Friday Market UPdate.

Buying a home won’t get much cheaper       I read an interesting column online this week. It’s a little longer than I like but worth the read. A true testimony to what lies ahead!      (CNNMoney) — Buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market. With home prices down 34% nationally since 2006 and mortgage rates at historic lows, homes have never been more affordable — but it won’t stay this way for much longer. Stuart Hoffman, chief economist for PNC Financial Services (PNC, Fortune 500),said he expects home prices to flatten out by the third quarter and start climbing by next year (here locally we have already seen a slight rise over the last several months). A number of factors will help bolster the housing market, he said, including a decline in the number of foreclosures and continued job growth. In addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores. Some economists, like Trulia’s Jed Kolko, expect home prices to pick up even more quickly. Trulia’s data shows that the national average for asking prices already increased 1.4% in the first quarter of 2012, compared with the last three months of 2011. Mortgage payments at lowest level in decades  “This is a strong indicator that we will start seeing home price indexes, like the S&P/Case-Shiller, start to report home price increases this summer,” he said. Prospective homebuyers who’ve been sitting on the fence shouldn’t worry if they aren’t quite ready to make the leap. Analysts are predicting that the initial price gains will be modest, at least, in most markets. Hoffman, for example, is forecasting a 2% increase in 2013 compared with 2012. Meanwhile David Stiff, chief economist for Fiserv, predicts that prices will turn in the last quarter of 2012 and will rise 4.2% for the 12 months through September 2013. Foreclosures start to fade. One major factor that will drive the trend is the cooling of the foreclosure crisis. Stan Humphries, chief economist for Zillow, said that the percentage of mortgage loans 90 days or more late, a good predictor of future foreclosures, is “falling fast.” That percentage dropped 15% year-over-year to 3.1% through the end of 2011, according to the Mortgage Bankers Association. And the decline is accelerating: More than 70% of the decline came in the last three months of the year. Before things slow down, however, buyers should brace themselves for a temporaryspike in the number of foreclosures as banks start expediting the processingof hundreds of thousands foreclosures that were stuck in the system following the robo-signing scandal. That backlog should move more quickly now that new guidelines for processing foreclosures have been outlined in the $26 billion foreclosure settlement. Many of the bank-owned properties currently coming out of the foreclosure pipeline are being snapped up by investors who are fixing them up and renting them out — often to those who were displaced by the foreclosure of their own home. That has helped to lift prices on foreclosed properties, according to Alex Villacorte, the director of analytics for Clear Capital, which specializes in housing market valuations. Home buying much cheaper than renting  “That could have a significant impact on the market overall in terms of providing a rising floor to home values,” he said. In some markets hit hardby foreclosures, the turnaround in prices is already underway. “It’s crazy,” said Tanya Marchiol, founder of Team Investments, a Phoenix real estate investing firm. “Stuff I was selling six months ago for $60,000 to $80,000 is now $90,000 to $110,000.” Goodbye 3.8% mortgage.  In addition to home prices, mortgages could also move higher. Mortgage rates have been at or near historic lows for much of the past six months. The average interest rate for a 30-year, fixed-rate mortgage has not topped 4.5% since July 2011 and this week, it hit 3.84%, a new low. But rates aren’t expected to remain at these record-low levels much longer. As the economy continues to recover, rates will move higher, said Doug Lebda, CEO of LendingTree, the online lending site. Although, he said, they will “stay very reasonable.” The Mortgage Bankers Association is forecastingthat the 30-year fixedwill hit 4.5% by the end of the year. Greater demand for loans will help fuel the increase, according to Lebda. 6 Ways to get a great mortgage deal  Even though mortgage rates have been cheap, borrowing for home purchases has been sluggish. The Mortgage Bankers Association estimatesthat homebuyers will take out mortgage loans totaling about $415 billion this year, an increase of less than 3% compared with 2011. Next year, however, it forecasts that amount will almost double to $706 billion. As housing markets stabilize and prices stop falling, homebuyers will be even more confident about buying, said Humphries. “People can now see the light at the end of the tunnel,” he said. “And that can be enough to get them off the fence.”

