Now is a Perfect Time to Buy a Home!

From the Real Estate Home Page


What the heck are you waiting for?

The experts say this is the perfect time to get into your dream home!

> Home prices are down.
> Home mortgages are reasonable.
> There are incentives for first-time home buyers. (June 18
and July 5 posts)
> Home choices are plentiful with the large home inventory.

But...don't wait around too long. There are indications that the home inventory is decreasing and prices are increasing.

Get in touch with your Realtor, now...explore the opportunities out there for you to get that new home you've been dreaming about!

For more see:

http://www.realtor.org/rmodaily.nsf/pages/News2009072001?OpenDocument

Happy Home Hunting!

Kwik Kwote: "We can do anything we want as long as we stick to it long enough." -Helen Keller

To see homes in the Cary-Apex-Holly Springs, NC area, take a look at http://www.TriangleEstatesRealty.com/. Or email me at Tim@TimHaag.com. Or for a no pressure toll-free chat, call me at 877-TIM-HAAG (846-4224).

The Cheapest Metro Areas to Make Your Home!

From the Real Estate Home Page


Where would you go if you wanted to make your home in one of the cheapest urban areas in the U.S?

Well...Forbes magazine ranked all 380 metropolitan areas. They based their conclusions on cost-of-living data from Moody’s Economy.com and on home affordability from the National Association of Home Builders and from Wells Fargo.

The magazine also factored in four quality-of-life considerations. These included the rate of violent crime, unemployment, average salary for college grads, and cultural opportunities.

Here they are...the cheapest places by region:

Pacific: 1. Spokane, Wash. 2. Modesto, Calif. 3. (None)

Mountain: 1. Ogden-Clearfield, Utah 2. Fort Collins-Loveland, Colo. 3. Greeley, Colo.

West North Central: 1. Minneapolis-St. Paul-Bloomington, Minn.-Wis. 2. Omaha-Council Bluffs, Neb.-Iowa 3. St. Louis, Mo.-Ill.

West South Central: 1. Fort Worth-Arlington, Texas 2. Oklahoma City, Okla. 3. Tulsa, Okla.

East North Central 1. Ann Arbor, Mich. 2. Warren-Troy-Farmington Hills, Mich. 3. Cleveland-Elyria-Mentor, Ohio

East South Central: 1. Knoxville, Tenn. 2. Chattanooga, Tenn.-Ga. 3. Louisville-Jefferson, Ky.-Ind.

Middle Atlantic: 1. Albany-Schenectady-Troy, N.Y. 2. Pittsburgh, Pa. 3. Harrisburg-Carlisle, Pa.

South Atlantic: 1. Durham-Chapel Hill, N.C. 2. Charlotte-Gastonia-Concord, N.C.-S.C. 3. Atlanta-Sandy Springs-Marietta, Ga.

New England: 1. Manchester-Nashua, N.H. 2. Worcester, Mass. 3. Springfield, Mass.

Source: Forbes (07/14/2009)

Kwik Kwote: "Luck is a dividend of sweat. The more you sweat, the luckier you get." -Ray Kroc

To see homes in the Cary-Apex-Holly Springs, NC area, take a look at http://www.TriangleEstatesRealty.com/. Or email me at Tim@TimHaag.com. Or for a no pressure toll-free chat, call me at 877-TIM-HAAG (846-4224).

Under Water Home Owners Walk Away

Presented By the Real Estate Home Page

Homeowners who have lost value on their homes are stopping payment on their loans in increasing numbers.

The farther home owners' equity falls below the value of their homes, the more likely they are to default on their mortgages.

As the social stigma of defaulting lessens, it is likely that more and more homeowners will walk away from their home loans, even if they are able to pay them.

Willingness to default on a home loan, even though you can afford to pay it, has become known as "strategic foreclosure".

But, don't even think about trying this without considering the consequences, including the possibility that your mortgage company might pursue criminal charges against you for violating Federal law.

If you haven't talked with your attorney for awhile, this would be a good time to re-introduce yourself and get some legal advice!

Sooo...is walking away from your mortgage justified or is it morally wrong? Northwestern University and the University of Chicago did a study. They found out how people with different demographics feel about the morality of defaulting on a home loan, even when they can afford to pay it.

Click here to see who thinks it's morally wrong and who doesn't:

http://www.realtor.org/RMODaily.nsf/pages/News2009070105?OpenDocument


Kwik Kwote: "Learn from yesterday, live for today, hope for tomorrow." Albert Einstein

To see homes in the Cary-Apex-Holly Springs, NC area, take a look at http://www.TriangleEstatesRealty.com/. Or email me at Tim@TimHaag.com. Or for a no pressure toll-free chat, call me at 877-TIM-HAAG (846-4224).

