If you are considering buying a home and would like to learn more about the process, you have a great opportunity coming up shortly. You are invited to attend a HUD Homebuyer's Seminar on March 3, 2011 right here in Chattanooga, Tennessee. The seminar will begin at 6:00 PM (EST) and end around 8:30 PM.
This seminar will be sponsored by Peoples Home Equity and Upward Realty.com. The location is the Peoples Home Equity office at 6650 East Brainerd Road, Chattanooga, TN 37421. Reserve your seat now by calling Shannon Lunn @ 423-591-9801 or by email to SLunn@ChattMortgage.com.
This is a great chance for you to get all your questions answered by local mortgage and real estate professionals who work in the current market everyday. There are lots of myths circulating in the marketplace and in the news. You need the facts and that is the purpose of this seminar. Before you venture into the current real estate market, arm yourself with the facts so you can be a knowledgeable consumer. Mistakes in the current market can be very expensive.
Raymond Warren of UpwardRealty.com is a Local Listing Broker for PEMCO, Ltd. and markets HUD Acquired Properties in the Greater Chattanooga Area and 12 counties in Southeast Tennessee. The real estate industry has been an ever changing environment for the last 4 years, this is your chance to get your questions answered by an experienced Broker who is in the local marketplace full-time everyday.
Lori Dodd of Peoples Home Equity will be discussing the current mortgage market and answering your home loan questions. You will also be able to talk with Peoples Home Equity about your personal mortgage needs and get pre-qualified. Being pre-qualified is a requirement for HUD and banks selling distressed properties. Property owners like to know that a buyer is able to complete the deal.
Sponsors:
Peoples Home Equity, 6650 East Brainerd Road, Chattanooga, TN 37421, 423-591-9801.
UpwardRealty.com, 6726 Hixson Pike, Hixson, TN 37343, 423-847-8001.
Showing posts with label Stop renting. Show all posts
Showing posts with label Stop renting. Show all posts
Wednesday, February 9, 2011
Tuesday, October 13, 2009
Last Chance - 45 Days to Close...
We are now about 45 days away from the November 30th deadline for the $8000 First Time Homebuyer Tax Credit. Time is slipping away.
My sales team and I are working with a number of anxious buyers this week, but we can still help you find the right house. We will need the help of a top notch lender who can get a loan processed without unnecessary delays, but we still have a very good shot at closing by the deadline.
If you are even close to ready, you need to get with your agent NOW. If you don't have an agent, you can contact anyone on my team for help.
Just a reminder, it is taking over 30 days in most cases to get through the loan process at present. Also, we have the Thanksgiving Holidays coming up at the end of November and you know mortgage companies will be closed for at least 2 days that week. Time is not something you can now waste and still get the money!
Your Realtors® for life are the professional sales staff at Upward Realty.com
© 2009 UpwardRealty.com
My sales team and I are working with a number of anxious buyers this week, but we can still help you find the right house. We will need the help of a top notch lender who can get a loan processed without unnecessary delays, but we still have a very good shot at closing by the deadline.
If you are even close to ready, you need to get with your agent NOW. If you don't have an agent, you can contact anyone on my team for help.
Just a reminder, it is taking over 30 days in most cases to get through the loan process at present. Also, we have the Thanksgiving Holidays coming up at the end of November and you know mortgage companies will be closed for at least 2 days that week. Time is not something you can now waste and still get the money!
Your Realtors® for life are the professional sales staff at Upward Realty.com
© 2009 UpwardRealty.com
Saturday, September 5, 2009
$8000 Tax Credit - A Limited Time Offer
The $8000 tax credit for first time home buyers will end on November 30th. If you want to take advantage of this program, you MUST close the purchase of your home by that date. If December 1st comes and you have not closed, you will not get the money.
Of course, Congress could extend the program, but are you willing to gamble on that? That could be an $8000 bluff to call if you are wrong.
There are a lot of rumors floating around about a $15,000 tax credit coming next year, but that is still just an unfounded rumor. If the market is truly now in recovery and sales will slowly start to climb as the "experts" are starting to predict, then why would the government need to give back $15,000 - enough people are already mad about the $8000 program and the "Cash for Clunkers" programs.
