Coyote Moon Golf Course Announces 2016 Opening Special / Rates

Coyote Moon Golf Course
Opening Day

Friday, May 13, 2016
$65 Anytime
Opening day through May 26

May 27 – June 16
$100 before 1pm /$75 after 1pm

* Coyote Moon 10 Play Golf Card *
Do you plan on making Coyote Moon Golf Course your HOME course for the summer? Purchase your Coyote Moon 10 Pack Golf Card for only $750. Call or drop by the golf shop for more details and to purchase your card for the 2016 Golf Season! Only a limited number will be sold!

Are you coming up this summer with a group of 9 or more…call our tournament/group specialist, 530.550.0924, for preferred tee times and to see what special rates we have to help accommodate you and your group!

Call (530) 587-0886

Tahoe Donner Single Story Custom Home

Tahoe Donner Single Story Custom Home for Sale

.                                               Tahoe Donner Single Story Custom Home for Sale

Popular single story custom Mark Bovenzi home that has been upgraded. Kitchen includes stainless steel appliances, granite counter tops, tile floors, and new carpet. Bathrooms have been upgraded with granite countertops as well as many other upgrades. Open floor concept on a large corner lot in a very desirable location in Tahoe Donner. Close of escrow to be no earlier than July 15, 2016 to accommodate sellers 1031 Exchange.

Asking: $619,000  MLS #: 20161039

Call or email Scott Kennedy to see this and other Tahoe Donner homes for sale.

Click here for more information and photos of all Tahoe Donner real estate property for sale.

.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Tahoe Sierra Multiple Listing Service. Real estate listings held by brokerage firms other than Sierra-Tahoe Realty, inc. are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers.  This listing courtesy of: Dickson Realty.

Northstar Chalet – Complete Remodel

Northstar Chalet - Complete Remodel

.                                                         Northstar Chalet – Complete Remodel

Completely remodeled in 2013 & offering a lovely setting, this Northstar chalet offers a warm & welcoming environment. Charming ambiance awaits w/ thoughtful architectural elements & finishes. Wood floors, well designed chef’s kitchen & spacious dining area accent the great room w/ gorgeous gas fireplace. Two bedrooms on the main living floor + bath, spacious loft & large master w/ bath upstairs. Light filled, great windows & easy indoor-outdoor living w/ large deck, walk to the Golf Course! BIG garage!

Asking: $875,000  MLS #: 20160982

Call Scott Kennedy @ 530.448.3308 to see this Northstar chalet real estate home for sale.

Click here all Northstar California real estate homes for sale.

.

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Tahoe Sierra Multiple Listing Service. Real estate listings held by brokerage firms other than Sierra-Tahoe Realty, inc. are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers.  This listing courtesy of: Chase International – TK2.

Northstar announces 2016 Golf Pass Rates

NEW for 2016: Up to 3 pass holder guests receive $10 off daily rate

Unlimited Season Pass (pricing guaranteed through 6/19) Price
Adult (18+) Public $1,049
Adult (18+) Homeowner $979
Junior (17 & under) – without cart $369
Early purchasers receive 1 complimentary guest round (expires 6/19), two 50% off guest vouchers, plus $10 off fees all season
Value Season Pass (pricing guaranteed through 6/19)
Price
Adult (18+) Public $769
Adult (18+) Homeowner $719
Junior (17 & under) – without cart $329
Includes green fees and shared cart. Unlimited play after 11:00 a.m. Sunday – Thursday and after 12:00 p.m. Friday + Saturday through the end of the season. Fall Shotguns. Not valid for play July 3 – 5. Non-transferable. Non-refundable.

 

Afternoon Season Pass (pricing guaranteed through 6/19)
Price
Adult (18+) Public $569
Adult (18+) Homeowner $539
Junior (17 & under) – without cart $249
Includes green fees and shared cart. Valid after 2:00 p.m. during Spring season and after 3:00 p.m. during Summer season and after 12:00 p.m. Fall season. Not valid for play July 3-5. Non-transferable. Non-refundable.

 

Afternoon Limited Season Pass (pricing guaranteed through 6/19)
Price
All Ages $379
Includes green fees and shared cart. Monday – Thursday play only. Valid Monday – Thursday after 2:00 p.m. during Spring season and after 3:00 p.m. during Summer season and after 12:00 p.m. Fall season. Non-transferable, non-refundable.

All season pass pricing subject to change.

Tahoe Donner Mountain Home for Sale

Tahoe Donner Mountain Home for Sale

–                                                        Tahoe Donner Mountain Home for Sale                                                          –

Stunning both inside and out! Big windows let you bring the outside in as you experience this 4 bedrooms, 3.5 baths home plus spacious loft. Boasting 3 decks for outdoor enjoyment, this immaculate home has a fantastic open floor plan with vaulted ceilings, gas fireplace with natural rock masonry, and a beautiful kitchen. Great for entertaining! Level driveway located on a private corner lot. Views of the surrounding trees and forests when you look out the windows. Impressive master suite and master bath

Asking: $899,500  MLS #: 20160965

Call or email Scott Kennedy to see this and other Tahoe Donner homes for sale.

Click here for more information and photos of all Tahoe Donner real estate property for sale.

.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Tahoe Sierra Multiple Listing Service. Real estate listings held by brokerage firms other than Sierra-Tahoe Realty, inc. are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers.  This listing courtesy of: Oliver Luxury Real Estate.

Northstar Announces 2016 Golf Season & Rates

Greens Fees

All adult greens fees include use of shared cart. For more information, please call the Pro Shop at 530.562.3290. All dates and rates subject to change depending on course conditions.