Real Estate Home Page - The Scoop on Your Area

This is the 2nd in the series of fun cyberspace tips for finding very cool websites with very cool information.

At this great site, you can check on restaurants, shopping, food, health and medical, nightlife, home services and dozens of other things.

You can also get lots of additional information, including reviews, maps, directions and special offers.

And, for those of you with iPhones, there's a special application that displays all of this good information right on your phone screen for most major cities.

Last month over 2 million people found...and shared...information using this resource.

So...go ahead and have some fun! http://www.yelp.com/

Real Estate Home Page - New Action on the $8,000 Tax Credit!

My June 17th post talked about the new $8,000 tax credit for first-time homebuyers. Remember...first time homebuyers are home buyers who have not owned a home in 3 years and meet the income requirements. This is not just for buyers who have never ever owned a home!

Well, the success of the incentive has attracted both legislators and the business community. They like it so much they're pushing to expand the tax credit measure to make it even better. Several bills have been introduced in both the House and Senate lobbying for the expansion.

Here are some key changes being proposed according to USA Today:

<> Increasing the cap from $8,000 to $15,000
<> Extending the tax credit into 2010
<> Making the benefit available to all homebuyers
<> Giving a credit of $3,000 to borrowers who refinance
existing mortgages

This pays keeping an eye on. Stay tuned for emerging developments!

Like more details on the existing tax credit? Check out the following article:

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit?lid=ronav0019

(Be sure to check with your tax accountant for information about how the tax credit personally affects you)

Ins and Outs of Real Estate - What are the Advantages of Having a Cash Buyer?

This time, let's look at cash buyers from the perspective of the seller.

Sooo...you have a buyer who is offering cash for your home. Should it make any difference to you? Well, it might...and it might not.

With a cash buyer, you won't have to accept a loan contingency, which requires you to return the buyer's earnest money deposit if they cannot get the loan. Most cash buyers do not ask for a cash contingency, so if the cash "disappears" and the sale falls through, you get to keep the deposit money.

More than likely, the closing can take place sooner because you won't face the delays involved with a loan application, appraisal, credit issues and other loan-related time consumers. Verifying that the buyer actually has the cash takes a lot less time than waiting to see if a loan goes through.

You might be able to give the buyer a better deal, since the entire process is less complex and less time-consuming. If this results in your landing a good sale, it's a win-win for you and the buyer.

Let's say a cash transaction makes it possible for you to have a quicker closing, but the buyer turns out to be unable to close. At least, you haven't had your house off the market as long as if you were waiting for a loan. As a result, costly "downtime" is shorter and you can quickly get your listing back up and running.

Some sellers consider cash from a loan just as attractive as cash from the buyer. As a seller, you can weigh this against the quicker and less complex nature of the cash purchase and choose what best fits your own comfort zone.

There are plusses and minuses to having a cash buyer for your home. I encourage you to discuss these with your real estate agent and attorney before making a commitment!

Ins and Outs of Real Estate-What Are the Advantages of Being a Cash Buyer?

Sooo...you can pay cash for a home...what's the benefit to you for using your cash for a home rather than using it for something else?

(1). You might have more leverage with the seller. "Might" is the operative word...some sellers prefer cash offers because they think a cash offer is stronger. If that's the case with your offer, you might be able to negotiate a better price and terms than your competition, if they need to borrow to buy.

But, a word of caution...it's usually advisable not to presume that, just because you can pay cash, you can lowball your offer and demand unrealistic terms. Many sellers have the viewpoint that money is money, whether it's your own cash or cash from a loan.

(2). If you pay cash, you don't have to bear the rigors of the loan process with all of its paperwork and documentation demands. For some buyers, this is a major advantage, especially with the newly-tightened loan and credit score requirements!

(3). If you pay cash, you won't need an appraisal, unless you want one. However, to avoid overpaying, you might want to go ahead and invest in an appraisal...or, at least ask an experienced real estate agent to do a market value analysis for you.

(4). You won't have a loan contingency...however, for your own protection, you might want to have an attorney draft a "cash contingency" as part of your offer, so that, if your cash situation changes and you are not able to close on the purchase, you can get your earnest money deposit back.

(5). You won't have a monthly mortgage payment hanging over your head. This, of course, must be weighed against the fact that you will also not have the liquid cash at your disposal, should you want or need it for something else.

There are both benefits and drawbacks to purchasing a home with cash. Run your plans by your real estate agent and accountant or attorney before making a commitment!

Next post, we'll view cash buyers from the perspective of the seller.