Deal Of The Week Bozeman $246,000   Bedrooms: 3 Bathrooms:3 Square feet: 2,600 Lot Size: 1.68 Acres!  Price: $246,000    Rare opportunity foreclosure with awesome views of the Spanish Peaks and Bridger Mountains from this 1.68 acre site. Open floorplan w/ bay window in the dining area, slate fireplace(gas) & plenty of flex rooms in the basement – game room, office, fly tying, etc. 3 legal egress windows bring in light & there is storage for all those Montana toys! An easy commute to Big Sky or Bozeman, sitting at the mouth of Gallatin Canyon. Subdivision borders Ted Turner’s ranch & minutes from fishing on the Gallatin River.   Click Here for Additional Information

Other Great Deals in the Area. Including Foreclosures, Short Sales…  Click Here to View Listings If the above link ‘Click Here to View Listings’  does not function, copy and paste the following link into your browser address bar:    http://gallatin.paragonrels.com/publink/default.aspx?GUID=bf8073c2-0623-4b23-a6b7-03c78a334eca&Report=Yes

Search All Local Listings. Please take a minute to visit my website where you will find all listings in our area as well as an archive of previous Friday updates (under Market Updates) WWW.NICKZIMMER.COM

Friday Market UPdate.

In this week’s housing news, short sales flex some muscle while regulators and legislators debate changes to mortgage loan rules.      For the first time since the housing crisis began, short sales are becoming more prevalent than foreclosures. In addition, new rules are coming that would speed up the drawn-out short sale process. That’s good news for home owners underwater on their mortgages as well as the economy in general: Short sales put less of a hit on borrowers’ credit than foreclosures, and they reduce the number of foreclosures flooding the market, which negatively affect nearby home values. These stories and more in this week’s housing news roundup.      Bloomberg: Short Sales Surpass Foreclosures as Banks Agree to Deals The number of U.S. home short sales surpassed foreclosure deals for the first time as banks became more agreeable to selling houses for less than the amount owed on their mortgages, according to Lender Processing Services Inc. Short sales accounted for 23.9% of home purchases in January, the most recent month available, compared with 19.7% for sales of foreclosed homes, data compiled by the Jacksonville, Fla.-based company show.      CNN Money: New Rules Will Speed Up Short Sales The Federal Housing Finance Agency laid out new rules, which go into effect June 1, aimed at speeding up the short sale process, a move that could keep many homes from falling into foreclosure. In a short sale, the bank that holds the mortgage must agree to accept a price for the home that is less than what is owed. Even though short sales are considered a better alternative to foreclosure, banks often take so long to review and approve short sales that the deal falls apart and homes get repossessed.     HouseLogic: FHA Changes May Harm Home Ownership Recent and pending changes to FHA-backed loans may increase barriers to home ownership and hamper the housing market recovery. Right now, sellers can pay 6% of the buyers’ closing costs. That helps first-time home buyers who often struggle to come up with enough cash for a down payment and closing costs. FHA is considering limiting closing costs to 3% or $6,000, whichever is greater, under the belief that putting up more cash makes buyers less likely to default later on their mortgages. The problem is that seller concessions are critical in many markets with high closing costs.     Wall Street Journal: Lenders Fear Impact of New Mortgage Rule In recent weeks, after meetings with consumer bureau officials, several real estate industry groups and some consumer advocacy organizations have grown worried about how the Consumer Financial Protection Bureau could interpret qualified mortgage lending rules, which it aims to finish this summer. The rules are intended to protect consumers from the kind of risky loans that spurred the housing bust, but the lobbying groups believe the rules will make lenders overly cautious in their lending practices, hampering the recovery.   U.S. News & World Report: The Political Fight Over Principal Reduction   This year, Washington housing wonks have been fighting over principal reduction: reducing mortgage loan balances for underwater borrowers to help them stay in their homes. The Federal Housing Finance Agency allows Fannie Mae and Freddie Mac to modify loans under the federal HAMP program by lowering the interest rate, extending the term of the loan, and deferring principal interest free, but not by reducing principal. Other mortgage servicers use principal reduction as a tool to modify non-Fannie or Freddie loans. And that’s the crux of the fight – getting FHFA to add principal reduction to the list of approved tools in HAMP loan modifications.

