Many purchasers have been sitting on the sidelines waiting for home prices to hit bottom. They want to guarantee that they are purchasing at the best possible price. Like them, we also believe that prices still have some room to fall in most markets. However, we disagree that waiting is a good financial decision. The buyer should not be concerned about housing prices. They should be concerned about cost. The cost of a house is made up of the price AND THE INTEREST RATE they will be paying. Two different pieces of news released yesterday highlight this point. PRICES The National Association of Realtors (NAR) released their 4th quarter housing research report. In the release, they reported that home sales...
It May Already Be Gone. Homebuyers trying to time the real estate market today may think they have it down to a science. They watch the news, read the papers, hear that prices are dropping, and assume the bottom hasn't arrived. So they wait. There's just one problem. The bottom - at least the bottom for interest rates - appears to be gone. And it just so happens that interest rates are a very powerful determinant of how much home you can afford and what you'll pay each month - even more powerful, in some instances, than price. Conforming 30-year mortgage rates are already a half-point above their October lows, clocking in at 4.625% heading into the second week of...
Current market conditions suggest that real estate's traditional "off season" - the months of November, December and January - could actually represent the best opportunity during the next 12 to 18 months to make a deal. For buyers and sellers who are forging ahead in the next 60 to 90 days, here are some keys to success in today's market. SELLERS Price Correctly - The discussion on selling your home starts and ends with price. Remember, the right asking price for your home is not determined by what you paid or the balance on your mortgage. Rather, it has everything to do with the market right here, right now. Price according to the market and you have a good shot...
Sold 2015 S. Finley in 13 days! (PROPERTY DESCRIPTION) 2604 W. 103rd to our buyer! 3757 W. 82nd TO OUR BUYER! 6422 S. Woodlawn #2 IN 57 DAYS! 6426 S. Woodlawn #3 IN 62 DAYS! 8345 S. Hermitage 220 S. Drexel SOLD TO OUR BUYER! 6424 S. Woodlawn #2 Sold to our buyer UNDER CONTRACT 6424 S. Woodlawn #2 WITH OUR BUYER! 6457 S. Kimbark #1S WITH OUR BUYER! 9601 S. Pulaski 6510 S. Ingleside #2 6510 S. Ingleside #3 512 N. McClurg
In an effort to expand access to FHA mortgages and allow for the rapid resale of foreclosed properties, HUD has announced a temporary waiver of the 90-day flipping rule. The waiver takes effect February 1, 2010, and lasts for one year, unless otherwise extended or withdrawn by HUD. The waiver is limited to those sales that meet the following conditions: 1. All transactions must be arms-length, with no identity of interest between the buyer and seller or any other parties participating in the sales transaction, including: Seller must hold title LLCs, Corporations and Trusts must be established in accordance with state and federal law No evidence of previous flipping within 12 months Evidence that property was marketed openly, such as...
Armed Service Members Have Extra Year for Home Buyer Tax Credit April 26, 2010 - The National Association of Home Builders (NAHB) wants members of the military, foreign service and intelligence communities to know that they may have an additional year to buy a home and claim the home buyer tax credit, which expires for most Americans on April 30. The law provides qualified service members who served on official extended duty outside of the United States for 90 days or more at any time between Jan. 1, 2009, to April 30, 2010, another year to buy a home and claim the credit. expiration of domains . They have until April 30, 2011, to sign a sales contract, and until...
First-Time Home Buyers can use these 2 loans together: HOME START (30 Year Fixed Rate Loan) 5.25% Interest Rate, minimum 640 credit (9/8/09). Purchaser required to contribute 1% of the purchase price; towards closing costs or down payment (minimum $1,000) Income limitations & purchase limitations based on county <-click to view Qualifing Property Types: Single Family & Condos/Townhomes;must serve as borrower’s Primary Residence within 60 days of close,for the life of the loan HOME START Tax Credit Advance Loan Take advantage of the $8,000 federal tax credit refund in advance to use as a down payment (advance = 3.5% of purchase price; max $6,000) How does one qualify for the $8,000 tax credit? <-click to view tech info . book...
