Thinking Of Buying A Home? You Should Wait!

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Thinking Of Buying A Home?  You Should Wait!

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So you are thinking of buying a home and aren’t sure if now is the right time.  The answer is… You Should Wait!

Why should you wait??

You should wait to buy a new home if you are comfortable paying a higher price for your next home.  The real estate market has improved greatly and while home prices have not started to rise dramatically yet, home prices are going to start edging upward.  We have  a shortage of homes for sale in many areas and neighborhoods and when there is a shortage of a product the price rises.  It’s called supply and demand.

You also should wait to buy a home if you are fine with paying a much higher interest rate for your mortgage.  Rates on 30 year fixed rate mortgages are hovering around 3.25% – 3.50% right now.  Many experts believe that rates will soon begin to rise to above 5.00%, possibly by the end of the year.  How much difference does this make you ask?  On a $200,000 mortgage the payment of principle and interest on a 3.50% mortgage is $898 per month.  When rates rise to 5.00% that same $200,000 mortgage payment is $1073. per month.  That’s a difference of $175. per month or $63,000 over the life of the 30 year mortgage.

You may be thinking you are going to wait until some great deals on foreclosure or bank owned homes come on the market.  In today’s market when foreclosure and bank owned homes come on the market they sell very quickly, many times in multiple offers for much more than their list price.  Be careful… That doesn’t sound like a good deal to me.

So should you really wait?  You should really wait only if it doesn’t make sense to buy a home because of your own personal or family situation.  This is the best time to buy a home, right now.  All sarcasm and silliness aside, interest rates are not going lower and home prices have clearly already hit bottom and are poised to move higher.  Don’t miss out!

If you are going to wait, by all means wait.

If you are ready to start your home search right now, just click here >>  Search Homes For Sale In The Cincinnati MLS!

Looking For Homes For Sale In West Chester Ohio – Click Here!

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Looking For Homes For Sale In Fairfield Township Ohio – Click Here!

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West Chester & Liberty Twp OH Real Estate: Home Buyers Have The Edge!

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Home Buyers Have The Edge!

According to Lawrence Yun, chief economist from the National Association of Realtors, “Home buyers over the past year got a great deal and buyers for the balance of this year have an edge over sellers.  Affordability could reach a generational high in the second half of this year because of rock bottom interest rates, helped partly by the Fed’s very accommodative monetary policy.”

Donald Trump says:  “I can’t guarantee it, but I’m pretty sure this is right now a great time to go out and buy a house. And if you do, in 10 years you’re going to look back and say, ‘You know, I‘m glad I listened to that interview with Donald Trump’.”

And John Paulson says:  “If you don’t own a home, buy one. If you own one home, buy another one. And if you own two homes, buy a third and lend your relatives the money to buy one.” – John Paulson 9/27/2010

For more reasons why now is a prime time to buy a home, contact me and I’ll send you a free eBook titled  “7 Reasons Why Now Is A Great Time To Buy A Home”

Start Your Search For Your New West Chester or Liberty Township Ohio Home Right Here!

Buying A Short Sale Property: A Mortgage Lender’s Perspective

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Today, we introduce guest blogger Dave Scully with Evolve Bank & Trust. Dave has over 20 years as a mortgage professional in the West Chester, Liberty Township, Mason and Greater Cincinnati marketplace.

Buying A Short Sale Property by Dave Scully, Guest Blogger on RealEstate-Ink.com

Buying A Short Sale ListingEvery buyer in the market wants to get the best deal. You may want to begin your search for a new home with properties that are on a “short sale”. First, let’s define what a short sale is. A short sale is when the sales price of the home is less than the amount the previous owners currently owe on their mortgage. In a short sale the borrowers are likely in the foreclosure process. Therefore the Bank must approve and sale and that is who your Realtor will be negotiating with.

Search For Bank Owned And Short Sale Properties For Sale Here

When buying a short sale you must be prepared for a longer negotiating process and closing process. As I said earlier you are dealing with the bank who must approve the sale of the property. The banks have so many short sales and foreclosures on their books that they do not react as quickly to an offer on the property. Also, the bank will allow you to do a whole house inspection, however they will require the sale of the home to be on an as is basis. I encourage every buyer to get a whole house inspection. However, on a short sale most banks will not make ANY repairs to the property.

