• Jul. 10, 2009 - The Current Condo Market
The Condominium Lifestyle is tailor made for the individual or a family looking for little to no exterior maintenance and often the added community amenities condo living affords. But if you are in the market for a condo, there are a few fundamentals you should be aware of:
1. Get your financing in place FIRST, even before you make an offer.
2. Be aware that Fannie Mae and Freddie Mac have new and tighter restrictions on condo mortgages. Your REALTOR® will need to know how many of the units in the complex are for use as a rental and in new complexes, the required percentage of units that have sold is 70% or that are under contract.
3. The Condo association restrictions and rules are crucial to review. Also, if the current owner is in a distressed situation, he or she may not be current in the association dues. Fannie Mae even looks at the percentage of delinquent association dues and won’t handle mortgages with 15% or more over 30 days late.
4. Does the unit have the FHA seal of approval? If so, the down payment could be as low as 3 ½ % of the purchase price.
5. Buyers must inquire initially what the down payment requirement is to avoid an unpleasant surprise.
Sellers of a condo unit also have some preparation to handle prior to putting it on the market:
1. Pricing competitively is CRUCIAL! Be certain your REALTOR® does a thorough market analysis to have your unit at the top of comparable properties, but not above. In this market, it is imperative to not turn potential buyers away with an unrealistic asking price.
2. Don’t take personally an offer that is lower than you hoped for! Have your representative make a counter offer and be willing to negotiate to achieve your goals.
3. Be cognizant of closing costs and factor them into your bottom line.
I firmly believe if ever a REALTOR® was needed it is NOW and sellers are making a big mistake by going it alone to attempt to save paying real estate commissions. Real estate professionals can do the very necessary research in setting a price, give you the needed exposure you must have and be your advocate in the entire process from list date to closing. |
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• Jun. 26, 2009 - It is time for Buyers to Dive In!
I know you may be rolling your eyes and saying “Here she goes again!” But I simply don’t want anyone who has been waiting for the “perfect” time to shoot the gun and buy that home they have been considering or needing to miss out on an ideal climate to buy more for less.
The economic news is coming in that home sales are on the upswing and also the mortgage rates are currently edging up along with them. In our local market we have been seeing an increase in pending sales as well as closed sales. I admit many of those closings were on distressed properties, i.e., foreclosures or bank owned. Nevertheless, real estate is starting to move and I predict that these great buys and opportunities will start evaporating.
If you would like for me to provide you a list of properties that would meet your criteria, please give me a call!  |
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• May. 22, 2009 - Make a Wish List and keep track of the properties you view
Before you first venture into the hunt for your home, make a list of ten priorities you want it to possess and also a list of ten things you do not want. Use your list to score each property you see to keep everything in perspective when you are viewing numerous homes. Make notes as soon as possible after viewing while it is fresh in your mind’s eye to enable you to differentiate each home at a later date.
Don’t forget the difference between Skin and Bones. Bones are things you cannot change such as location, view, size of lot, school district and the floor plan, etc. Skin is simply cosmetic finishes such as carpet, paint colors and surface finishes. Don’t be misled by a seller’s decorating skills as those touches will not remain. Look at each home as though it were vacant and ready to receive your personal effects.
With reduced pricing and lots of inventory to choose from along with low interest rates, buyers are in a great position today. I would encourage you to speak to your mortgage broker and not only get pre-approved, but get qualified. This pre-qualification process will speed along any negotiations as well as give your offer more validity.
Give me a call and let’s get moving on finding that home for you! |
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• Jan. 2, 2009 - What will the New Year bring?
I obviously have a vested interest in the real estate market making an upturn, and I also predict that we will see an increase in sales in the coming months. Weary buyers who have been cruising through new homes coming on the market and even on occasion making low ball offers must be getting saddle sores from all that looking! There also comes a time, when people recognize there are some wonderful buys available, good rates to obtain and some absolutely flawless homes to be had. I cannot foresee this phenomenal buyers market getting much better or lasting too much longer. With somewhat declining property values even the property taxes have come down for that new dream home you’ve been eyeing. Frustrated sellers are even offering perks such as paying closing costs, throwing in Home Assn. Dues and even in some cases taking some self-financing.
In a nutshell to Buyers - in the famous words of Nike – Just Do It!  |
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• Aug. 1, 2008 - Landmark Housing Bill could start an Upswing!
The housing legislation known as the Housing and Economic Recovery Act of 2008 was signed into law by President Bush and contains several elements which should get home buyers back into the market, stop the decline in home prices and encourage consumer confidence.
In addition to changes in the Fannie Mae and Freddie Mac loan limits, the government will at least temporarily expand the line of credit to these agencies to permit the US Treasury to purchase equity in the companies through 2009.
Another terrific feature in the housing bill is a temporary $7,500 first-time home buyer tax credit for the purchase of any home. This credit can be used for homes purchased between April 9, 2008 and July 1, 2009. This tax credit should prove an important financial incentive for home buyers and help to generate housing demand.
If you would like to read more, the National Association of Builders has launched a new website with more information on this excellent opportunity for 1st time home buyers:
If you or a family member or friend would qualify for this temporary tax credit, this is a great time to buy and benefit from this credit. |
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