If you are a first time home buyer (which means you have not owned a home in the last three years), then the money is waiting right now ... until November 30th.
In the last 2 years there have been many changes to loan processing in the mortgage market and closings are no longer 2 weeks to 30 days. Many mortgage loans are taking up to 45+ days and often 60 days to close.
Right now, we are telling buyers that the safest way to make sure you get in on the tax credit is to be in escrow by October 1st (the 15th at the absolute latest). That means you need to find the home, negotiate the contract, and get your loan application started by the end of this month - yes, it is now September.
We have helped a number of buyers take advantage of this program already. If you need a professional Realtor® who understands the urgency of this process, then check me out on the web. My company is UpwardRealty.com and we can deliver for you in the Greater Chattanooga, Tennessee area. We have some calculators on our site that can help you look at payments for different mortgage amounts.
Disclaimer: I am a Realtor®, I am not a tax advisor, so please check out the $8000 Tax Credit with your accountant or the tax advisor you use. They can fill in all the little details for you, so you understand how it will work for you personally.
© 2009 UpwardRealty.com
Of course, Congress could extend the program, but are you willing to gamble on that? That could be an $8000 bluff to call if you are wrong.
There are a lot of rumors floating around about a $15,000 tax credit coming next year, but that is still just an unfounded rumor. If the market is truly now in recovery and sales will slowly start to climb as the "experts" are starting to predict, then why would the government need to give back $15,000 - enough people are already mad about the $8000 program and the "Cash for Clunkers" programs.
If you are a first time home buyer (which means you have not owned a home in the last three years), then the money is waiting right now ... until November 30th.
In the last 2 years there have been many changes to loan processing in the mortgage market and closings are no longer 2 weeks to 30 days. Many mortgage loans are taking up to 45+ days and often 60 days to close.
Right now, we are telling buyers that the safest way to make sure you get in on the tax credit is to be in escrow by October 1st (the 15th at the absolute latest). That means you need to find the home, negotiate the contract, and get your loan application started by the end of this month - yes, it is now September.
We have helped a number of buyers take advantage of this program already. If you need a professional Realtor® who understands the urgency of this process, then check me out on the web. My company is UpwardRealty.com and we can deliver for you in the Greater Chattanooga, Tennessee area. We have some calculators on our site that can help you look at payments for different mortgage amounts.
Disclaimer: I am a Realtor®, I am not a tax advisor, so please check out the $8000 Tax Credit with your accountant or the tax advisor you use. They can fill in all the little details for you, so you understand how it will work for you personally.
© 2009 UpwardRealty.com
Wednesday, May 28, 2008
Buying HUD homes with FHA financing
Are you in the market for a house and want to save some money? The Department of Housing and Urban Development (HUD) has some homes on the market that you might need to consider. These are repossessed homes that were originally financed with an FHA loan, but have been taken back by HUD.
Yes, some of these homes do have significant problems, but you can find HUD homes that need just a little work such as some cosmetic attention and you can find HUD homes that need to be gutted and rebuilt. But you do get to inspect the houses before making an offer and you can do a full home inspection during escrow. HUD also has a "Property Condition Report" on line for each house that can be very helpful - but this does not replace a home inspection.
Many of these homes are eligible for FHA insured financing again, and HUD may help you with some incentives. If you are the winning bidder for one of these homes, HUD offers closing cost help as well as help with financing. Your agent will need to request all incentives when your bid is placed. You will need to live in the home you purchase, if you are looking for FHA financing help. Investors can also buy these home, but more traditional financing will be needed.
At present, there is a program called "Buy HUD with FHA" and it is a great option for qualifed buyers on a budget. Under this program, HUD is offering FHA financing with $100 down. The usual down payment for an FHA insured loan is 3%. So, on a $100,000 house, you would pay down $3000 on a regular FHA loan, but with this program, you pay down $100.
There is a catch, HUD says "PLEASE NOTE: These incentives are being offered for a limited time and may expire without notice." So, you need to get going if you want to take advantage of this program.
