FOR THOSE OF YOU STITTING ON THE FENCE....NOW THERE IS SOMETHING ELSE TO CONSIDER!!! FOR YEARS THE BEST MORTGAGE PROGRAM WITH THE LEAST DOWN PAYMENT REQUIRED HAS BEEN FHA. SOME FOLKS GET NERVOUS ABOUT DOING FHA LOANS BUT REALLY, THEY ARE QUITE EASY IF YOU KNOW WHAT THE IN'S AND OUT'S ARE. FHA IS A GOVERNMENT INSURED LOAN. THE GOVERNMENT DOES NOT INSURE THE LOAN FOR YOU "THE BUYER" IT INSURES THE BANK IN CASE YOU DEFAULT ON YOUR MORTGAGE. FHA WANTS TO MAKE SURE THAT WHEN YOU PURCHASE A HOME USING THE PROGRAM THAT THE HOME MEETS CERTAIN REQUIREMENTS WHEN THE APPRAISAL IS DONE. SOME THINGS THEY LOOK FOR ARE...PEELING PAINT, HAND RAILS ARE REQUIRED ON STAIRCASES WITH 2 OR MORE STEPS, THEY WANT TO MAKE SURE THE ROOF IS SOUND ETC. THE REASON FOR THIS IS THAT IF YOU SHOULD PURCHASE A HOME THAT MAY REQUIRE SAY FOR EXAMPLE, A ROOF...THEY FEEL THAT IF YOU HAVE TO INVEST MONEY IN TO A NEW ROOF IT COULD CAUSE YOU TO BE LATE FOR OR EVEN MISS YOUR MORTGAGE PAYMENT. NORMALLY, A GOOD REALTOR WILL EXPLAIN TO THEIR SELLERS WHAT THE APPRAISER MAY LOOK FOR AND ASK THAT THEY MAKE THE CORRECTIONS PRIOR TO THE HOUSE GOING ON THE MARKET. THIS IS A GREAT PROGRAM AND IT'S BEEN AROUND FOR YEARS. THE ONLY THING THAT IS GOING TO HAPPEN THAT IS SIGNIFICANT TO ANYONE THAT PLANNED TO USE THE PROGRAM IS THAT THE DOWN PAYMENT WILL BE INCREASING FROM 2.25% TO 3.0% OF THE PURCHASE PRICE AS OF JANUARY 1ST, 2009. IF YOU PURCHASE A HOME AND MAKE APPLICATION PRIOR TO JANUARY 1ST 2009...YOU WILL BE UNDER THE LOWER DOWN PAYMENT.
Filed under: Real Estate, Market Conditions, Open Houses, Announcements, Events, Industry, Point2, Product Reviews, Finances, Buyer Information, Seller Information, Community Information, Debra Lawrence's Syracuse NY Real Estate Blog
I remember many years ago...It was about mid 1980's when some of the banks failed in the midwest and left some very wealthy oil men broke! These were scary times and I believe the oil folks don't have to worry this time! ( LOL!! ) Then came 9/11 and if you recall the one thing Osama Bin Laden said was he wanted to bring down our economy. We were all very vigilant and kept going....behind the scenes, many aspects of our way of doing busines ie: mortgage guidelines were relaxed so more people could buy homes which in turn kept the "box" stores busy, contractors, builders and all the professionals like electricians, plumbers etc. This meant $$$$ was rolling in for many. But....this was a bandaid!!! And now we have to be careful when we spend our money on everything! Value is what we will all be looking at when making large purchases like a home.The home has to be in good condition mechanically and also needs to have the updates that people are looking for. As far as the economy overall.....I believe that we are in a big "correction" period. Things got too out of control! If you have good credit and a stable income/job...you can still do very well purchasing a home in the Syracuse and Central New York area. If you are a seller, make sure your home is in good mechanical condition and that your house has some of the updates folks are looking for so that you can be a better value when up against other properties in the same price range and area.