Once your loan is approved and you are cleared to close we can typically close you within a day. However, on a short sale the bank will want to see the closing statement and review it for up to 72 hours prior to close.

They key to a successful and timely closing on a short sale is knowing what to expect and when to expect it. Personally I refer to short sales as “Long Sales” as they take a little bit longer to close due to the owner being the bank. I recommend you expect to close a short sale in 45 days instead of the 30 days that we can close a loan.

 Have a home that you need to sell in short sale?  Visit www.LowryTeam.com

West Chester & Liberty Township OH Real Estate: 7 Reasons Why Now Is A Great Time To Buy A Home!

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7 Reasons Why Now Is A Great Time To Buy A Home In West Chester, Beckett Ridge, Liberty Township and Mason!

-It’s prime time to buy a home –

Reason #1:  Homes have never been more affordable.  For individual home buyers there are only a few facts that really matter.  Can I afford this home? Is it a good investment? Does it meet my family’s needs?  So it’s a bit surprising that the most important statistic has gone largely unreported: homes have never been more affordable.

Reason #2:  Mortgage rates are at rock bottom and won’t stay there forever. The national average for a 30 year fixed rate mortgage dropped to 4.36% in August 2010 – lower than it’s been in the past half century.  Interest rates for the same time last year averaged 5.19%, representing a difference of $90 in the monthly payment on a $200,000 home with a 10% down payment.

 

Reason #3:  Prices are trending back up.  Every major price index points to a housing market that has hit bottom and is moving in a positive direction.  After 30 months of declining home values, home prices appear to be stabilizing.  In other words, staying on the fence and waiting for prices to drop further is over!

Reason #4:  Seller’s are motivated!  When supply exceeds demand, buyers have the upper hand-and that’s where we are now!  The current supply of homes for sale currently exceeds the number of homes being put under contract by a large ratio.  At the same time, recent market upheaval has given rise to a surplus of foreclosed properties that banks are eager to sell, and an increasing number of listing agents are also negotiating “short sales” with banks to sell their clients properties at a price that’s less than what they owe on their mortgage.

Reason #5:  Lenders are back in the game!  The subprime mortgage crisis brought underwriting standards back into the mortgage origination process.  And while the final quarter of 2009’s financial meltdown led to a sense that financing had dried up, mortgage funds are now available.  If you have a job and can afford the payment, chances are you’ll qualify for a mortgage.

Reason #6:  Ownership costs are dropping below rental costs!  The recent downturn in the housing market resulted in a drop in rental rates, but rents are back on the rise while the cost of homeownership has dropped.

Reason #7:  Home ownership remains at the core of the American Dream!  A recent Fannie Mae study reveals that the majority of Americans still aspire to own a home – and a for good reason.  Owning a home is critical to financial stability and wealth building.  A home serves as a forced savings account and provides a solid asset, as well as a place to live.

Thinking of buying a home?

Start your search of homes for sale right here:

 

 

 

West Chester & Liberty Township OH Real Estate: Don’t Worry If You Missed Out On The Home Buyer Tax Credit

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The home buyer tax credit may be gone, but don’t worry. You may have missed out on the first time homebuyer tax credit of $8000, but the opportunities presented by today’s historically low interest rates are even better than they were this spring.  For instance… If you buy a home right now at today’s low interest rates, you can save ten’s of thousand’s of dollars!

Interest Rates Are Low!  A $200,000 30 year mortgage at the current rate of 4.60%* can save you ten’s of thousand’s of dollars over the life of the loan versus the same loan with the 5.50% rate from earlier this year!With some research you can hold the key to your new home

Buy a home now and gain so much more than what was possible with the $8000 tax credit. You really don’t want to miss out on this savings and opportunity.  On top of the great savings the low interest rates present, there is another opportunity.

