If you are interested in looking at real estate 2009 just might be the year.  It is a good idea to find a broker who has the knowledge and experience necessary to help educate you on the real estate market where you would like to buy.  You need a broker who can help you make the most out of your first-time home buyer $8,000 tax credit.

Post from: EveryJoe

First Time Home Buyers Get $8,000 Tax Credit in 2009

This disparity provides two things, for those who cannot afford real estate in higher-end towns, neighboring towns are often more affordable for those who couldn’t afford them during the real estate boom; and those who can afford real estate in high-end towns can rest assured that they have made a sound real estate investment, knowing that even in a down economy their property values will hold their own.  It appears that even in the worst of times sought-after towns are destined to remain desirable communities at the top of their game.  Location is, after-all, everything.

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Disparity Exists Between High-End Towns and Their Lesser Neighbors

Stabilizing the housing market is imperative to the economy as a whole.  The creation of the tax credit might create the incentive for people to consider investing in real estate.  With the stock market in such a volatile place, purchasing property might actually be the more worthwhile investment.  The tax break appears to be the first of many steps in the new administration designed to boost confidence in the real estate sector.

Post from: EveryJoe

New Tax Break Hopes To Stimulate Housing Sector

A recent article in the Boston Herald mentions the “grim” Boston housing market “at the end of 2008 nearly 18 percent of homeowners in Boston were living in homes that were worth less than they paid for them. . . Also, home values in the Boston area have slipped 22 percent since the housing market peaked in 2005.”  A positive light in the article was “Barry Nystedt, president of Home Buyers Advisor, a buyer’s agent, said in healthy markets such as Newton and Wellesley where he works, values have held up. He said that sellers in those towns are getting between 95 percent and 97 percent of asking prices.  Location is still critical,” he said.

It is still possible to sell a house for its value if it is in a sought-after location. Research is of the essence when purchasing real estate and in today’s market there are a lot of options.  It is, after-all, difficult to find an area of this country which is not a buyer’s market.  Choosing valuable real estate is, in effect, choosing an area where real estate values will stay strong.

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In Real Estate Location is Everything

• Save. It is very important to save money for a down payment.  95-100% mortgages are much less common these days, if not a thing of the past.  Having a 20% down payment to put down will make securing a loan much easier.
• Stay within your budget.  Sit down and really look at your budget, picking a price point that won’t bankrupt you.  Don’t leverage yourself and get into a loan that you  can’t afford.  Analyze your income, your expenses and your savings and choose a dollar amount that will work for you not stress your financial situation to the hilt.
• Check your credit score.  Make sure your credit score is good enough to secure a loan, as well as good enough to acquire a decent interest rate.
• Know your bank.  If you intend on dealing directly with a bank, instead of a mortgage broker, make sure you pick a good bank with both a solid reputation and a solid foundation.  You don’t want to risk starting with a bank that is unstable, you may find yourself halfway through the loan process and the bank gets bought out, changes its policies or falls apart.
• Research.  Take time to do some research.  Research the area you want to find a home in and research what real estate company you want to work with.  A knowledgeable, well-reputed real estate broker can make all the difference in creating a successful transaction for you.

Purchasing real estate is a big decision and a big commitment, your due diligence will make your entire experience more worthwhile in the end.  Preparing yourself can only help you in the end

Post from: EveryJoe

Important Real Estate Tip: Prepare Before Looking for a Home

Only people who have solid credit scores, stable income and solid assets seem to be able to acquire loans these days.  Half of the housing trouble lies on this fact.  When Obama’s economic stimulus package and money hits the banks, lending should loosen somewhat.   However, for now, if you can get the money then you can get the house that you’ve had your eye on.

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Mortgage Rates Are Low, If You Can Get Them That Is

In a recent article NAR chief economist Lawrence Yun said “home prices continue to fall significantly. It appears some buyers are taking advantage of much lower home prices,” he said. “The higher monthly sales gain and falling inventory are steps in the right direction, but the market is still far from normal balanced conditions. Buyers will continue to have an edge over sellers for the foreseeable future.”

A true real estate investor wants to buy real estate when it is a buyer’s market and sell in a seller’s market.  All signs point to this time being a great time to buy.  The absolute bottom will only be known when it has already hit and the market is on the rise again.

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Existing Home Sales Increase in December

In a recent article at realtor.org the president of NAR, Charles McMillan stated what many people have been stating, it’s a good time to buy real estate.  “The typical buyer plans to stay in their home for 10 years, which is the correct approach in today’s market,” he said. “With historically low mortgage interest rates, flexible sellers, a large inventory, and homes that are selling for less than replacement construction costs in much of the country, buyers who’ve been on the fence should take a closer look at today’s market.”

With FHA assistance for first-time buyers, a possible $7,500 tax credit for home buyers, and more assistance in the works 2009 looks like it will be the year to buy real estate.  It certainly is a buyer’s market out there and people who are in a good position to buy should give real estate serious consideration.

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Real Estate: It’s a Great Time to Buy!

In a recent article by Mary Trupo, NAR President Charles McMillan said, “The housing sector is at the core of the current economic crisis.  A renewed, revitalized and robust housing market is essential to generating commerce and helping families build wealth and stability. We are eager to see this happen and look forward to working with the Obama administration and Congress to quickly implement housing stimulus efforts.”

NAR hopes that they can work closely with the new administration and find a solution that will benefit everyone, those facing foreclosure, real estate investors and real estate professionals.  Obama’s election has raised hope in a lot of people.  Real estate is closely tied to the economy and its success should buoy the economy and help get it back on track.

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NAR Hopes to Work Closely with New Administration

The obvious signs are that mortgage rates are at historic lows and that home prices are down.  The volatility of the stock market is also a good nudge.  Real estate has, in history, always rebounded.  In many resort areas real estate has appreciated much more than typical communities.  Purchasing a vacation home, especially in a desirable resort community, can be a wise decision in terms of rental opportunity as well.  Renting out your vacation home can help offset the mortgage if not pay for it entirely.

Now is a great time to consider buying your vacation dream home.  Gone are the days of paying asking price or getting in bidding wars for the property that you have your eye on.  If you can purchase a home in an area that you love to spend time in and pay for it by renting it out, you could be making a very wise decision.  Many resort areas may not be showing significant drops in listed prices but that doesn’t mean you won’t be paying less than you would have a year or two ago, if buyers are eager they will be willing to look at all offers.

The reality is that resort areas will always be in demand and where there is demand there is profit.  If you thought you may have been priced out of your dream vacation home now is a great time to take another look.

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Vacation Real Estate: A Great Time to Buy