When on a listing appointment, the Seller will eventually ask me about open houses. They will say something like " I spoke to another agent and they said open houses are a waste of time" or " I spoke to another agent and they said open houses don't work". This amazes me each and every time I hear this because what it tells me is that someone does not want to be working on a Sunday. The fact of the matter is this....open houses DO work and let me just tell you about a open house I had in July. This was about the 5th open house and this home had been on the market for 3 months or so. I wondered if anyone would come but....nothing ventured nothing gained! As it turned out...I was swamped! I ended up selling 2 homes because of people that came to the open and also ended up selling my listing!!!! It seems like I see more and more unrepresented buyers and sellers coming to opens. I do think they come to interview the agents that are working to see if they would be a good agent to work with. I've been selling real estate for almost 20 years and even though the internet is a huge asset and gets buyers to take notice of our listings....they still have to go in to them and see, touch and feel them. This is why open houses are so very important. If you are a seller and someone tells you they don't work....call me!!!
I had no idea how long it had been since my last posting!!! It has been a very, very busy Real Estate season and time just got away from me. I took most of August off (needed a break) but still sandwiched in my work when I needed to. The market is still busy but, this time of August does slow down due to "Back to School" and "The Great New York State Fair". Summer went fast and fall is fastly approaching. People that want to sell a home don't normally think Fall is a good time but...it really is! Why you ask? Just what I said! Most people don't equate the Fall as being a busy time so they wait until Spring like everyone else and the guess what??? So much competition for buyers that it may take them longer to sell. Anyone thinking of making a move should really think about it now. When you do call a realtor to look at your house and give you a range in which you should list it.......listen to what that agent tells you and if you are not happy, get 2 or 3 other opinions. If they all seem to be within range then list it with the agent that you feel is most experienced and has a good marketing plan. But...don't list it at a price that is not going to get showings or offers. If you are told you are too high then get that price down within 2 weeks or so after you initially list it. If you don't you may end up selling it for less down the road because it will get what's called "Market Age". That's when people drive by and see your "For Sale" sign for months and months and then think there is something wrong with it and that's why it didn't sell. Buyer's will also gauge what offer to make based on how long it's been on the market. Listen to the professional....why hire a Realtor if you are not willing to take their advice and experience and put it to good use!!! It makes no sense.
THE REST OF THE COUNTRY WOULD NOT EVEN BELIEVE THAT THE HOUSING PROBLEMS THAT PLAGUES MOST LARGER CITIES...ESPECIALLY IN CALIFORNIA AND FLORIDA, IS NOT EVIDENT HERE IN SYRACUSE AND CENTRAL NEW YORK! WHILE CERTAINLY THERE ARE "POCKETS" OF AREAS AND PRICE RANGES WHERE SALES ARE NOT AS BRISK....I HAVE TO SAY THAT THIS SPRING MARKET HAS BEEN THE VERY BUSIEST I HAVE SEEN IN YEARS! WE ARE SEEING RECORD NUMBERS OF FOLKS ATTENDING OPEN HOUSES AND THESE HOMES ARE SELLING FROM OPEN HOUSES. I AM ALSO FINDING THAT THERE IS A SHORTAGE OF HOMES IN CERTAIN PRICE RANGES AND THE ONES THAT ARE ON THE MARKET, REALLY NEED TO HAVE SOME WORK, NEED STAGING OR ARE JUST PRICED TO HIGH. IF A HOUSE IS CLEAN, STAGED WELL AND PRICED WELL....MULTIPLE OFFERS ARE BEING SEEN, AGAIN, DEPENDING ON THE PRICE RANGE THE HOME IS IN. MY BEST ADVICE TO BUYERS IS "GET A REALTOR TO HELP YOU..DON'T TRY FINDING A HOME ON YOUR OWN" BY THE TIME YOU FIND IT, ANOTHER BUYER WHO HAS A REALTOR HAS BOUGHT IT!!! IF YOU ARE A SELLER "LISTEN TO YOUR REALTOR'S ADVICE" PROPER PRICING, STAGING, AND ALL AROUND CONDITION ARE WHAT WILL SELL YOUR HOUSE.