The inventory of homes for sale right now is really great and the prices on many of these homes are really good. To start your home search contact us today at (513) 874-1830 or visit our website, www.LowryTeam.com.  Buying a foreclosed / bank owned home or a short sale can be a great investment opportunity under the right circumstances.  If you would like to receive a FREE list of foreclosures & short sale homes for sale you can request a list using our Foreclosure Finder Service

You can also start your Search Homes For Sale right here!

Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?

Search the entire MLS here! Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Visit My YouTube channel at: www.youtube.com/LowryTeam

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

West Chester & Liberty Township OH Real Estate: Tuesday Open House – June 15, 2010

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It’s Tuesday, so this must be the Tuesday Open House.

What is Tuesday Open House?? Well, it’s clearly not an “open house”. Open Houses don’t sell homes… good internet marketing does… but it seemed like a good title for this weekly blog post.

It is my way of throwing the doors open on the RealEstate-Ink.com blog and offering up a few quick articles and facts on real estate for the West Chester, Liberty Township, Beckett Ridge, Mason and Fairfield Township, Ohio areas. It is not intended to be all about homes for sale, but it will be about that some of the time…

The Union Centre Bash:  There have been a number of questions recently regarding the Union Centre Bash and when it was, etc.  So after a little research I found that it is no longer called the Union Centre Bash, but is now known as the Union Centre Boulevard Blast.  It is scheduled to be August 13 -15, 2010.  According to an article in the Journal News that I found online the “Blast” will be more of a regional draw, employing some best practices from similar showcases across the country.  The direction of The Blast will be directed at families, adults, teens and children with multiple activities happening at the same time, “sort of like what you’d see at a state fair.  You can reach the entire article online here >>Union Centre Boulevard Blast

 

New Listing: 5466 Sugar Maple Run, Liberty Township, Ohio.  Check out this new listing in Falling Water subdivision in Liberty Township, Ohio.  This is a terrific two story home located on a private,  wooded lot and features a finished, walkout lower level, island kitchen w/ adjoining morning room & hardwood floors and much, much more! 

 

 

Searching for foreclosures or short sales?  Get a list of all of the foreclosed (bank owned) homes and short sale homes listed for sale in our area for free.  Don’t pay for a list of foreclosures, short sales or distressed properties and don’t pay a subscription fee to any website for one either.  These are homes that are listed for sale and you can have the information on these homes for sale, for free and without any obligation by just clicking here 

 

2010 Home Sales in West Chester & Liberty Township, Ohio:  The tax credit is over and now is when we find out if the homebuyer tax credits for both the First Time HomeBuyer and the move up homebuyer have had an impact on home sales overall.  The key thing to watch moving forward is the unit sales numbers each month for West Chester & Liberty Township compared to last year.  As can be seen on the graph, the last couple of months have seen home sales above last years totals.  The real indicator of the housing market’s recovery will be what happens moving forward with home sales.  Clearly the homes sales in West Chester & Liberty Township Ohio picked up when the tax credits were in effect, but what remains to be seen is; Will the home sales in the next few coming months remain at or above last year’s numbers so that the total sales numbers for the year remain above last year?  If the sales remain stable and we can stay at or above last years sales numbers, then we would have to judge the tax credits to be a success in stablizing the housing market.  If the sales numbers in the few months are not able to be sustained and in fact fall to levels below last year, then all we will have accomplished will be to move sales up into the early months of the year from the later months (July, August, September) and we will not have really improved the West Chester & Liberty Township housing market in the long term.  What you can see on the graph is a steady increase in the home sales from January through May of this year in a much more dramatic peak than in the last two years indicating that there clearly was an impact from the homebuyer tax credit incentives.  We will continue to monitor the home sales numbers and we will see where we go from here.   >>You can read my 2010 1st Quarter Real Estate Market Report here

 

Our Facebook fan page of the week is: West Chester Farmer’s Market  You can find information on the Farmers Market, the products that are available there through the summer and more.  As of this writing their page has 129 fans, so I ask that you check out their fan page, become a fan and invite your Facebook friends to do the same.

 

While you are on Facebook checking out the West Chester Farmer’s Market fan page, please visit and become a fan of our facebook page:

 

 Click Here To Search The Entire Cincinnati MLS Database Of Homes For Sale!

 Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio