilizing communities by solving the problem of low income housing and thus preventing some of the underlying issues that cause housing bubbles and consequent bursts. And they have spread all across the country.What exactly is a Community Land Trust? The Community Land Trust Network gives an excellent description. “A community land trust (CLT) is a private non-profit community organization that safeguards land in order to provide affordable housing opportunities. CLTs buy and hold land permanently, preventing market factors from causing prices to rise."
In her excellent piece in the Christian Science Monitor, (A Counterweight to Foreclosure Crisis, Community Land Trusts?) Nancy Humphrey Case describes how The Champlain Housing Trust in Vermont enabled one couple “to find a house they could afford, secure a loan, and survive the recession – without missing a single mortgage payment.”
| And many CLT’s are accomplishing their goals. According to MortgageOrb.com, |
Having trouble getting a mortgage? Here's why
To contact us Click HERE
My good friend Rich Moroscak at Southern Trust Mortgage (http://www.southerntrust.com/tysonscorner/richm) shared this great article from Forbes on all the hoops you have to jump through now to get a mortgage:
http://www.forbes.com/sites/moneybuilder/2012/03/09/the-perfect-loan-file-2/
As the article explains banks are now in the default avoidance business rather than the lending business. It makes sense considering there were 22% default rates on mortgages loans made in 2007. Nevertheless, the mortgage loan origination and underwriting process has become absurd. The article is not exaggerating when it says that you will need to document every aspect of your financial life to the banks and then provide them with that information several times throughout the underwriting process. Every transaction on your bank statements will be scrutinized and will have to be justified. Good credit and a large down payment are no longer enough. The underwriters now want the perfect paper file.
To survive this new regime have plenty of patience and grin and bear it when the underwriters ask for the same documents for the 10th time. It will be worth it when you finally close on the property.
http://www.forbes.com/sites/moneybuilder/2012/03/09/the-perfect-loan-file-2/
As the article explains banks are now in the default avoidance business rather than the lending business. It makes sense considering there were 22% default rates on mortgages loans made in 2007. Nevertheless, the mortgage loan origination and underwriting process has become absurd. The article is not exaggerating when it says that you will need to document every aspect of your financial life to the banks and then provide them with that information several times throughout the underwriting process. Every transaction on your bank statements will be scrutinized and will have to be justified. Good credit and a large down payment are no longer enough. The underwriters now want the perfect paper file.
To survive this new regime have plenty of patience and grin and bear it when the underwriters ask for the same documents for the 10th time. It will be worth it when you finally close on the property.
Thomas Jefferson's 10 Rules for Living
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Never put off till tomorrow what you can do to-day. Never trouble another for what you can do yourself. Never spend your money before you have it. Never buy what you do not want, because it is cheap; it will be dear to you. Pride costs us more than hunger, thirst and cold. We never repent of having eaten too little. Nothing is troublesome that we do willingly. How much pain have cost us the evils which have never happened. Take things always by their smooth handle. When angry, count ten, before you speak; if very angry, an hundred.
We Can't All Be Donald Trump - And That's Okay
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When consideringthe many obstacles on the road to success, you might overlook “perfectionism”,but you shouldn’t. This sneaky stumbling block can stop you from even beginningyour journey.Nancy’sColasurdo’s excellent article, “We Can’t All be Shakespeare- And That’s Okay”,takes a look at a ‘defeat mechanism’ that can stop us from even trying toaccomplish our dreams. And as weall know, if you don’t begin your journey, you certainly won’t get there.As a coachColasurdo has found that clients “often feel that they have to be perfect oraspire to be at the level of someone they feel is at the top of theprofession.” Looking at the end game, some feel that such an achievement isimpossible for them. They forget the many steps that a leader took to achievehis or her goals. And they alsoforget that each one’s way is individual. How might thisapply to real estate investing? What if a would-be investor chose Donald Trumpas a model, and said, “What’s the point of buying a small rental property, ortwo or even three? That’s nothingto Donald Trump.” But just becauseyour journey may be different, that doesn’t mean you shouldn’t take it. Whenlooking at others’ success stories – remember, their starting point may bedifferent, they have a different path to take, but the important factor toemulate is the mindset that looks for opportunities small and big and makes themost of them one by one.Donald Trumplearned the real estate business first hand from his dad, Frederick, asuccessful developer in Queens and Brooklyn. When ‘the Donald’ wanted to invest in Manhattan, his dadtried to discourage him. But Trump had a vision of what he could accomplish, hefelt he understood the risks, and was determined to go for it. His mid-70’s transformation of theCommodore Hotel into The Grand Hyatt, not only made him a fortune and set him ona road to tremendous success, but it also completely revitalized a rundown areaof Manhattan.Few of us beginwith Trump’s assets or a dad like his for a mentor. Instead, we have to learn thebusiness on our own from the ground up. But we do have the ability to adopt theTrump mindset – the approach of a champion. What does itentail? Doing your homework, understanding the finances, taking well-consideredrisks, planning every step, being prepared for challenges and dealing with them,capitalizing on success, learning from failures. And to quote Winston Churchill, “Never, never, never, never giveup.”And little bylittle, step-by-step you will build your real estate business, write your ownstory, improve neighborhoods and achieve success your way. And you’ll be gladyou didn’t wait to become perfect before beginning your journey.
