Wishing you all the wonderful times and memories this great day affords. So many things to be thankful for ...

Paying it forward ...

Today was another very pleasant "Pay it forward day" ... As we have done for quite a few years now, my office mates and I find ways to make the start of school a fun thing for 3 of the 4 Fourth grade classes out at Oasis School in Thermal. This year was a little different because not only were the students new to 4th grade, several of the teachers were new as well ... We started with an introduction and the attention and thankfullness was already apparent. We moved on to passing out pencil boxes ( loaded with goodies - pencils, pens, crayons, colored pencils, highlighters, scissors, pencil sharpeners, glue sticks, etc ...) dry erase boards, rulers, pads of paper ... and yes a small snack and juice ... It is a heartwarming visit each time we go. We'll be back to preparing for our Christmas visit right away and after the holidays we'll get on to the reading program where we gather as many children's books as possible to enhance their development. If you are cleaning out the garage or a closet and find any children's books, please call me and help pay it forward :)

La Quinta Easter Egg Hunt 2017

Well, Easter 2017 came in a little early on Saturday, April 15th kicked off with the La Quinta Easter Egg Hunt and Chalk Drawing Contest at La Quinta park. It was a well attended event and this year there were less tears than prior years as more Moms and Dads were able to arrive early this year allowing their kids to dash for the thousands of eggs, many hoping to find a golden ticket for prizes. \

Again, Janet Zappala, the wonderful and multi-talented Anchor with KMIR, exercised her judging talents at the Chalk Drawing contest. Janet was truly the highlight of the Day.

Balloons filled the air, bouncy houses were rockin' and the faces of the kids were filled with smiles and Thank You's ... and then there was the Easter Bunny ... I can not forget the memories created by all taking photos with the Easter Bunny.

All in all, it was a wonderful day hosted by the City of La Quinta and their Business Partners ...

The next main event will be the Celebration of the City of La Quinta birthday, April 29th.

KMIR's Janet Zappala and Sandy Beakey of Bennion Deville Homes


Janet, Sandy and Bennion Deville Homes Agent volunteers

Easter fun ...

Set those phone calendars as a reminder of the La Quinta Easter Egg Hunt and Coloring competition.

April 15th is the date and if you arrive after 9:00 you will miss the Easter Egg hunt which is followed by the very popular Sidewalk Coloring Contest - judged by the noted TV Anchor - Janet Zappala ... Keep the kids happy and expectations in sight by being there early for a fun Family time ... There will be a visit and photo ops with the E.B. ...

click below for flyer info:

http://www.la-quinta.org/home/showdocume...

Big news from HUD

Reported by RisMedia ...

The U.S. Senate issued a final vote Thursday confirming Ben Carson as secretary of the Department of Housing and Urban Development (HUD), 58-41. The party-line approval assigns Carson leadership of the agency, which currently has a budget of $47 billion and more than 8,000 on staff.

The housing industry largely took a wait-and-see approach throughout the confirmation process, embracing the opportunity of a new leader.

“Dr. Carson should be proud of his achievement,” said Bill Brown, president of the National Association of REALTORS® (NAR), in a statement. “The task at hand is a big one, and we applaud his commitment to the challenges that lie ahead. NAR has been the voice of real estate for over a century. In that time we’ve seen changes in markets, in Washington, and in the business of our REALTOR® members—but there’s a reason that homeownership is called the ‘American Dream,’ and that hasn’t changed one bit. Homeownership helps build communities and build wealth for families, and we know that the policies set in Washington can make a real difference for individual Americans as they work to realize the dream of homeownership for themselves.

Informative article from RisMedia - Trump Administration and Housing

The Best Opportunities the Trump Administration Brings to Housing

By Gary Acosta

For the first time in history, the United States elected a president without any political or military experience. For some, this means a promising departure from the status quo and the rapidly increasing feelings of disenfranchisement from our political system. For others, a Trump presidency encourages apprehension, as his directives are considerably less predictable than those of a seasoned politician. The actuality of a Trump Administration still prompts more questions than clear policy directives; however, the new president’s lifelong career as a builder and real estate investor could provide some fresh prospects for a growing, but fragile, housing industry. While fumbling GSE reform or following through on his promise for mass deportations would cause major setbacks to the housing market, below are where some of the best opportunities might exist.

