No doubt this unpredictable market is different for everyone. It makes sense to be cautious when everything in your life is uncertain; it makes sense to be a little bolder in risking all you’ve got if there’s nothing to lose. And there’s more in between! This window of opportunity is like having the planets align once in a lifetime. What Window of Opportunity? Let’s see…when was the last time Low Interest Rate aligned with Favorable Housing Market, Helpful Program Assistance (FHA, etc), and a few other things to consider.
1. It’s a market for First-time Home Buyers. With FHA’s qualifying standard–3 1/2 % DOWN PAYMENT and 620 FICO score (or lower with varying circumstances), wouldn’t you equate this with subprime loan? From my email, I just got the info from Gary, BFC Home Mortgage Consultant based in our Anaheim office, that “FHA is lowering the MI Up Front Premium and increasing the annual (monthly) mortgage insurance premium…effective with case numbers assigned on or after October 4, 2010”–in short, if you’re renting $750/mo and you can OWN a condo…wouldn’t it make sense to BUY if there’s some certainty in your life? Granting you’ll pay HOA…but you’ll have the tax break, etc. etc. For more of the home-buying process, visit Gary at www.homeloans.com/loans/gary-deloach …he surely could explain it better than me!
2. It’s a market for Equity Sellers, too. Do you have equity in your home? Maybe your mortgage payment is so low it would make sense to rent it out and be in a place you really want to be–your dream home just got more affordable. Wait a minute…ask yourself–am I ready to become a landlord/landlady? The possibilities are endless…and they all come with RISKS. Don’t Investors take risks? At this market? ALSO: with the lower market value, the taxes in your dream home will also be lower.
3. The Distressed Market–Short Sale, Deed-in-Lieu, Foreclosure, Bankruptcy! Things happen in our life, and we have to deal with them as best we could. There are more options now than in 2008 and 2009 when there were more Foreclosures than Short Sales. I don’t need to look at the statistics to see that there are more Short Sales than Foreclosures in 2010. It may seem to be the path of least resistance to just walk away without really thinking of the tax consequences, or the Second Mortgages…only to find out that they don’t really disappear. Purchase money may be easy to forgive, but 2nd or 3rd mortgages may have been sold to collection agencies that could follow anyone relentlessly. I will not go into details, but Short Sale has a lot more advantages, especially with the HAFA-Help Is On The Way. Should I then say…it’s a market for Short Sales? Wouldn’t Short Sale be a better option when you can possibly buy another house in 2 years? Would that be too far from affordability?
Generally, today’s lower rates translate into comparatively lower purchase costs. Ultimately…discuss tax and legal aspects with your accountant or lawyer because your situation is unique to you. Arm yourself with information as you don’t want to miss that window of opportunity…if and when it opens up to you.
Originally posted @ https://xzyllar.wordpress.com
Posted in Anaheim, California, Financing, Real Estate
Tagged Anaheim CA, down payment, FICO Score, First-time Homebuyers, HAFA, HAMP, housing market, Information, Lowest interest rate, opportunity, Real Estate
I have all kinds of reminders in my email and I think these are good things to share. I couldn’t say these in a better way! The tax incentive has expired, and this news couldn’t have come at a better time to hopefully continue the buying momentum that’s somewhat slowing down. What else could a buyer ask with the interest so low? Why the HOA, too? FHA has a revised guideline that includes allowing buyers to pay sellers’ accumulated HOA monthly dues during the selling process, which could be a deterent in buying condos–just my 2cents logic. Everyone wants this economy to get better….There are just too many holes to seal. Keeping up with the changes is certainly an exercise of Patience.
“The Opening Doors program is available to any qualified buyer who purchases a property located in PWR’s jurisdiction, which represents 26 cities in Central/Northern Orange County and the Southeast Los Angeles County.
Anaheim/Anaheim Hills, Brea, Buena Park, Cypress, Fullerton, Garden Grove, La Habra/La Habra Heights, La Mirada, La Palma, Lakewood, Long Beach, Los Alamitos, Norwalk, Orange, Pico Rivera, Placentia, Rossmoor, Santa Ana, Seal Beach, Signal Hill, Stanton, Tustin, Villa Park, Westminster, Whittier, and Yorba Linda.
PWR Opening Doors…
Did you know qualified first-time homebuyers working with a PWR REALTOR®, can receive up to $7,500 to assist with the down payment on the purchase of their first home. Applications are now being accepted!!
Did you know qualified first-time homebuyers working with a PWR REALTOR®, can receive up to $250 a month for a total of $3,000 in assistance towards the monthly home owners association dues for the first 12 after they purchase a home. Applications are now being accepted!! …”
I wanted to give the direct link but I’m not sure about the membership privileges…so for more info, just google PWR.
Originally posted @ https://xzyllar.wordpress.com
Posted in Anaheim, California, Real Estate, Uncategorized
Tagged Anaheim Angels, buy, CA, down payment, First-time Homebuyers, HOA Assistance, Lowest interest rate, opportunity, Real Estate, sell
How low can we still go? You tell me! Why isn’t everyone jumping for joy? Do we see a barrage of people rushing to buy houses either? The pendulum swung to the furthest end that even first-time home buyers are still scared to take the first plunge in a shallow pool…even when they can see the bottom. There are still multiple programs coming up faster than we could find them, even DP and HOA assistance–as there are ever-changing guidelines. This market has somehow leveled the playing field as all Realtors have to learn new terms from HAMP to HAFA…and more. Even SHORT Sales have the LONGest time to wait.
If we look back, we will find that buying a house is always a struggle…like reaching for a dream no matter what unless we’re one of the privileged few. My 83 year-old neighbor, who is now sitting pretty (from my neighborly perspective) on a fully paid house as I struggle with the bursting bubble of my dream, had told me how difficult it was for them to come up with the down payment. Then, every month they would ‘skimp and scrimp’ to make ends meet. They had seen The Great Depression, too…and they survived it! I am not sure what was Great about that Depression when we dread to see it in our time. In her stories, I only envisioned the greatness in her! I still believe in the resilience of the human race.
In the 1930s when they bought their house in Anaheim, it was only an amazing $24K. It had reached more than half a million during the recent market bubble. As a Realtor now, inspired by the collapse of the real estate market, the under $10K sign was floating before my very eyes for that house when it was first constructed in the 1950s. Where was I then? I must had been in First Grade half-way around the world.
It doesn’t matter anyway…the cycle of life will always be the same. We can’t see the future, and there will always be something that we will be afraid of doing. Rightly so…as we continue to struggle. Fear has a paralyzing effect, and it could let opportunity pass anyone by. It’s never a right time or a wrong time to buy a home, but it has to be right for you! The market could be different for everyone.
Originally Posted @ https://xzyllar.wordpress.com
Posted in Real Estate
Tagged Anaheim CA, down payment, fear, First Team Real Estate, First-time Homebuyers, HAFA, HAMP, HOA Assistance, housing market, Lowest interest rate, opportunity