First Time Home Buyers Should Find a Home Soon

June 29, 2009

If you are a first time home buyer and are considering purchasing a home and benefitting from the first time home purchase tax stimulus, you will want to stop thinking and start looking.

The purchase transaction will have to be closed before December 1st, 2009. However, once you have an offer accepted, it can take a couple months to close on a deal. It used to take 30-45 days to close on a deal, but that number has been increased recently.

Understaffed lenders aren’t able to handle files as quickly as they used to, so loan underwriting takes much longer than before.
Recent regulations criminalizing all direct communication between appraisers and mortgage brokers adds another few days to weeks on to the transaction.

Right now, it’s not unusual to see a sale go 45 to 60 days or longer before closing! This means if you don’t buy before September 1st, there is a chance you won’t close in time.

Don’t miss out on this once in a lifetime opportunity. Prices are low, interest rates are low, and there’s a lot of homes to chose from. It’s a lot easier and cheaper to buy a home than you may think.

How to save time finding a home:

Find a buyer’s agent.
- A free buyer’s agent can show you all properties you might like in one or two days.
Search extensively online and find the best choices
- You can save time by eleminating the least likely possibilities so you don’t have to visit too many homes. Start searching now!
- Install Dwellicious.com and save all the properties you find from all the sites to one location.
Don’t search way out of your price range.
Have your preapproval letter, good faith estimate, and earnest money ready for an offer.

Call or email today for a free consultation.

Start searching Stark County now!

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Posted by joeymarino | Filed Under Real Estate Blog | Leave a Comment

Should You Sell Now?

June 2, 2009

If you have been wondering whether or not you should sell your home, the following information should answer your question.

This is an article by Peter Schiff “Dr. Doomsday” who is credited for predicting the recession down to the quarter and knowing many of the main factors that caused it for years. This article eludes to what I’ve been wondering for some time. What happens once the stimulus credit runs out December first? My interpretation is that while the slowdown of dropping prices in recent months is good, it’s artificial. It’s artificial because the bubble was artificial and the tax stimulus and low rates have temporarily slowed down the dropping prices. If prices were to take the normal path of increase, slightly above inflation for the last 10 years, as it had for the last 100, prices would be 34% less than what they are now.

If what he is predicting is correct, the prices could continue to drop even more so after the first time homebuyers stimulus expires. The positive side to the story is that there are still buyers and there always will be buyers. You may want to consider selling now while the weather is good, school is out, the rates are great, and the first timer tax stimulus is helping keep our inventory and prices under control.

Peter Schiff – TheStreet.com – Housing’s Big Picture Isn’t Pretty

**Please note that this is just a prediction and is not intended to cause panic. This blog is merely a reflection on the possiblities of the market.

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