If you are interested in pursuing a program like this, you will need to work with a HUD approved broker who will have the keys to gain access to these properties. Any licensed real estate agent who has registered and been approved by HUD can help you. Of course, I would hope you would use me or one of my agents. I have helped a number of buyers purchase a HUD home over the years. You can find me at www.upwardrealty.com/ or call me at 423-847-8001. But whoever you select as your agent, ask them some questions and make sure they know the process and have experience assisting buyers with the HUD process.
In any case, if you think you are interested in this program, don't waste time thinking about it, get moving! Remember that bold warning from HUD and contact me or another approved HUD broker today.
You can look for HUD homes and more information on buying HUD homes at http://www.HudHomestore.com. If you have more questions, and you know you will, please don't hesitate to contact me, or you can post comments to this blog.
© 2008 UpwardRealty.com
Yes, some of these homes do have significant problems, but you can find HUD homes that need just a little work such as some cosmetic attention and you can find HUD homes that need to be gutted and rebuilt. But you do get to inspect the houses before making an offer and you can do a full home inspection during escrow. HUD also has a "Property Condition Report" on line for each house that can be very helpful - but this does not replace a home inspection.
Many of these homes are eligible for FHA insured financing again, and HUD may help you with some incentives. If you are the winning bidder for one of these homes, HUD offers closing cost help as well as help with financing. Your agent will need to request all incentives when your bid is placed. You will need to live in the home you purchase, if you are looking for FHA financing help. Investors can also buy these home, but more traditional financing will be needed.
At present, there is a program called "Buy HUD with FHA" and it is a great option for qualifed buyers on a budget. Under this program, HUD is offering FHA financing with $100 down. The usual down payment for an FHA insured loan is 3%. So, on a $100,000 house, you would pay down $3000 on a regular FHA loan, but with this program, you pay down $100.
There is a catch, HUD says "PLEASE NOTE: These incentives are being offered for a limited time and may expire without notice." So, you need to get going if you want to take advantage of this program.
If you are interested in pursuing a program like this, you will need to work with a HUD approved broker who will have the keys to gain access to these properties. Any licensed real estate agent who has registered and been approved by HUD can help you. Of course, I would hope you would use me or one of my agents. I have helped a number of buyers purchase a HUD home over the years. You can find me at www.upwardrealty.com/ or call me at 423-847-8001. But whoever you select as your agent, ask them some questions and make sure they know the process and have experience assisting buyers with the HUD process.
In any case, if you think you are interested in this program, don't waste time thinking about it, get moving! Remember that bold warning from HUD and contact me or another approved HUD broker today.
You can look for HUD homes and more information on buying HUD homes at http://www.HudHomestore.com. If you have more questions, and you know you will, please don't hesitate to contact me, or you can post comments to this blog.
© 2008 UpwardRealty.com
Tuesday, April 22, 2008
FREE Homebuyer's Seminar
What: FREE Homebuyer's Seminar
When: Thursday - May 22nd
Where: UpwardRealty.com, 6726 Hixson Pike, Hixson, TN 37343
What time: 7:00 to 9:00 P.M. EDT
Who is invited: Everyone planning to buy a first home, a move-up home, or a downsize home.
Why: Because the real estate world has changed!
Register at: 423-847-8001 or on-line at: www.upwardrealty.com/
You are invited to join us for a special seminar for buyers in a changing market. Over the last year, and especially the last 2-3 months, the real estate market has changed drastically. Most of the changes have taken place in the mortgage part of the business. However, those changes have also made other areas adapt to new ways of operating.
If you are planning to buy a home anytime soon, you need to be up to date on the current market. We will cover the homebuying process from when you start to look upto the closing table and beyond!
We have gathered a number of industry professionals and we will be meeting to share with you. Check out this list of local sponsors for this event!
Agap'e Home Inspection
Community Mortgage Corporation
Covington Consulting & Appraising
UpwardRealty.com
Northgate Title Escrow, Inc.
