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HUD Allocates $174 million Through New Housing Trust FundFor the first time ever, the U.S. Department of Housing and Urban Development (HUD) has allocated nearly $174 million through the nation’s Housing Trust Fund. The Housing Trust Fund is a new affordable housing production program that will complement existing federal, state and local efforts to increase and preserve the supply of decent, safe, and sanitary affordable housing for extremely low- and very low-income households, including families experiencing homelessness.By law, each state is allocated a minimum of $3 million. HUD has allocated more than $10 million to California. State affordable housing planners will use these funds for the following eligible activities:
- Real property acquisition
- Site improvements and development hard costs
- Related soft costs
- Demolition
- Financing costs
- Relocation assistance
- Operating cost assistance for rental housing (up to 30% of each grant)
- Reasonable administrative and planning costs
Homeownership Rate Continues to Decline
National vacancy rates in first quarter 2016 stood at 7 percent for rental housing and 1.7 percent for homeowner housing, the Dept. of Commerce’s Census Bureau announced last week. The homeowner vacancy rate was 0.2 percentage points lower than the rate in first quarter 2015 and 0.2 percentage points lower than the rate in fourth quarter 2015.
The homeownership rate of 63.5 percent was 0.2 percentage points lower than the first quarter rate of 63.7 percent and 0.3 percentage points lower than the fourth quarter 2015 rate of 63.8 percent.
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Low Credit Scores May Dash Millennials’ Home-Buying Dreams
Nearly one-third of millennials hope to purchase a home within the next year, but more than 40 percent may not have the credit to do so, according to a new TransUnion survey.
TransUnion’s survey found that while 32 percent of millennials say they plan to buy a home within the next 12 months, 43 percent currently have a subprime credit score – defined as a score within the 300 – 600 VantageScore range.
Millennials surveyed recognized their finances will impact their ability to become homeowners. When asked their primary concerns about the home buying process, millennials said they are worried about having a low credit score (47 percent), not being able to fund a down payment (59 percent), and/or not qualifying for a low interest rate on a mortgage (56 percent), above all other concerns.
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В New First-time Home Buyer Vignettes Now Airing
C.A.R.’s
annual consumer advertising campaign launched last month on NBC with
two television commercials telling the long story of how a REALTORВ®
helped someone buy a home and close on their dreams of entrepreneurship
and finding the perfect riding companion.
As an added benefit of
working with NBC, C.A.R. also has access to its talent. This year,
C.A.R. is working with author, host, and REALTORВ® Egypt Sherrod on a
series of four, 30-second vignettes. Through the series, Sherrod shares
advice with home buyers that only a REALTORВ® knows.
Sherrod also
will be at CALIFORNIA REALTORВ® EXPO in Long Beach. More details about
her attendance will be available at a later date.
Visit C.A.R.’s YouTube channel to watch the vignettes and share them with your clients.В
California REALTORSВ® Vote to Support Affordable Housing Proposal
The Board of Directors of the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) voted last Friday to support a $1.3 billion proposal by California Assembly members to create affordable housing programs.“With a historically low homeownership rate of 54 percent and record high rental costs, the dream of owning a home in California is evaporating. Our teachers, nurses, firefighters, police officers, and other middle class workers should be able to afford to live in the communities they serve,” said C.A.R. President Pat “Ziggy” Zicarelli. “C.A.R. recognizes the urgency of California’s housing crisis and is fully supporting the proposal by the Assembly Housing and Community Development Committee to invest a portion of our state’s budget surplus to address this housing crisis.”C.A.R. formed an Affordable Workforce Housing Task Force in August 2015 to examine existing policies in California designed to expand the availability of “affordable housing” and to make recommendations to increase the availability of affordable work force housing in California.