Deal Of The Week BELGRADE $154,900   Bedrooms: 4 Bathrooms: 3 Square feet: 2256  Price: $154,900      Wonderful home with lots of square footage, for a great price! Main level of this home includes a master suite w/master bath and his & her closets, 2 additional bedrooms, full bath, large living room, kitchen that opens to dining area. Basement is fully finished with a large family room, 1 bedroom, extra room that is a great size for an office or den. Purchase this property for as little as 3% down! This property is approved for HomePath Mortgage Financing & HomePath Renovation Mortgage Financing.     Click Here for Additional Information

Other Great Deals in the Area. Including Foreclosures, Short Sales…  Click Here to View Listings If the above link ‘Click Here to View Listings’  does not function, copy and paste the following link into your browser address bar:    http://gallatin.fnismls.com/publink/default.aspx?GUID=87d367e5-6510-46e8-b5ab-2ea6ea99fbfc&Report=Yes

Search All Local Listings. Please take a minute to visit my website where you will find all listings in our area as well as an archive of previous Friday updates (under Market Updates) WWW.NICKZIMMER.COM

Friday Market UPdate.

A Homeowner’s Spring Maintenance Checklist.   Winters in Montana are hard on homes. With spring winds and showers and a long hot summer coming, now is the time to perform a thorough spring maintenance to keep your home safe, beautiful, and at its highest possible value. As you go through your regular maintenance routine, be sure to include checks of these five trouble areas. Gutters Debris-choked gutters are a leading cause of water damage. Even a single clog of leaves can redirect water out of gutters and into your home’s walls. Be sure to follow proper safety precautions when inspecting your gutters, and when you’re in doubt, hire a professional.   Plumbing Cold winters can be brutal on pipes. Get into the basement and check your plumbing while washing the dishes, watering the lawn, or taking a shower-any time you’re pushing a large amount of water for an extended time. Look for leaks, drips, or even surface moisture. A small leak is an easy fix that will save on your water bill, but if a leak grows and floods, pipe repair will be the least of your problems. Recheck the pipes an hour later for signs of dampness and slow leaks. Foundation Runoff and freezing temperatures can cause cracks in your foundation. Be sure to seal these cracks as you find them, and consult a pro if you have any questions about hidden damage or any impact on your home’s structural integrity. Pay special attention to any areas where water might pool against the foundation, often caused by lost soil. Air Conditioning / Ventilation Your AC unit will get a workout over the summer, so be sure your vents are free of debris and your filters are new. If you use window-mounted units, ensure that window seals are tight and wall-mounted supports are securely fastened. Seals Heat and cold are both hard on rubber seals and caulking. Replacing seals around your doors and windows can pay for itself in just a month and requires very little effort, so there’s no reason to avoid it.

Search All Local Listings. Please take a minute to visit my website where you will find all listings in our area as well as an archive of previous Friday updates (under Market Updates) WWW.NICKZIMMER.COM

Deal Of The Week Bozeman $164,000   Bedrooms: 3 Bathrooms: 2 Square feet: 1701 Lot Size: 8000sf Price: $160,000         This ranch style, 3 bedroom, 2 full bath home has a great open layout all on one level Rooms are good sized and spacious. Backyard is fenced and there is a2 car attached garage. This is a Fannie Mae HomePath property. This property is approved for HomePath Renovation Financing. This home has also had some water damage so it is being sold as is. If you would like to set up a showing please call me a I am able to do so anytime! Certain disclosures must be signed prior to entry.   Click Here for Additional Information

Other Great Deals in the Area. Including Foreclosures, Short Sales…  Click Here to View Listings If the above link ‘Click Here to View Listings’  does not function, copy and paste the following link into your browser address bar:    http://gallatin.fnismls.com/publink/default.aspx?GUID=ebbd544f-1aa2-4c73-b62f-eecc695cd0cb&Report=Yes

Friday Market UPdate.

How to Buy a Foreclosure.   If you’ve decided that foreclosures are right for you, here are some simple tips to ensure that you get the right deal and don’t risk over-leveraging yourself. Work out a budget Map out your current financial assets and liabilities. Factor in recreation, savings, and other planned expenses, plus enough of a cushion to give you some security. The remainder is your available budget. Remember that even after the sale, a foreclosure will cost money before making it. You should expect repairs before the home is livable, followed by a period of vacancy while you shop the home to buyers or renters.   Line up financing Foreclosures move fast-very fast. In some cases, a few minutes can make the difference between buying the house of your dreams. Now that you know what you can spend, you need to have a bank’s permission to spend it. Cash is king, but pre-approved financing is pretty close, and just the process of applying for financing will provide a good gut check of your budget estimates from step 1. Another thing to consider is whether or not the house actually qualifies for financing. Often cases of this would include a bad roof, incomplete areas of the house and frozen pipes to name a few things that are common in the valley.    Bring an expert The buying process for many foreclosed homes-particularly those being auctioned-leaves little time for individual inspection. Bring a licensed inspector with foreclosure experience. There’s no replacement for a proper inspection, but expert eyes can spot the biggest, most expensive issues up front and help you incorporate that feedback into your bid. Be sure to keep a running tally of repair costs and deduct that amount from your budget. You don’t want to bite off too much.   Stay focused   Once bidding begins, it’s easy to lose your head. The market is full of foreclosures. If you miss this one, you’ll get the next. Or one of the dozens after that. Stick to a sane bid in a range you can afford and eventually, you’ll find the right house at the right price.

