Stephanie Zellous * (512) 971-4875

A lot of buyers have been holding out for the 4.5% interest rate, well guess what, it's here now. According to loan officer extraodinaire John Schutze of Bank of America this is the case as of right now. FHA is at 4.75%.

By the way, you can buy an investment property with an FHA Loan, I am seeing a lot price reductions on multifamily properties lately, so get on it!

Your interest rate could be higher, it all depends on your credit, debt to income ratio and available cash on hand for a down payment. Contact a lender to find out what you would pay.

If you were to buy a condo in the S.Congress St area (SoCo) for $97,900 at 5% interest with an FHA Loan, and with 3.5% down, what would you payments be? Take a look at one possible financing scenario below. If the condo was one bedroom, one bath with granite countertops and stainless steel appliances, had lots of storage, free laundry, a pool and a community hammock, would you be interested? I previewed such a condo, plus others, a few days ago and I think they are worth a look. Do you agree?

The financing scenario shown below is an estimation based on the best case scenario. Your interest rate, and fees could be higher, it all depends on your credit, debt to income ratio and available cash on hand for a down payment. Contact a lender to find out what you would pay.

Condo association dues usually cover building insurance, you would buy a separate policy to cover your personal belongings.

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Find your dream home

The developers at the SoCo Lofts project, located on S Congress St near Ben White/71 have decided to convert ALL of the residential units to apartments instead! All of the buyers have received a refund. The units are not available at the moment and they are not available for showings as the certificates of occupancy are yet to be issued by the city. There already were apartments at this property, but now there are a lot more available for lease.

I will keep you posted as I get more information and as the former condo units become available.

Local custom home builder Scott Felder has some inventory homes available in February 2009 at the beautiful Estates of Bear Creek community located just off Brodie LN south of Shady Hollow. These homes feature porcelain tile in all of the bathrooms and kitchen, and granite countertops plus lots of high end features including side entry three car garages.

I toured the inventory homes today, and while they aren't quite finished they are lovely. Picture a master bedroom closet with built-in storage, large kitchens with more than ample counter space, large kitchen pantries , Jack & Jill baths, art niches, gorgeous stone fireplaces in a bright sunny floor plan.

Priced at just over $550,000 to just under $572,000 and with 3811-3637 square feet these homes are waiting for you.

You have to see!

Contact me for a private showing.

Keller Williams Realty is not affiliated with Scott Felder Homes.

What's Happening in Legend Oaks?

Recommendation:

If you're buying a home, it is important that you work closely with a highly-motivated agent who understands what's going on with the real estate market and local economy. I would advise you on how to get the most for your money and what homes you may want to avoid, as there are homes on the market that are not priced at their fair market value.

If you're selling your home, it's also important that you work closely with a highly-motivated agent who understands what's going on with the market and local economy. Your goal is to net top dollar - which you may not achieve if you over price or under price your home.

Contact me if you want a free consultation on whether it's a good time to sell and what factors to consider so that you don't under price or over price your home. Please don't hesitate to contact me by telephone or email - even if all you have is a question.

Note: The above data includes condominiums.