By Samantha Peterson, Friday, December 31, 2004. The success of online real estate brokerage ZipRealty's initial public offering has buoyed other companies with alternative business models, boosting their optimism about prospects for 2005. ZipRealty, a full-service brokerage that rebates part of its sales commission to home buyers and sellers, made its IPO of 4.55 million shares of common stock at $13 per share in November. Net proceeds totaled $61.3 million, higher than the company originally predicted. more...
By Glenn Roberts Jr., Friday, December 31, 2004. A 31-year-old organization for relocation professionals, which formerly had membership exclusive to Century 21 franchises, has broadened its horizons by welcoming other franchises and independent companies. The Board of Directors for International Relocation Consultants Inc., or Inrelco, voted in October to open the organization's doors to all real estate firms that maintain a relocation department. more...
By Janis Mara, Friday, December 31, 2004. The housing market will continue unscathed despite the departure of the chief executive officer and chief financial officer of Fannie Mae, the country's largest mortgage finance company, industry figures opined. "Personally, I don't think any one person could have that much influence. I agree with David Lereah (senior vice president of the National Association of Realtors), who says we are still in a housing boom for the next five years nationally," said Michael Godfrey, president of the Bay East Association of Realtors in Pleasanton, Calif. more...
By Robert Bruss, Thursday, December 30, 2004.
DEAR BOB: My father, age 75, is considering a reverse mortgage on his home. However, your letters always seem to be about $400,000 homes. His is worth only about $130,000. He will not be getting a lot of money. Is it worth it? What if he lives to be 85 or 95 years old? – Karen Z. DEAR KAREN: Your father's situation is ideal for an FHA reverse mortgage if he needs additional income. He can use the funds for added monthly lifetime income no matter how long he lives. more...
By Robert Bruss, Thursday, December 30, 2004.
If you expect to hold title to a property acquired at a bargain price just a few days, weeks or months before "flipping" it to another owner, the last thing you want to do is obtain an expensive bank mortgage. Whenever possible, please don't use your own cash to acquire flipper property. Personally, I've found I negotiate the best purchase price and terms when I don't have much ready cash available and am forced to negotiate creatively. Purchase Bob Bruss reports online. more...
By Inman News, Thursday, December 30, 2004. Long-term mortgage interest rates were flat Wednesday, and the benchmark 10-year Treasury bond yield dipped to 4.27 percent. The 30-year fixed-rate average stayed at 5.38 percent, and the 15-year fixed-rate remained at 4.79 percent. The 1-year adjustable was unchanged at 3.42 percent. The 30-year Treasury bond yield sank to 4.89 percent. Rates are current as of 7:15 p.m. Eastern Standard Time. more...
By Inman News, Thursday, December 30, 2004. Single-family home sales in the Austin, Texas, area soared 25 percent in November from a year ago, the Austin Board of Realtors reported Wednesday. Realtors reported that 1,589 homes were sold in the region in November. From January through November 2004, 19,044 homes were sold in Central Texas. 2004 is the sixth consecutive year in which more than 18,000 homes have been sold in Austin. The Austin Board of Realtors projects that 2004 will be the first year for total homes sold to exceed 20,000. more...
By Inman News, Thursday, December 30, 2004. The sharp rise in energy prices in 2004 put less strain on household finances than might have been expected, according to a recent Freddie Mac analysis. Freddie Mac reported that American homes built in the last few years are nearly twice as energy efficient as the typical house built in the 1960s. more...
By Inman News, Thursday, December 30, 2004.
By Inman News, Thursday, December 30, 2004. Sales of detached single-family homes in Massachusetts rose 17.4 percent in November from a year ago, according to the Massachusetts Association of Realtors. There were 4,063 closed home sales in November, up from 3,460 recorded in November 2003. Sales of condominiums jumped 53.6 percent year-over-year in November to 1,597, compared to 1,040 sales in November 2003. The median price of a detached single-family home in November was $345,950, up 14.6 percent from $302,000 recorded a year earlier. more...
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