When consideringthe many obstacles on the road to success, you might overlook “perfectionism”,but you shouldn’t. This sneaky stumbling block can stop you from even beginningyour journey.Nancy’sColasurdo’s excellent article, “We Can’t All be Shakespeare- And That’s Okay”,takes a look at a ‘defeat mechanism’ that can stop us from even trying toaccomplish our dreams. And as weall know, if you don’t begin your journey, you certainly won’t get there.As a coachColasurdo has found that clients “often feel that they have to be perfect oraspire to be at the level of someone they feel is at the top of theprofession.” Looking at the end game, some feel that such an achievement isimpossible for them. They forget the many steps that a leader took to achievehis or her goals. And they alsoforget that each one’s way is individual. How might thisapply to real estate investing? What if a would-be investor chose Donald Trumpas a model, and said, “What’s the point of buying a small rental property, ortwo or even three? That’s nothingto Donald Trump.” But just becauseyour journey may be different, that doesn’t mean you shouldn’t take it. Whenlooking at others’ success stories – remember, their starting point may bedifferent, they have a different path to take, but the important factor toemulate is the mindset that looks for opportunities small and big and makes themost of them one by one.Donald Trumplearned the real estate business first hand from his dad, Frederick, asuccessful developer in Queens and Brooklyn. When ‘the Donald’ wanted to invest in Manhattan, his dadtried to discourage him. But Trump had a vision of what he could accomplish, hefelt he understood the risks, and was determined to go for it. His mid-70’s transformation of theCommodore Hotel into The Grand Hyatt, not only made him a fortune and set him ona road to tremendous success, but it also completely revitalized a rundown areaof Manhattan.Few of us beginwith Trump’s assets or a dad like his for a mentor. Instead, we have to learn thebusiness on our own from the ground up. But we do have the ability to adopt theTrump mindset – the approach of a champion. What does itentail? Doing your homework, understanding the finances, taking well-consideredrisks, planning every step, being prepared for challenges and dealing with them,capitalizing on success, learning from failures. And to quote Winston Churchill, “Never, never, never, never giveup.”And little bylittle, step-by-step you will build your real estate business, write your ownstory, improve neighborhoods and achieve success your way. And you’ll be gladyou didn’t wait to become perfect before beginning your journey.
27 Eylül 2012 Perşembe
Buying As-Is , Forclosures & Rehab Properties
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Right now the Foreclosure market is booming and it’s an opportunity for Home Buyers to purchase a distressed property. There’s only one problem, most of these properties are being sold in their “As-Is” condition. An “As-Is” condition means “No repairs will be done”. Missing toilets, torn up carpet, leaky pipes, missing water heaters, you name it, I’ve seen it all. But never the less these properties are still good deals and should not to be overlooked. Most Buyers or even Realtors won’t consider the potential these “gems” have as they may think it’s too hard to get the property financed. Standard home loans won’t finance a property that does not have the minimum property requirements and the Seller may not be willing or unable to make the minimum repairs needed. So how do you purchase that property and take advantage of the “As -Is” sale price?
Purchase the property with the FHA 203K! You can Buy it and Fix it. All in one loan! If you would like more information about the FHA 203K and how it can work for you then sign up for my FREE FHA 203K guide.
Information like:
So go to www.203kmortgagelender.com and sign up today to find out more about the FHA 203K Loan. And when you're ready to get started I'm here for you every step of the way to help you finance that deal.