18-Hole Play

Summer (6/16 – 9/18)
Morning
(before 11:00am)
Mid-Day
(11:00am – 12:50pm)
Twilight
(after 1:00pm)
Late Twilight
(after 4:00pm)
Mon – Thurs $85 $75 $65 $50
Fri – Sun $90 $80 $70 $55
Fall (9/19 – Closing) Before 1:00pm 1:00pm – 3:00pm After 3:00pm
Mon – Thurs $75 $55 $40
Fri – Sun $80 $60 $45

9-Hole Play

9 Holes – Limited Tee Times – Tee Time Recommended.
Standby or reserve previous day only before AM times.

9-Hole
$50

Juniors (17 & under)

Junior rates are valid for ages 17 & under; must be accompanied by an adult. Junior evening rates after 5:00 p.m. on the Meadow Nine (holes 1 – 9) only. Golf cart driver must be at least 18 years of age.

Play Rate
18 Holes $49 (before 1 p.m.)
18 Holes $39 (after 1:00 p.m.)
9 Holes $20 (after 5:00 p.m.)

Carts, Clubs + Driving Range Rates

Golf Cart Rentals 18 Holes 9 Holes
18-holes (per seat) $25
9-holes (per seat) $15
Rider Fee (non-golfer) $25 $15
Golf Club Rentals
18 Holes
9 Holes
Premium Club Rental $49
Fleet Club Rental $39
Club Rental $29
Driving Range Rate
Small Bucket (30 range balls) $4
Buy 5 tokens, get one FREE! $20
Driving Range tokens can be purchased in the Pro Shop.

1st Quarter 2016 vs. 2015 Truckee / Lake Tahoe Statistics

Tahoe Donner Home Prices 2011 - 2016

Tahoe Donner Home Prices 2011 – 2016 based on 2500-3500 sq. ft. and built 2000-2010

 

Truckee / Lake Tahoe 1st qtr 2016 Real Estate Statistics

Truckee / Lake Tahoe 1st qtr. 2016 Real Estate Statistics compared to 1st qtr. 2015

SUMMARY

  • For the 1st quarter of 2016, 16% more homes were sold than the 1st quarter in 2015;
  • The median price for homes increased by 8.9%;
  • Overall, the median time homes were on the market was unchanged at 3-months;
  • A comparison of the similar homes sold in Tahoe Donner reveals the price per square foot rose approximately 8% in the 1st quarter of 2016 compared to 2015 (see graph).

Please call Scott Kennedy at (530) 448-3308, or email Scott@SierraTahoeRealty.com with any questions you may have.

 .
 
 
 
 
Schaffer’s Mill real estate for sale
 
 
 
 
NOTE: MLS data is believed accurate however not guaranteed – verification is recommended.

Pending Home Sales Move Forward in February

WASHINGTON (March 28, 2016) — Pending home sales rose solidly in February to their highest level in seven months and remain higher than a year ago, according to the National Association of Realtors®. Led by a sizeable increase in the Midwest, all major regions except for the Northeast saw an increase in contract activity in February.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 3.5 percent to 109.1 in February from a downwardly revised 105.4 in January and is now 0.7 percent above February 2015 (108.3). Although the index has now increased year-over-year for 18 consecutive months, last month’s annual gain was the smallest.

Lawrence Yun, NAR chief economist, says pending sales made promising strides in February, rising to the highest index reading since last July (109.8). “After some volatility this winter, the latest data is encouraging in that a decent number of buyers signed contracts last month, lured by mortgage rates dipping to their lowest levels in nearly a year1 and a modest, seasonal uptick in inventory2,” he said. “Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what’s being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau.”

According to Yun, the one silver lining from last month’s noticeable slump in existing-home sales was that price appreciation lessened to 4.4 percent, which is still above wage growth but certainly more favorable than the 8.1 percent annual increase in January.

“Any further moderation in prices would be a welcome development this spring,” adds Yun. “Particularly in the West, where it appears a segment of would-be buyers are becoming wary of high asking prices and stiff competition.”

Existing-homes sales this year are forecast to be around 5.38 million, an increase of 2.4 percent from 2015. The national median existing-home price for all of this year is expected to increase between 4 and 5 percent. In 2015, existing-home sales increased 6.3 percent and prices rose 6.8 percent.

The PHSI in the Northeast declined 0.2 percent to 94.0 in February, but is still 12.6 percent above a year ago. In the Midwest the index shot up 11.4 percent to 112.6 in February, and is now 2.5 percent above February 2015.

Pending home sales in the South increased 2.1 percent to an index of 122.4 in February but are 0.4 percent lower than last February. The index in the West climbed 0.7 percent in February to 96.4, but is now 6.2 percent below a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

1 According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.66 percent in February — the lowest since April 2015 at 3.67 percent.

2 Total housing inventory at the end of February increased 3.3 percent to 1.88 million existing homes available for sale, but is still 1.1 percent lower than a year ago (1.90 million).

* The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

NOTE: NAR’s 2016 Vacation and Investment Homes report will be released April 6, Existing-Home Sales for March will be reported April 20, and the next Pending Home Sales Index will be April 27; release times are 10:00 a.m. ET.

Tahoe Donner Mountain Property for Sale

Tahoe Donner Mountain Property for Sale

Tahoe Donner Mountain Property for Sale

This home has it all! Beautifully maintained and situated on a level lot with 2 sides of greenbelt for extra privacy. The great room has a lodge feel with massive rock hearth, wood burning fireplace, log accents, vaulted wood ceilings & wood floors in kitchen and dining. Kitchen has granite slab counters, newer Viking appliances and new sink, faucet and backsplash. Spacious master suite is on main level and looks out to greenbelt. Downstairs are two large guest bedrooms plus family room/den/office.

Asking: $799,900  MLS #: 20160345

To see this Tahoe Donner real estate property for sale, call Scott Kennedy @ 530.582.9980.