Housing Supply
Trump likes to build things, and if you ask 100 real estate agents from around the country what is the one thing that would help them sell more homes, the most common answer would be increasing available housing inventory, especially in the affordable price ranges. The home-building industry was nearly decimated during the housing crisis. New-home construction was almost non-existent between 2008 and 2013. During that same period of time, the country added nearly five million new households. The net result of this shortage of housing supply has been a sharp increase in home prices and an equally sharp decrease in affordability, leaving millions of would-be homeowners on the sidelines.
This has proven to be a difficult problem to solve, as rising construction costs and an increasingly complicated regulatory environment have made the business prospect for the construction of affordable homes unviable in many markets. The Trump Administration could, by providing supply-side solutions to our housing inventory challenges, inject a powerful boost to the industry and go a long way toward reversing the trend of decreasing homeownership rates across the country.

Financial Regulations
Members of the new administration have promised, and have already begun, an overhaul of our financial regulations. Many leaders in the housing finance industry, regardless of their political leanings, believe the market would benefit by some selective regulatory relief. While nobody wants a return to the irresponsible lending that proliferated in the last decade, pulling back on a few regulatory levers would stimulate demand, especially in a number of markets where an increase in qualified buyers is most needed.

Consumer Confidence
In the years following the Great Recession, many would-be homebuyers have been understandably cautious to leap back into the housing market. This has been especially true for our minority and millennial populations, whose introductions to the housing market were likely during the worst market conditions in a century. While the shortage of housing inventory has made this issue less noticeable, as the market continues to normalize, a shortage of buyers will become more problematic.
The new president could help improve this perspective by using his formidable promotional talents to advise the country that it is safe to get back into the housing market, and that purchasing a home is still one of the best ways to build wealth and improve your quality of life. Because purchasing a home is as much about emotion as anything else, one of the best things our new commander-in-chief can do for the housing industry is to also be the “cheerleader-in-chief” for buying a home. Given that housing represents about 16 percent of our overall economy, President Trump should have the appropriate motivation to do exactly that.

BEWARE *** Short Sale Scams ***

While we all are concerned about cyber crime and identity theft, it appears taking someone’s money the old-fashioned way has reappeared in short sale scams in Southern California. The alleged scams appear to follow the same basic format.  A short sale agreement was entered into four to six months ago.  The buyer made an initial deposit in the $5,000 to $15,000 range into the listing broker’s non-independent broker escrow.  As with most short sales, the process takes several months and the selling agent is assured that the listing agent is working towards lender approval – it is just taking more time.  Then the communication slows down, the selling agent begins to get concerned and calls the listing broker’s escrow.  There is no answer and no return call and no other number to contact.

A case has been opened with the Long Beach Police Department, Financial Crimes Division.  The officer in charge is Detective Robert Ryan (562) 570-7391.  As of late December, there were approximately 20 victims.  However, the C.A.R. Hotline has received more than 15 calls since the first of the year which have been referred to the Long Beach Police.  The California Bureau of Real Estate is also aware of this case.

Additionally, the Los Angeles County Sheriff has made an arrest in what appears to be an identical scam involving at least 32 victims with a total loss of $498,000. To contact the LA Sheriff’s office call Detective Keith Clark at (562) 946-7217 or tips can be made anonymously at Crime Stoppers, (800) 222-TIPS (8477).

If you believe you or your buyer has fallen victim to a short sale scam, you should contact the police and the Bureau of Real Estate.

To protect short sale buyers going forward, remember to include a Short Sale Addendum (C.A.R. Form SSA) in the offer.  The default agreement in the SSA is that the buyer is not required to submit any deposit to escrow until three days after receiving all short sale lenders’ written approval.

To ensure the fidelity of contract and security f your deposit(s), make sure you enlist the service of a qualified and experienced Realtor.

I can assist you from setback to comeback ... to obtain answers to many initial questions, you can check out my webpage @ http://www.ShortSaleSully.com  and click on Short Sale Menu. Should you have any further questions, please call me at (760) 610-3245.