Purchase the property with the FHA 203K! You can Buy it and Fix it. All in one loan! If you would like more information about the FHA 203K and how it can work for you then sign up for my FREE FHA 203K guide.
The 203K Guide is packed with information about the 203K Loan.
Information like:
- The difference between the Standard 203K and the Streamline 203K loans
- What Properties are Eligible?
- Eligible and Ineligible improvements
So go to www.203kmortgagelender.com and sign up today to find out more about the FHA 203K Loan. And when you're ready to get started I'm here for you every step of the way to help you finance that deal.
Questions about FHA Financing
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Today, I had two different people ask some very good questions regarding FHA financing that I thought I’d share. Read on…
Q. Is there no way to buy with less that 10% down? I keep getting passed over by someone with more cash!
A. Don't give up just use another tactic. Typically properties that have just hit the market are the hottest so why not take a look at the one’s that have been on the market longer? Those properties would be more negotiable and can be an opportunity for you.
So putting down less than 10% would no longer be as big of an issue and you can even go with the minimum FHA down payment of 3.5%
Bottom line avoid the turn key properties and look for that diamond in the rough.
Q. What does it mean when a home is not qualified for FHA financing? I am approved for a FHA loan. Some of the homes that I have been interested in will not accept FHA financing.
A. There can be two reasons why a property doesn't “qualify” for FHA financing.
1) the Seller is just looking for Buyers who can put down a larger down payment and figures a Conventional loan would close faster and easier or
2) the Seller is under the impression that the property won’t qualify for a standard FHA loan due to deferred maintenance that they aren’t willing to fix
If it’s reason (1) then there’s not much you can do until the property sits on the market for awhile and the Seller has a change of heart. But if it’s reason (2) then you and those who represent you need to explain to the Seller that you plan to use the FHA 203k and not a standard FHA 203B loan.
With the FHA 203K you no longer have the problem of the property not qualifying. And now the Seller doesn’t have to make those repairs they were concerned about.
Until next time
Marvin
"Your 203K Mortgage Lender"
www.203kMortgageLender.com
Q. Is there no way to buy with less that 10% down? I keep getting passed over by someone with more cash!
A. Don't give up just use another tactic. Typically properties that have just hit the market are the hottest so why not take a look at the one’s that have been on the market longer? Those properties would be more negotiable and can be an opportunity for you.
So putting down less than 10% would no longer be as big of an issue and you can even go with the minimum FHA down payment of 3.5%
Bottom line avoid the turn key properties and look for that diamond in the rough.
Q. What does it mean when a home is not qualified for FHA financing? I am approved for a FHA loan. Some of the homes that I have been interested in will not accept FHA financing.
A. There can be two reasons why a property doesn't “qualify” for FHA financing.
1) the Seller is just looking for Buyers who can put down a larger down payment and figures a Conventional loan would close faster and easier or
2) the Seller is under the impression that the property won’t qualify for a standard FHA loan due to deferred maintenance that they aren’t willing to fix
If it’s reason (1) then there’s not much you can do until the property sits on the market for awhile and the Seller has a change of heart. But if it’s reason (2) then you and those who represent you need to explain to the Seller that you plan to use the FHA 203k and not a standard FHA 203B loan.
With the FHA 203K you no longer have the problem of the property not qualifying. And now the Seller doesn’t have to make those repairs they were concerned about.
Until next time
Marvin
"Your 203K Mortgage Lender"
www.203kMortgageLender.com
Do You Have a Question? Post it Here
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Hey there, it's me Marvin,
If you have a question you'd like to ask me just post it here.
Your question does not have to be FHA 203K related, it can be general FHA or Conventional questions as well. I receive all comments & questions personally and I will answer your question the best to my ability.
So if you have a question just type your question in the "Post a Comment" box below and press "Submit"
Talk to you soon!
Marvin Hernandez
"Your FHA 203K Mortgage Lender"
www.203kMortgageLender.com
If you have a question you'd like to ask me just post it here.
Your question does not have to be FHA 203K related, it can be general FHA or Conventional questions as well. I receive all comments & questions personally and I will answer your question the best to my ability.
So if you have a question just type your question in the "Post a Comment" box below and press "Submit"
Talk to you soon!
Marvin Hernandez
"Your FHA 203K Mortgage Lender"
www.203kMortgageLender.com
Combining FHA Loans
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Here is a question someone asked me today...