Click here for more information and photos of all Tahoe Donner real estate property for sale.

.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Tahoe Sierra Multiple Listing Service. Real estate listings held by brokerage firms other than Sierra-Tahoe Realty, inc. are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers.  This listing courtesy of: Coldwell Banker NO.CA.-TD.

Tahoe Donner Mountain Home backing to Open Space National Forest

Tahoe Donner Mountain Home backing to Open Space National Forest

Tahoe Donner Mountain Home backing to Open Space National Forest

Mostly furnished home with additional rec room, bunk room and separate office backing to National Forest. Great room with hardwood floors & vaulted ceilings looking out at the forest. Kitchen features included granite counters, Viking range, Bosch Dishwasher, GE Monogram ovens & pantry. Master with hardwood floors and vaulted ceilings on main level. 4 other spacious bedrooms include a recently remodeled jr suite. Additionally there is a family room and bunk/flex room and separate office.

Asking: $1,025,000  MLS #: 20160310

To see this Tahoe Donner real estate property for sale, call Scott Kennedy @ 530.582.9980.

Click here for more information and photos of all Tahoe Donner real estate property for sale.

.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Tahoe Sierra Multiple Listing Service. Real estate listings held by brokerage firms other than Sierra-Tahoe Realty, inc. are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers.  This listing courtesy of: Coldwell Banker NO.CA.-TD.

Tahoe Donner Log Cabin in the Woods

Tahoe Donner Log Cabin

Asking: $585,000  MLS #: 20160292

To see this Tahoe Donner real estate property for sale, call Scott Kennedy @ 530.582.9980.

Click here for more information and photos of all Tahoe Donner real estate property for sale.

.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Tahoe Sierra Multiple Listing Service. Real estate listings held by brokerage firms other than Sierra-Tahoe Realty, inc. are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers.  This listing courtesy of: Coldwell Banker NO.CA.-TD.

Technology vs Community

Technology vs Community300dpi

Why First-time Buyers Purchase Real Estate

Why Buyers Purchase Real Estate?

Why Buyers Purchase Real Estate?

2016 Real Estate Housing Forecast

2016 Real Estate Housing Forecast

 

WASHINGTON (January 12, 2016) — Following the housing market’s best year in nearly a decade, existing-home sales are forecasted to expand in 2016 at a more moderate pace as pent-up buyer demand combats affordability pressures and meager economic growth, according to National Association of Realtors® Chief Economist Lawrence Yun in a newly-released video on his 2016 housing market expectations.

In the NAR-published video, Yun discusses his expectations for the U.S. economy and housing market in 2016 and points to pent-up demand, sustained job growth and improving inventory conditions as his reasons for an expected gain (from 2015) in new and existing-home sales (view infographic).

Despite his forecasted increase in sales, Yun cites rising mortgage rates, home prices still outpacing wages and shaky global economic conditions as headwinds that will likely hold back a stronger pace of sales.

“This year the housing market may only squeak out 1 to 3 percent growth in sales because of slower economic expansion and rising mortgage rates,” Yun says in the video. “Furthermore, the continued rise in home prices will occur due to the fact that we will again encounter housing shortages in many markets because of the cumulative effect of homebuilders under producing for multiple years. Once the spring buying season begins, we’ll begin to feel that again.”

With one month of data remaining for 20151, Yun expects total existing-homes sales to finish the year up 6.5 percent from 2014 at a pace of around 5.26 million —the highest since 2006, but roughly 25 percent below the prior peak set in 2005 (7.08 million). The national median existing-home price for all of 2015 will be close to $221,200, up around 6 percent from 2014. In 2016, existing sales are expected to grow between 1 and 2 percent (5.30 to 5.40 million) and prices between 5 and 6 percent.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Renovation Realities

Renovation Realities

2015 vs 2014 Truckee / Lake Tahoe Statistical Report

Tahoe Donner Real Estate Statistics

Tahoe Donner Real Estate Statistics

Truckee / Lake Tahoe Real Estate Statistics - 2015 vs. 2014

SUMMARY
  • For 2015, 7% more homes were sold than in 2014 – however, ski resort sales (Alpine Meadows, Northstar & Squaw Valley) were 30-50% fewer due to less snow;
  • While the median price for homes decreased by $10,000 or 2%, it is a misleading statistic;
  • A comparison of the similar homes sold in Tahoe Donner reveals the price per square foot rose approximately 5% in 2015 compared to 2014 (see graph).
  • Condo sales in Tahoe Donner provide the best indicator of overall change in valuation, as neighborhood statistics in other areas can be skewed by higher or lower price-points – an example being the Westshore which is skewed greatly by $2-$3 million condos in Fleur du Lac.
Feel free to call or email Scott Kennedy with any questions you may have.
 .
 
 
 
 
 
 
 
 
 
NOTE: Tahoe Donner $ / sq. ft. data based on subset of homes 2500-3500 sq. ft. built between 2000-2010.  MLS data is believed accurate however not guaranteed – verification is recommended.

NEVADA COUNTY MARKET UPDATE

Nevada County Real Estate Statistics - December 2015

Nevada County Real Estate Statistics – December 2015

Placer County Market Update

Placer County Real Estate Statistics - December 2015

Real Estate Terms & Terminology

7/23 and 5/25 Mortgages: Mortgages with a one-time rate adjustment after seven years and five years, respectively.

