This is good advice for the first-time homebuyer, and it is a good review for seasoned buyers.
“A house is probably the biggest purchase you’ll ever make. And, if you can avoid these missteps, chances are you’ll be happy with the home you choose. Are you gearing up to buy your first place? Shopping for a home is exciting, exhausting and a little scary, especially in this market. In the end, your aim is to end up with a home you love at a price you can afford. Sounds simple enough, right? Unfortunately, many people make mistakes that prevent them from achieving that simple dream. Arm yourself with these tips to get the most out of your purchase and avoid making 10 of the most costly mistakes that could put a hold on that sold sign.
1. Not knowing what you can afford.
We learned from the subprime mortgage mess, what the bank says you can afford and what you know you can afford or are comfortable with paying are not necessarily the same. .”
via HOUSTON – KATY AREA REAL ESTATE BLOG.
Housing Market Predictions 2011: Home Prices May Still Be Too High “by Ilyce R. Glink
What’s the forecast for the housing market for the rest of 2011? My prediction is that the market will continue to suffer for the balance of this year and well into next year. Why aren’t home buyers buying? Maybe they’ve heard the recent spate of bad housing news:”
Affordability Reaches Highest Level in 20 Years
Homes are more affordable to more families, according to the latest index for the first quarter of 2011 that shows affordability reaching its highest level in more than 20 years.
Nearly 75 percent of all new and existing homes sold in the first quarter of 2011 were affordable to families earning the national median income of $64,400, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. The previous high was set in the fourth quarter of 2010 with 73.9 percent.
“With interest rates remaining at historically low levels, today’s report indicates that home ownership is within reach of more households than it has been for more than two decades,” says Bob Nielsen, chairman of the National Association of Home Builders.
Here is this week’s market conditions update:
via Katy and Houston Area News and Events: Real Estate Market Conditions – Video Update 05-10-2011.
– Real Estate Outlook: Bernanke on Housing
– Mortgage Moment
– City Report: Remodeling is Heating Up
– Are You Ready to Buy?
– Kitchen Trends for 2011
– Home Inspections 101
– Popular Landscaping Trends
– Modern vs. Contemporary
– Green Living – Low-Impact Homes
– Your Market Conditions
GET YOUR HOME SOLD!”
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Fannie Mae is trying to lure more buyers to its foreclosure properties by offering to cover 3.5 percent in closing costs for home owners who close by June 30 on its HomePath properties.
Fannie’s HomePath program provides low down payment financing on REO property sales and has no requirements for mortgage insurance or appraisals.
REALTOR® Magazine-Daily News-Fannie Offers Closing Cost Help for REOs.
Here is this week’s market conditions’ video update, loaded with useful information:
Real Estate Market Conditions Video Update – April 11, 2011
Real Estate Outlook: Jobs and Housing
City Report: Liveability
The Numbers on Buying a House
Competitive Tips for Buyers
Homeownership and Taxes
Should I accept this offer?
Before listing for sale
Spring gardening tips
Pricing a home to sell
GET YOUR HOME SOLD!
Listen to this week’s market conditions’ video update:
via Margarets Real Estate and Katy Events Blog.
Real Estate Outlook: Consumer Spending Increases
City Report: Newly-Built Sales
Why Owning a Home Rocks
Vacation Homes Hold Steady
Homeownerships and Taxes
Should I Accept this offer?
Before listing for sale
Spring Garden Tips
Pricing a Home to Sell
GET YOUR HOME SOLD!