Q. Can I get a regular FHA loan with assisted down payment with a 203k to replace carpets and paint rooms and do it in seven to ten days.
Marvin’s Answer
There is no combination of the two FHA loans. You choice is one or the other, which is either a regular FHA loan with no repairs or an FHA 203k with repairs.
As far as assisted down payment, no assisted down payments are available at this time to use in conjunction with the FHA 203k. Although, I can offer you a regular FHA loan with as little as one half of one percent (1/2%) down.
As far as the time frame, a typical FHA transaction will take at least 30 days and a 203K’ transaction will take anywhere from 30 to 60 days
Any further questions let me know.
Marvin
Q. Can I get a regular FHA loan with assisted down payment with a 203k to replace carpets and paint rooms and do it in seven to ten days.
Marvin’s Answer
There is no combination of the two FHA loans. You choice is one or the other, which is either a regular FHA loan with no repairs or an FHA 203k with repairs.
As far as assisted down payment, no assisted down payments are available at this time to use in conjunction with the FHA 203k. Although, I can offer you a regular FHA loan with as little as one half of one percent (1/2%) down.
As far as the time frame, a typical FHA transaction will take at least 30 days and a 203K’ transaction will take anywhere from 30 to 60 days
Any further questions let me know.
Marvin
To contact us Click HERE
Here is a sample of FHA 203K Resources that 203kMortgageLender.com offers
Videos - This is a sample version of the FHA 203K: 10 Steps from Offer to Closing video. You can see the complete version at the 203k Mortgage Lender website
Articles and Ebooks: In addition to the video we also have the Print Version of the 10 Steps from Offer to Closing. This can be a useful resource when you're meeting with your Real Estate Agent in the event they aren't familiar with the 203K program.
Here is an excerpt:
To download the complete video & article FHA 203K Loan: 10 Steps From Offer to Closing as well as receive the FHA 203K Buyer’s Guide go the 203K Mortgage Lender website and sign up. Once you sign up you'll get updates on the 203K Loan program, and additional resources as I'll be updating the website on a regular basis. And as always if you would like to contact me give me a call (888) 788-9398 or email me at Marvin@203kMortgageLender.com
Videos - This is a sample version of the FHA 203K: 10 Steps from Offer to Closing video. You can see the complete version at the 203k Mortgage Lender website
Articles and Ebooks: In addition to the video we also have the Print Version of the 10 Steps from Offer to Closing. This can be a useful resource when you're meeting with your Real Estate Agent in the event they aren't familiar with the 203K program.
Here is an excerpt:
... Currently there are many Home Buyers who are interested in purchasing a home with the FHA 203K but unfortunately there aren’t many Real Estate Agents that are aware of the program or feel comfortable doing the transaction, and most Mortgage Lenders either can’t,won’t, or are just not familiar enough to do them. So today I’m going to cover an overview on the 10 Step Application process from beginning to end, when using a 203k Loan to purchase a property in California.
Knowing what to expect and what is required will help you keep your Agent on track and help you prepare in advance for the steps to be taken to efficiently process your transaction and limit delays. You might also want to refer your Real Estate agent to this guide to help them get a better idea of the 203K transaction if they’re not familiar with the program.
Before we get into the 10 steps you must know there are two types of 203k loans that you can use to buy & fix up a property. There is the Standard 203K and then there is the 203K Streamline. So what’s the difference?
A 203k Streamline – can be used for rehab & repairs up to $35k and a Contractors bid is all that’s required.
A Standard 203k – can be used for major improvements over $35k and a “Cost Consultant” is required along with a Contractor’s bid.
For more information about the Standard and Streamline 203k loans you can download the FHA 203K Buyer’s Guide at the 203K Mortgage Lender website . Now let’s go over the 10 steps.
Step #1 Selecting a Property (Home Buyer)
The property can be a Single Family Residence, 2 to 4 units, Condo or PUD. There are different maximum loan limits that apply and will vary depending on what county the property is located and whether it’s 1 to 4 units. To find out what the maximum loan limits are in your area you can go to my blog to download the FHA 203K County Loan Limits list here.
Step #2 Making the Offer (Home Buyer and Real Estate Agent)
This is where You and your Real Estate Agent take out a pencil and paper or calculator and figure out the purchase price that you are offering the seller while taking into consideration the amount of money needed for repairs which will be added to the purchase price.
