Nightline suggested just last night that NOW is the time-to BUY while the rates are down and the inventory is up. Two days ago the Federal Reserve bank dropped the rates by 3/4 of a percent: the largest single drop in 20 years. This opens the door to a very unique opportunity. This opportunity is called Buy Time. The time to buy.Why buy? Let me show you why: interst rates are down and dropping, check the chart for items that may be important to your lifestyle and how they fit into each type of property use.
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| Renting-wiser? | Owning-Wiser! |
| Repairs?No real repair work required in big complexes-just a time delay! | You handle the repairs unless you buy a Homeowners warranty package then you call and wait. |
| Tax deductions? No | Tax Deductions? Yes Interest! |
| Pet's allowed? Mostly no or pay extra! | Pet's allowed? you bet at your discretion with consideration for zoning! In Single family homes |
| Boats on property? No | Boats? You own it and as long as it's not in the HOA docs you're good to go! |
| Music? No reason for eviction | Music? Up to you and the noise ordinances |
| Bar-B-Q? Not at your place-Probably down by the pool? | Bar-B-Q? Why not? |
| Gardening? By flower pots | Gardening? Your yard! |
| Parking? Pay Extra | Parking: sure! Maybe with your own garage! |
| Fresh air laundry | Hang a clothes line,swing |
| Wash the car-Pay for it. | put up an arbor, plant a garden, work on the car. |
One more good link-Let's look at this from a purely financial standpoint click here to see what the difference in costs turns out to be for either choice and perhaps you can make a better decision!
I have my oldest daughter closing on a house at the end of this month after spending a year trying to sell her home in South Florida we arranged a trade on a bigger property in Ocala, Florida where her husband has been working for the past year and a half. With two children under 4 she has been complaining of her single parent status and so she motivated her mom(me) into helping. (Even growup girl tears work on a mom!)Her biggest problem now is what to pack first. She is enjoying that problem but has an issue with having to know exactly where everything is so (I didn't create the OCD but, somehow she has it!) I'm trying to get her to just think about from this location to that specific location and mark each box well. She's not my camping child or this would never have happened. The youngest one on the other hand is happy living in a tent as long as we (Dad and I) are there too.
Highest and Best offer- If you see or hear this term it means that the property is probably in a short sale situation meaning that the bank has agreed to take less than is owed to sell it. MAKE AN OFFER! and do it quickly if you have any interest in the property! It make take a couple of months to close but, just imagine the deal you will be able to brag about later! The REALTOR is busy contacting investors to get an offer-any offer to be able to avoid the foreclosure that will come if there is no offer. Make the offer!
Short Sale-The lender on this property has agreed to let the owner sell it for less than the amount of the loan. Lender will have an addendum in all likelihood to be signed before closing. Don't expect much in the way of repairs it is pretty much what you see is what you get although you can still have the inspections done to be sure of what you are getting! see the link for current IRS position on the Income from not having to pay the full amount. The Mortgage Forgiveness Debt Relief Act of 2007
Foreclosure- When a property is foreclosed upon, ownership transfers back to the bank and it is then usually packaged into a group of probably ten properties and sold as a unit to investors, the stock market or even insurance companies to be held in a portfolio account. So to say that you are buying a foreclosure is more of a commercial term, you see?
HelpRHome- Previously written in case your home is in trouble check this link.
You know sometimes I end up speaking to people in other countries during my workdays. Today I had called India for help on their 800 number 5 times and I was more than a little bit peeved when they continued to cut me off and disconnect every time they put me on hold. I didn't know at the start that I was headed to a long, long distance visit around the world. In fact I thought I would be talking to a bank somewhere in the US. It was not meant to be. The last call turned out to be even stranger-as I explained that I didn't want to be put on hold and why, a fire engine must have rolled by on the highway a few streets over because our friendly coyote family took off on a howling binge, big time. The man that was trying to help me in India, was so funny. He was confused and trying to find out what was happening. I guess he could hear the noise, too! It kind of tickled me when they started howling, we usually go see what they are up to (we are still concerned for the neighborhood dogs and cats that sometimes find themselves down by the creek.) Today it was just the fire engine and minutes after I explained the howling to my helper overseas, my husband wandered into my office grinning from ear to ear. He really gets a kick out of the disturbances that occur once in awhile in our back, back yard. It's not just the moon that sets them off, although that will do it too. They don't like any kind of sirens, I wonder how they feel about my singing? Hmm, Maybe I'll save that story for another time!
