When's The Right Time To Buy?

A big obstacle to purchasing a new home could be the sale of your existing home. The equity you have built in your current home could serve as a down payment on your next home.

If you currently own a home, I would be happy to provide a market valuation to help you realize the potential gain if you sell your home. All I would need is some basic information about your home to provide you with a price range. I would also be happy to briefly visit your home and provide a more detailed evaluation, if you wish.

If you are a first time buyer, there are several programs that can assist you including a first time buyer 95% loan program that's called "risk-share" or "3% down" program.

The following is an outstanding article by Duan Hymber, distributed by Inman News:

Should I Buy Now Or Wait To Save A Larger Down Payment?Coming up with enough cash for a down payment and closing costs can be a hurdle for many buyers, particularly first-time home buyers. But there are ways you can buy a home without much cash on hand.

For example, there is a new first-time home buyer 95 percent loan program. It's called the risk-share or 2 percent down program, and it lets you get into a house with only 2 percent cash down. The additional 3 percent cash can be a personal loan from your credit union or a relative. This 3 percent personal loan must be a fully-amortized fixed-interest rate loan with a five-year due date. An amortized loan is paid off in full during the term of the loan (five years in this case).

Many first-time buyer programs will only give loans to borrowers whose income is below a certain level. That level is often so low that many first-timers with high incomes can't qualify. One benefit of the 2 percent down program is that it's available to borrowers with annual incomes up to $80,000.

If you have any question about buying or selling property, don't hesitate to call or email Mohamed!

10 Things to Take the Trauma Out of Homebuying!

1. Find a real estate agent that’s simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It’s critical that the agent you chose is both skilled and a good fit with your personality.

2. Remember, there’s no “right” time to buy, any more than there’s a right time to sell. If you find a home now, don’t try to second-guess the interest rates or the housing market by waiting. Changes don’t usually occur fast enough to make that much difference in price, and a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.

4. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go.

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price may lose you the home you love.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself—room size, kitchen—that you forget such issues as amenities, noise level, etc., that have a big impact on what it’s like to live in your new home.

7. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is as a comfortable, safe place to live.

Adding Curb Appeal: 6 Ways to Spruce Up the Yard!

When a house for sale looks good outside, buyers are more likely to want to come inside, says Barb Schwarz, founder of the International Association of Home Staging Professionals.

Here are some of Schwarz’s suggestions for tidying up the yard.

• Make it neat and clutter-free. Get rid of children’s toys and limit the number of hanging flower baskets and yard art. "It's far better to have fewer bigger pots than the clutter of smaller hanging pots," Schwarz says. "They just weigh down the house."
  
• Mow, weed and edge. “If the yard doesn't look well-manicured, then [potential buyers] feel the home hasn't been well maintained," Schwarz says. If the dog urinated on the yard and killed a portion of it, Schwarz recommends painting it.
  
• Trim the greenery. Trim trees from the bottom so they create a canopy but don’t block the view. Trim foundation plantings from the top, so they don’t impede views of the windows.
  
• Add color. If there’s no color in the yard, plant something like brightly blooming impatiens along the walkway.
  
• In winter, place two small potted evergreen trees on either side of the door to brighten up the entrance. Also, make sure the walkways are clear of ice and snow.
  
• Buy a new welcome doormat to dress up the front door.

Source: Newsday, Jessica Damiano (07/27/07)