If you have a chance to meet with your contractor before putting in the offer that would be helpful, unless you have a pretty good idea of how much money will be needed to bring the property up to an acceptable standard or beyond. Keep in mind of what the future value will be after repairs and that the new loan amount will be based off of the purchase price plus repairs or 110% of the after improved value whichever is less. The offer you make to the seller is the “As Is” price that means you are making an offer on the property in its present condition and that is the only price that concerns the seller.
Step #3 The Offer is Submitted (Real Estate Agent)
What should be in the offer:
This step is your Real Estate Agent’s responsibility but it’s good for you to know so you can review your offer and know what to look for before your Agent submits it to the Seller ... Read More
To download the complete video & article FHA 203K Loan: 10 Steps From Offer to Closing as well as receive the FHA 203K Buyer’s Guide go the 203K Mortgage Lender website and sign up. Once you sign up you'll get updates on the 203K Loan program, and additional resources as I'll be updating the website on a regular basis. And as always if you would like to contact me give me a call (888) 788-9398 or email me at Marvin@203kMortgageLender.com
26 Eylül 2012 Çarşamba
The right temperament for success?
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Thomas Boswell wrote a great piece about the necessary temperament (http://tinyurl.com/cmtozb6) to win at the Masters. Patience, calm in adversity, letting go of the past, refusing to blame others for your mistakes. These qualities are what are needed to handle the pressure of a global sporting event. They don't just apply to a Major golf tournament though.
In your real estate business, you will encounter adversity. Tenants will be late with their rent. Unexpected repairs will arise. Someone else will beat you out to get the perfect property. If you let those experiences make your blood boil, not only is it unhealthy for your body but it is unhealthy for your business.
Take these challenges in stride. By planning ahead and having ample reserves you will recognize repairs and vacancies as part of the costs of owning a rental property. You won't be ecstatic about it but you won't let it distract you from where you need to be focusing your mental energy: the creativity that makes your business more efficient and profitable.
Take your setbacks as learning experiences and you won't let them slow you down. They'll just make you stronger.
In your real estate business, you will encounter adversity. Tenants will be late with their rent. Unexpected repairs will arise. Someone else will beat you out to get the perfect property. If you let those experiences make your blood boil, not only is it unhealthy for your body but it is unhealthy for your business.
Take these challenges in stride. By planning ahead and having ample reserves you will recognize repairs and vacancies as part of the costs of owning a rental property. You won't be ecstatic about it but you won't let it distract you from where you need to be focusing your mental energy: the creativity that makes your business more efficient and profitable.
Take your setbacks as learning experiences and you won't let them slow you down. They'll just make you stronger.
Bold New 19-foot Sculpture Coming to Reston Town Center
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By 2013, the green space between Reston Parkway and the Hyatt Regency Reston Hotel in Reston Town Center will be home to this avant-garde sculpture. It will be the work of Baltimore native Mary Ann Mears who has down similar projects throughout the country: http://tinyurl.com/7fus3qd
Her work is playful and colorful. With ideas drawn from nature, the sculptures are zany enough to excite the imagination of a child but still approachable to adults. I expect it will bring much joy and delight to patrons at Reston Town Center as well as a few quizzical remarks.
By 2013, the green space between Reston Parkway and the Hyatt Regency Reston Hotel in Reston Town Center will be home to this avant-garde sculpture. It will be the work of Baltimore native Mary Ann Mears who has down similar projects throughout the country: http://tinyurl.com/7fus3qd
Her work is playful and colorful. With ideas drawn from nature, the sculptures are zany enough to excite the imagination of a child but still approachable to adults. I expect it will bring much joy and delight to patrons at Reston Town Center as well as a few quizzical remarks.
Steve Jobs and Maximizing Your Innovative Potential
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Jeffrey Dyer, Hal Gregersen, and Clayton Christensen wrote a fabulous piece a couple years ago in Harvard Business Review called "The Innovator's DNA". They did a six year study of 25 innovative entrepreneurs and surveyed more than 3,000 executives and 500 individuals who had started innovative companies. Evidently, innovators like Steve Jobs, Jeff Bezos, and Larry Page use five discovery skills to create new ideas.
1) Associating: the ability to successfully connect seemingly unrelated questions, problems, or ideas from different fields. Pierre Omidyar started Ebay because: i) he was fascinated with creating more efficient markets; ii) his fiancee had a desire to locate hard to find collectible Pez dispensers; iii) local classified ads weren't very helpful for locating the Pez dispensers. (This quality supports the argument for exploring a wide variety of interests: botany, history, philosophy, art, poetry, etc.)
