tag:blogger.com,1999:blog-30576077691987981852024-02-01T21:47:13.052-08:00Buying A New HomeAnonymoushttp://www.blogger.com/profile/01862310967985081374noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-3057607769198798185.post-7321325099739373022014-06-16T22:30:00.001-07:002014-06-16T22:30:35.925-07:00Buyer's Paradise - Why Now is a Good Time to Buy a New Home<div id="article-content">
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Wow, can we be hit with any more doom and gloom financial news?
Over and over, we are bombarded by the media as to how bad things are in
the economy, which leaves you thinking that now is actually a poor time
to buy a new home. Gas had been hitting record highs week after week,
inflation is still increasing at a faster rate than in recent years,
people are losing their jobs, and the real estate market is being
pounded by the many adjustable rate mortgages (ARM) that are now
adjusting to higher payments, many of which people are unable to afford.
Despite the current state of affairs, now is definitely a good time to
buy a house.<br />
According to some, the outlook to buy a new home may
be grim - it's reported that existing home sales will decrease nearly 7%
this year, and new home sales are expected to decrease 19% (1). And
with a nod to the times, real estate developers in San Diego, California
are offering a 'two for one' deal - on homes, that is (2). Real estate
is going through an adjustment period, and for many potential buyers,
now is a good time to buy a house if there are available funds to secure
the financing. Mortgage interest rates are still low compared to
historical data, and home prices are also similarly low compared to what
some of them were 1-2 years ago. The point I'm trying to convey is that
now is, in fact, a good time to buy a house for those buyers who
weren't able to buy a new home when the real estate boom was happening.
People looking to buy a new home and invest in properties (keeping them
for a long-term period) would also benefit from the current state of the
housing market.<br />
<b>Making the Most of Your Investment</b><br />
Many
financial speculators recommend that, while now is a good time to buy a
house, you need to keep the property for three or more years; however,
if your plan is to buy a new home and then sell it within that window of
time, you'd be better off renting. Furthermore, with the current
volatility of the market, it's hard to calculate the outcome of it all
and when it will end (3). Many websites now provide a practical
calculator tool to analyze and compare the cost of renting versus buying
and which is better for your economic situation in the long run. To
judge for yourself if now is a good time to buy a house, plug in your
statistics to Real Estate Journal's online calculator.<br />
Housing
will continue to go through tough times and will probably remain slow or
stagnant for the next 2-3 years. There are an incredible amount of
homes for sale on the market far exceeding the amount of people who are
looking to buy a new home or who can qualify for financing. To give you
an example, as of today's writing on July 17, 2008, there are more than
106,000 homes listed for sale with local real estate agents in metro
Atlanta. That number doesn't even include the ones being sold by the
owners themselves, likely constituting a couple thousand more. First
time home buyers with good credit and down payments of 3-5% of their
purchase price can benefit by getting the right assistance from many
sources that help decide if now is a good time to buy a house.<br />
<b>Finding Affordable Homes</b><br />
However,
the resistance to buy a new home is not happening everywhere. Seattle,
Atlanta, and Dallas, for instance, are not feeling these strong
depreciation downturns like other cities in California, Florida, and
Arizona are (4). In these areas, it is not unusual to find homes that
were selling for $449,000 last year and are still on the market today at
$349,000 because they haven't sold. A friend of mine recently sold her
house at 68% of the home's appraised value because it had taken one full
year to sell. Since the home was completely paid off, she wanted to
move it as soon as she could and no longer cared how much less she was
going to get. She ended up selling it for $10,000 less than what she had
paid eight years ago. Stories like this become persuasive evidence of
why now is a good time to buy a house.<br />
Finding affordable, quality
homes and assisting home buyers with the financing are the types of
things the company I am associated with and other similar companies can
do for people who are ready to buy a new home. The more we are able to
inform them as to what options they have available and what they can do,
the easier it will be for the market to slowly but surely recover and
keep things from getting worse for those in financial distress. Again,
if you are looking at the long run when you decide to a buy a new home
(five or more years), you will be able to benefit with the conditions
the market is currently giving you, hopefully encouraging you to
understand why now is a good time to buy a house.<br />
<b>What Are You Waiting for? Buy Now!</b><br />
There
are many websites out there that can point you in the right direction
and help you decide, in your particular case, if you are ready to buy a
new home and if it is beneficial for you. Some buyers are worried about
timing the purchase of a home to the exact minute that prices drop to
their lowest points. The opportunity to a buy a new home may be too late
at that point, and timing anything as unpredictable as a good time to
buy a house is, after all, impossible. Search around for the right home:
research the neighborhood to get a feel for that location's housing
market, continue to build up your funds, and talk to real estate agents
and mortgage lenders or banks (5) that can help you decide if now is a
good time to buy a house. Those in the know can give you first hand
advice when you're ready to buy a new home at a price you feel
comfortable with.<br />
<b>Sources</b><br />
1. "Existing Homes Sales," National Association of Realtors.<br />
2. "In Escondido: Buy one (house), get one free," <i>The Los Angeles Times</i>.<br />
3. Cullen, Terry. "Is Now a Good Time To Buy a House?," The Wall Street Journal Online.<br />
4. Ibid.<br />
5. Updegrave, Walter. "Timing the Housing Market," <i>Money</i>.<br />