3/1, 5/1, 7/1 and 10/1 ARMs: Adjustable-rate mortgages in which the rate is fixed for three-year, five-year, seven-year and 10-year periods, respectively, but may adjust annually after that.
A
Acceleration: The right of the mortgagee (lender) to demand the immediate repayment of the mortgage loan balance upon the default of the mortgager (borrower), or by using the right vested in the due-on-sale clause.
Adjustable-Rate Mortgage (ARM): A loan on which the monthly payments will increase or decrease over time, based on changes in the ARM?s interest rate index. ARM payments typically are adjusted every six months or once a year. Common indices to which ARMs are tied include the 11th District Cost of Funds, one-year T-note and six-month T-bill.
Adjusted Basis: The cost of a property plus the value of any capital expenditure for improvements to the property minus any depreciation taken.
Adjustment Date: The date that the interest rate changes on an adjustable-rate mortgage.
Adjustment Interval: The interval between changes on an adjustable-rate mortgage in the interest rate and/or monthly payment; typically one, three or five years depending on the index.
Adjustment Period: The period elapsing between adjustment dates for an adjustable-rate mortgage.
Affordability Analysis: An analysis of a buyer?s ability to afford the purchase of a home. Reviews income, liabilities and available funds. Considers the type of mortgage you plan to use, the area where you want to purchase a home and the probable closing costs.
Amortization: The gradual repayment of a mortgage through monthly (e.g. installment) payments. In the early years of a mortgage, most of the monthly payment goes toward interest. Later in the mortgage, more of the payment goes toward reducing the loan?s principal balance.
Amortization Term: The length of time required to amortize the mortgage loan expressed as a number of months. For example, 360 months is the amortization term for a 30-year fixed-rate mortgage.
Annual Percentage Rate (APR): The annual cost of a mortgage, including interest, loan fees and other costs, stated as a percentage of the loan amount.
Appraisal/Appraised Value: An opinion of the market value of a home expressed by a real estate appraiser.
Arbitration: The term used to describe a form of dispute resolution that occurs outside of the court system, usually by private agreement between parties. Basically, arbitration is a dispute resolution system where the parties submit arguments and evidence to a neutral person, known as the arbitrator, who then renders a decision, called an award, based upon the evidence and arguments presented.
Assessment: A local tax levied against a property for a specific community purpose, such as a sewer or streetlights.
Assignment: The transfer of a contractual interest or obligation from one person to another such as, but not limited to, a transfer of a mortgage obligation. Assignment is a legal term used to transfer interest from one contract to another.
Assumable Mortgage: An assumable mortgage can be transferred from the seller to the new buyer. Generally requires a credit review of the new borrower and lenders may charge a fee for the assumption. If a mortgage contains a due-on-sale clause, a new buyer may not assume the mortgage.
Assumption: The agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money by acquiring an existing mortgage debt, instead of obtaining a new mortgage where closing costs and market-rate interest charges will apply.
Assumption Fee: The fee paid to a lender (usually by the purchaser of real property) when an assumption takes place.
B
Balloon Mortgage: A loan that is amortized for a longer period than the term of the loan. Usually this refers to a 30-year amortization and a five-year term. At the end of the term of the loan, the remaining outstanding principal on the loan is due.
Balloon Payment: The final lump sum paid at the maturity date of a balloon mortgage.
Biweekly Payment Mortgage: A plan to make mortgage payments every two weeks (instead of the standard monthly payment schedule). The 26 (or 27) biweekly payments are each equal to one-half of the monthly payment required if the loan were a standard 30-year fixed-rate mortgage. The result for the borrower is a substantial saving in interest.
Blanket Mortgage: A mortgage covering at least two pieces of real estate as security for the same mortgage.
Borrower (Mortgager): One who applies for and receives a loan in the form of a mortgage with the intention of repaying the loan in full.
Bridge Loan: A second trust for which the borrower?s present home is collateral, allowing the proceeds to be used to close on a new house before the present home is sold. Also known as a “swing loan.”
Broker: An individual who assists with arranging funding or negotiating contracts for a client but who does not loan the money himself or herself. Brokers usually charge a fee or receive a commission for their services.
Buy-down: When the lender and/or the homebuilder subsidize a mortgage by lowering the interest rate during the first few years of the loan. While the payments are initially low, they will increase when the subsidy expires.

C
Caps: Provisions of an adjustable-rate mortgage limiting how much the interest rate can change at each adjustment period (e.g., every six months, once a year) or over the life of the loan (rate cap). A payment cap limits how much the payment due on the loan can increase or decrease.