Search All Local Listings. Please take a minute to visit my website where you will find all listings in our area as well as an archive of previous Friday updates (under Market Updates) WWW.NICKZIMMER.COM

Deal Of The Week Belgrade $144,900   Bedrooms: 3 Bathrooms: 2 Square feet: 2389 Lot Size: Common Price: $144,900          Find your way home with this 2,389 SF Belgrade rancher. 3 Br/2 baths with large living room plus a lower level family room. Oversized deck for summer barbecues. Double car garage with separate workshop. Large lot with fenced back yard and great views of the Bridger Mountains.     Click Here for Additional Information

Other Great Deals in the Area. Including Foreclosures, Short Sales…  Click Here to View Listings If the above link ‘Click Here to View Listings’  does not function, copy and paste the following link into your browser address bar:    http://gallatin.fnismls.com/publink/default.aspx?GUID=c7e3ed5f-370b-42b2-b0df-78064766ba6f&Report=Yes

Friday Market UPdate.

Well It’s Tax Season and Here is a Great Article I Found on Some Important Issues… Your Top Home ownership Tax Questions Answered.   HouseLogic asked tax expert Abe Schneier, a senior technical manager with the American Institute of CPAs, for tax-filing tips. HouseLogic: What’s the most common home-related tax deduction or credit claimed by home owners? Abe Schneier: The mortgage interest deduction, [which can amount to about $3,000 in tax savings for the average itemizing home owner] and [the deduction for] real property taxes. HL: Which tax provision do home owners often overlook? AS: You can deduct mortgage insurance premiums [or PMI] if you were required to get PMI as a condition of receiving financing on your home. Some people will overlook that, although it’s typically disclosed on the 1099 that you receive from the bank, along with all the deductible information you need. HL note: Unless Congress acts this year, the PMI deduction won’t be available for the 2012 tax year. [Another area of tax-filing confusion is] whether you’ve correctly treated any points you paid if you refinanced. In a new home purchase, the points can be deducted [in the tax year you paid them]. But typically in a refinancing, you have to amortize and deduct any points you paid over the life of the mortgage, and people tend to forget that after a couple of years. HL: What’s the No. 1 mistake home owners make when filing their taxes? AS: Because you receive a statement from the bank with details [such as] how much mortgage interest you paid over the year, and how much the bank pays on your behalf in real estate taxes, the number of mistakes has dropped. But if you’re in a state where you pay the real estate taxes on your own – the bank doesn’t handle it for you – [people] make mistakes because sometimes real estate tax bills include other items besides pure real estate taxes. It could be trash collection fees; it could be snow removal fees that the state or county is assessing on the real estate tax bill. Since the items are included in the same bill, home owners sometimes deduct [those fees] regardless of whether the items are actually taxes. HL: What’s the single most important piece of advice for people filing their taxes as a first-time home owner? AS: You have to take a look at your closing statement from when you bought the house. It’s commonly called the HUD-1 form and you receive it at the closing. Occasionally, there are fees such as prepaid taxes or interest at closing that can be deductible. HL: What tax advice do you have for someone who’s owned their home for 10 or 20 years? AS: If you’ve been a longtime home owner and you’ve been through refinancings, you have to be careful about how much interest you’ve deducted, especially if you have a home equity loan or equity line. A lot of people who’ve refinanced have sizable equity lines. The maximum outstanding home equity debt that’s deductible is $100,000; the maximum deductible amount of interest paid on mortgage debt is $1 million. HL: What home improvement-related records should home owners keep? AS: Absolutely keep your receipts for couple of reasons: Number one, you want to make sure – if there are any warranties attached to the work that was done – that you maintain those records and you have something to go back to the person who did the work in case something doesn’t function properly. Second, if you’ve added value to the home – you’ve added a deck, you’ve added a room, you’ve added something new to house – you’ll need to know what the gain is on that capital improvement when you sell the house. HL note: Tax rules let you add capital improvement expenses to the cost basis of your home, and a higher cost basis lowers the total profit or capital gain you’re required to pay taxes on. Of course, most home owners are exempted from taxes on the first $500,000 in profit for joint filers ($250,000 for single filers). So it doesn’t  apply to too many people. HL: How do I tell the difference between a capital improvement and a repair? AS: Typically a repair is [done] to allow an item, like a home furnace or air conditioner, to continue. But if you were to replace the heating unit, that’s not a repair. HL: Does taking any home-related tax benefits, such as the home office deduction, make a taxpayer more likely to be audited? AS: Only if numbers look out of the ordinary – for instance, if one year you were writing off $20,000 in mortgage interest debt and the next year you’re writing off $100,000 in mortgage interest. Taking the home office deduction in and of itself doesn’t usually generate an audit. However, if you claim nominal income and significantly higher expenses in an effort to create artificial losses, the IRS will see that there’s something else going on there. HL: Now that filing season for tax year 2011 is almost over, when should home owners start thinking about tax year 2012? AS: Well, hopefully, when you visit your CPA to give information about or pick up your 2011 tax return, your CPA has spoken with you about your plans for 2012: if any major improvements are scheduled, if you’re planning on moving, how to organize any expenditures for fixing up the home before sale. If you’re planning to do any of those things, talk with your CPA so that you’re prepared with documentation and so that the [tax pro] can help minimize your tax situation.