Rate hikes affecting First-time Buyers per RisMedia

First-time homebuyers are shying away from their plans to purchase this spring, according to a recently released report by realtor.com®, due to the surge in mortgage rates in the last two months of 2016. Though rates have deflated since the end of the year, they remain hovering above 4 percent—high enough to scare off first-timers this spring, now down to 44 percent from 55 percent in October.

“The rise in rates is associated with an anticipation of stronger economic and wage growth, both of which favor buyers,” says Jonathan Smoke, chief economist for realtor.com. “At the same time, higher rates make qualifying for a mortgage and finding affordable inventory more challenging. The decline in the share of first-time buyers since October suggests that the move-up in rates is discouraging new homebuyers already.”
First-time homebuyers affording a 20 percent down payment on a median-priced home at the current average 30-year rate would be responsible for an additional $720 in interest each year, according to realtor.com’s report.

Record-high home prices will tamp down first-time homebuyers, as well. The median list price in December 2016 matched the median list price in July 2016: $250,000. Inventory in December 2016, in addition, remained limited, setting the new year up with the lowest inventory since the recession. The National Association of Home Builders (NAHB) expects single-family construction to grow 10 percent in 2017.

The rise in rates is not stifling demand overall, though, according to realtor.com’s report—in fact, repeat homebuyer activity has continued, as buyers, uncertain about the future, take advantage of still-low rates. Consumers recently surveyed by Fannie Mae believe now is a good time to buy a home, but also believe mortgage rates will rise in the year ahead.

“Last fall, we saw a large jump in the number of first-timers planning home purchases, which was very encouraging because their market share is still well below pre-recession levels,” Smoke says. “But, as evidenced by their decline in share, first-time buyers are really dependent on financing, and affordability is one of their largest barriers to homeownership. This number could continue to decline with anticipated increases in interest rates and home prices.”

FHA reduces annual premiums for Private Mortgage Insurance on home loans ...

Check out this excerpt from the story reported by Reuters ... 

The U.S. Federal Housing Administration will reduce the annual premiums on mortgage insurance on home loans the agency insures by a quarter point on Jan. 27, it said on Monday.

The FHA projected homeowners it insures would save an average of $500 a year with the new premiums.

The lower premiums will come after mortgage rates recently hit their highest levels in over two years and the FHA's Mutual Mortgage Insurance Fund has been recovering from the hit it took due to claims in the aftermath of the housing bust.

"After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families," Housing and Urban Development Secretary Julián Castro said in a statement.

The agency, which is part of the Department of Housing and Urban Development, offers mortgage insurance, often to first-time home buyers and those with low income or below top-notch credit. The insurance protects lenders in case of defaults.

The premium reduction was projected to lower the cost of housing for about 1 million households that are expected to purchase a home or refinance their mortgages using FHA-insured financing in the coming year, according to HUD.

The planned cuts will lower FHA insurance premiums to 55 basis points from 80 basis points on mortgages with loan-to-value ratios of or below 95. Premiums on riskier mortgages will drop to 60 basis points from 85 basis points.

The move places FHA mortgage insurance premiums "basically back to the pre-crisis levels" of 50 to 55 basis points, the statutory floor, JPMorgan analysts wrote in a research note.

Roger's comment: So while the Fed raised rates, this reduction basically will offset that increase, at least for loans requiring Private Mortgage Insurance ...

RisMedia reports on possibilities of Interest Rate hike ...

A rise in the key interest rate could come “relatively soon,” Federal Reserve Chair Janet Yellen reiterated on Thursday, heightening the probability the Fed will forge ahead with a hike in December, despite initial doubts in the wake of Donald Trump’s presidential victory. Mortgage rates, which generally follow the key rate, shot up this week, with the 30-year fixed rate mortgage topping out at an average 3.94 percent from 3.57 percent the week prior.
“This week, the verdict is in—over the last two weeks, the 30-year mortgage rate jumped 40 basis points to 3.94 percent, almost identical to the 39 basis point increase in the 10-year Treasury yield,” says Sean Becketti, Freddie Mac’s chief economist. “If rates stick at these levels, expect a final burst of home sales and refinances as ‘fence sitters’ try to beat further increases, then a marked slowdown in housing activity.”

