Many of us have heard that it is a "Buyers' Market". Basically, this means that those who are ready and able to buy, are buying at a good time!
Today I checked out the current inventory of homes, in Marion County, that are listed on the Multiple Listing Service (MLS). The MLS showed a large amount of inventory, which is a real plus for those ready to buy a home! The numbers listed were as follows.
Homes "For Sale" - 5,885
Homes "Under Contract" - 520
Home "Sold" in the last month - 224
A large inventory, low home prices, low interest rates, and an $8000 tax credit for those who have not owned their own home in the past three years are all great reasons to take advantage of this "Buyers' Market"!
Wednesday, April 22, 2009
Wednesday, April 15, 2009
How Much Money Do I Need to Buy a Home?
So many people who are renting a home, instead of buying a home, continue to rent because they believe that they do not have enough money saved to buy a home. Most are pleasantly surprised to know that the costs involved in buying a home can be very low.
There is currently a loan program offered by the government that is referred to as a "Rural" loan. Those taking advantage of this loan program can finance 100% of the cost of the home and also finance the closing costs. (Many Buyers also ask the Sellers to pay some of their closing costs.)
This does not mean that you do not have to pay anything when you initially purchase a home. You should be prepared to pay for an appraisal, (approximately $350), and a deposit on the home (usually $1000, but I have seen $500.). I highly recommend a professional home inspection, (usually about $375), although this is not required. Bottom line, for less than $2,000. you can stop renting and start owning your own home.
One other point that I do want to mention is credit scores. Most loan programs are requiring at least a score of 620. If you are already at 620 or higher, you are well on your way. If your score is lower, it is worth your effort to work at bringing up.
Also, for those who are "First Time Home Buyers", and those who have not owned a primary residence in the last 3 years, the government is offering an $8000 tax credit! For details about this great opportunity, read the article below.
If you are ready to stop renting and find a place to call your own, please give me a call.
(888-596-2252) It is a "Buyers" Market and interest rates are Low! (Allowing you to lock in lower monthly payments!)
There is currently a loan program offered by the government that is referred to as a "Rural" loan. Those taking advantage of this loan program can finance 100% of the cost of the home and also finance the closing costs. (Many Buyers also ask the Sellers to pay some of their closing costs.)
This does not mean that you do not have to pay anything when you initially purchase a home. You should be prepared to pay for an appraisal, (approximately $350), and a deposit on the home (usually $1000, but I have seen $500.). I highly recommend a professional home inspection, (usually about $375), although this is not required. Bottom line, for less than $2,000. you can stop renting and start owning your own home.
One other point that I do want to mention is credit scores. Most loan programs are requiring at least a score of 620. If you are already at 620 or higher, you are well on your way. If your score is lower, it is worth your effort to work at bringing up.
Also, for those who are "First Time Home Buyers", and those who have not owned a primary residence in the last 3 years, the government is offering an $8000 tax credit! For details about this great opportunity, read the article below.
If you are ready to stop renting and find a place to call your own, please give me a call.
(888-596-2252) It is a "Buyers" Market and interest rates are Low! (Allowing you to lock in lower monthly payments!)
Tuesday, April 7, 2009
Have Housing Prices HIt Bottom?
For those of you who are still waiting for the housing market to bottom out, it might be time to step off of the side lines and run into the game. Below is a portion of an article that was sent out by the "Florida Association of Realtors" on, April 7, 2009.
Housing may have hit bottom in February -CHICAGO – April 7, 2009 – The chief economist of Mesirow Financial, a $31.4 billion asset financial services firm in Chicago founded in 1937, announced that the housing market probably bottomed out in February and is now on the road to recovery. "An unexpected jump in new and existing home sales, a fairly sharp increase in mortgage applications, and a surprise increase in pending home sales prompted many to declare the bottom in housing in the month of February," says Swonk. "Even home prices, which had been falling like a rock, showed some signs of stabilizing during the month. Moreover, speculators appear to be re-entering the market, picking up properties on the cheap."
Housing may have hit bottom in February -CHICAGO – April 7, 2009 – The chief economist of Mesirow Financial, a $31.4 billion asset financial services firm in Chicago founded in 1937, announced that the housing market probably bottomed out in February and is now on the road to recovery. "An unexpected jump in new and existing home sales, a fairly sharp increase in mortgage applications, and a surprise increase in pending home sales prompted many to declare the bottom in housing in the month of February," says Swonk. "Even home prices, which had been falling like a rock, showed some signs of stabilizing during the month. Moreover, speculators appear to be re-entering the market, picking up properties on the cheap."
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