Cash Flow: The amount of cash derived over a certain period of time from an income-producing property. The cash flow should be large enough to pay the expenses of the income-producing property (mortgage payment, maintenance, utilities, etc.).
Certificate of Eligibility: The document given to qualified veterans entitling them to VA-guaranteed loans for homes, businesses and mobile homes. Certificates of eligibility may be obtained by sending form DD-214 (Separation Paper) to the local Veterans Affairs office with VA form 1880 (request for Certificate of Eligibility).
Certificate of Reasonable Value (CRV): An appraisal issued by Veterans Affairs showing the property?s current market value.
Certificate of Veteran Status: The document given to veterans or reservists who have served 90 days of continuous active duty (including training time). It may be obtained by sending DD 214 to the local Veterans Affairs office with form 26-8261a (request for certificate of veteran status; this document enables veterans to obtain lower downpayments on certain FHA-insured loans).
Change Frequency: The frequency (in months) of payment and/or interest rate changes on an adjustable-rate mortgage.
Closing: The meeting at which a home sale is finalized. The buyer signs the mortgage, pays closing costs and receives title to the home. The seller pays closing costs and receives the net proceeds from the home sale.
Closing Costs: Expenses in addition to the price of the home incurred by buyers and sellers when a home is sold. Common closing costs include escrow fees, title insurance fees, document recording fees and real estate commissions.
COFI: An adjustable-rate mortgage with a rate that adjusts based on a cost-of-funds index, often the 11th District Cost of Funds.
Construction Loan: A short-term interim loan to pay for the construction of buildings or homes. These are usually designed to provide periodic disbursements to the builder as he or she progresses.
Consumer Reporting Agency (or Bureau): An organization that handles the preparation of reports used by lenders to determine a potential borrower?s credit history. The agency gets data for these reports from a credit repository and other sources.
Contingency: A condition that must be fulfilled before a contract is binding.
Contract Sale or Deed: A contract between purchaser and seller of real estate to convey title after certain conditions have been met. It is a form of installment sale.
Conventional Mortgage: A loan not guaranteed, insured or made by the federal or state government.
Conversion Clause: A provision in an adjustable-rate mortgage allowing the loan to be converted to a fixed-rate mortgage at some point during the term. Usually conversion is allowed at the end of the first adjustment period. The conversion feature may cost extra.
Counteroffer: An offer in response to an original offer.
Credit Report: A report documenting the credit history and current status of a borrower?s credit standing.
Credit Risk Score: A credit risk score is a statistical summary of the information contained in a consumer?s credit report. The most well-known type of credit risk score is the Fair, Isaac or FICO score. This form of credit scoring is a mathematical summary calculation that assigns numerical values to various pieces of information in the credit report. The overall credit risk score is highly relative in the credit underwriting process for a mortgage loan.
D
Default: Failure to meet legal obligations in a contract, specifically, failure to make the monthly payments on a mortgage.
Deferred Interest: When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance.
Delinquency: Failure to make payments on time. This can lead to foreclosure.
Department of Veterans Affairs (VA): An independent agency of the federal government that guarantees long-term, low- or no-downpayment mortgages to eligible veterans.
Debt-To-Income (DTI) Ratio:The ratio of monthly debt payments to monthly gross income. Lenders use a housing DTI ratio (house payment divided by monthly income) and a total DTI ratio (total debt payments including the house payment divided by monthly income) to determine whether a borrower?s income qualifies him or her for a mortgage.
Deed: A legal document conveying ownership of property.
Downpayment: The portion of the home?s purchase price the buyer pays in cash.
Due-on-Sale-Clause: A provision in a mortgage or deed of trust that allows the lender to demand immediate payment of the balance of the mortgage if the mortgage holder sells the home.
E
Earnest Money: The deposit given by a buyer to a seller to show that the buyer is serious about purchasing the home. Earnest money usually is refundable to homebuyers in the event a contingency of the sales contract cannot be met.
Entitlement: The Veterans Affairs home loan benefit (i.e., entitlement for a VA-guaranteed home loan). This is also known as eligibility.
Equal Credit Opportunity Act (ECOA): A federal law requiring lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.
Equity: The difference between a home?s value and the mortgage amount owed on the home.
Escrow: The holding of documents and money by a neutral third party prior to closing.
Escrow Disbursements: The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance and other property expenses as they become due.
Escrow Payment: The part of a mortgager?s monthly payment that is held by the servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments and other items as they become due.
Exclusive Right to Sell Listing: A contract giving an agent the exclusive right to market a property under a certain time frame.
Exclusive Agency Listing: A contract giving the broker the right to market an owner?s property for a certain period of time, but also allowing the owner to sell the property during that period without paying a commission.
F
Farmers Home Administration (FmHA): Provides financing to farmers and other qualified borrowers who are unable to obtain loans elsewhere.
Federal Housing Administration (FHA): A division of the Department of Housing and Urban Development whose main activity is insuring residential mortgage loans made by private lenders. FHA also sets standards for underwriting mortgages.
Federal National Mortgage Association (Fannie Mae): A privately owned corporation created by Congress that purchases and sells conventional residential mortgages as well as those insured by Federal Housing Administration or guaranteed by Veterans Affairs. This institution, which provides funds for one in seven mortgages, makes mortgage money more available and more affordable. Fannie Mae and Freddie Mac are the key secondary mortgage-market agencies.
FHA Loan: A loan insured by the Federal Housing Administration open to all qualified home purchasers. While there are limits to the size of FHA loans, they are generous enough to handle moderately priced homes almost anywhere in the country.
FHA Mortgage Insurance: Requires a fee (up to 2.25 percent of the loan amount) paid at closing to insure the loan with FHA. In addition, FHA mortgage insurance requires an annual fee of up to 0.5 percent of the current loan amount, paid in monthly installments. The lower the downpayment, the more years the fee must be paid.
Firm Commitment: A promise by Federal Housing Administration to insure a mortgage loan for a specified property and borrower. A promise from a lender to make a mortgage loan.
First Mortgage: The primary lien against a property.
Fixed Installment: The monthly payment due on a mortgage loan, including payment of both principal and interest.
Fixed-Rate Mortgage (FRM): A loan on which the interest rate and monthly payment do not change.
For Sale By Owner (FSBO): The owner sells his or her home without a REALTOR® to avoid paying a sales commission.
Foreclosure: A legal process by which the lender or the seller forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. Also known as a repossession of property.
Federal Home Loan Mortgage Corporation (Freddie Mac): A quasi-governmental, privately owned agency that purchases conventional mortgage from insured depository institutions and HUD-approved mortgage bankers. Fannie Mae and Freddie Mac are the key secondary mortgage-market agencies
Fully Amortized ARM: An adjustable-rate mortgage (ARM) with a monthly payment that is sufficient to amortize the remaining balance, at the interest accrual rate, over the amortization term.
G
Graduated-Payment Mortgage (GPM): A type of flexible-payment mortgage where the payments increase for a specified period of time and then level off. This type of mortgage has negative amortization built into it.
Growing-Equity Mortgage (GEM): A fixed-rate mortgage that provides scheduled payment increases over an established period of time. The increased amount of the monthly payment is applied directly toward reducing the remaining balance of the mortgage.
Guaranty: A promise by one party to pay a debt or perform an obligation contracted by another if the original party fails to pay or perform according to a contract.
Guarantee Mortgage: A mortgage that is guaranteed by a third party.
H
Hazard Insurance: A form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like.
Homeowner?s Warranty: A policy that covers certain repairs (e.g. plumbing or heating) of a newly purchased home for a certain period of time.
Housing Expenses-to-Income Ratio: The ratio, expressed as a percentage, which results when a borrower?s housing expenses are divided by his or her gross monthly income.
