Daily Real Estate News | Monday, December 07, 2015
A shortage of homes for-sale is creating a roadblock for some would-be home buyers. In some markets, home buyers are left scrambling for a scant number of homes for-sale and that is sending home prices escalating.
“If you’re seeking to purchase a home in an area with tight inventory conditions, it’s important to assume that there is going to be competition from other buyers and be ready to quickly make a solid offer,” says Sharon Voss, president of the Orlando Regional REALTOR® Association.
For buyers to have the best chance, Voss recommends the following when battling low inventories:
•Have finances in order. Buyers should know how much house they can really afford and repair any credit issues. They should have their down payment ready to help avoid any delays.
•Get pre-approved. A pre-approval for a mortgage is a step beyond getting pre-qualified and can put buyers into a better position.
•Identify contingencies. Buyers should know their contingencies are and which ones they will refuse to negotiate from.
•Make your list. Home buyers would be wise to determine which home features are a “must have” and which features are a “nice-to-have” upfront so they can move more quickly in finding a home.
•Make your best offer. In hot housing markets, buyers may not get a chance to make a second offer. They may be wise to submit their very best offer at the start.
•Be ready. Buyers in tight housing markets need to be easily accessible and prepared to make decisions quickly. They may need to respond fast to any questions about their offer if they don’t want to risk losing out.
Daily Real Estate News | Monday, December 07, 2015 National Association of Realtors
In a big win for real estate, Congress last week approved a $305 billion transportation bill that includes no funding from an extension of mortgage guarantee fees as some lawmakers had proposed.
The bill provides reauthorization of several initiatives that the National Association of REALTORS® supports, including programs to increase transportation safety and develop more pedestrian-friendly communities. But the big victory for real estate was that the bill excluded so-called g-fees to pay for transportation programs.
More than a fifth of REALTORS® across the country, or about 197,000 members, participated in a Call for Action that NAR launched in October to prevent Congress from using g-fees at the expense of future home owners. Some 600,000 letters in all were sent in what was REALTORS®’ most forceful response to a Call for Action. President Obama signed the bill on Friday.
FHA Lowers Its Harangued Mortgage Costs
The Federal Housing Administration is reducing its annual mortgage insurance premiums by 0.5 percentage points in a move "to expand responsible lending to creditworthy borrowers," the White House said in a statement Wednesday afternoon.
• Homeownership is an investment in your future.
• There’s a reason homeownership is called the American Dream. Home is where we make memories, build our futures, and feel comfortable and secure.
• Homeownership strengthens communities. Homeowners are more likely to be involved and engaged in local issues and move less frequently than renters. This helps prevent crime, improve childhood education and support neighborhood upkeep.
- Are you tired of throwing away money each month for rent?
- Do you know that buying a home can be easier than you think?
Where do I start?
Many people think that they are forever stuck renting and they will never be able to buy a home. Find a REALTOR® to help you with the process. There are many simple remedies to credit issues, down payments, financing, etc. Utilize the information presented the Consumers services section in helping you to start the process. Let our REALTOR® members help you find the American Dream of homeownership.