Yellen’s position—which comes as the dust settles after one of the most contentious elections in history—reinforces the sentiments of Federal Reserve Bank of Philadelphia President Patrick Harker and Federal Reserve Bank of St. Louis President James Bullard, who both voiced support for future hikes this week.

Yellen also echoed the Fed’s intent to only gradually raise the key rate. The Fed last raised the rate in December 2015.

2016 Daylight Savings Ends

Before retiring Saturday night you'd be well served to adjust all your clocks, watches, microwaves, ovens, VCR's and anything else with an ability to tell you what time it is or function on a schedule you have determined ... You will probably hear this twenty times on the news, radio etc ... and at the same time consider changing the batteries in all the clocks, remotes, garage door openers, smoke detectors, carbon monoxide detectors (these last two you might consider changing to the new 10 year sealed battery model) adjust the timers for your landscape lighting and whatever else comes to mind; and while you are at it, your landscape watering doesn't need to activate numerous times per day. That is only necessary when you re-seed. A good deep watering once a day in the morning is all that's necessary and will make your lawn more drought resistant. CVWD has a lot of tips for the proper amounts of run times for your sprinklers throughout the year. Anymore than that is wasted running down the street, evaporating or just getting the sidewalks wet. As always - Keep the faith!

Flood Preparedness

Nice article from City of La Quinta today ...

Flood Preparedness

Marketing & Events Supervisor Marcie Graham from City of La Quinta · 1h ago

Being Prepared For Season

The seasons are changing and we must make sure we are prepared for rain and other weather elements in La Quinta. Even though our winter is very different from other winters around the nation, it is important to make sure we are doing everything we can to ensure our property is not affected by potential rainstorms. Here are a few tips to making sure you are doing what you can to keep your area safe:

Preventive Care

Clean gutters and water drains.
Fix any roof tiles or shingles that are abnormal.
Clear any over-reaching tree limbs that can fall and damage your home.
Be informed about your risk – find out if you live in a flood zone (click here). If you do, consider flood insurance.
Have a plan – discuss family meeting places and out-of-state contacts for emergencies.
Make a kit – put together enough water and food for at least three days. Include medications, a flashlight, battery-operated radio, and spare batteries.
Get involved – the City holds Community Emergency Response Team trainings. Participants learn basic disaster response skills. For more information, contact Jaime Torres, Management Assistant, at jtorres@la-quinta.org or 760-777-7014.

SANDBAG INFORMATION

Sandbags are available for La Quinta residents at the locations listed below, during business hours. Residents will be provided with ten (10) empty sandbags. Please note that sandbags are empty and must be self filled.

La Quinta City Hall: 78495 Calle Tampico. Monday - Thursday from 7:30 a.m. - 5:30 p.m. and Friday 8 a.m.-5 p.m. City Hall is closed on weekends.

La Quinta City Yard: 78109 Avenue 52. Monday - Friday from 6 a.m. - 2 p.m. Closed on Weekends.

Fire Station 32: 78111 Avenue 52. Monday - Friday from 8 a.m. - 5 p.m. Closed on Weekends.

Fire Station 70: 54001 Madison Street. Monday - Friday from 8 a.m. - 5 p.m. Closed on Weekends.

Fire Station 93: 44555 Adams Street. Monday - Friday from 8 a.m. - 5 p.m. Closed on Weekends.

SAND FILL LOCATIONS

La Quinta City's Public Works Yard: 78109 Avenue 52. Monday - Friday from 6 a.m. - 2 p.m. Closed on weekends.

Fire Station 93: 44555 Adams Street. Monday - Friday 8 a.m. - 5 p.m. Closed on weekends.

For more tips or additional information, contact Jaime Torres at jtorres@la-quinta.org or 760-777-7014.

Real Estate and scamming

Beware: Scammers may be posing as your REALTOR® 

There's a scam afoot, or, shall we say, a-wire that prospective homebuyers may want to be on the lookout for, and it happens like this: You're nosing around the real estate market — maybe even close to buying a house or piece of property. And then you get a message from your real estate agent urging you to wire money to secure the deal.

As you might have guessed, a scammer is spoofing your real estate agent's account and is waiting for your money.

