Real Estate (7)
You Don’t See Them, But the PADS People Are Out There
Written by Jennifer NiederbrachYou may have noticed on your trips around town that there are plenty of homes for sale in Warrenville. Some of them are owned by families looking to find a larger home, and some belong to empty nesters wanting to downsize.
You might wonder why would a buyer be willing to pay more for a home being sold by a homeowner. How can I sell my house when I am competing against homes that are priced so low?
Quite simply, as a seller, you are either competing in a beauty contest or a price war, and the banks generally are not competing in a beauty contest.
For most homebuyers, money is tight. And if a buyer’s cash resources are being used up funding the purchase of a home, as much as the low bank prices might be enticing, when you run the numbers, many buyers either can’t do it financially or really don’t want to.
Not everyone wants to own a hammer or knows what to do with one.
It boils down to your definition of “a deal.” Many people think a deal is based on the price you pay. It is not always that simple. There are often a lot of extra costs—rehabbing, lost time and inconvenience—factors that really add up.
Making a move, relocating to a new town, buying your first home is stressful enough. Sometimes the best deal is buying a home where you can just move in and enjoy it.
Warrenville stats—Presently there are 192 townhomes and single family homes for sale, of which 37 (about 20 percent) are under contract.
Homes Sold Aug. 10-Aug.21. 29w383 Tanglewood, 3br, 2bath, $170,000. 29w702 Stevens, 3br,2½ bath, $207,500. 30w064 Willow, 2br, 2½ bath, $208,900. 3s151 Barkley, 3br, 2½ bath, $219,000. 30w171 Foxboro, 3br, 1½ bath, $229,000. 28w160 Calumet, 4br, 2½ bath, $285,000 (foreclosure). 29w570 Ridge, 4br, 2½ bath, $374,000.
Homebuyers Tax Credit Extended and Improved
Written by Jennifer Niederbrach
The $8,000 tax credit has been extended for first-time homebuyer (defined as anyone who has not owned a home in the past three years), and now there is a $6,500 tax credit for current homeowners moving to a new home.
The new tax credit program includes a number of details and qualifications:
Plan to Purchase and Then Renovate?
Written by Jennifer Niederbrach
Today’s real estate market is replete with great deals. As the prices of distressed properties decline, you may wonder, “Why hasn’t anybody bought that home?” More than likely, there are other potential buyers interested in that home and watching it just like you!
Imagine being well qualified to buy a home but lacking the cash to fix it up. It can be an incredibly frustrating experience. That is why the FHA created the 203k mortgage program.
FHA Offers Affordable Mortgage Options up to $410,000.
Written by Jennifer Niederbrach
Yes, they do exist! Did you know you could buy a home with as little as 3.5 percent of the purchase price down (plus closing costs and prepaids) using a Federal Housing Administration (FHA) mortgage?
Now is the time to buy, whether it is your first home, a move-up to a larger home or the purchase of an investment property to enhance your retirement or investment portfolio.
Here is why:
- Record low mortgage interest rates, in the low 5 percent for a 30 year-fixed loan.
- Best selection in years of inventory to chose from.
- Sellers are willing to negotiate, and quality homes are at great prices.
- Foreclosure and short sale opportunities for sweat equity.
- $8,000 first-time buyer tax incentive (expires Dec. 1).
- Real estate has always been an incredible long-term investment.
- Ultimately, most of us pay for a roof over our heads--why not own it?
Rarely do we have opportunities that give us the best selection, at the best price, with fantastic interest rates and government buying incentives too.
Now is the time to make the most while paying the least. I feel certain in a few years we will look back upon this time and say, “Wow, I wish I would have ….”
