The mortgage insurance premium now for FHA is over $2000 upfront plus a monthly fee. This should help their reserves for any mortgages that may default. It used to be a lot lower upfront premium and with some many new buyers going FHA, It seems like they will be collecting quite a bit of upfront money. Does this seem true to any other Realtors or lenders who have been following this?
After hearing of the new tax credit for people who have lived in their homes for at least 5 years. I am hopeful that it will help get the homes priced in the $200-$300k range get sold faster and also help spur the market activity in the first time buyer range and the higher end homes based on a the domino effect. I think it can only help, and get some buyers who have thought of moving to jump into action. Do you agree?
I have been helping several first time homebuyers bid on bank owned properties. There have been several instances where our offer wouldn't even be presented unless we had the buyer get prequalified with the bank who owns the property. This seems unfair, and can delay a buyer being able to have their offer considered within the short time frame that a listing agent is submitting them to the bank. Is any other Realtors having this issue come up?
Since Sept I have noticed a lot of first time homebuyer activity in the price range below $150 in the Boise area. I have had to write five offers for three of my buyers due to every house we bid on having 3-5 offers bidding on them as we were. It almost feels like the 2005 year, where u had to bid full price or higher even have a chance at getting the house. Is anyone else seeing this in their market?
Does any other agents feel like the market is slowly improving since last year. I have sold more homes by June this year than all of 2008. It definitely could be better than we are experiencinig but it does feel like were starting to see an improvement. My local area of Boise, Idaho has some very affordable homes now. I do hope the tax credit will be renewed and open to all buyers, including investors. With the unemployment rate so high, I think it very important to keep homes selling. Will next year improve any more is the question I've been asking myself.
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I am a full service REALTOR who specializes in single family, 4 plex's and investments. Closed over 100 properties since joining RE/MAX. I give each client my highest attention. I love referrals.
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