Capital Area Realtor®
Serving the Business Needs of OUR Professionals
2012 March - April
T echnology What is Pinterest and Why Should REALTORS® Care? By Barry Quarles, The MEG Group
Pinterest, the “virtual pinboard” website where users post images of everything from iPod cozies to beautifully designed skylights, is the hottest social network of 2012 and forward thinking REALTORS® are taking advantage of it. The team at MEG Research has been following Pinterest for some time and we’re watching it start to gain critical mass. The site had more than 10 million unique users in January–mostly female. At first glance, Pinterest can seem confusing. The best way to think of it is as a virtual bulletin board where users can “pin” things they find interesting (think REALTOR® images of homes). Other users can then “re-pin” those items to their own account as well as comment on them if they find them interesting.
The biggest boon for REALTORS® though is the browser plug-in that allows users to “pin” items to their Pinterest account without actually having to go back to the main site. Here’s a useful example. A potential homebuyer starts searching real estate listings. Instead of bookmarking each individual page, the user just “pins” them to their Pinterest account where the listings can then be viewed later. Are you starting to see the advantages? We’re urging REALTORS® to start thinking about adding Pinterest to their social media strategy. Haven’t seen Pinterest yet? Check it out!
http://pinterest.com
Changes to FHA’s Mortgage Insurance Premiums Capital Area Realtors
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CAPITAL AREA REALTORS
On February 27, 2012 the Federal Housing Administration (FHA) announced an increase in mortgage insurance premiums (the fourth time in three years) starting on April 1, 2012. The FHA also announced in the Federal Register that maximum closing cost assistance from sellers will be decreased (right now maximums are at 6%). The Mortgage Insurance Premium Changes, effective April 1, 2012 include: * FHA up-front mortgage insurance will be increased from 1.00% to 1.75%; * FHA annual mortgage insurance will be increased from 1.15% to 1.25%; and, * FHA mortgages above $625,500 will be subject to an additional 0.25% annual mortgage insurance fee or 1.5%. The Closing Cost Credit changes proposed (implemented after comment period) by the FHA will limit a Closing Cost Credit to the greater of $6,000 or 3% of the sales price. The FHA is also proposing to narrow the definition of acceptable concessions, which would eliminate payment “supplements” offered by sellers, such as a year’s worth of homeowner association fees, as they are viewed by HUD as inducements to purchase. Anyone who is on the fence about buying a home with a FHA mortgage should be mindful of these FHA changes. *Note: This information is subject to change by the FHA.
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