HUD-1 statement: A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points and initial escrow amounts. A separate number within a standardized numbering system represents each item on the statement. The totals at the bottom of the HUD-1 statement define the seller?s net proceeds and the buyer?s net payment at closing.
I
Impound Account: An account established by a lender to collect a borrower?s property tax and insurance payments. Impound accounts are normally required on mortgages with down payments of 10 percent or less.
Index: A published interest rate against which lenders measure the difference between the current interest rate on an adjustable rate mortgage and that earned by other investments (such as one-, three- and five-year U.S. Treasury security yields, the monthly average interest rate on loans closed by savings and loan institutions, and the monthly average costs-of-funds incurred by savings and loans), which is then used to adjust the interest rate on an adjustable mortgage up or down.
Indexed rate: The sum of the published index plus the margin. For example if the index were 9 percent and the margin 2.75 percent, the indexed rate would be 11.75 percent. Often, lenders charge less than the indexed rate the first year of an adjustable-rate mortgage.
Initial Interest Rate: This refers to the original interest rate of the mortgage at the time of closing. This rate changes for an adjustable-rate mortgage (ARM). It?s also known as “start rate” or “teaser.”
Installment: The regular periodic payment that a borrower agrees to make to a lender.
Insured Mortgage: A mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (MI).
Interest: The fee charged for borrowing money.
Interest Accrual Rate: The percentage rate at which interest accrues on the mortgage. In most cases, it is also the rate used to calculate the monthly payments.
Interest Rate Buydown Plan: An arrangement that allows the property seller to deposit money to an account. That money is then released each month to reduce the mortgagor?s monthly payments during the early years of a mortgage.
Interest Rate Ceiling: For an adjustable-rate mortgage, the maximum interest rate as specified in the mortgage note.
Interest Rate Floor: For an adjustable-rate mortgage, the minimum interest rate as specified in the mortgage note.
Interim Financing: A construction loan made during completion of a building or a project. A permanent loan usually replaces this loan after completion.
Investor: A money source for a lender.
L
Lease-Purchase Mortgage Loan: An alternative financing option that allows low- and moderate-income homebuyers to lease a home with an option to buy. Each month?s rent payment consists of principal, interest, taxes and insurance (PITI) payments on the first mortgage plus an extra amount that accumulates in a savings account for a downpayment.
Liabilities: A person?s financial obligations. Liabilities include long-term and short-term debt.
Lien: A claim upon a piece of property for the payment or satisfaction of a debt or obligation.
Lifetime Payment Cap: For an adjustable-rate mortgage, a limit on the amount that payments can increase or decrease over the life of the mortgage.
Lifetime Rate Cap: For an adjustable-rate mortgage, a limit on the amount that the interest rate can increase or decrease over the life of the loan.
Listing: A property placed on the market by a listing agent.
Loan: A sum of borrowed money (principal) that is generally repaid with interest.
Loan-to-Value (LTV) Ratio: The ratio of the amount of money owed on a home to the home?s value. The LTV ratio for a $100,000 home financed with a $90,000 mortgage would be 90 percent, for example.
Lock: Lender?s guarantee that the mortgage rate quoted will be good for a specific number of days from day of application.
M
Margin: The amount a lender adds to the index on an adjustable-rate mortgage to establish the adjusted interest rate.
Market Value: The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.
Maturity: The date on which the principal balance of a loan becomes due and payable.
Mediation: A process used to resolve disputes. In mediation, the parties to the dispute are assisted by a neutral third person called a mediator. The mediator is not empowered to impose a settlement or decision on the parties; rather, the mediator facilitates discussions and negotiation between the parties with the goal of assisting the parties in reaching a mutually acceptable settlement of their dispute.
MIP (Mortgage Insurance Premium): Insurance from FHA to the lender against incurring a loss on account of the borrower?s default.
Monthly Fixed Installment: That portion of the total monthly payment that is applied toward principal and interest. When a mortgage negatively amortizes, the monthly fixed installment does not include any amount for principal reduction and doesn?t cover all of the interest. The loan balance therefore increases instead of decreasing.
Mortgage: A legal document that pledges a property to the lender as security for payment of a debt.
Mortgage Banker: A company that originates mortgages for sale into the secondary mortgage market (e.g., Fannie Mae and Freddie Mac).
Mortgage Broker: An individual or company that arranges mortgage financing between a borrower and a lender.
Mortgagee: The lender.
Mortgage Insurance: Money paid to insure the mortgage when the down payment is less than 20 percent.
Mortgage Life Insurance: A type of term life insurance specifying that in the event that the borrower dies while the policy is in force, the debt is automatically paid by insurance proceeds.
Mortgage Interest Deduction: The ability of mortgage borrowers to deduct the interest paid on a home loan for purposes of federal and state income taxes.
Mortgager: The borrower or homeowner.
Multiple Listings Service (MLS): The service combines the listings for all available homes in an area, except for For-Sale-By-Owner properties, in one directory or database.
N
Negative Amortization: Occurs when monthly payments are not large enough to pay all the interest due on the loan. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the homebuyer ends up owing more than the original amount of the loan.
Net Effective Income: The borrower?s gross income minus federal income tax.
Net Listing: A listing agreement in which the broker?s commission consists of the amount above a net price set by the owner. If the net price is not met, a commission is not earned.
Non-assumption Clause: A statement in a mortgage contract forbidding the assumption of the mortgage without the prior approval of the lender.
Note: A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.
O
One-year Adjustable: Mortgage whose annual rate changes yearly. The rate is usually based on movements of a published index plus a specified margin chosen by the lender.
Open Listing: A property marketed by more than one agent at a time.
Origination Fee: A fee charged by a lender for making a mortgage.
Owner Financing: A property purchase transaction in which the party selling the property provides all or part of the financing.
P
Payment Change Date: The date when a new monthly payment amount takes effect on an adjustable-rate mortgage or a graduated-payment mortgage. Generally, the payment change date occurs in the month immediately after the adjustment date.
Periodic Payment Cap: A limit on the amount that payments can increase or decrease during any one adjustment period.
Periodic Rate Cap: A limit on the amount that the interest rate can increase or decrease during any one adjustment period, regardless of how high or low the index might be.
Permanent Loan: A long-term mortgage, usually 10 years or more. Also called an “end loan.”
PITI: Principal, interest, taxes and insurance — the primary components of a monthly mortgage payment.
Pledged-account Mortgage (PAM): Money is placed in a pledged savings account and this fund plus earned interest is gradually used to reduce mortgage payments.
Points: One point equals 1 percent of the mortgage amount. Points are charged by lenders to increase the lender?s return on the mortgage. Typically, lenders may charge anywhere from zero to two points. Loan points are tax-deductible.
Power of Attorney: A legal document authorizing one person to act on behalf of another.
Pre-approval: The process of determining how much money you will be eligible to borrow before you apply for a loan.
Prepaid Expenses: Necessary to create an escrow account or to adjust the seller?s existing escrow account. Can include taxes, hazard insurance, private mortgage insurance and special assessments.
Prepayment: A privilege in a mortgage permitting the borrower to make payments in advance of their due date.
Prepayment Penalty: Money charged for an early repayment of debt. Prepayment penalties are allowed in some form (but not necessarily imposed) in many states.
Primary Mortgage Market: Lenders, such as savings-and-loan associations, commercial banks and mortgage companies, who make mortgage loans directly to borrowers. These lenders sometimes sell their mortgages to the secondary mortgage markets.
Principal: The loan amount borrowed or still owed.
Private Mortgage Insurance (PMI): Insurance issued by private insurers that protects lenders against a loss if a borrower defaults on a mortgage with a low downpayment (e.g., less than 20 percent).
Q
Qualifying Ratios: Calculations used to determine if a borrower can qualify for a mortgage. They consist of two separate calculations: a housing expense as a percent of income ratio and total debt obligations as a percent of income ratio.