2) Questioning: Questioning the unquestionable is really important. True innovators get a real kick out of disrupting the status quo by asking Why? Why not? and What if?
3) Observing: Often the surprises that lead to new business ideas come from watching other people work and live their normal lives. You see something and ask "Why do they do that? That doesn't make sense."
4) Experimenting: As Edison said, "I haven't failed, I've simply found 10,000 ways that do not work." One of the most powerful experiments innovators can engage in is living and working overseas. "In fact, if managers try out even one international assignment before becoming CEO, their companies deliver stronger financial results than companies run by CEOs without such experience.
5) Networking: Innovative entrepreneurs go out of their way to meet people with different kinds of ideas and perspectives to extend their own knowledge domains.
What if you don't see yourself as particularly innovative? Don't worry, innovative thinking can be developed.
a) Try spending 15 to 30 minutes each day writing down 10 new questions that challenge the status quo in your company or industry.
b) Try to sharpen your observational skills.
c) Start to approach life with a hypothesis testing mindset. Attend seminars outside your area of expertise, read books that identify emerging trends.
d) To improve your networking skills, contact the five most creative people you know and ask them to share what they do to stimulate their creative thinking. Hold regular idea lunches at which you can meet new people from diverse functions, companies, and industries. Get them to tell you about their innovative ideas and ask for feedback on yours.
Innovative entrepreneurship is not a genetic predisposition, it is a an active endeavor.
Happy Innovating!!!
1) Associating: the ability to successfully connect seemingly unrelated questions, problems, or ideas from different fields. Pierre Omidyar started Ebay because: i) he was fascinated with creating more efficient markets; ii) his fiancee had a desire to locate hard to find collectible Pez dispensers; iii) local classified ads weren't very helpful for locating the Pez dispensers. (This quality supports the argument for exploring a wide variety of interests: botany, history, philosophy, art, poetry, etc.)
2) Questioning: Questioning the unquestionable is really important. True innovators get a real kick out of disrupting the status quo by asking Why? Why not? and What if?
3) Observing: Often the surprises that lead to new business ideas come from watching other people work and live their normal lives. You see something and ask "Why do they do that? That doesn't make sense."
4) Experimenting: As Edison said, "I haven't failed, I've simply found 10,000 ways that do not work." One of the most powerful experiments innovators can engage in is living and working overseas. "In fact, if managers try out even one international assignment before becoming CEO, their companies deliver stronger financial results than companies run by CEOs without such experience.
5) Networking: Innovative entrepreneurs go out of their way to meet people with different kinds of ideas and perspectives to extend their own knowledge domains.
What if you don't see yourself as particularly innovative? Don't worry, innovative thinking can be developed.
a) Try spending 15 to 30 minutes each day writing down 10 new questions that challenge the status quo in your company or industry.
b) Try to sharpen your observational skills.
c) Start to approach life with a hypothesis testing mindset. Attend seminars outside your area of expertise, read books that identify emerging trends.
d) To improve your networking skills, contact the five most creative people you know and ask them to share what they do to stimulate their creative thinking. Hold regular idea lunches at which you can meet new people from diverse functions, companies, and industries. Get them to tell you about their innovative ideas and ask for feedback on yours.
Innovative entrepreneurship is not a genetic predisposition, it is a an active endeavor.
Happy Innovating!!!
Thomas Jefferson's 10 Rules for Living
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Never put off till tomorrow what you can do to-day. Never trouble another for what you can do yourself. Never spend your money before you have it. Never buy what you do not want, because it is cheap; it will be dear to you. Pride costs us more than hunger, thirst and cold. We never repent of having eaten too little. Nothing is troublesome that we do willingly. How much pain have cost us the evils which have never happened. Take things always by their smooth handle. When angry, count ten, before you speak; if very angry, an hundred.