Register at: www.upwardrealty.com/
© 2008 UpwardRealty.com
When: Thursday - May 22nd
Where: UpwardRealty.com, 6726 Hixson Pike, Hixson, TN 37343
What time: 7:00 to 9:00 P.M. EDT
Who is invited: Everyone planning to buy a first home, a move-up home, or a downsize home.
Why: Because the real estate world has changed!
Register at: 423-847-8001 or on-line at: www.upwardrealty.com/
You are invited to join us for a special seminar for buyers in a changing market. Over the last year, and especially the last 2-3 months, the real estate market has changed drastically. Most of the changes have taken place in the mortgage part of the business. However, those changes have also made other areas adapt to new ways of operating.
If you are planning to buy a home anytime soon, you need to be up to date on the current market. We will cover the homebuying process from when you start to look upto the closing table and beyond!
We have gathered a number of industry professionals and we will be meeting to share with you. Check out this list of local sponsors for this event!
Agap'e Home Inspection
Community Mortgage Corporation
Covington Consulting & Appraising
UpwardRealty.com
Northgate Title Escrow, Inc.
Register at: www.upwardrealty.com/
© 2008 UpwardRealty.com
Wednesday, March 5, 2008
Tax Refunds & Rebate Checks!
Congratulations, if you are one of the fortunate Americans that will be receiving an Income Tax Refund. Hopefully, it is a nice BIG check and you can do something special for you and your family.
If you have been considering the purchase of a home, then perhaps your tax refund would be best invested into a new family homeplace. If you have been "sitting on the fence" while waiting for the current buyer's market to bottom out, you might want to hop down real quick.
Most Realtors® I am talking with (and I talk with lots of Realtors®...) are saying their activity has picked up and they are showing property more than over the last few months. NOW is the time to get ahead of the Spring buying crowd. As people start to buy again, the competition will start to drive prices back up.
You could wait for your Tax Rebates that are coming, but it could be May or even early Summer before you see that money. Since interest rates have been climbing over the last couple of weeks, you could be paying a lot more interest if you wait for that Rebate check. Even a small rate change could mean thousands of dollar$ in interest over the life of the loan.
Of course, a home will still be a great investment this Summer, but it would be an even better investment at current interest rates!
When you are ready to start looking, check out my website and let my team get started wowing you with great service. We can make it happen for you! http://www.upwardrealty.com/.
Copyright 2008
If you have been considering the purchase of a home, then perhaps your tax refund would be best invested into a new family homeplace. If you have been "sitting on the fence" while waiting for the current buyer's market to bottom out, you might want to hop down real quick.
Most Realtors® I am talking with (and I talk with lots of Realtors®...) are saying their activity has picked up and they are showing property more than over the last few months. NOW is the time to get ahead of the Spring buying crowd. As people start to buy again, the competition will start to drive prices back up.
You could wait for your Tax Rebates that are coming, but it could be May or even early Summer before you see that money. Since interest rates have been climbing over the last couple of weeks, you could be paying a lot more interest if you wait for that Rebate check. Even a small rate change could mean thousands of dollar$ in interest over the life of the loan.
Of course, a home will still be a great investment this Summer, but it would be an even better investment at current interest rates!
When you are ready to start looking, check out my website and let my team get started wowing you with great service. We can make it happen for you! http://www.upwardrealty.com/.
Copyright 2008
Thursday, January 31, 2008
ALERT...Mortgage rates at 3 year low!
Interest rates over the last week have been L-O-W! We are talking the lowest in about 3 years.
One client building a new home locked in his interest rate at 4.5% for a 30 year fixed rate. This happened on January 22, 2008, the morning after the 3/4% cut by the Federal Reserve. Rates did rise later that day, but 5.5% or less has continued to be available.
It is time to buy a house! What are you waiting for, a rate increase?
One client building a new home locked in his interest rate at 4.5% for a 30 year fixed rate. This happened on January 22, 2008, the morning after the 3/4% cut by the Federal Reserve. Rates did rise later that day, but 5.5% or less has continued to be available.
It is time to buy a house! What are you waiting for, a rate increase?
Tuesday, November 20, 2007
What mortgage problems?
