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Jenifer Owens

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IT MAKES SENSE TO BUY VS. RENT

08-19-09
Jenifer Owens
IT MAKES SENSE TO BUY VS. RENT Nearly a full third of households are still renting. If you’re one of them, you could be paying a hefty price. Before talking about purchasing a house, it’s important to note two things. First—and this is extremely important—the housing market is actually localized. So the outlook in your hometown may be different than another city across the state or on the other side of the country. Second, home prices are tied to employment. For example, if someone feels like their job is in jeopardy, it might be enough to stop them from making a move. So, if your local job market is feeling a pinch, the home prices in your area may be down as well. But with all those factors under consideration, it still makes sense to buy instead of rent. In fact, renting may be costing you a bundle. Let's look at an example… If you are paying rent at $1,500 per month and your landlord increases your payment by a modest 5% each year, you would wind up paying just about $100,000 over a 5-year period! Worse yet, after forking over $100,000, you still would have nothing to show for it. And speaking of having nothing to show for it, how about any improvements you might make to a rental property? It's not uncommon for renters to freshen up the paint, install new light fixtures or plant some nice flowers outside. But guess what… all your efforts, labor and the benefit of that improvement belong to the landlord, not to you. With convenient down payment options still available for qualified buyers, affordable home prices and low interest rates, the very same money could have been used towards home ownership. Even using a standard 30-year fixed program, a mortgage of $300,000 could be obtained with a total monthly mortgage payment—including property taxes and insurance—of around $2,200. Assuming a 25% tax bracket, this would be equivalent to the average amount spent on rent during the same period after your tax benefit. And the benefits of home ownership are quite considerable. Because the mortgage is being paid down each month, equity is being built. After 5-years, the $300,000 mortgage could be reduced to $279,000, adding $21,000 to your net worth! But if laying out the initial increase in monthly payment and having to wait for your tax benefit to show up next April is a tough nut to crack, the IRS wants to help. Instead of waiting to file for the tax benefits derived from your new home purchase, you can simply adjust the amount of your withholding. This allows you to have less tax withheld from each paycheck so you can handle the new mortgage payment more comfortably throughout the year. In essence, you are taking your tax refund as you go instead of letting Uncle Sam hold it all year, interest free. Visit www.irs.gov and use the IRS withholding calculator. This very handy tool can quickly show you the impact that a change in withholding will do to your net paycheck. Remember to balance this with the expected refund and it is always a good idea to check with your tax advisor. Don't fall victim to the national headline hype. Talk to a professional who understands your local market. And remember, buying a home is a big step, but it is almost always one in the right direction. Info provided by Wells Fargo
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Buying Bozeman Foreclosures

04-30-09
Jenifer Owens

Buying Bozeman Foreclosures With interest rates at record lows and the stock market looking too perilous, many people are putting money in an asset they understand --Bozeman real estate. One of the best places to invest is in foreclosures and bargain residential real estate. The current market conditions in Bozeman make it a perfect time to purchase one or more foreclosure properties in Bozeman for your private residence, rental or resale.

Anyone considering buying a foreclosed home should forget about paying pennies on the dollar. You can buy foreclosures in Bozeman for as cheap as 30% or 40% below market, but most Bozeman foreclosures sell for 5% below market. For most consumers, however, the foreclosure process can prove daunting. Good buys are available, but they require research, preparation, patience and persistence. Working with an agent in your area who can determine the real “deals”, and help to navigate through the process is advantageous when purchasing a bank owned property, and most banks list their foreclosed properties with a real estate agent to sell.

The foreclosure process starts when a property owner falls behind on mortgage payments. Many owners of homes that go into foreclosure have been struggling financially for almost a year before they give up, which usually means that the house has not received needed repairs or general maintenance for a while. This may include everything from missing light bulbs to roof leaks. Tree limbs in front yards, broken appliances and windows, and dirty carpets, floors and walls are found in even very-affluent area foreclosures.

This can be a boon -- or boondoggle -- for a buyer. Houses in poor condition might fetch bargain prices, but repairs can boost the cost again. The first rule of real estate, "location, location, location," applies in these situations. If there is trash in every room of the house, but the foreclosure is in a good area with high property resale values, hold your nose, walk through the entire house and consider making a low offer. Please keep in mind that most of these homes are sold “as-is” with no warranties, express or implied. A home inspection can be done, but it is for informational purposes for the buyer only.

Once you have an accepted offer in place, the transaction is handled like most other real estate deals and should proceed smoothly. Since the home has been foreclosed on legally, all liens have been removed and a clean title can be conveyed. After closing, roll up your shirt sleeves, clean up, repair, and then enjoy your new home!

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First Time Home Buyers Classes-in Bozeman MT Become a more educated buyer and qualify for more programs!

12-10-08
Jenifer Owens

Classes at The HRDC’s Homeownership Center The Road to Home January - March 2009 Homeownership Education Are you ready to buy a home? What are the benefits of homeownership? How do lenders decide to make loans? Our 9 hour, comprehensive homeownership education course, directed by a HUD-Approved instructor, will help you to better understand the home purchase process. Topics covered include: The Advantages and Disadvantages of Homeownership; Assessing Homeownership Readiness; Understanding Credit; Managing your Finances; The Mortgage Process; Special Programs for First Time Buyers; Shopping for a Home, a Lender, and a Realtor; Closing Your Deal; and Maintaining Your Home and Your Finances after you purchase. Completion of homeownership education makes you a smarter, better borrower, and may help you become eligible for down-payment assistance, low-interest mortgages, and matched savings programs. The course is open to everyone and free of charge. Space is limited, so pre-registration and a refundable deposit are required. You must attend an entire series (9 hours) to get a certificate. Sign up for our next class series now!

Dates and Times: Locations:

  • January 13th, 20th, 27th

6 - 9 pm
First Interstate Bank Downtown,Bozeman

  • February 3rd, 10th, 17th

6 - 9 pm

First Interstate Bank Downtown, Bozeman

  • March 7th & 14th

9 am - 2 pm

Wingate Inn, Bozeman

Additional classes/alternate locations may be scheduled for groups of 5 households or more. • Individual pre and post-purchase counseling is also available. To sign up or for more information about homeownership opportunities please contact The Road to Home Counselors at 587-4486.

The Road to Home is sponsored by the Human Resource Development Council of District IX, Inc. in partnership with the Montana Department of Commerce, Montana Homeownership Network, Gallatin County, the City of Bozeman, U.S. Department of Housing and Urban Development, area lenders, Local Initiative Support Corporation, and the Neighborhood Reinvestment Corporation.

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Jenifer Owens-Bozeman's Real Estate Professional Assisting Clients in Buying and Selling Real Estate

08-25-08
Jenifer Owens
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Bozeman MT Events For the Month of August

08-12-08
Jenifer Owens

August Events Calendar

1-3 Sweet Pea Festival of the Arts

Lindley Park E. Main St 586-4003

www.Sweetpeafestival.org

2 Sweet Pea Children's Run

Downtown Bozeman 586-4003

2,9,13,16 Farmers Market

Gallatin County Fairgrounds 9-12pm 388-6701

4 Carson & Barnes Circus

Gallatin County Fairgrounds 4:30-7:30pm

www.CarsonBarnesCircus.com 582-3270

9 Belgrade Crazy Days

Downtown Belgrade 388-1616

8-10 Rockin’ the Rivers

On Hwy 2 outside of Three Forks

www.rockintherivers.net

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