HomeTraq University

Just want to share a few quick  ALERT  tips which can make your home search much more powerful. All you have to do is login to  HomeScout   and the red arrows highlighted in the screenshots below will help you unlock  these  powerful features. Make sure to refine & save your Search Criteria and then enable New Listing and Open House notifications.  Refine & Save Click on "Filters" to refine the price range, area and home features you are interested in. Click "Save" to create unlimited custom searches. Get Notified Once you have saved a custom search, choose the  alerts  you wish to receive, including New Listing and Open House notifications. Open Houses A feature to use while driving around on weekends is to click the Open House button which reveals dates & times of upcoming open houses. If you are using Zillow, Realtor.com or anot...

Coming Soon listings continue to become more common as the local housing inventory tightens.  It causes concern among buyers, sellers and real estate professionals.  It has prompted real estate commissions across the country to issue guidance on the topic. Here’s what you need to know to keep informed and to understand all sides of the equation. What’s a Coming Soon listing? A Coming Soon listing refers to a property that is not available for showing or sale until a later date. “Coming Soon” can be a legitimate advertising technique, allowing the owners more time to complete repairs, pack, or otherwise prepare the property for showing or sale. A legitimate Coming Soon listing should truly be unavailable for purchase or showing. Should you be concerned about buying a Coming Soon listing? Listing agents can stir up pre-market excitement by listing a home as Coming Soon. The idea is since there are very few homes for sale, a new listing that is not yet a...

You can call the selling agent to setup an appointment to view a home, but not having your own representation could be tricky... Many home buyers aren’t aware of agency disclosure, nor understand the concept of a buyer’s agent and seller’s agent.  Many times the first agent a home shopper is exposed to is the "listing agent" of a home found online or the agent he/she meets at an open house. Last year, 63% of home shoppers walked through a home they were interested in after viewing it online.  When it is time to tour or inquire about a home, it seems like an easy solution to direct questions to the seller’s agent — but this presents an immediate conflict of interest.  A real estate agent’s loyalties and responsibilities change depending on who the agent is talking to.  Here’s a quick summary of roles an agent can play in any one transaction. The listing agent The listing agent or seller’s agent works for the seller and represents their interests in the sale. Th...

Because they are government-backed, Federal Housing Administration (FHA) home loans have attractive interest rates and less stringent qualifications. Loan applicants must meet credit-score and down-payment requirements, and show proof of employment and a steady income. An appraisal of the home by an FHA-approved appraiser is also required.  Following are five features of FHA loans first-time homebuyers should consider while weighing their financing options. More flexible credit guidelines give more purchase power  Low Down Payment - as little as 3.5% down on single family residence, 2-4 units and FHA approved condominiums  100% gift allowable for down payment  Lower credit requirements. 580 minimum FICO credit score.  Competitive market rates  No income restrictions  Limited tradelines needed  Higher debt-to-income ratios approval  Shorter waiting period for major credit events like bankruptcy FHA loans are Transferable to p...

The Midwest and Southeast regions of the U.S. continue to experience above-average hiring and a large segment of current renters who earn enough income to qualify to buy a home.   Demand for housing is being driven by the labor market , which is steadily generating increases in wages.  On the list of the percentage of current renters who can afford to buy a home -  St. Louis, Missouri checks in at number six . The  recent report by the National Association of Realtors reviewed employment growth, household income and qualifying income levels in nearly 100 of the largest metropolitan statistical areas across the country to determine which areas with employment gains above the recent national average also have the largest share of renters who can currently afford to buy a home.   Data supports a significant increase in renter households — both millennials and those who lost their home — since the Great Recession, and especially in metro areas that hav...

It is a 'Crazy Train' to be on.  Anyone in the market for real estate or a mortgage will at some point jump on board whether they want to or not.  What about those of us in the industry providing those real estate and mortgage services?  Well, we are the conductors with a big smile and crazy eyes welcoming new passengers on board for the journey.  I was reminded of all of the craziness when I saw the following headlines hit my social news feeds this morning.   The housing market horror story isn’t over yet. U.S. Census Bureau data paints a picture that there are currently two housing markets: one for the rich and one for the rest.   Overall U.S. housing market numbers are strong as existing home sales are 6% above last year - a result from shrinking inventory and a strengthening job market.  Many real estate agents are busy working through multiple offers for listings in a hot market.  On the mortgage side, everyone is working through ...