How a Scammer Finds Their Target

Hackers snatch passwords when people log into free Wi-Fi networks or click on things like those cute-puppy emails. They search your inbox or your real estate agent's inbox for any messages related to real estate transactions. Once they find you're in the process of buying a home, they'll send a fake message from your agent or attorney, title representative (or other trusted source), alerting you to new money wiring instructions to a fraudulent account. Once your money is wired, it's likely gone for good.

"If the buyer takes the bait, their bank account could be cleared out in a matter of minutes," the FTC wrote in a blog post in March.

How to Avoid the Scam

To stay out of trouble, buyers should talk to their real estate agents upon meeting to learn about how and when they might be expected to wire money. Before making a wire transaction, it's a good idea to call your agent, using a telephone number you know to be accurate and have verified outside of email, according to the National Association of Realtors (NAR).

"Never trust a telephone number in an email that explains wiring instructions, because these criminals have created legitimate-looking signature blocks with their own contact information," NAR General Counsel Katie Johnson said in a warning video about the scam posted to YouTube in April. "Also, never send financial information over email or to an unknown website. It's not secure."

Beware of links sent by email, warns the FTC, "instead of clicking a link in an email to go to an organization's site, look up the real URL and type in the web address yourself." You can also report any suspicious activity to the FTC.

Because real estate agents are being hacked as well, the real estate site Realtor.org urged real estate professionals to warn people never to discuss their financial information over email, and to talk by phone if a wire transfer is actually supposed to occur. It also suggested real estate professionals hire someone to monitor office security, and to have elaborate passwords and change them often.

Doing Your Due Diligence

With so much hacker activity, it's always best to monitor your financial accounts, credit reports and credit scores frequently and don't take any unauthorized activity lightly.  If you do fall prey to a scam, be sure to report the crime to the proper authorities. And if you think your personal information was compromised, continue to monitor your credit for signs of identity theft, like mysterious accounts or unfamiliar credit inquiries. (You can see two of your credit scores for free on Credit.com each month and request your free credit reports each year from AnnualCreditReport.com to make sure no one has snatched your information and raided your credit.)

Feds raise Key Interest rate ...

 The Federal Reserve raised the key interest rate (Fed Funds) from 0.25% to 0.50%. It's been a long time since this has occurred however they feel You will see that this sill start to cost you more for nearly everything you do ... Read the full story from the Associated Press ...



http://hosted.ap.org/dynamic/stories/U/US_FEDERAL_RESERVE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2015-12-16-14-01-26

CVWD increases conservation programs, drought penalties

If you are like me at all, I have not been following the printed materials in my water bills recently because I switched to Desertscape. This was obviously a bad move because of several things. Check out this article from CVWD of November 10th ...

The Coachella Valley Water District (CVWD) Board of Directors today committed additional money for rebate programs, adopted a ban on irrigation on certain days of the week, and increased drought penalties.
The new measures were adopted to help CVWD meet its state water conservation mandate. The state is requiring CVWD customers to reduce overall domestic water use by 36% when compared to the same month in 2013 or face penalties of up to $10,000 per day.

The board approved $2 million in additional conservation funding with most of it going to CVWD’s conservation rebate programs. In addition, a consultant will be hired to perform comprehensive water audits for some of the district’s largest water users, and academic consultants would be hired to perform targeted research and public education messaging to promote reduced water use.
The board approved new day-of-use restrictions for irrigation. Starting Dec. 1 and through March 31, outdoor irrigation for CVWD domestic customers will be prohibited on Mondays and Thursdays.
Drought penalties were increased for water use in tiers 3-5. The increased drought penalties will go into effect with December water use for bills produced in January. 

Under the increased drought penalties, residents who do not limit their outdoor water use to 36% below their monthly budget are subject to drought penalties structured as follows:

Water use in Tier 1:                             No Penalty
Water use in Tier 2, up to 64%            No Penalty
Water use in Tier 2, above 64%          Regular rate + $2.51/unit
Water use in Tier 3                              Regular rate + $5/unit
Water use in Tier 4                              Regular rate + $10/unit
Water use in Tier 5:                             Regular rate + $20/unit

About 76% of CVWD customers currently are meeting the drought budgets. As a result, about 5 billion gallons of water have been saved by CVWD domestic customers compared to water use in 2013.
Statewide mandatory water-use restrictions remain in effect, including prohibiting water runoff and irrigation during and 48 hours following rain. In addition, CVWD requires sprinklers to be fixed within 24 hours and leaks to be fixed as soon as possible.