We Can't All Be Donald Trump - And That's Okay
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When consideringthe many obstacles on the road to success, you might overlook “perfectionism”,but you shouldn’t. This sneaky stumbling block can stop you from even beginningyour journey.Nancy’sColasurdo’s excellent article, “We Can’t All be Shakespeare- And That’s Okay”,takes a look at a ‘defeat mechanism’ that can stop us from even trying toaccomplish our dreams. And as weall know, if you don’t begin your journey, you certainly won’t get there.As a coachColasurdo has found that clients “often feel that they have to be perfect oraspire to be at the level of someone they feel is at the top of theprofession.” Looking at the end game, some feel that such an achievement isimpossible for them. They forget the many steps that a leader took to achievehis or her goals. And they alsoforget that each one’s way is individual. How might thisapply to real estate investing? What if a would-be investor chose Donald Trumpas a model, and said, “What’s the point of buying a small rental property, ortwo or even three? That’s nothingto Donald Trump.” But just becauseyour journey may be different, that doesn’t mean you shouldn’t take it. Whenlooking at others’ success stories – remember, their starting point may bedifferent, they have a different path to take, but the important factor toemulate is the mindset that looks for opportunities small and big and makes themost of them one by one.Donald Trumplearned the real estate business first hand from his dad, Frederick, asuccessful developer in Queens and Brooklyn. When ‘the Donald’ wanted to invest in Manhattan, his dadtried to discourage him. But Trump had a vision of what he could accomplish, hefelt he understood the risks, and was determined to go for it. His mid-70’s transformation of theCommodore Hotel into The Grand Hyatt, not only made him a fortune and set him ona road to tremendous success, but it also completely revitalized a rundown areaof Manhattan.Few of us beginwith Trump’s assets or a dad like his for a mentor. Instead, we have to learn thebusiness on our own from the ground up. But we do have the ability to adopt theTrump mindset – the approach of a champion. What does itentail? Doing your homework, understanding the finances, taking well-consideredrisks, planning every step, being prepared for challenges and dealing with them,capitalizing on success, learning from failures. And to quote Winston Churchill, “Never, never, never, never giveup.”And little bylittle, step-by-step you will build your real estate business, write your ownstory, improve neighborhoods and achieve success your way. And you’ll be gladyou didn’t wait to become perfect before beginning your journey.
When consideringthe many obstacles on the road to success, you might overlook “perfectionism”,but you shouldn’t. This sneaky stumbling block can stop you from even beginningyour journey.Nancy’sColasurdo’s excellent article, “We Can’t All be Shakespeare- And That’s Okay”,takes a look at a ‘defeat mechanism’ that can stop us from even trying toaccomplish our dreams. And as weall know, if you don’t begin your journey, you certainly won’t get there.As a coachColasurdo has found that clients “often feel that they have to be perfect oraspire to be at the level of someone they feel is at the top of theprofession.” Looking at the end game, some feel that such an achievement isimpossible for them. They forget the many steps that a leader took to achievehis or her goals. And they alsoforget that each one’s way is individual. How might thisapply to real estate investing? What if a would-be investor chose Donald Trumpas a model, and said, “What’s the point of buying a small rental property, ortwo or even three? That’s nothingto Donald Trump.” But just becauseyour journey may be different, that doesn’t mean you shouldn’t take it. Whenlooking at others’ success stories – remember, their starting point may bedifferent, they have a different path to take, but the important factor toemulate is the mindset that looks for opportunities small and big and makes themost of them one by one.Donald Trumplearned the real estate business first hand from his dad, Frederick, asuccessful developer in Queens and Brooklyn. When ‘the Donald’ wanted to invest in Manhattan, his dadtried to discourage him. But Trump had a vision of what he could accomplish, hefelt he understood the risks, and was determined to go for it. His mid-70’s transformation of theCommodore Hotel into The Grand Hyatt, not only made him a fortune and set him ona road to tremendous success, but it also completely revitalized a rundown areaof Manhattan.Few of us beginwith Trump’s assets or a dad like his for a mentor. Instead, we have to learn thebusiness on our own from the ground up. But we do have the ability to adopt theTrump mindset – the approach of a champion. What does itentail? Doing your homework, understanding the finances, taking well-consideredrisks, planning every step, being prepared for challenges and dealing with them,capitalizing on success, learning from failures. And to quote Winston Churchill, “Never, never, never, never giveup.”And little bylittle, step-by-step you will build your real estate business, write your ownstory, improve neighborhoods and achieve success your way. And you’ll be gladyou didn’t wait to become perfect before beginning your journey.