Deal Of The Week BigSky $153,500   Bedrooms: 3 Bathrooms:3 Square feet: 2149 Lot Size: Common Price: $153,500          Great views from this end unit loft 3 bedroom 2.75 bath Firelight Chalet. Condo features vaulted ceilings, open floorplan, wood burning fireplace, 1 car garage and a location close to Town Center. Great project for handy person. 2 year HomeProtect limited HomeWarranty may be available. Square footage to be verified by buyer. Condo being sold ‘As Is’. Good location with nice views. Water leak in Dec. ’11.       Click Here for Additional Information

Other Great Deals in the Area. Including Foreclosures, Short Sales…  Click Here to View Listings If the above link ‘Click Here to View Listings’  does not function, copy and paste the following link into your browser address bar:    http://gallatin.fnismls.com/publink/default.aspx?GUID=08e5a895-e282-40ad-9c76-22b119efd9c7&Report=Yes

Search All Local Listings. Please take a minute to visit my website where you will find all listings in our area as well as an archive of previous Friday updates (under Market Updates) WWW.NICKZIMMER.COM

Friday Market UPdate.

Neighborhood Research 101.    A home is the longest-term investment most people will ever make, and unless your home is on wheels, you’re not going anywhere. Choosing the right neighborhood is critical-and very personal. While there are a wealth of online tools for neighborhood research, here are some tips for moving beyond the numbers and finding a place that will keep you-and your family-happy for the long term. Price is just an opener. The average selling price of homes in a neighborhood is a fairly good indication of overall desirability, but don’t put too much faith in that alone. Price is a reflection of hard facts (for example, crime rate), fact-based perception (“safety”), and complete intangibles, like what happens to be hip or trendy. Some of the factors (for example, proximity to a major employer) may not matter to you, while others that the market overlooks might be critical. While you’re researching neighborhood prices, be sure to dig into the neighborhood’s appreciation rates. The last few years hit every neighborhood hard, but with a large enough sampling, you can often tell whether your neighborhood is on its way up or down, regardless of economic variance. Check Crime Stats Crime rates are one of the easiest statistics to find, and one of the hardest to comprehend fully. At the outset, look for overall crime rates relative to other areas you’re considering, and check your local sex offender registry. When you’ve narrowed your choices to a few neighborhoods, check year-over-year trends to see whether crime is getting better or worse. Finally, ask residents of the area for their impressions. This can be particularly useful in densely populated areas, where crime can vary block-to-block. In many large cities, for instance, but still fall within the same zip code. Schools Even if you don’t plan to have children, school quality can be important. If you plan to resell your home within the relatively near future and your likely buyer might be a young family, do your homework about local public schools. If you plan on holding your home for the long haul and children are not an issue, you may be able to find a bargain in a district with historically poor-performing schools. Be sure to ask your REALTOR© about any special circumstances, such as magnet or private schools schools in the area. Don’t Ignore Planned Communities Most planned communities are created in large, undeveloped areas, which are generally not known for a neighborhood feel. Still, if the development is planned well, with security, nearby shopping, and other amenities, planned communities can be a very desirable “neighborhood in a box.”   Ask Around If you have a town or neighborhood you already love, ask current residents for their opinions. There’s a good chance one of them may have moved from or considered moving to the same places you’re considering. Local bulletin boards like Craigslist cover the entire country, so getting in touch is easy and free. And don’t forget to enlist the help of a REALTOR©. A good REALTOR© will have worked with a number of buyers in your situation, and will be able to refer your business to another REALTOR© if your search takes you elsewhere.

