You don’t have to be looking for a house if you want to take advantage of the plenitude of government programs that are reducing mortgage payments for thousands of home owners – if you seek a condo, you may benefit as well. All varieties of housing units are being constructed in quantities at a level that hasn’t been seen since last summer; you may not get a better chance at the market than right now. The Dallas-Fort Worth area’s housing market has been surprisingly robust; not only was it relatively unaffected by the housing crash compared to more expensive areas such as Miami, but it was bolstered by the job growths in the energy sector. Even during the worst parts of the recession, prices remained fairly stable.
No matter what income bracket you reside in, it is recommended that you thoroughly investigate the many federal assistance initiatives for various tax credits and restructuring programs. But even if you do not qualify you may still benefit from a looser credit market if you purchase a home or condo in the next few months. This is because mortgage companies will be more willing to lend money if they are sure their investment will be returned.
However, this may only apply for a few months more. Mortgage companies like Freddie Mac are anticipating a rise in mortgage rates, as well as housing/condominium pricing, as the economy recovers. This is especially true in Dallas-Fort Worth: according to the federal price index for the year of 2009, Dallas was one of three Top 10 US metropolitan areas that saw increases in prices. This index tracks both new homes and the appreciation of old homes. In a longitudinal study over the past five years, Dallas-Fort Worth prices rose 12% overall and there may be more growth in the future.
Realtors and economists alike are anticipating greater levels of activity in the market this year. While last year saw lukewarm activity, the figures are less dismal than might first appear. Real estate agents have reported that while fewer people choose to follow up and post their homes and condos for sale, the level of initial activity is as high as it has ever been. This means that while market participants are still waiting for the market to stabilize, interest in buying and selling is still there. The same desires that drive the property market forward: desires for a different climate, a different job in a new location, or finding a family-friendly neighborhood for a growing number of kids-these desires are building up a kind of economic tension which will be released in a burst of market activity and increased prices once it becomes clear that the market will recover. Start looking for your new condo now, before the spike hits in force, and you could save yourself a lot of money down the line on your mortgage. The internet has many resources available to help you find the condo that fits your living needs and your budget.
Tag-Archive for ◊ Real Estate Agents ◊
Banks as home loan lenders would like to sell off their inventory of bank owned foreclosures to mitigate losses they incurred due to unpaid mortgages. This desire to sell of properties as quickly as possible translates into possible discounts for would-be buyers.
First-time home owners and people in the real estate business, buying bank foreclosures have yielded great benefits in terms of discounts and savings made. If you are in the market for these types of properties there are some things that are worth considering.
Where to Find Bank Owned Foreclosures
Most bank owned foreclosures are released through a Multiple Listings Service managed by real estate agents. They can also be found at online foreclosure listings services. Banks would normally transact only with licensed real estate brokers or agents so it may be a good idea to enlist the help of one. There are some cases where the lender or the bank will be open to dealing directly with the buyer and this could mean a lower purchase price having removed the middle men from the equation.
Once you have spotted the one you like, drive through the property for a cursory look at the home and the neighborhood. You should also begin assessing values such as the point where the bank will break-even on their bank foreclosures, the value of homes in the vicinity, the estimated market value of the property. You should also start planning your finances along the lines of the loan you will take out, your monthly payments any repairs that you need to undertake.
It is now time to make your offer for the property. Bank owned foreclosures are can be bought directly from the bank or through the real estate broker they have appointed. Approach whoever is the contact for the property and ask to be able to inspect it before making an offer. If you like what you see you can immediately make an offer. The offer you make may either be denied outright or be met with a counter-offer from the bank. You can still make another offer based on the bank’s counter offer before the bank finally decides to decline or to sell.