A Good Time to Buy a High-End Home

A Good Time to Buy a High-End Home

Some of the best housing deals are on high-end homes, many over $1 million. Some of them need TLC or they aren’t in the most-coveted locations. But there are plenty of desirable properties and lots of sellers who are getting impatient.



Buyers with cash have the best opportunities. Buyers who need a mortgage should move especially quickly. With the Federal Reserve ending its purchases of mortgage securities this month, the mortgage market is likely to rise from its current low level. Even if prices fall further, the rising cost of borrowing could eliminate any savings.



As Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, says, this is a "very good time to be a buyer at the high end."



Source: The Wall Street Journal, Nick Timiraos and James R. Hagerty (03/27/2010)

EMILY LEE

606-499-7836

REALTY GROUP II

423-869-5111

Transportation Costs Hurt Housing Affordability

Transportation Costs Hurt Housing Affordability


A new study contends that only 39 percent of U.S. communities are affordable for typical households when the cost of transportation is included in the calculation of housing costs.



The Center for Neighborhood Technology analyzed the Housing + Transportation Affordability Index, which examined 161,000 neighborhoods housing 80 percent of the U.S. population, and concluded that for most families, transportation is the second-largest household expense.



It is also a fairly unmanageable one, the study concluded, because it is difficult for families to estimate the full cost of a location before they move there. Gas prices and employment demands aren’t very predictable for many.



Factors that can help people control transportation costs include walkable neighborhood streets, access to public transit, and nearby retail.



Source: Center for Neighborhood Technology (03/23/2010)

Emily Lee

606-499-7836

Realty Group II

423-869-5111

7 Tips for First Time Home Buyers

1. Look up local listings to see what price range houses are going for. Follow this link to Realtor.com.



2. Check to see if you can afford a monthly payment by using a mortgage calculator. Follow this link to a mortgage calculator.



3. To see if you can afford this mortgage payment use an affordability calculator. Follow this link to an affordability calculator.



4. Find a buyers agent to represent you. You will need help you through your home search, the ins and outs of finding something in your budget that suits your needs, going through the offer, inspection and closing steps that are involved. If you don't get a buyers agent to represent you the agent is automatically working for the seller.



5. Get pre-approved!!! Never start out your search not knowing if you can even get a loan or not, this will also make your offer to a seller more appealing.



6. Start saving!!! The more earnest money you can put down on a contract the more serious your offer will seem to a seller.



7. Ask about title insurance fees, survey charges, escrow fees, and loan origination fees, all of this may be due at closing so it’s good to know ahead of time what you’ll be paying for.

5 Common First Time Home Buyer Mistakes

First time home buyers, more commonly known as “property virgins”, are characterized for having unrealistic expectations on buying real estate.

They want everything for a next to nothing price.

The average first time home buyers are ages 24-34 and this is the first real investment they have ever made.

Now with the market leaning more in their favor, opening the door to many who 3 years ago could never have afforded a home, they face a new struggle of competing against investors on getting that great deal on a house.

Investors have spent more time researching the market, have more money to put down and don't take as long to make a decision on to buy or not to buy.

Below I have attached a list of the 5 most common mistakes first time home buyers make, provided by Real Estate Checklists and Systems.

To help you avoid making a "property virgin" mistake call a local Realtor.
To contact me: e-mail EmilyLeeRealty@yahoo.com or call 606-499-7836


5 Common First Time Home Buyer Mistakes

1. They don’t ask enough questions of their lender and end up missing out on the best deal.

2. They don’t act quickly enough to make a decision and someone else buys the house.

3. They don’t find the right agent who’s willing to help them through the home buying process.

4. They don’t do enough to make their offer look appealing to a seller.

5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.

Source: Real Estate Checklists and Systems

Click here to visit my personal website

Measuring The Benefits Of Home Ownership

Thinking about getting into Home Ownership???? Now is the best time to jump into this lifelong investment! With the first time homeowner’s tax credit of $8,000 and the market back on the rise…. all waiting around will get you is a larger mortgage payment…..


Why should you buy?

When you purchase a home instead of rent you are making an investment into your future, whereas with renting you are just giving someone else your money. When you own a home you can deduct your mortgage loan interest cost from you federal income taxes and your property taxes as well.


How can you get a loan if you can’t afford a large down-payment or have bad credit?

There are many federal mortgage programs that offer loans to people just like you! They offer low down payments or even 100% financing with low monthly payments.


Can you afford a mortgage payment if you’re a single parent?

YES!!! The government offers homeownership grants or special programs to single parents just like you! The key is getting with an agent and getting pre-qualified before you start your home search.


What is the first thing you should do when you’re thinking about home ownership?

Contact a local Realtor!!! They can lead you in the right direction from Step 1 until closing day. Chose a realtor who has your best interest at heart and are willing to help you work through all the steps from getting pre-qualified to choosing the right home for you. To contact me :
send me an e-mail at EmilyLeeRealty@yahoo.com or call me at (606) 499-7836


Below I have attached a link to a article that contains a wealth of information to those considering buying a home, Check it Out!

Measuring The Benefits Of Home Ownership

Extended Home Buyer Tax Credit 2009/2010

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Published by Realtor.org


For the rest of this post and information on:

Who Qualifies for the Extended Credit?
Which Properties Are Eligible?
How Much Is Available?
How is a Buyer's Credit Amount Determined?
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Will the Tax Credit Need to Be Repaid?

Visit: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

Mortgage Rates Hold Steady

Mortgage Rates Hold Steady

The average rate on 30-year, fixed mortgages held at 5.04 percent for the week ended Sept. 24—down from 6.09 percent a year ago, according to Freddie Mac. Interest on 30-year, fixed loans has declined in the past three weeks, according to Freddie Mac chief economist Frank Nothaft, and the Mortgage Bankers Association reported a 13 percent increase in application volume last week. Other rates performed as follows:

15-year fixed loans dipped for the week from 4.47 percent to 4.46 percent.
Five-year hybrid adjustable-rate mortgages were flat at 4.51 percent.
One-year ARMs fell from 4.58 percent to 4.52 percent.

Source: Wall Street Journal (09/25/09)