Deal Of The Week Bozeman $128,500   Bedrooms: 3 Bathrooms:3 Square feet: 1,574  Price: $128,500        Very nice and well maintained 3 bed 3 bath condo in Laurel Glen subdivision. This unit has many nice upgrades, truly a must see. This one will not last long at this price. HOA is $100/mo includes water/sewer, snow removal, lawn maintenance, insurance.     Click Here for Additional Information

Other Great Deals in the Area. Including Foreclosures, Short Sales…  Click Here to View Listings If the above link ‘Click Here to View Listings’  does not function, copy and paste the following link into your browser address bar:    http://gallatin.fnismls.com/publink/default.aspx?GUID=67fa71c0-3736-4f72-a33e-a165d0e81d38&Report=Yes

Search All Local Listings. Please take a minute to visit my website where you will find all listings in our area as well as an archive of previous Friday updates (under Market Updates) WWW.NICKZIMMER.COM

Friday Market UPdate.

How Much Home is Too Much?   You’ve found the home of your dreams. It’s expensive, but it’s beautiful, it has room to grow, and you can just squeak by if you’re careful-maybe. This is a common situation, and all too frequently, it ends poorly-just look at the number of foreclosures on the market. Buying a home is an emotionally loaded process. Deciding how much home you can afford shouldn’t be.   As a general rule of thumb, a home that costs more than three times your gross income is too much of a stretch. Twice to 2.5 times your gross income is generally a safer bet, though that may be difficult to find in high-priced areas like California or the northeast.   To get a more specific estimate, you’ll need to include credit score, interest rate, closing costs, and taxes into your calculations, and these vary by location, and even day of the week. There are a number of mortgage calculators online, and they can be a great resource for examining different scenarios. To examine your situation in more detail, visit BankRate or another calculator, and input today’ states. If you’re unsure of which loan type to choose, stick with a 30-year fixed rate. Once you arrive at a monthly payment, compare it to your current rent or mortgage payment. At this point, honesty is critical. Are you able to make your current payments without any problems? Are you falling behind? Banking extra each month? Determine a realistic payment and work backward. If you’re currently renting, you may need to include new types of payments like repairs, but the tax benefits of homeownership should allow you to spend roughly 30 percent more while maintaining the same standard of living-provided you can wait until the end of the year to see your return. Utilities, student loans, credit card payments, and other monthly debt will also factor into your ability to pay. Lenders will generally cap total monthly debt payments at 41 percent of your gross income, so be sure to pay down those expensive credit cards as much as possible before you start your search.

Search All Local Listings. Please take a minute to visit my website where you will find all listings in our area as well as an archive of previous Friday updates (under Market Updates) WWW.NICKZIMMER.COM

Deal Of The Week Belgrade $219,000   Bedrooms: 4 Bathrooms:3 Square feet: 2,144 Lot Size: .5 Acre  Price: $219,000        Step up to this 4 Br/2.5 bath home in Cobblestone Sub west of Belgrade. Nicely finished SF with gas fireplace, laminate flooring, spacious kitchen with tile flooring and main floor master suite. Large double garage. Great lot bordering the walking trail. FannieMae Addendum required with offers. Include loan preapproval letter or proof of funds. Request up to 3.5% of sales price towards closing costs for owner occupant offers only. Property must be on MLS 72 hrs before offers will be responded to and 15 days for investor offers. Property is approved for HomePath Mortgage and Renovation Financing.     Click Here for Additional Information

Other Great Deals in the Area. Including Foreclosures, Short Sales…  Click Here to View Listings If the above link ‘Click Here to View Listings’  does not function, copy and paste the following link into your browser address bar:    http://gallatin.fnismls.com/publink/default.aspx?GUID=69525a34-dc20-4903-8117-f08bb9ca466b&Report=Yes

Friday Market UPdate.