R
Rate Lock: A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate and lender costs for a specified period of time.
Real Estate Settlement Procedures Act (RESPA): A consumer protection law that requires lenders to give borrowers advance notice of closing costs. RESPA is a federal law that, among other things, allows consumers to review information on known or estimated settlement cost after application and prior to or at settlement. The law requires lenders to furnish the information after application only.
REALTOR®: A real estate broker or agent who, as a member of a local association of REALTORS®, a state association of REALTORS® and the NATIONAL ASSOCIATION OF REALTORS® (link to www.onerealtorplace.com), adheres to high standards of professionalism and a strict code of ethics.
Recission: The cancellation of a contract by putting all parties back to the position before they entered the contract. In some mortgage financing situations involving equity in the home as security, the law gives the homeowner three days to cancel a contract.
Recording Fees: Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.

Refinance: Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.
Renegotiable Rate Mortgage: A loan in which the interest rate is adjusted periodically.
Reverse Annuity Mortgage (RAM): A form of mortgage in which the lender makes periodic payments to the borrower using the borrower?s equity in the home as collateral for and repayment of the loan.
Revolving Liability: A credit arrangement, such as a credit card, that allows a customer to borrow against a pre-approved line of credit when purchasing goods and services.
S
Satisfaction of Mortgage: The document issued by the mortgagee when the mortgage loan is paid in full. Also called a “release of mortgage.”
Second Mortgage: A mortgage made subsequent to another mortgage and subordinate to the first one.
Secondary Mortgage Market: The place where primary mortgage lenders sell the mortgages they make to obtain more funds to originate more new loans. It provides liquidity for the lenders.
Security: The property that will be pledged as collateral for a loan.
Seller Carry-back: An agreement in which the seller provides financing, often in combination with an assumable mortgage.
Seller Financing: A financing agreement in which a seller provides part (or all) of the financing needed by a buyer to purchase the seller?s home.
Servicer: An organization that collects principal and interest payments from borrowers and manages borrowers? escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.
Servicing: All the steps and operations a lender performs to keep a loan in good standing, such as collection of payments, payment of taxes, insurance, property inspections and the like.
Shared-Appreciation Mortgage (SAM): A mortgage in which a borrower receives a below-market interest rate in return for which the lender (or another investor such as a family member or other partner) receives a portion of the future appreciation in the value of the property. May also apply to a mortgage where the borrower shares the monthly principal and interest payments with another party in exchange for part of the appreciation.
Simple Interest: Interest that is computed only on the principle balance.
Standard Payment Calculation: The method used to determine the monthly payment required to repay the remaining balance of a mortgage in substantially equal installments over the remaining term of the mortgage at the current interest rate.
Step-Rate Mortgage: A mortgage that allows for the interest rate to increase according to a specified schedule (i.e., seven years), resulting in increased payments as well. At the end of the specified period, the rate and payments will remain constant for the remainder of the loan.
Survey: A measurement of land, prepared by a registered land surveyor, showing the location of the land with reference to known points, its dimensions, and the location and dimensions of any buildings.
Sweat Equity: Equity created by a purchaser performing work on a property being purchased.
T
Third-Party Origination: When a lender uses another party to completely or partially originate, process, underwrite, close, fund or package the mortgages it plans to deliver to the secondary mortgage market.
Title: A legal concept relating to ownership of property.
Title Insurance: Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.
Title Search: An examination of public records to determine the legal ownership of property. Usually the records are recorded with the County Recorders office. The search is usually performed by a title company using computerized records.
Total Expense Ratio: Total obligations as a percentage of gross monthly income including monthly housing expenses plus other monthly debts.
Truth In Lending Act: A federal law requiring disclosure of the annual percentage rate to homebuyers shortly after they apply for the loan. Also known as Regulation Z.
Two-Step Mortgage: A mortgage in which the borrower receives a below-market interest rate for a specified number of years (most often seven or 10), and then receives a new interest rate adjusted (within certain limits) to market conditions at that time. The lender sometimes has the option to call the loan due with 30 days notice at the end of seven or 10 years.
U
Underwriting: The process of evaluating a loan application to determine if it meets the lender?s standards.
Usury: Interest charged in excess of the legal rate established by law.
V
VA Loan: A long-term, low- or no-downpayment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.
VA Mortgage Funding Fee: A premium of up to 1.5 percent (depending on the size of the downpayment) paid on a VA-backed loan. On a $75,000 fixed-rate mortgage with no down payment, this would amount to $1,406 either paid at closing or added to the amount financed.
Verification of Deposit (VOD): A document signed by the borrower?s financial institution verifying the status and balance of that person?s financial accounts.
W
Warehouse Fee: Many mortgage firms must borrow funds on a short-term basis in order to originate loans that are to be sold later in the secondary mortgage market or to investors. When the prime rate of interest is higher on short-term loans than on mortgage loans, the mortgage firm has an economic loss that is offset by charging a warehouse fee.
Wraparound Mortgage: Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top.