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Fast Facts
Calif. median home price: March 2015:
- California: $483,280
- Calif. highest median home price by region/county: San Francisco, $1,360,580
- Calif. lowest median home price by region/county: Merced, $189,500
Calif. Pending Home Sales Index:В
Statewide pending home sales fell in March on an annual basis, with the Pending Home Sales Index (PHSI) decreasing 1.7 percent from 138 in March 2015 to 135.6 in March 2016, based on signed contracts.
Calif. Traditional Housing Affordability Index: Fourth Quarter 2015: 30 percent
Mortgage rates: Week ending 4/28/2016
(Source: Freddie Mac)
- 30-yr. fixed: 3.66% fees/points: 0.6%В
- 15-yr. fixed: 2.89% fees/points: 0.5%В
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Make Your Property More Attractive for Homebuyers
Ensure a Good First Impression
Homebuyers make up their minds about a property in the first few minutes. Make sure your home makes that vital first impression. New paint does wonders. Make sure the front yard is flawless with manicured lawns and attractive foliage. Add a hanging basket or some flower pots at the door. The front door is also critical, make sure the hardware is presentable.
Make them Feel Welcome
Don’t forget buying a home is in many ways an emotional decision, so it’s important to give buyers that warm and fuzzy feeling! Keep the temperature in the home at a comfortable level. Light some candles in the bathrooms and make sure it smells nice and clean. Have fresh flowers around the house.
But don’t make it too personal
Make them feel welcome, but don’t go too far. Too much personality, for example in the form of personal possessions and family photos makes it hard for buyers to visualize living in the space.
Clear out the Clutter
Make sure your property is clutter-free for all your viewings. This will make your home look and feel bigger, and the buyers will be able to imagine how they could make the space their own. Make sure that there is a clean, logical flow through the home by getting rid of all excess furniture. Less is more.
Improve Lighting
This is another way to make your home seem more spacious. Open all your curtains and flood the space with natural light. Make sure the darker rooms are also lit. Invest in some light fixtures and fittings, and place them strategically to illuminate even the gloomiest of areas.
Decorate to Sell That House
Slap on a fresh coat of paint in a neutral color to give it that blank canvas look but do not be too sterile. Have some contrast in the trim as well as the ceiling. Neutral colors make properties appear lighter and brighter, so take advantage of this inexpensive and easy option. You may also add color with decorative window coverings, rugs, and towels.
Clean Up Your Act
Your home should be spotless. Make sure the beds are made and the countertops are free of clutter. The dishes should be put away and nothing should be scattered on the floor. Don’t forget to tidy your garden too: Cut the shrubs back, sweep the patio, and wipe down the backyard furniture.
Those Minor Repairs You Put Off
It is easy to forget things such as broken doorknobs, cracked tiles, holes in walls and damaged but buyers will notice them first thing as they are walking around your home.
Maximize Your Space
The golden rule of selling is to make your space look and feel bigger and better than what your competitors have to offer. We’ve already mentioned that lighting your home, both naturally and artificially, can maximize your assets, but getting rid of bulky furniture can also be a great way of making the most of what you have. Large pieces of furniture make a space feel smaller, so put these items into storage and dress your home with more compact pieces.
Don’t Forget Your Floors
Make the investment of improving and investing in those floors. Worn carpets and damaged vinyl floors need to be replaced, and wooden floors especially should undergo some maintenance. This is not chap by any means, but the prospect of selling your home for the best possible price will likely outweigh the cost.
Remove Pets During Showings
You do not need to remind the potential buyer that the previous owner kept pets.
Try to remove your pets from your home when you are showing the home. Having a pet in the house or yard can create complications for your agent while trying to show the house, and puts your pet at risk of accidentally getting out during the showing. There are also liability issues to deal with as well. They may react differently to stranger and it may cause them stress. All pet-related damage should be repaired prior to showing the home. Make sure to also remove all odors and stains. New visitors will notice smells when they come to view the house. This is not something you want to happen. Have your carpet and floors professionally cleaned or replaced. Pick up any messes in the backyard and have any sod replaced and other damage repaired.
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