25 Eylül 2012 Salı
We Can't All Be Donald Trump - And That's Okay
To contact us Click HERE
When consideringthe many obstacles on the road to success, you might overlook “perfectionism”,but you shouldn’t. This sneaky stumbling block can stop you from even beginningyour journey.Nancy’sColasurdo’s excellent article, “We Can’t All be Shakespeare- And That’s Okay”,takes a look at a ‘defeat mechanism’ that can stop us from even trying toaccomplish our dreams. And as weall know, if you don’t begin your journey, you certainly won’t get there.As a coachColasurdo has found that clients “often feel that they have to be perfect oraspire to be at the level of someone they feel is at the top of theprofession.” Looking at the end game, some feel that such an achievement isimpossible for them. They forget the many steps that a leader took to achievehis or her goals. And they alsoforget that each one’s way is individual. How might thisapply to real estate investing? What if a would-be investor chose Donald Trumpas a model, and said, “What’s the point of buying a small rental property, ortwo or even three? That’s nothingto Donald Trump.” But just becauseyour journey may be different, that doesn’t mean you shouldn’t take it. Whenlooking at others’ success stories – remember, their starting point may bedifferent, they have a different path to take, but the important factor toemulate is the mindset that looks for opportunities small and big and makes themost of them one by one.Donald Trumplearned the real estate business first hand from his dad, Frederick, asuccessful developer in Queens and Brooklyn. When ‘the Donald’ wanted to invest in Manhattan, his dadtried to discourage him. But Trump had a vision of what he could accomplish, hefelt he understood the risks, and was determined to go for it. His mid-70’s transformation of theCommodore Hotel into The Grand Hyatt, not only made him a fortune and set him ona road to tremendous success, but it also completely revitalized a rundown areaof Manhattan.Few of us beginwith Trump’s assets or a dad like his for a mentor. Instead, we have to learn thebusiness on our own from the ground up. But we do have the ability to adopt theTrump mindset – the approach of a champion. What does itentail? Doing your homework, understanding the finances, taking well-consideredrisks, planning every step, being prepared for challenges and dealing with them,capitalizing on success, learning from failures. And to quote Winston Churchill, “Never, never, never, never giveup.”And little bylittle, step-by-step you will build your real estate business, write your ownstory, improve neighborhoods and achieve success your way. And you’ll be gladyou didn’t wait to become perfect before beginning your journey.
When consideringthe many obstacles on the road to success, you might overlook “perfectionism”,but you shouldn’t. This sneaky stumbling block can stop you from even beginningyour journey.Nancy’sColasurdo’s excellent article, “We Can’t All be Shakespeare- And That’s Okay”,takes a look at a ‘defeat mechanism’ that can stop us from even trying toaccomplish our dreams. And as weall know, if you don’t begin your journey, you certainly won’t get there.As a coachColasurdo has found that clients “often feel that they have to be perfect oraspire to be at the level of someone they feel is at the top of theprofession.” Looking at the end game, some feel that such an achievement isimpossible for them. They forget the many steps that a leader took to achievehis or her goals. And they alsoforget that each one’s way is individual. How might thisapply to real estate investing? What if a would-be investor chose Donald Trumpas a model, and said, “What’s the point of buying a small rental property, ortwo or even three? That’s nothingto Donald Trump.” But just becauseyour journey may be different, that doesn’t mean you shouldn’t take it. Whenlooking at others’ success stories – remember, their starting point may bedifferent, they have a different path to take, but the important factor toemulate is the mindset that looks for opportunities small and big and makes themost of them one by one.Donald Trumplearned the real estate business first hand from his dad, Frederick, asuccessful developer in Queens and Brooklyn. When ‘the Donald’ wanted to invest in Manhattan, his dadtried to discourage him. But Trump had a vision of what he could accomplish, hefelt he understood the risks, and was determined to go for it. His mid-70’s transformation of theCommodore Hotel into The Grand Hyatt, not only made him a fortune and set him ona road to tremendous success, but it also completely revitalized a rundown areaof Manhattan.Few of us beginwith Trump’s assets or a dad like his for a mentor. Instead, we have to learn thebusiness on our own from the ground up. But we do have the ability to adopt theTrump mindset – the approach of a champion. What does itentail? Doing your homework, understanding the finances, taking well-consideredrisks, planning every step, being prepared for challenges and dealing with them,capitalizing on success, learning from failures. And to quote Winston Churchill, “Never, never, never, never giveup.”And little bylittle, step-by-step you will build your real estate business, write your ownstory, improve neighborhoods and achieve success your way. And you’ll be gladyou didn’t wait to become perfect before beginning your journey.
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