About Tippecanoe County, IN

Foreclosures/REO Properties and Short Sales are in every price range now.

There are more and more homes coming on the market today that are considered a short sale property or a foreclosed property.

Borrowers are often are given a grace period to avoid the foreclosure process, often 2-3 months. The borrower may opt to sell the property during this pre-foreclosure stage if they can't make up their missed mortgage payments. This is typically the best time to strike a deal, as home owners are looking for ways to avoid foreclosure. If the home is purchased during this time frame it is called a short sale.

Buying a foreclosure can be complex and a lengthy process. The complexities of buying foreclosed properties can begin with finding an agent that is familiar with the short sale, foreclosure and REO process, as well as, finding a great deal to avoiding some pitfalls.

Foreclosure rates in the United States are increasing as a rapid rate which is creating an opportune time for investors and buyers.

Considerations/Precautions: Properties that have been left vacant for a while, be sure to check for any plumbing or electrical issues, foundation problems, and mold. Consider having a whole house inspection by a qualified home inspection company to ensure they're not overlooking problems that would be expensive to fix.

Check to ensure the title is clear and check for any liens - such as builder liens and tax liens - that need to be paid off. This is public information and usually can be found at a county's recorder's office.

Contact The Romanski Group today for a list of foreclosed properties at erin@romanskigroup.com!

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Affordability climbs as interest rates fall

Now is the time to buy!

Last week, the benchmark 30-year mortgage rate fell below 5 percent to reach an all-time low of 4.96 percent.

This rate is down from two weeks ago when it hit 5.01 percent. "The outlook is very positive that these low mortgage rates will persist at least through the first half of the year. That is the timetable laid out from the Federal Reserve for pumping up to $500 billion in mortgage-backed bonds," said Greg McBride, senior financial analyst for Bankrate.com.

Low interest rates mean more affordable mortgage payments. Act now and get into your dream home today!

Click here to read the full article from Market Watch.

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Supported by the Federal Reserve's recent decision to cut its overnight federal funds rate to a range of zero to 0.25 percent, the 30-year fixed rate mortgage hit a 37-year low last week reaching 5.17 percent.

Trade-up or scale-down buyers are free to move into an exciting new home or condo, making more starter homes available for first-time buyers. The advantage goes to the buyer when there are more homes for sale. In a market where the inventory of homes is growing, the competition between buyers increases and gives buyers more options. More competition is not a problem if the local market is moving at a lively pace. Affordable loans and a wide variety of financing options make it an excellent time to buy or sell real estate.

Contact us to find out if now if the right time for you to buy a new home in Lafayette or West Lafayette and surrounding communities.

Click here for Lafayette and West Lafayette's Ultimate Home Search

Get this week's local Market Stats - MLS Market Snapshot

(765)532-6148 - RomanskiGroup.com

Housing stats imply its time to buy

According to a recent report from Global Insight, an economic and financial analysis forecasting firm, current housing statistics indicate that now is the right to time to buy.

They claim that the U.S. housing market as a whole is undervalued by 3.8 percent. Global Insight analyzed 330 metropolitan areas in the United States and found that 241 metro areas experienced price declines in the third quarter of 2008 in comparison to 150 metro areas in the second quarter.

The markets that were hardest hit were in areas that were most overvalued three years ago. This study, a combined effort by HIS Global Insight and National City Corporation represented 78 percent of all existing housing units in the United States.

Low intrest rates and increased affordability make today's market a buyer's dream!



Source: Global Insight (12/03/2008)

Call The Romanski Group today at (765) 532-6148 - begin your home search with the Ultimate Home Search website - www.RomanskiGroup.com