Five Surprising Reasons to Buy a Home Now + Bonus

I must say this is a great post from forsalebyowner.com, step #6 would be to hire an agent to represent you. (Seller or Buyer Agent).

1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today's record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction.

2. Houses are in move-in condition. Home owners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they are in marked contrast to tattered foreclosures.

3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties.

4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market.

5. Plenty of programs. Many programs that encourage middle-class families to buy homes continue to exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today's low mortgage rates.

Source: ForSaleByOwner.com (07/29/2010)

Foreclosure Bargains Getting Harder to Find

Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking.

The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital.

Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures.

Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars.

Source: The Wall Street Journal, James R. Hagerty (02/23/2010)

Are you ready to snag your next property?

Texans vote for amendments that benefit homeowners

Texas voters approved three constitutional amendments that will help reform the property appraisal process, making the system fairer for property owners. Voters also passed a proposition that will strengthen protections against a government entity unfairly taking private land or homesteads through eminent domain.

Proposition 2 will ensure that property-tax appraisals value a residence homestead as a home, not at its "highest and best use."

Proposition 3 creates uniform standards across the state for appraisal methods.

Proposition 5 enables appraisal districts in two adjoining counties to combine resources for a single review board.

Proposition 11 strengthens eminent domain protections, barring government entities from taking private property for private development or for purely economic reasons.

Texas REALTORS supported these amendments because of the benefits they provide to homeowners.

Courtesy of: Texas Association of REALTORS