CVWD continues to strongly discourage overseeding during the drought.

The state considers a month-to-month rolling average when considering a district’s conservation efforts. CVWD customers saved 21.3% in June, 40.6% in July, 26.5% in August, 16.4% less water in September, and 27.7%  less water in October. The average over the five-month period is 27%.

For conservation rebate programs, tips and additional information, visit  www.cvwd.org
The Coachella Valley Water District is a public agency governed by a five-member board of directors. The district provides domestic and irrigation water, agricultural drainage, wastewater treatment and reclamation services, regional storm water protection, groundwater management and water conservation.

More Young Adults Live With Their Parents Now Than During the Recession

Very interesting article reproduced from The Wall Street Journal ...

 

Economist Jed Kolko says that the rise in children living with their parents is largely related to the fact that people are marrying and having children later, not to the weak economy and housing market.

Family togetherness isn’t just for Thanksgiving dinner. More young adults are now living with their parents than during the recession, according to U.S. Census data.
The share of 18-to-34-year-olds living with their parents was 31.5% as of March 2015, up from 31.4% last year, according to a report from the Commerce Department on Monday. In 2005, just 27% of young adults lived with their parents, a number that has climbed pretty steadily since then.
That the percentage at home has barely moved from last year is particularly notable because many economists expected young people to start moving out as the economy has improved and unemployment among young people has dropped significantly. The housing market is relying on those new households to drive future demand.

But the trend of young people continuing to live at home is unlikely to significantly reverse course any time soon, even as the economy improves, says Jed Kolko, an independent economist and senior fellow at the Terner Center for Housing Innovation at the University of California, Berkeley.
Instead, Mr. Kolko says that the rise in children living with their parents is largely related to the fact that people are marrying and having children later, not to the weak economy and housing market. Single people without children are more likely to continue living at home much later.
Earlier this month, the Pew Research Center showed that more young women were living with their parents in 2014 than any time since the 1940s. Researchers noted that young women traditionally left home to get married, which they are now doing later and later.
Because young people aren’t likely to leave home in large numbers as their job prospects improve, the surge of pent-up housing demand they were expected to create will be more like a slow, steady trickle, Mr. Kolko said.
That helps explain why the share of first-time homebuyers remains low.
“What I think it means is that the boost to housing from young adults will come more slowly than people expect,” Mr. Kolko said. “The long-term demographic shifts suggest this might be the new normal, with young people living with their parents longer and more permanently delaying household formation and homeownership.”

El Nino follow up ...

While you are thinking about the possibilities, check out this Red Cross site of checklists for numerous situations, in particular:  Winter Storms, Thunderstorms, Power Outage, Earthquake and when you think you are done, check again for your littlest members of the family - Pet Safety


http://www.redcross.org/prepare/disaster-safety-library

Everyone is warning us that this is an El Nino year ... Are you ready?

Don't say that nobody warned you ... We've been hearing it for weeks and a great article appeared in the LA Times about a month ago which I include for your review ...

http://www.latimes.com//home/la-hm-el-nino-20151017-story.html

Changes you need to know that can affect your Sale or Purchase of a home

I provided some information a week ago on the changes in Mortgage Disclosure laws of August 2015 that finally took effect October 3, 2015 (and we hear of extra dispensations for Lender's conformity). These changes affect you whether you are buying or selling property.

Buyers/Borrowers are affected because they must receive notice of loan costs within 3 days of application for loan and they must be in the new required format. If there are any changes during the loan approval process, the Buyers/Borrowers must be newly apprised of the loan costs which must be in the new required format. Depending on the changes and acceptability to the Buyers/Borrowers, a new 3 day waiting period starts. During this period, several things may occur including but not limited to the escrow not closing on time per the contract or the Buyers/Borrowers could refuse the loan if it does not fit in with the parameters set forth in the contract. Having said this, these two things are how Sellers are affected also. If escrow does not close on time, many things can be affected: Payoff can be late resulting in an additional charge, insurance policies might expire, acquisition of a replacement property may be delayed, etc.; and obviously everything stops with a cancellation.