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Anonymoushttp://www.blogger.com/profile/01862310967985081374noreply@blogger.comtag:blogger.com,1999:blog-3057607769198798185.post-2797996992170865402014-06-16T22:29:00.002-07:002014-06-16T22:29:22.000-07:00Help With Buying A New Home - What To Expect and How To Prepare<div id="article-content">
One of the hardest and most stressful things a person will ever
do is buy a new home, especially if it is your first home. There are so
many things to consider and so much to do, it can be a huge task.<br />
The
good news is, you don't have to go at it alone. If you are using a real
estate agent then the agent will help you from getting over whelmed. In
fact all through the process of buying your home you are going to have
people who will help you. Some will be behind the scenes and you may
never actually meet them or hear from them, but their job is to make
real estate transactions easier.<br />
Even with all of this help though
you will have a lot to consider and there is still a lot of stress. The
number one stress factor is the investment. Your home is probably going
to be the single largest investment you will ever make. Investing that
kind of money is always stressful. Loan consultants can help take some
of the stress away. Their job is to work with you and find a home loan
that will suit your needs and keep you from going to far in debt. Paying
a home loan off every month is not a great feeling, but struggling to
pay off a mortgage payment because your lender let you take on more than
you could afford is even worse.<br />
The best advise I can give you is
to do research. Find out what the real estate market is doing. Every
city and every state have different market values on real estate so do
your research in the area that you plan to buy your home in. Different
sub-divisions and even different parts of a city will have an effect on
the value of a home. If the price tag looks extremely high, don't bother
with it. Find something that is priced reasonable and then make an
offer. Don't be afraid to send in a low offer, even if you know it will
not be accepted. This is part of buying real estate. Start low and work
your way up to what you are willing to pay. By working the counter
offers you can usually get a house at a much lower price then the listed
price.<br />
Do not be afraid to shop around, look at as many homes as
you want and use as many real estate agents as you want. Once you find a
house you are happy with then work out a contract. If you can't get it
at a price your happy with, go on to another house, there is always more
homes for sale.<br />
When it comes time to finance your home, don't
settle for any old loan. Make sure the lender is doing their best for
you. Many loan officers at banks can only offer you so much, they only
have a few loan programs to choose from. Mortgage brokers tend to stick
with only a few lenders and they will push the ones that pay them the
best. Make sure you know what loan your getting into. If your lender
doesn't explain the loan to you fully, find someone else. You may think
you have a good loan, get to the closing and discover your loan isn't
what you wanted. This is the wrong time to figure out your lender has
fooled you. Get all the information you can from your lender before you
go to close the deal.<br />
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Anonymoushttp://www.blogger.com/profile/01862310967985081374noreply@blogger.comtag:blogger.com,1999:blog-3057607769198798185.post-59795094159055819112014-06-16T22:28:00.003-07:002014-06-16T22:28:58.763-07:00Buying a New Home - Tips for Your Walkthrough<div id="article-content">
The walk through is the last chance you and your agent have to
look over the house before closing, and can occur anywhere from a few
days to a few hours before closing. It is during this time that you will
confirm that the repairs and changes agreed upon with the seller were
made. It also ensures that nothing comes as a surprise once the house
officially becomes yours.<br />
The list of important items to check
during your walk through is extensive, so a checklist and copy of your
sales contract can help you stay on task. There are certain items that
tend to slip a new home buyer's mind, including checking all the lights
and light fixtures to make sure they are wired properly, running water
and flushing toilets to ensure there are no leaks, and opening and
closing garage doors to check that they work properly.<br />
Pay close
attention to areas you may not have fully seen before your walk through,
such as previously covered floors and counter tops. Look carefully in
attics and crawlspaces to make sure they are in top condition as these
areas are often overlooked until a problem arises. And don't forget to
make sure that no trash or debris is left behind that will become your
responsibility after closing.<br />
There are special considerations to
be taken depending on whether you are buying a vacant home, an occupied
home or a newly constructed home. With a vacant house, take your time
inspecting the home as problems can arise when a house is uninhabited
for any significant length of time. With an occupied home, use the walk
through as an opportunity to talk to the seller about any quirks that
the house might have.<br />
Even though some buyers rely on the fact
that new construction does not come with pre-existing problems, it is
still important to stay focused and meticulously check all details.
Also, take this opportunity to discuss maintenance and warrantee
information with the builder. A good website to learn the important
questions to ask your builder when you buy a new home is NewHomeGuide.com.<br />
While
it is not part of a buyer's obligation, it is very unwise to not
conduct a walk through. It is easy to get carried away with the
excitement of your new home, stay calm and focused to ensure that every
aspect of the house has been covered. If you find any issues during your
walk through, be sure to speak up and document the problems.<br />
You'll be glad you took the time and effort for the entire duration of your stay in your new home.<br />
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My name is Robert Stark. I have been in the industry of real
estate investing for over 17 years. My real estate investing endeavors
have run the gamut from vans down by the river to mansions on the
mountain side. In the last 5 years I have been able to focus on buying new homes,
and through my experiences I have acquired a considerable amount of
home buying knowledge that I would like to share with anyone who cares
to listen.<br />
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