Housing Bargains Can Still Be Found

 

 

Housing Bargains Can Still Be Found

Foreclosures have fallen by 35 percent nationwide in the last year, according to data from RealtyTrac. However, where such proceedings must first get approved by the courts—which are known for having a lengthy process—foreclosures have climbed 34 percent overall. In New Jersey foreclosures have soared 103 percent, followed by Florida (up 100 percent), Maryland (up 94 percent), New York (up 66 percent), and Illinois (up 65 percent), according to RealtyTrac.

In some states, foreclosures remain abundant, and foreclosures tend to sell at discounts. Many of these properties will likely enter the market in the next six to 12 months, says Daren Blomquist, vice president of RealtyTrac. 

“If you missed the bottom of the housing market, this might be the last chance to get a bargain on one of these foreclosure homes,” he says.

However, finding big housing bargains these days has become trickier “because there’s been such a recovery,” says Bradley Hunter, chief economist of Metro Study, a Houston-based housing market research firm. I say a tremendous recovery in New York. But he says those willing to choose developments that were built in the late part of the housing boom that are furthest from urban hubs and schools may find the biggest deals. “If you’re willing to make a bit of a commute, you may be able to save more money. In 2005, the motto for those looking for a new home was ‘drive 'til you qualify.’’

More then ever, in today’s market it is extremely important to have an informed, REALTOR who knows and understand this market - Theodore “Ted” Corbett help you realize the American Dream of HOMEOWNERSHIP!



Is it now a Buyers or Sellers’ Market? – It’s Win/Win

 

With the current shortage of inventory in the housing market across the country, many Buyers are facing the challenge they haven’t dealt with in a long time. It is fast becoming a market where getting Buyers to buy is not the challenge, but getting homes on the market for them to buy.

Nationally, the median age of inventory, i.e. how long a home is on the market, was 78 days in March 2013, down 20 percent from February 2013, and approximately 88 days on the market just a year earlier.

This shortage of housing inventory has sparked bidding wars, leading to Buyers paying more than otherwise. A managing broker at Coldwell Banker Danforth and the state director for Washington Association of Realtors, recently is “down to 1.7 months of inventory within the city limits, and there is no end to the shortage in sight.” He further stated that “recently a Buyer offered $520,000 on a $450,000 home that was just three days on the market.”  Further stating, “That Buyer lost out to one of 13 other offers.”

The problem for many would-be Sellers is that they just can’t afford it – many still owe more on their mortgage than they can sell their home for on the open market.

 

Today’s market can be a win - win for both Buyers as well as Sellers – the inventory shortage should be used to your advantage. NOW, is the perfect time to sell – before everyone else comes back into the market and the new flood of supply drives prices down.

Contact Ted Corbett NOW to take advantage of this market.

 

 

 

Can you afford to BUY a home?

Thinking that you can’t afford to BUY a home?

Are you unsure about becoming a HOMEOWNER?
Are you worried about whether home buying is a good INVESTMENT?
Buying a first home can be an intimidating process. But the first step is deciding asking if: I want to own a home; I can afford to own a home; owning a home makes sense for me financially and emotionally. If you are still struggling with those decisions, here are some facts that might help you take that first step towards becoming a homeowner.
You Can’t Afford NOT to Buy a Home!
Over the last ten years, the cost of rental housing in the U.S. has increased an average of 3.5% per year. If that trend continues, that means that an apartment renting for $1,000 to $1,600 per month will cost more than $1,300 to $1,900 a month in ten years. If you rent the same home for ten years, the total amount you would pay for rent will exceed $140,777 to $225,000.
Tax Advantages of Owning a Home Result in Savings –
None of that $140,777 to $225,000 is returned to you, either through savings or as an investment. Homeownership, on the other hand, has tax advantages over renting a home, and those advantages can help you save money. For many homeowners, part of the monthly mortgage payment “comes back to you” in tax savings. Here’s an example: You purchase a home that costs $200,000. Your down payment is $10,000 (plus closing costs – expenses incurred to actually process the transaction). You finance the balance with a 30-year fixed rate mortgage at 5.5 percent interest. Your monthly payments (not including utilities, maintenance, insurance, etc.) are:

Monthly Mortgage & Tax Payments

mortgage $1,079

property tax (@1.25% tax rate*) 208

Total Monthly Payment $1,287

tax savings per month (assuming a

25% income tax bracket)

mortgage interest tax deduction $216

tax deduction for property tax 52

Total Monthly Tax Savings $268

Total Monthly Cost After Tax Savings $1,019

*property tax rates vary by city and county.

Becoming a Homeowner definitely has advantages and may be for you. If you’re ready to make the move to being a Homeowner, call me, Theodore “Ted” Corbett, I have helped others realize the “American dream” – that of Homeownership.

Buying a Home? Finally, Times Are Good! YET, Buyers are hesitant!

