When I think of April, I think of Spring, Easter, warm weather, pretty much anything but new homes.  The housing industry thinks new homes are worthy of their own month for a couple of good reasons.  There is a huge link between new home building and the health of the US economy.  Historically, 17% of the Gross Domestic Product is tied to the new jobs and income, purchase of goods and services, and revenue for local governments generated by new residential construction.  The employment effects are 50% in construction and 50% in other industries.  The income earned is spent and recycled in the local economy.  The bottom line is new homes strengthen the economy year round.  I guess they can have April too.

Read more on the impact of new housing on the economy here:  http://rismedia.com/2011-04-06/new-homes-strengthen-economy-year-round/

Marc

Marc Austin Highfill
Exit First Realty
Office:  804-527-3948
Cell:  804-840-9824
Email:  marc@marcshomes.com
Visit our website to find out more about my 99 Day Guarantee at www.ExitFirstGuarantee.info

Investment Opportunities Not Going Away

A recent CNNMoney article entitled, "Foreclosures Make Up 26% of Home Sales" states that even though home prices are down, sales are up and deals are getting done.  That is because 26% of all homes sold last year were foreclosures or short sales.  Bargain hunters are buying and holding properties.  They buy at a good price and then rent it out.  These investment opportunities are not going away.  Nearly 30% of mortgage borrowers are underwater on their loans.  These owners are vulnerable to foreclosure so the number of distressed properties that will go on the market in the next year or two will probably remain high.  Read the entire article at this link.

In a somewhat contradictory article, CNN Money also reports that the number of foreclosure notices filed in February 2011 dropped 14% compared to a month earlier and 27% compared with a year ago according to RealtyTrac.  This could be an artificial drop as some mortgage servicers have slowed their foreclosures as they wait to see how settlement talks surrounding the robo-signing mess play out.  The good news out of this is that even if the decline is artificial, new home builders will find it easier to compete in the market.  New home builders have had trouble competing with the low prices on repossessed homes.  Home building contributes significantly to the overall economy more so than the sale of existing homes.  Read more here and make up your own mind of where it is all headed.

Marc

Marc Austin Highfill
Exit First Realty
Office:  804-527-3948
Cell:  804-840-9824
Email:  marc@marcshomes.com
Visit our website to find out more about my 99 Day Guarantee at www.ExitFirstGuarantee.info

Warren Buffet recently published his annual shareholder newsletter and it makes interesting reading for anyone in business.  I know you might not be concerned with the stock of Berkshire Hathaway, but you'd be foolish to overlook his annual letter.  The reason is because he shares insights, mistakes made and lessons learned on running various businesses.  Plus he is just one successful dude.  Skim the letter here and see what you can learn from one of the richest men in the world.

Marc

Marc Austin Highfill
Exit First Realty
Office:  804-527-3948
Cell:  804-840-9824
Email:  marc@marcshomes.com
Visit our website to find out more about my 99 Day Guarantee at www.ExitFirstGuarantee.info

Marketwatch.com ran a story comparing real estate to other investments, such as the stock market. Here's a quote from the story:

"...with home sales starting to improve, and with prices now possibly forming a bottom, real estate could well be the asset class that represents the best low-risk buying opportunity out there today. "

This is an excellent article and is a must read. You'll find it at this link.

Marc

Marc Austin Highfill
Exit First Realty
Office:  804-527-3948
Cell:  804-840-9824
Email:  marc@marcshomes.com
Visit our website to learn how I will sell your house in 99 Days - Guaranteed

Good news for rehabbers and flippers....

For many years the Federal Housing Administration has prevented buyers from taking out FHA loans for homes that are quickly flipped by Investors. In 2010 they relaxed the 90 seasoning rule to help ease the flow of distressed homes to new buyers.

Relaxation of the anti-flipping rule also helps out Rehabbers who will fix up a distressed property and put it back on the market in mint condition to retail buyers.

The anti-flipping rules were originally put into place to eliminate illegal schemes where shady investors and appraisers over-valued property in order to resell for a profit. The latest rules for appraisers and other safeguards within the mortgage industry should prevent this type of illegal practice from happening while justifiable profit from Short Sale flips continue to take place with the blessing of the FHA—at least through 2011.