Homeowners Reap Remodeling Benefits Whether Selling or Staying, Say Realtors®

Homeowners Reap Remodeling Benefits Whether Selling or Staying, Say Realtors®

Homeowners Reap Remodeling Benefits Whether Selling or Staying, Say Realtors®

WASHINGTON (December 9, 2015) — Homeowners preparing to sell often make improvements, both big and small, to their homes that can help yield positive results and garner top dollar from buyers. According to a new report from the National Association of Realtors®, remodeling projects can also bring major benefits to homeowners who choose to remain in their homes.

“Realtors® know that certain home upgrades and remodels can be beneficial to get more buyer eyes on a property, potentially bring in more offers or gain more equity from a home,” said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “But remodeling projects are just as valuable to homeowners who simply want to get more joy out of their dwellings. Regardless of the situation, Realtors® know what remodeling projects bring the biggest bang for the buck and what projects are most likely to improve a homeowner’s impression of their current place.”

According to NAR’s 2015 Remodeling Impact Report, which uncovers the reasons homeowners choose a remodel and the increased happiness certain projects bring once completed, 64 percent have experienced increased enjoyment in their home after completing a remodeling project. Additionally, 75 percent of respondents said they felt a major sense of accomplishment when thinking of their completed project. Fifty-four percent of respondents felt happy about the changes to their home, and 40 percent felt satisfied. As for their reasons to complete a remodeling project, 38 percent of homeowners said they wanted to upgrade worn-out surfaces, finishes and materials; 17 percent wanted to add features and improve livability; and 13 percent believed it was time for a change.

Realtors® named kitchen upgrades, complete kitchen renovations, bathroom renovations and new wood flooring as the interior projects that most appeal to potential buyers. Similarly, Realtors® also ranked projects based on expected value at resale (without accounting for project price); the projects that ranked the highest in this category were complete kitchen renovations, kitchen upgrades, bathroom renovations and the addition of a bathroom.

When looking at the interior projects that yield the biggest financial results upon resale, Realtors® ranked hardwood flooring refinishes (100 percent of project cost recovered upon resale), insulation upgrades (95 percent recovered), new wood flooring (91 percent recovered), and converting a basement to a living area (69 percent recovered) as projects to consider.

Exterior projects are also important for both sellers and homeowners looking to increase satisfaction with their current home. Realtors® said new roofing, new vinyl windows, new garage doors and new vinyl siding are most appealing to potential buyers and are highly valued upon resale (both considering project price and disregarding project price). Upon resale, Realtors® said new roofing would recover 105 percent of its project cost, a new garage door would recover 87 percent, new vinyl siding would recover 83 percent, and new vinyl windows would bring back 80 percent of their cost. As for exterior projects that bring the most happiness for those not necessarily intending to sell, homeowners said new fiber-cement siding, new fiberglass or steel front doors, new roofing, and new garage doors brought the most satisfaction.

The 2015 Remodeling Impact Report, the first of its kind from NAR that examines personal satisfaction from remodeling projects, surveyed Realtors®, consumers who have completed their own remodeling projects, and members of the National Association of the Remodeling Industry.

“Remodeling projects can greatly improve both the value of and satisfaction with one’s home, which are great things no matter the reason for a project,” said Judy Mozen, president of the National Association of the Remodeling Industry. “This report highlights the best projects to consider in either situation and showcases just how much of a difference a good and professional remodel can make in real numbers.”

Salomone said the report not only assists homeowners who are preparing to sell in choosing the best projects to attract buyers, but it also helps those looking to get more personal satisfaction out of their homes. “Realtors® know that remodeling projects aren’t just done to get more money for a home once it’s time to sell – a home is your sanctuary, the place you raise your family and where you make lifelong memories, which is why the report can also help consumers decide which projects could enhance their current quality of life and happiness,” he said.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

The National Association of the Remodeling Industry is the medium for business development, a platform for advocacy and the principal source for industry intelligence. NARI connects homeowners with its professional members and provides tips and tricks so that the consumer has a positive remodeling experience.

Next Page »