Shortgage of good properties

What exactly is a good property? A good property to an investor is completely different than a good property to a first time home buyer. There are a lot of short sales and foreclosures out there. Those are quite possibly great properties for investors to take advantage off in this market. However, the properties that are just a regular sale (not a short sale or foreclosure) is in high demand if it's priced right and ready to move in. We are again seeing multiple offers on these properties. Offers to full price. Yes, that's the market. It's busy and whether it's a rush to get the tax credit or that the market is back is unknown. I guess we'll find out after the tax credit deadlines. A busy Spring market is what we need and have at this time.

Is it still a buyer's market?

There is a lot going on with the Real Estate market right now. From first time home buyers trying to get into the game fast before the tax credit expires to making sure of taking advantage of the low interest rates before it goes up.
There seems to be a lack of inventory to take care of all these buyers. Thus causing multiple offers on properties. Buyers are finding they are loosing out because they are not offering full price. It is still hard to believe that the market has changed that much where they have to offer full price or above full price to get the house. We're hoping this continues after April and the market continues on the busy cycle.

Financing in today's real estate market

Financing has become the biggest headache in today's market. Lender tightening on buyers' qualifying criteria and on appraisals continues to be an issue. And, the tightening isn't over yet. FHA is popular with low-cash-down buyers. The default rate on these 3-5 percent cash down payment loans is rising. FHA may change their guidelines this year.

Buyers can save themselves a lot of grief by making sure they're qualified for the financing they need before making an offer. Have your credit checked. This can keep you from qualifying for the best mortgage at the lowest interest rate.

It is not uncommon for buyers to be told, everything is okay with their loan and they will settle in a couple of days, only to find out in a couple of days that underwriting needs one more piece of information from them. An experienced mortgage broker, lender and loan officer who can anticipate what underwriting will require is very important.

An offer made contingent on the sale of the buyers' home is riskier than one that's not contingent. Before sellers accept a contingent-sale offer, they should make sure the buyers have a home that's priced right for the market. If the buyers' home doesn't sell, it could waste a lot of time for nothing.

Always expect the unexpected.

Tax Credit

Qualified 2009 and 2010 first-time home buyers can get up to 10% of the home's purchase price or a maximum of $8,000. In November 2009, legislation extended a tax credit of up to $6,500 (or up 10% of the home's purchase price) to long-time residents of the same primary residence if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their previous homes for a five-consecutive-year period during the eight-year period ending on the closing date of the new home.

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Home Warranty

By purchasing a Home Warranty, you can protect yourself against unexpected and potentially expensive home repairs. Depending on the plan you select, coverage will include mechanical breakdowns in major systems such as plumbing, electrical, heating, and air conditioning, as well as major household appliances such as the oven, refrigerator, washer, and dryer.

And when you sell your home, statistics show that over 80% of buyers prefer a warranted home. Homes with a warranty also sell faster and at higher prices.

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Selling your home made easier

Today, the home that stands out among similarly priced houses is the home that sells. Why? Because it makes a good first impression that lasts right to the settlement table.

You may not be able to improve the market value of your house (finish basement, remodel kitchen, etc.), but you can improve its marketability. And usually this can be done with more elbow grease than hard cash. The key is to put yourself in the buyer’s shoes. In fact, if you drop by some open houses (you may soon be a buyer yourself), you’ll pick up some pointers. Then practice making your house as appealing and uncluttered as the home you wish to buy.

Washington Area RE in recovery

The Washington area housing market appears to be in recovery. Home prices in the metro are slightly higher than they were one year ago, and the 4th quarter shows increased volume from last year. The Federal $8,000 tax credit for first-time homebuyers has been successful at luring reluctant buyers off the sidelines. This tax credit, coupled with near-record-low interest rates, has continued to spur buyer activity