I watch the news just like you and they keep talking about the mortgage problems. Yes, I understand that a lot of owners are losing houses to foreclosure, but a lot more are not. If you are making your payments each month, you are fine and no one is going to take your home.
The facts are that over 95% of mortgages in America are being paid every month on time and there is no threat to these homeowners. Of the less than 5% who are left, the majority of them are still making some kind of payment and their lenders are working with them. That leaves a very small number of people who have quit paying on their mortgages and are now or will be in the process of losing their home shortly.
Recent surveys of actual people (not news media or "financial experts") show that more than 75% of those who have bought in the last 12 months feel good about their new home and expect to be there for 7 years or more. Further, they feel that their home investment will be as good or better than an equal investment in the stock market. They are keeping their head and not panicking - contrary to what the talking heads are saying.
So, relax and don't worry about the real estate market. If you want to buy a house, you have no reason to wait. Mortgage rates are at near record low levels, regardless of any mortgage problems the media is talking about. And with all the talk about the mortgage market and the phantom housing bubble, the prices are quite reasonable. Further drops in prices are less likely than increases in price as the market comes out of the thaw... I personally am looking to buy any bargains I can Now, before you guys start buying again and the prices begin to rise.
It is time to buy and quit listening to the nay-sayers!
Happy Thanksgiving!
Copyright 2007
The facts are that over 95% of mortgages in America are being paid every month on time and there is no threat to these homeowners. Of the less than 5% who are left, the majority of them are still making some kind of payment and their lenders are working with them. That leaves a very small number of people who have quit paying on their mortgages and are now or will be in the process of losing their home shortly.
Recent surveys of actual people (not news media or "financial experts") show that more than 75% of those who have bought in the last 12 months feel good about their new home and expect to be there for 7 years or more. Further, they feel that their home investment will be as good or better than an equal investment in the stock market. They are keeping their head and not panicking - contrary to what the talking heads are saying.
So, relax and don't worry about the real estate market. If you want to buy a house, you have no reason to wait. Mortgage rates are at near record low levels, regardless of any mortgage problems the media is talking about. And with all the talk about the mortgage market and the phantom housing bubble, the prices are quite reasonable. Further drops in prices are less likely than increases in price as the market comes out of the thaw... I personally am looking to buy any bargains I can Now, before you guys start buying again and the prices begin to rise.
It is time to buy and quit listening to the nay-sayers!
Happy Thanksgiving!
Copyright 2007
Wednesday, November 7, 2007
Real Estate - The Current Market
I have written several times in this blog about the current market. People seem to think we are in a recession or homes are just not selling. That is not the case. Do you want to know what the real estate market is doing? The term that seems to fit best is a "correction" and even this correction is not taking place on a nationwide basis. Some parts of the country are up 8-10% in prices and sales for 2007.
Real estate is like politics, it is always local. In the Chattanooga, TN. market, it really does not matter what is taking place in the New York, Florida or California markets. Those markets were inflated as everyone already knows. In those markets, there had to come a slow down at some point. Now is that time. However, most of the Southeast United States (excluding parts of Florida) has never been overinflated. The prices in most of the Southeast are still below national averages. The Chattanooga area is one of the most affordable places to live in America.
The National Association of Realtors® (NAR) tells us that the final sales figures for 2007 should show sales of about 5.9 million existing homes. This is not a record, but is at the level recorded for 2002, the second year of our most recent housing boom. That means we are really still buying and selling at boom market levels. The figures for next year are predicted to be in the 6.2 million for number of existing home sales in America.
Currently, prices in the Chattanooga area are fairly stable. Sellers still want to sell their homes, so they can move up or down while the market is adjusting. That means buyers can take advantage of this "buyer's market" and maybe get the lowest prices they will ever see. Everyone (yes, even you) fully expects prices to again rise and probably very shortly as 2008 begins the thaw.
Realtors® are still bullish on our market, we work in the housing market everyday and we see the American Dream still being pursued and attained. Those who are buying now are stopping the rent cycle and beginning the homeownership/equity building phase of life. Those who buy now will be a step ahead of you, if your plan is to "wait this out."
Most folks will continue to pay housing costs in some form, either as rent or they will realize the American Dream. You know the economy goes through cycles and you know this current housing cycle will end. Are you going to act now and take advantage of a buyer's market or will you react later when everyone else is buying and it is again a seller's market?
In Chattanooga, TN. there is a great team of Realtors® ready to work with you to help you realize your dreams of the "white picket fence" (even if your version is quite different.) Dreams don't just go away! My team at UpwardRealty.com can and will help you realize your American Dreams.
Call us anytime at (423) 847-8001 or check out our company website at http://www.upwardrealty.com/ .
Our goal is to give you such good service, you will become our "client for life."
Copyright 2007
Real estate is like politics, it is always local. In the Chattanooga, TN. market, it really does not matter what is taking place in the New York, Florida or California markets. Those markets were inflated as everyone already knows. In those markets, there had to come a slow down at some point. Now is that time. However, most of the Southeast United States (excluding parts of Florida) has never been overinflated. The prices in most of the Southeast are still below national averages. The Chattanooga area is one of the most affordable places to live in America.
The National Association of Realtors® (NAR) tells us that the final sales figures for 2007 should show sales of about 5.9 million existing homes. This is not a record, but is at the level recorded for 2002, the second year of our most recent housing boom. That means we are really still buying and selling at boom market levels. The figures for next year are predicted to be in the 6.2 million for number of existing home sales in America.
Currently, prices in the Chattanooga area are fairly stable. Sellers still want to sell their homes, so they can move up or down while the market is adjusting. That means buyers can take advantage of this "buyer's market" and maybe get the lowest prices they will ever see. Everyone (yes, even you) fully expects prices to again rise and probably very shortly as 2008 begins the thaw.
Realtors® are still bullish on our market, we work in the housing market everyday and we see the American Dream still being pursued and attained. Those who are buying now are stopping the rent cycle and beginning the homeownership/equity building phase of life. Those who buy now will be a step ahead of you, if your plan is to "wait this out."
Most folks will continue to pay housing costs in some form, either as rent or they will realize the American Dream. You know the economy goes through cycles and you know this current housing cycle will end. Are you going to act now and take advantage of a buyer's market or will you react later when everyone else is buying and it is again a seller's market?
In Chattanooga, TN. there is a great team of Realtors® ready to work with you to help you realize your dreams of the "white picket fence" (even if your version is quite different.) Dreams don't just go away! My team at UpwardRealty.com can and will help you realize your American Dreams.
Call us anytime at (423) 847-8001 or check out our company website at http://www.upwardrealty.com/ .
Our goal is to give you such good service, you will become our "client for life."
Copyright 2007
Friday, November 2, 2007
Enough With the Gloom and Doom!
Do news reporters truly enjoy delivering only bad news? If you have listened to either the local or national news outlets recently, you probably think buying or owning a home is the worst thing you can consider. Regardless of the facts, the press is continuously telling us how the bottom is just falling out of our economy and buying a home now is just stupid.
Well, that ain't so! Most of the so called "experts" are not real estate experts. I have watched investment shows while four experts discuss which stocks they think are right to buy. All four have their favorites and each gives good reasons why the other three experts are really idiots. Then after 10 minutes of this, the moderator will ask them about real estate. All four will give the same response - it is a bad time to buy, prices will continue to drop, it is just bad-bad-bad! This is the only thing these "experts" have agreed on the whole time they have been on the program. However, when they were introduced, there was nothing said about them having any real estate experience - they all work for business magazines, websites, or stock brokerages. They all have an agenda - get your money out of real estate and into the stock they sell.
However, everyone keeps telling us it is a "buyer's market". Doesn't that mean it is a GOOD time to buy? Actually it does! Right now, because of the relentless bad press on real estate, prices have dropped. They have not dropped by double-digit amounts as the press whould lead to you think, but in most markets prices today are 3-5% below the level of a year ago. However, prices have actually gone up in some areas this year. Also, most home owners are not in a "have to" sell situation, so they will not make drastic price cuts, even with the "I'm going to steal a house" mentality many buyers now have.
If you are buying, expect to get a fair price, but not to steal a house. Sellers will just wait you out. Right now, you can buy a house at a reasonable price, but if you wait another year, you may be paying 8-10% or more to buy that same house. That's OK, the sellers are willing to wait.
How about interest rates on mortgages. The press has not been telling you that rates are really low. You can find 30 year fixed rate mortgages at around 6%, give or take a quarter. For 15 year terms, fixed rates are below 6%. Folks, those are LOW rates! Does anyone remember the early 80's - back then 15-18% was common and people went nuts when the rates dropped to the 11-13% range.
Regardless of what the press says, the economy is good right now. Interest rates are low, unemployment figures are low, the economic reports show the economy growing, and if not for rising gas prices we would say the economy is booming.
It is a good time to buy real estate, before the prices and interest rates begin to go back up. And you know they will.
Well, that ain't so! Most of the so called "experts" are not real estate experts. I have watched investment shows while four experts discuss which stocks they think are right to buy. All four have their favorites and each gives good reasons why the other three experts are really idiots. Then after 10 minutes of this, the moderator will ask them about real estate. All four will give the same response - it is a bad time to buy, prices will continue to drop, it is just bad-bad-bad! This is the only thing these "experts" have agreed on the whole time they have been on the program. However, when they were introduced, there was nothing said about them having any real estate experience - they all work for business magazines, websites, or stock brokerages. They all have an agenda - get your money out of real estate and into the stock they sell.
However, everyone keeps telling us it is a "buyer's market". Doesn't that mean it is a GOOD time to buy? Actually it does! Right now, because of the relentless bad press on real estate, prices have dropped. They have not dropped by double-digit amounts as the press whould lead to you think, but in most markets prices today are 3-5% below the level of a year ago. However, prices have actually gone up in some areas this year. Also, most home owners are not in a "have to" sell situation, so they will not make drastic price cuts, even with the "I'm going to steal a house" mentality many buyers now have.
If you are buying, expect to get a fair price, but not to steal a house. Sellers will just wait you out. Right now, you can buy a house at a reasonable price, but if you wait another year, you may be paying 8-10% or more to buy that same house. That's OK, the sellers are willing to wait.
How about interest rates on mortgages. The press has not been telling you that rates are really low. You can find 30 year fixed rate mortgages at around 6%, give or take a quarter. For 15 year terms, fixed rates are below 6%. Folks, those are LOW rates! Does anyone remember the early 80's - back then 15-18% was common and people went nuts when the rates dropped to the 11-13% range.
Regardless of what the press says, the economy is good right now. Interest rates are low, unemployment figures are low, the economic reports show the economy growing, and if not for rising gas prices we would say the economy is booming.
It is a good time to buy real estate, before the prices and interest rates begin to go back up. And you know they will.
Copyright 2007
Tuesday, September 4, 2007
When renting no longer works for you...
Chattanooga/Hixson, Tennessee
You may have heard paying rent is like "flushing your money down the drain" or "tossing money in the trash". But, renting sometimes is the only option you have. When young people are starting out, renting is their only option. Later, some of our best memories are the times we spent renting that first pad (I think you might call it a crib now.)
As we grow financially in our personal lives, most of us dream of owning our own home. "The American Dream" drives us in that direction. We desire a place that shows our individual character, white picket fence optional. A place to raise a family and find a new meaning for a "crib".
For many reasons, we may be hesitant to buy that first home. It can be a scary process when we have no experience with home ownership. Second home buyers are far less hesitant - once you have owned a home, you don't want to go back to renting.
But, are you financially able to own? In most cases, the answer is "YES!" ... Provided you have not absolutely wrecked your credit. Having paid your bills on time, including your landlord - you should be able to qualify for a mortgage... In our buyer's market, sellers are frequently eager to assist buyers with closing costs help, which can make a deal work for a first time buyer.