Buying a Home? Finally, Times Are Good! YET, Buyers are hesitant ! Everyone knows that the housing market has been a little daunting for the last several years. Ups and downs, talk of good news and bad news, and a confusing amount of information about rising and falling mortgage rates has rendered the market all but inaccessible for a lot of prospective buyers. Good news! Times are changing. Whether you want to buy a home as your long-term residence or as an income property, things are looking up. Remarkably low mortgage rates are making houses more affordable than they have been in decades. Of course, lately, one of the greatest concerns facing you as a prospective homebuyer is whether you can secure that low rate mortgage in the first place. A recent monthly survey of buyers by NAR (National Association of Realtors) shows that lenders are taking too long in approving applications, and that the information lenders require from borrowers is excessive. Some respondents expressed frustration that lenders appear to be focusing only on loans to individuals with the highest credit scores. Lenders have tightened standards, requiring steeper down payments and stricter scrutiny of credit scores. But some economists think that might be changing as well. Do you have good credit? , A down payment? , A steady job? These are all factors that might play in favor of your ability to secure an attractive mortgage rate. While this hesitation is understandable – This is STILL a BUYERS market (where because of lower home prices due to high levels of homes for sale, etc.). Foreclosures and Short-sales are shrinking in availability. Seizing on great buying opportunities should be your focus; contacting a reputable Realtor should be your next action.

HOMEOWNERS AND HOMEBUYERS BENEFIT FROM SHORT SALES!

Homeowners and Homebuyers benefit from Short Sales!

On August 21,2012 the Federal Housing Finance Agency (FHFA) announced that working with Fannie Mae and Freddie Mac new guidelines were developed that expand eligibility criteria and streamline the short sale process which benefits Homeowners and Homebuyers alike.

These new guidelines offer a more streamlined short sale approach for troubled homeowners, as well as enable lenders to quickly and easily qualify certain homeowners for a short sale who are current on their mortgage payments,but must suffer from specific hardships such as job relocation, increase in housing expenses, unemployment and disability. The FHFA guidelines will also combine current short sales programs into one single uniform process and provide lenders and homeowners clarity on processing a short sale when a foreclosure sale is pending.

Moe Veissi, the president of the National Association of Realtors (NAR) has commended the FHFA,  “As the leading advocate for homeownership, REALTORS® know that when a family is absolutely unable to keep their home, a short sale is often the best option for homeowners hoping to avoid foreclosure,”  “REALTORS® appreciate FHFA’s efforts to increase the number of short sale approvals, which limit the losses incurred by homeowners, lenders, the federal government and taxpayers.”, he recently stated. Short sales also help stabilize home values and neighborhoods by keeping homes occupied, which benefits the housing market and aids in the recovery. these guidelines are to be implemented by November 1, 2012.

Homebuyers definitely benefit from these guidelines, as they can purchase homes with a higher market value for much less than they’re worth, PERIOD.!

If you are selling your house or buying your dream home – I can make it happen!

               click above line to contact me!

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HOMES 4 sale CONTINUE to FALL!

Homes 4 sale continue to fall The housing market is in recovery mode as evidenced by plummeting inventory levels and rising median prices, Realtor.com as indicated in its National & Local Market Trends report. In July 2012, the total number of residential listings from single-family, townhouses, co-op and condos dropped almost 20%, slightly just below 2 million. In the Fall of 2007 the national inventory was over 3 millions units. According to the National Association of Realtor’s website Realtor.com, the average length of time that properties are on the market is about 85 days, down about 9% from 2011, this while the average national list price is $194,900, which is up 2.63%. Today, the overall list prices are well below the 2007 $250,000 national price at its peak. Now is a GREAT time to buy! Generally, rising or stable prices combined with lower levels of inventory are signs of a recovering housing market as noted in the Realtor.com report. It’s important to note that older industrialized parts of the U.S. economy continue to show signs of weakness when it comes to housing. On the other hand, for-sale inventories are definitely falling in most U.S. markets – New York being one of those markets. Now is a GREAT time to buy! List prices grew in 91 of the 146 surveyed markets and declined in only 22 markets. "This pattern is in stark contrast to trends observed in July 2011, when median list prices were down -1% or more on an annual basis in 58 of the 146 markets covered by Realtor.com," the report noted. Now is a GREAT time to by! As a full service Realtor, I will help you achieve Real Estate needs – from finding your “DREAM” property, helping you connect with consumer friendly mortgage lenders, Attorneys that specialize in Real Estate, as well as housing, and termite, etc. Subscribe to my blog - http://escapingthecellar.blogspot.com/

THE RIGHT WAY TO BUY YOUR FIRST HOME

THE RIGHT WAY TO BUY YOUR FIRST HOME

Many people buy homes every day, but unfortunately a lot of them are not really ready. Make sure that you are fully prepared before taking on such a large responsibility. Simply put, "DON'T GO IT ALONE", "hire" a 'Realtor' - a licensed professional. All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

While the final decision is in you the buyers hands, the Realtor you've chosen must be trusted to do what they do, i.e. bring the deal to a sucessful close. Your dream of home ownership involves many players, and your Realtor know the process from start to finish, and how to bring all interested parties together to achieve your goal to be called a "Homeowner". Theodore 'Ted' Corbett has saw buyers realized the American Dream - that of Home Ownership!

Do not hesitate to ask questions.

Know and understand how much you can logically afford. Be disciplined! Avoid the temptation of going beyond what you can afford. A handy tool - "How much home can I afford". This calculator computes the most expensive house you can buy based on the highest payment you can afford, but does not indicate whether you would qualify for the loan.

Get an inspector to check things out.

Do not buy a money pit.
While Foreclosures, Short Sales,etc. can allow great price deductions, remember there is "NO FREE LUNCH"! Avoid,Avoid Avoid the temptation to buy a property where you will be sinking tremendous amounts of money into it.

Be reasonable about expectations.

Be open about other areas.

Do not expect perfection.

REMEMBER! Hire the right people to help you along the way.A Realtor will see you through to your dream of Homeownership!

Having money is not the most important factor when buying a home. There are many more things that need to be taken into consideration. If done right you can end up with a real prize.