What Does the New Obama Refi Plan Mean to You?   On Wednesday, February 1, President Obama presented a series of housing proposals. The primary proposal aimed at making mortgage payments more affordable for existing homeowners-particularly those struggling with underwater mortgages. It’s still a long way from approval, but if the package passes, how will it affect you? If you’re underwater, have good credit, and are currently paying an interest rate over the current rate, you’re in good shape. The program will extend refinancing at today’s rates to almost all homeowners, including those with negative equity. As with any law, there are guidelines and standards. These refinance packages are available only to homeowners with a FICO score of at least 580, apply only to primary-residence, single-family homes, and the size of your loan must be within FHA conforming loan limits. Still, that covers the majority of the country’s existing home mortgages, and the government expects an average savings of $3000 per year, per refi. The proposal also includes a plan to convert foreclosed properties into rentals to reduce downward pressure on housing prices. To see the full release of the plan click here

Search All Local Listings. Please take a minute to visit my website where you will find all listings in our area as well as an archive of previous Friday updates (under Market Updates) WWW.NICKZIMMER.COM

Deal Of The Week Belgrade $130,000   Bedrooms: 3 Bathrooms:2 Square feet: 1,280 Price: $130,000        This 3 bed 2 bath home comes with a attached 2 car detached garage and fully landscaped. This home is also a HUD owned home and must be shown with a HUD registered agent. Give me a call for access as I am one of the few that are in the Valley. Online Bids are due at the end of everyday at midnight.       Click Here for Additional Information

Other Great Deals in the Area. Including Foreclosures, Short Sales…  Click Here to View Listings If the above link ‘Click Here to View Listings’  does not function, copy and paste the following link into your browser address bar:    http://gallatin.fnismls.com/publink/default.aspx?GUID=80844741-b342-4f7e-aba0-eb93d86d6d96&Report=Yes

Friday Market UPdate.

Tips for First Time Homebuyers   Your first home purchase is exciting, but it can also be stressful. Here are some tips to limit the trauma and help you find the home of your dreams the first time around. The most important step in selecting a home is knowing how much you can spend. If you already use an electronic budgeting system, you’re ahead of the game. If not, track your expenses for the past several months to a year. Try to quantify the “gray areas” of cash withdrawals that disappear on small purchases. Now add up your current rent and other related expenses. If you’ve been saving money toward your down payment, note that, as well. Finally, ask yourself where you can tighten your belt with your existing discretionary purchases. This is the maximum amount you could pay per month. Now ask yourself if this is reasonable, given your current savings and possible expenses. Only you know the answer to that. When you’ve arrived at a comfortable number, write it down, and save your calculations. You’ll take this to the bank when you apply for loan preapproval. For now, you have an estimated payment you can use while shopping online.  Set your Criteria A home is the biggest purchase you’ll probably ever make. Stay focused and don’t let emotion guide you. If you have one child and no plans for more, four bedrooms are probably a waste. Write down a list of must-haves, nice-to-haves, and can’t haves before you start visiting homes. You’ll save time, help your agent work more productively, and keep yourself from getting carried away-into the wrong house. Important criteria include: Age of house Number of bedrooms and bathrooms Size of lot / yard School district requirements Type of street (Are busy streets OK, or do you want a cul de sac? Do you need to be near a bus or light rail line?) Type of home (Single-story? Mutli-level? Are there any dominant architectural styles in your area that you refuse to buy?) Central heating and cooling Expensive additions, such as in-ground pools Make a list of Homes After you’ve made this list, search online and find several representative homes. If you have time and you’re fairly local, drive by a few of them to get a feel for the neighborhoods. Write down your impressions. This will help you understand home much of a home’s description is fact versus fluff, and give your real estate agent a good idea of your likes and dislikes. Find a Realtor® Most home buyers select a licensed Realtor® to represent them, and they are almost always happy they did. Realtors® are real estate agents who subscribe to a strict code of ethics and are acknowledged experts in the field. A Realtor® knows your local market, and can help you through every step of the home buying process, from finding your dream home to negotiating the best possible terms, explaining everything along the way. Bring a Camera Your Realtor® will take you on a number of open houses, and your opinions can be lost in the blur. To keep things straight, bring a digital camera on your trips. Take a picture of the street number of each property, then photograph each room during your walk-through. Photograph a house even if you decide it’s wrong for you-there may be furnishings, construction tips, or other features you notice later that could come in handy when you find the right home.

