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!

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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/