Erin Romanski

7 Great Reasons Why Now Is A Great Time To Buy

Now truly is a great time to buy a home. If you--or someone you know--is ready to move up or become a first-time owner, if you plan to stay a few years and you've been waiting for the perfect time to buy--now is that time.

Here's why. Housing cycles cure themselves. Prices soften, inventories rise, savvy buyers snap up bargains, demand increases, and the market returns to normal. As buyers return that demand pushes home prices up and mortgage rates higher, according to housing economists and past history. Higher prices and higher rates mean waiting today costs you more tomorrow.

The secret is to buy while the headlines are gloomy, secure an affordable fixed-rate loan and enjoy the home you want to live in before the advantage of today's market passes you by. By taking a long-term view--as a home investment should be seen--you can weather temporarily lower prices in the area while the market corrects if you buy now with a fixed payment.

Consider these reasons why my experience shows this is a great time to buy:

1. Take your pick of homes - there are many to choose from. Gone are the days when there were more buyers in the market than homes for sale. Then, options were few and many buyers felt they had to take what they could get whether or not it was the ideal home for them. Now, the reverse is true: There are lots of homes to choose from, and buyers can afford to be picky.

2. Do your homework. With more properties on the market. Instead of making a decision on the spot, buyers can actually spend quality time researching home son the internet and learning all about them. It is always good to visit a home 2 times before making an offer so that you can see more features about the home.

3. Make an offer. In the sizzling seller's market, buyers were outbidding one another--sometimes offering amounts thousands of dollars above the list price of the home they wanted. Today, buyers don't have to engage in bidding wars and--bonus--they're finding sellers more willing to entertain their offer.

4. Negotiation encouraged. In the past, many buyers, striving to gain the upper hand in bidding battles, waived contingencies for home inspection, pest, roof or sewer inspections. Sellers were able to sell their homes "as is" to buyers willing to shoulder the cost of repairs. These days, however, more buyers are shopping for warranties and asking for inspections, and, if problems are uncovered, they can reasonably expect sellers to negotiate to get a closed sale.

5. You can't beat the location. Want to live closer to work? In a better school district? Near the town center? In a larger--or smaller--home? You may be surprised at the abundance of possibilities out there that are a much better buy these days.

6. Bargains available. Qualified first-time buyers, down-sizers, second-home buyers, rental investors and others can find bargains today--if you know where to look. Bargains are available from owner short sales, lender-owned foreclosures, builder close-outs, executive relocation properties, estate sales, even tax and condemnation sales. There are bargains out there in every price range now. If you are looking for a below-market value, I can help.

7. Affordable payments. Interest rates on a 30-year fixed-rate mortgage have been hovering near 6% this year. Compare that to the average interest rate 10 years ago on a 30-year fixed, which was 6.94%; 20 years ago, 10.34%; and 30 years ago, 9.64%. From an historical standpoint, today's interest rates look terrific. Combine low rates with low prices to get low payments, and you know why now is a great time to buy.

Inventory to choose from is high, prices are low and interest rates are great - what are you waiting for? Trying to determine the bottom of a market is like trying to catch a falling knife. You could wait longer to see if the market will decline however interest rates could increase during that time as well.

Call The Romanski Group today to begin your home search (765) 532-6148 or visit us online at www.RomanskiGroup and get signed up for our automated email home search system!

There are more and more homes coming on the market today that are considered a short sale property or a foreclosed property. Well what is the difference?

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.

Where to find properties: Contact Erin Romanski for a list of current foreclosured properties. You may also check the sherriff's website for a list of properties coming up on the sherriff's sale.

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.

Foreclosure deals often move fast and require constant attention and communication with the bank as properties wind their way through the process. Remember, if it looks like a great deal, other buyers are looking too.

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

Wow, when they called today's real estate market a "shifting market," they were right on target. It keeps shifting, and shifting, and shifting ... Every time we turn on the news there's a new development that affects our economy and therefore the ability of buyers to "buy" and the sellers to "sell."

SHIFT, the most recent book by Gary Keller, co-founder and Chairman of Keller Williams Realty Inc., begins with the following paragraph: "The Real Estate Market has shifted drastically and dramatically. Sales volume and the number of transactions have dropped significantly. Inventory has reached an all-time high. Buyers have never been more reluctant. Fear is rampant, anxiety is high, and people are getting out of the business left and right. Sounds familiar? Sure it does. The year was 1979!"

Does it make us feel better to know that this has happened before? What did we learn from it in 1979? Fast forward to 1987 and it happened again. Changing tax laws this time had a disastrous affect again. Well guess what? History repeats itself. Now we are faced with this again, in 2008 but this time there are real differences.

In 1979 mortgage interest rates topped 18 percent. Last week buyers were still getting approved at under 6 percent through local lenders. That is a huge difference! Today's sellers, with the help of their real estate agents, are becoming realistic with today's pricing, bringing our market back on track.

The real estate business is "cyclical." An experienced real estate agent and a mortgage broker will understand this and be prepared to give counsel that is in tune with the current market. Remember though, the news you heard last week is "old news," so stay in touch with your local, trusted real estate agent for updates on this ever changing market.

We are participating in seminars, conference calls, webinars, and many other training events to stay on top of the game to better assist you.

Real estate remains your single most valuable asset if handled correctly.

Your real estate consultant,

Erin Romanski

Keller Williams Realty Lafayette

(765) 532-6148

erin@romanskigroup.com