Owning a home allows you to build equity. Equity is the value you have in your home above the amount you owe. Simply put, if you own a home worth $150,000 and you owe $120,000 on your mortgage, you have built $30,000 in equity. The people in America that have wealth own something, they have equity. There are some sweet income tax advantages as well.
So, are you beginning to think that maybe it is time to consider home ownership? If so, what about the first step you should take. Mortgage lenders say start with them. However, Realtors® like me, know that we are your best first stop. A good Realtor® is worth their weight in gold. The right Realtor® will be able to connect you with multiple lending sources and help you evaluate the various options each lender offers. Your Realtor® is a valuable source in finding the right lender and avoiding the wrong mortgage.
Once you know your financing options, you will know your price range. Your Realtor® will then help you evaluate your needs, such as home size, schools, neighborhood features that appeal to you, and a myriad of other options that must all come together in the right home.
Realtors® are paid on a commission basis, but we don't live in a vacuum. We must compete in the real world. A career Realtor® cannot afford to work with one-time only clients. We must build solid relationships - happy homeowners. Only satisfied buyers become repeat clients. Unhappy clients don't recommend their Realtor® to friends and family members.
When renting is no longer working for you, start with a good Realtor and get ready to begin building equity. In the Chattanooga area, my team at UpwardRealty.com would love to make you our customer for life.
Get the details on what to look for in a BUYER"S AGENT by reading my September 4, 2007 post titled:
(There are a number of special programs for first time home buyers and I will address these in a future blog. Most lenders define a first time buyer as "has not owned real estate within the last three years." Check back for that posting.)
Copyright 2007
You may have heard paying rent is like "flushing your money down the drain" or "tossing money in the trash". But, renting sometimes is the only option you have. When young people are starting out, renting is their only option. Later, some of our best memories are the times we spent renting that first pad (I think you might call it a crib now.)
As we grow financially in our personal lives, most of us dream of owning our own home. "The American Dream" drives us in that direction. We desire a place that shows our individual character, white picket fence optional. A place to raise a family and find a new meaning for a "crib".
For many reasons, we may be hesitant to buy that first home. It can be a scary process when we have no experience with home ownership. Second home buyers are far less hesitant - once you have owned a home, you don't want to go back to renting.
But, are you financially able to own? In most cases, the answer is "YES!" ... Provided you have not absolutely wrecked your credit. Having paid your bills on time, including your landlord - you should be able to qualify for a mortgage... In our buyer's market, sellers are frequently eager to assist buyers with closing costs help, which can make a deal work for a first time buyer.
Owning a home allows you to build equity. Equity is the value you have in your home above the amount you owe. Simply put, if you own a home worth $150,000 and you owe $120,000 on your mortgage, you have built $30,000 in equity. The people in America that have wealth own something, they have equity. There are some sweet income tax advantages as well.
So, are you beginning to think that maybe it is time to consider home ownership? If so, what about the first step you should take. Mortgage lenders say start with them. However, Realtors® like me, know that we are your best first stop. A good Realtor® is worth their weight in gold. The right Realtor® will be able to connect you with multiple lending sources and help you evaluate the various options each lender offers. Your Realtor® is a valuable source in finding the right lender and avoiding the wrong mortgage.
Once you know your financing options, you will know your price range. Your Realtor® will then help you evaluate your needs, such as home size, schools, neighborhood features that appeal to you, and a myriad of other options that must all come together in the right home.
Realtors® are paid on a commission basis, but we don't live in a vacuum. We must compete in the real world. A career Realtor® cannot afford to work with one-time only clients. We must build solid relationships - happy homeowners. Only satisfied buyers become repeat clients. Unhappy clients don't recommend their Realtor® to friends and family members.
When renting is no longer working for you, start with a good Realtor and get ready to begin building equity. In the Chattanooga area, my team at UpwardRealty.com would love to make you our customer for life.
Get the details on what to look for in a BUYER"S AGENT by reading my September 4, 2007 post titled:
Searching for a REALTOR®... Homebuyer's list.
(There are a number of special programs for first time home buyers and I will address these in a future blog. Most lenders define a first time buyer as "has not owned real estate within the last three years." Check back for that posting.)
Copyright 2007
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