Deal Of The Week Bozeman    $154,000   Bedrooms: 3 Bathrooms: 3 Square feet: 1,480 Price: $154,000        Come have a look at this well cared for townhome which sets on a large corner lot. This 3 bed 3 bath unit comes with a large 2 car detached garage conveniently located in the heart of Bozeman. This property is located blocks from the 100 acre county park and just down the street from the neighborhood park making it a great family home. Purchase this property for as little as 3% down! This property is approved for Homepath Mortgage and Homepath Renovation Mortgage Financing.     Click Here for Additional Information

Other Great Deals in the Area. Including Foreclosures, Short Sales…  Click Here to View Listings If the above link ‘Click Here to View Listings’  does not function, copy and paste the following link into your browser address bar:    http://gallatin.fnismls.com/publink/default.aspx?GUID=0354eba8-fe93-4e06-9223-9c0266eafcbe&Report=Yes

Search All Local Listings. Please take a minute to visit my website where you will find all listings in our area as well as an archive of previous Friday updates (under Market Updates) WWW.NICKZIMMER.COM

Friday Market UPdate.

Housing Market = Less Bad for 2012 and Freddie Helps Those Behind on Their Mortgage.   The Obama Administration’s latest Housing Scorecard showed some housing market improvements. And a Wall Street Journal commentary espies opportunity in the housing market despite sour conditions. Freddie Mac announced it would continue to suspend or reduce mortgage payments for unemployed home owners. See what all of this means for you in our latest roundup of top headlines. Federal Housing Scorecard Shows Improving Market. The Obama Administration’s most recent Housing Scorecard - a comprehensive report on the nation’s housing market – shows subtle improvements in the market over the past year, but a mixed outlook going forward.   Come December, when we look back at how the housing market fared in 2012, this won’t be a year remembered for how bad it was, but for how bad it wasn’t. Over the course of the six-year housing correction, immense amounts of risk have been bled out of the market to a point where, in general, opportunities for good investments outweigh the risk of further losses. Here are 12 themes for housing in 2012, and while not all represent rosy optimism, they support my continued view that housing bears are seven years late to the party. And while bulls may be early, the good ones always are. CBS News: Freddie Mac Offers a Break to Unemployed Home Owners. Unemployed home owners will be allowed to suspend or reduce mortgage payments for as long as a year under a new policy announced by mortgage finance firm Freddie Mac on Friday. The new rules take effect on Feb. 1. Washington Post: As Consumer Credit Scores Plunged in 2008-2009, Lenders Raised Their Standards.   How big a whack did your credit score take during the grim years of economic distress following the housing bust? Was it 20 points, 50 points, 100 points – or maybe no drop at all? These are key questions affecting millions of potential home buyers who hope to qualify for mortgages as well as current owners looking to refinance. New research from a major credit-risk evaluation company suggests that the drop in huge numbers of Americans’ scores was dramatic. Perilous to Tinker with Home Ownership Programs, Voter Survey Finds Washington may be having trouble finding bipartisan consensus, but a new survey has pinpointed one area where likely voters – Democrats, Republicans, Tea Partiers, Occupiers – agree: home ownership and many of the government programs that support it are important enough to affect elections.

Deal Of The Week Belgrade   $150,000   Bedrooms: 4 Bathrooms: 2 Square feet: 2,736 Price: $150,000      Newer home with very nice finishes. Home has hardwood floors, tiled kitchen and bathroom floors, tiled countertops, custom lighting and more. Three finished bedrooms in the basment with an unfinished extra room and plumbed full bathroom.   Click Here for Additional Information

Other Great Deals in the Area. Including Foreclosures, Short Sales…  Click Here to View Listings If the above link ‘Click Here to View Listings’  does not function, copy and paste the following link into your browser address bar:    http://gallatin.fnismls.com/publink/default.aspx?GUID=1b91c296-9234-4f2a-9381-607974ace801&Report=Yes

Search All Local Listings. Please take a minute to visit my website where you will find all listings in our area as well as an archive of previous Friday updates (under Market Updates) WWW.NICKZIMMER.COM