Getting Ready to Buy

Kathy Riggs October 31st, 2010

In economically challenging times it is always good to see some light at the end of the tunnel. According to the National Association of Realtors, home sales rose 10 percent in September with a seasonally adjusted rate indicating a 4.53 percent increase in completed sales transactions.
It was no surprise the market slowed down after the expiration of the tax credit; but with interest rates still at historic lows, the time to buy is now. Remember your home is a long-term investment.
And if you have been reading these posts on a somewhat regular habit, you know I stress the importance of getting a preapproval. Sellers will be much more receptive to your offer if they know you can qualify for the loan.
With the changes in todays lending regulations there is much more documentation that must be provided to a lender. Be prepared to be bombarded with requests for documentation!
Among things you will need quick access to are tax returns for the past two years, W-2 forms, recent pay stubs and bank statements for all accounts. Start organizing these documents and have them ready whenever your lender may request any or all of them. Have quick access to any of your financial information. Underwriting requirements are stricter than they were five years ago and any delay in providing information to the lender may cause a delay in final approval just due to the workload lenders face.
Buyers planning to make a purchase in the near future can say themselves a lot of hassle and a lot stress by paying a visit to a loan officer, not just to get a pre-approval, but to discuss what to expect in the process between contract and closing.
on the lighter side…
Real Estate Lingo Definitions: “A Maintenance Free House” Translation: There hasn’t been any maintenance in 10 years.
SHAMELESS PLUGS
More than 90 percent of buyers start there housing search online. Call me at 252-939-2432 if you have found several houses you wish to see and we’ll start house hunting. Just because it doesn’t have my firm’s sign as the listing firm does not mean I can’t help you get in the door.

It’s Still a Great Time to Buy A Home

Kathy Riggs October 18th, 2010

Have you listened to the doom and gloom from the national media lately? Sometimes it seems it they are attacking the American Dream of homeownership.
Listening to the national reports may make some people think about canceling their appointments to see houses. But not so fast! Much of the distress in the housing market comes from relaxed lending requirements that allowed people to purchase houses they really could not afford. And with the economic crunch some homeowners could not escape foreclosure. Between the high rate of foreclosures and the number of homes on the market, buyers have a great opportunity to purchase the home of their dreams.
And interest rates are at historic lows. FHA loans with a 15-year term can be obtained for as low as 4 percent.
The decision to buy a home should solely be made on the buyer’s individual situation and not just the state of the nation.
Things to help you determine if this is the right time for YOU are: the length of time you plan to keep the home, are the payments (including taxes and insurance) something you can handle? can you afford the maintenance?, will homeownership give you more happiness than renting?
Homeownership gives you a stake in the community. According to research from the National Association of Realtors, 40 percent of homeowners became involved in a community issue last year as opposed to 24 percent of renters. Homeowners are more likely to improve their properties than renters are likely to maintain someone else’s properties. Homeownership is not only a personal financial investment; it is an investment in the future of your community and your country. So with interest rates at historic lows, it’s time to call a Realtor today.
On the Lighter Side…
My buyer told me that he lived in the same house for 10 years. When I checked, I found out he’d still be there today if the Governor hadn’t pardoned him.
Shameless Plug
While interest rates are low, it’s a good time to put your house on the market. Call me at 252-939-2432 or email kriggs@kathyriggs.com to schedule a time to discuss placing your property on the market.

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