Marc

Marc Austin Highfill
Exit First Realty
Office:  804-527-3948
Cell:  804-840-9824
Email:  marc@marcshomes.com
Visit www.marcshomes.net for more information on our 99 Day Guarantee

I want to tell you about our newest program to reward everyday heroes for all they do to serve our community.  Exit First Realty is proud to be Richmond's exclusive Homes for Heroes real estate agency.  Homes for Heroes is a program designed to provide real estate discounts and rebates to workforce heroes when they are buying or selling a home.  Are you a firefighter, teacher, healthcare worker, police officer, military personnel or someone else who serves our community?  Exit First offers full real estate services to buyers and sellers at a discounted rate in Richmond and the surrounding areas.  Savings include, but are not limited to:

• 25% discount off Exit First Realty commissions when heroes buy, sell or do both
• Discounted lending fees on purchase or refinances with a Homes for Heroes preferred lender
• Discount on private home inspections with a Homes for Heroes preferred provider
• Discount on closing costs when using a Homes for Heroes preferred title company

The final amount you save will depend on the actual selling price of the home, but for example, on a $200,000 home the savings could be as much as $10,000.

This program is new to Richmond, but local heroes in other areas have already benefited from the program.  There is no extra paperwork or special guidelines or income limits. 

Check out our newest commercial and call me with any questions.  We are so excited to give back to the true heroes of our community.

Exit First Realty Homes for Heroes Commercial

Marc

Marc Austin Highfill

Exit First Realty
Office:  804-527-EXIT

Cell:  804-840-9824
Email: Marc@Marcshomes.com

Want more information about our 99 Day Guarantee?  Visit www.ExitFirstGuarantee.info

If you have been thinking about selling your house for awhile, you have probably analyzed it from every angle. You may have thought that you should wait to list your house until the market improves and you might be able to get a better price. According to this article, now IS a good time to sell. Banks have been holding back inventory of foreclosed homes that they will soon be releasing into the market. This will effect the price you can get for your home. Further proof that it "IS" a good time to sell your home.
http://articles.latimes.com/2011/jan/02/business/la-fi-umberger-20110102

Marc
Marc Austin Highfill
Exit First Realty
Office: (804) 527-3948
Cell: (804) 840-9824
Email me: marc@marcshomes.net
*To learn more about my 99 Day Guarantee, visit: www.ExitFirstGuarantee.info

I came across this Google Map function that you might find interesting.    I know you are most interested in Richmond distressed properties and foreclosures (which you can find on our website at www.RichmondDistressProperties.com), but this Google Map feature lets you see what is going on all over the country. 

http://www.theatlantic.com/business/archive/2010/12/using-google-maps-to-find-foreclosures/67773/

Marc

Marc Austin Highfill

Exit First Realty

Office:  (804) 527-3948

Cell:  (804)  840-9824

Email me:  marc@marcshomes.net

*To learn more about my 99 Day Guarantee, visit:  www.ExitFirstGuarantee.info

I know it sounds crazy, but this home will be sold this weekend to the highest offer!

Amazing deal with equity to spare after rehab! 

Offers starting at: $69,900
Tax Assessed Value:  $160,500

4 bedroom, 2 bath home.  Basement bedroom has drywall hung, outlets placed, but needs flooring.  Basement bath is plumbed.  Needs fixtures.  Other rehab mostly cosmetic.  Split foyer with walk out basement.  Treed lot.  Great fixer upper with equity to spare.

OPEN HOUSE:  Saturday, December 18 and Sunday, December 19 from 2-4 pm 

Or call me directly to discuss this deal.

All offers must be presented by Sunday evening and listing agent will present all contracts at the same time to seller on Monday morning.  No escalator clauses are permitted.  Seller reserves the right to reject any offer.

Marc

Marc Austin Highfill

Exit First Realty

Office:  (804) 527-3948

Cell:  (804)  840-9824

Email:  marc@marcshomes.net

*To learn more about my 99 Day Guarantee, visit:  www.ExitFirstGuarantee.info

Okay.  This does look pretty bad, but for a real estate investor with vision there is equity to be had.  This is an all-brick ranch fixer upper in need of TLC.  Clean-up and rehab is estimated at $45-50,000. 

Priced at:  $92,000
Tax Assessed Value:  $171,600
ARV:  $185,000

Marc

Marc Austin Highfill
Exit First Realty
Office:  (804) 527-3948
Cell:  (804) 840-9824
E-mail:  marc@marcshomes.com
Visit our website at:  www.marcshomes.com