March 15, 2008 the downpayment assistance programs are going to end. So IF you are thinking about buying a home and think that you might have wanted to take advantage of this program, NOW is the time to be calling. Right now. It can take up to 30 days to close from contract to closing. I do know people...BUT,
The point is if you are in the market for a home this year and need down-payment assistance-let's talk now.
If you look at the top ten most expensive places for a renter to live in this country, you will notice that North Texas is not on that list. Why do rental rates go up? It's called scarcity. When the number of rental units drop, the cost of renting a home goes up! Simple supply and demand. So, if the cost of renting an apartment is still low (on the average) as it is in North Texas, then there is a good reason for that-we still have an abundance of places to rent. See this link for the Top Ten Most Expensive places to Rent in the US.
This also ties in with the fact that North Texas is one of the very few places in the country that has not been slammed by the "sub-Prime or housing issues". It is really that simple. While we are seeing or just becoming more aware of foreclosures because the Media (TV) is talking about the "problems" the reality is, the market has stayed very stable overall in the North Texas area and it is still a pretty incredible time to be buying a home. If the housing market had been affected the rental rates would have gone up and we too would have made the top ten list as the rental units decreased while the people in foreclosure searched for alternative housing, you see?
Rates are good, inventory is good, prices are pretty low, (the seller's are listening to the Media too!)what's stopping you? Even Realtors are investing right now! We know that it is a rare event that gets us to this premium time for investments and we can't help but take advantage of it too! Real estate like many other things is cyclic. If you follow the money you will notice that real estate cycles will always follow the jobs and money cycles. I suspect that we were lucky that we didn't see the escalated growth that occured in other areas of the country, so we weren't affected to a huge degree. Our prices and inventory remain fairly stable. It does pique my curiosity to see how much of a change will occur next year in 2009. We are still seeing a lot of incoming relocation business and as people settle into their jobs to a more comfortable degree they are choosing to finally buy or move up into a more comfortable home as well.
I expect to see the housing sales continue a medium growth through this year (2008) as people watch how the election affects the economy. So the interest rates and housing inventory will remain at a good level until after November. Then as we move into a new leadership situation in the government, I expect to see a sharper rise in interest rates and sales as people try to capture a good rate before they rise too high (to a more moderate rate) in 2009. When the rise occurs(and it always does right after the election) the number of available properties will decrease quickly and the prices of a home will increase again in North Texas.
So, if you are considering a sale of your home-I seriously suggest that you wait until next year! (Yes that was a REALTOR telling you the absolute truth. Try to sit tight for a few more months. The earliest I would try to sell a home would be November of this year ('08) That is when the "real buyers" will be out and looking. No one shops for a home the last two months of the year unless they need to move so it is still a good time to buy and sell.
If you are currently renting it is a good time to review your lease and see what the ramifications would be if you were to find a home that you love and want to make a change. Some leases allow you to "buy out" of the lease. Others are written so that, if you were to be buying a home you could just walk away, with some notice of course! There are formulas to consider before you ever choose to buy over renting a home. There comes a time in everyone's life when the opportunity presents itself to begin to gather your investments that will lead you to the path of wealth. The best time will vary based upon a current situation so for some people I would say "STAY where you are!" If you choose to make a move at this time we can discuss how this can work for you and your family. If you are considering a move at whatever stage in life you may be, please let us offer good counsel before you sign anything that makes a commitment that could be difficult to change. I work with a Loan officer who is a Certified Mortgage Planning Specialist. She has studied extensively to be able to help people make these kinds of decisions. She is in the top 1% of Mortgage specialists in the country with this designation and I would like to be able to introduce you. Send me an e-mail or just give me a call and let us offer our help.
10906030 This one in Frisco isn't languishing, yet. I just want to get an offer and get on with it! It's cold outside and I'm checking on it and it's cold outside!
I don't like leaving listings on the market these days. or ever for that matter! So check it out $410,000 send me an offer and let's see where it goes, eh? Or give me a call and I'll help you see it and write it up!
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Florida-Broker for 18 years. Planning a move and a new start.
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