These are the changes would trigger a new 3-day waiting period. They are:

1. A change which renders the APR inaccurate;
2. A loan product change causing the disclosed information to become inaccurate; or
3. The addition of a prepayment penalty to the loan.

This is pretty straightforward, but there is some confusion surrounding a change in the APR - tbd.
 
So this sounds horrible right? Understand that it is unlikely that you might find yourself in of these situations but it could happen. The best thing in your arsenal is to select not an experienced agent but an experienced Realtor to stay on top of developments in a contractual period to ensure a smooth closing.

Americans Think Homeownership is a Sound Investment

WASHINGTON (October 14, 2015) — A vast majority of Americans believe that buying a home is a solid financial decision, and most believe they could sell their home for at least its initial purchase price, according to a new survey from the National Association of Realtors®. The 2015 National Housing Pulse Survey also found that a preponderance of Americans think that now is a good time to buy a home.
The survey, which measures consumers' attitudes and concerns about housing issues in the nation's 50 largest metropolitan statistical areas, found that more than eight in 10 Americans believe that purchasing a home is a good financial decision, and 68 percent believe that now is a good time to buy a home. Seventy-one percent believe they could sell their house for what they paid for it, a jump of 16 percentage points from 2013.
When asked for reasons about why homeownership matters to them, respondents’ answers did not change significantly from past years. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top three reasons to own a home.
"Homeownership is part of the American Dream, and this survey proves that dream is alive and thriving in our communities," said NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark. "Realtors® believe that anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream in a safe, responsible way, which is why NAR advocates homeownership issues and educating potential buyers about achieving their property investment goals."
The number of renters who are now thinking about purchasing a home has increased since the last survey in 2013, up from 36 percent to 39 percent. Sixty-one percent of renters stated that owning a home is a priority for their future.  According to the survey, 80 percent of respondents believe that pre-purchase counseling programs and classes are very or somewhat important. Forty-five percent of homeowners who said they did not take a counseling program, reported they would have taken part in one had it been easily available to them.
Attitudes about the housing market have improved in recent years. Forty-nine percent of respondents indicated that they feel activity in the housing market has increased in the past year, compared to 44 percent in 2013 and 12 percent in 2011. Eighty-nine percent expect home sales in their area to either increase or remain the same. Concern about foreclosures has also declined, with only 15 percent of respondents indicating that foreclosure is a major concern.
In addition to improved attitudes about the housing market, survey participants also showed an improved outlook regarding the economy. Only 36 percent think that job layoffs and unemployment are a big problem, a substantial drop from 45 percent in 2013.
Perceived obstacles to homeownership have remained mostly unchanged compared to recent years; 78 percent of respondents point to college debt and student loans as the main obstacle to making a home purchase affordable. Seventy-six percent of participants said they have a full-time job but still did not make enough money to purchase a home. Seventy-four percent believe they do not have enough money for a down payment and closing costs.
As the market has improved, concern about the cost of housing has increased. Two-thirds of survey participants said that home prices are more expensive than they were a year ago. There is additional concern over the lack of available housing; 41 percent said the lack of affordable homes is either a very big or fairly big problem in their area, an increase of 9 percent points from 2013.
For adult millennials under the age of 35, the burden of student debt is their chief concern, with 86 percent of respondents naming college debt as an obstacle to homeownership. Over half reported that their housing costs are a financial strain on their budget, 65 percent are concerned about high rental prices, and 60 percent are concerned about high home prices. However, millennials tend to have a more upbeat and positive view about the future of the nation than older Americans, with 42 percent of millennials saying that the country is headed in the right direction compared to only 20 percent among those aged 50 and older.
The 2015 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program. The telephone survey polled 1,000 adults nationwide in the 50 most populous metropolitan statistical areas. An additional 250 interviews were conducted with millennial adults (born after 1981) from the same geography. The study has a margin of error of plus or minus 3.1 percentage points.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.1 million members involved in all aspects of the residential and commercial real estate industries. (Jane Dollinger)