ShareThisNow is the Time to Buy a House!
Now is a great time for first-time home buyers to buy a house! I have helped several first-time home buyers in the last 30 days become homeowners and receive fantastic deals on their properties. Unfortunately, many first-time buyers are still sitting on the fence. The opportunities that are available will not last forever. Interest rates are low, prices have dropped, sellers are willing to help with closing costs but many buyers who can buy are still waiting. The theme for my seminar presentation Monday evening was “Now is the Time to Buy a House.” I am not saying this just because I am a real estate agent. I feel so passionately about this because I see every day so many wonderful opportunities that first-time home buyers are missing out on because they will not get off the fence. I have a client who is under contract on a property for $162,900 and the seller gave $9,700 towards closing. The properties in this community sell between $220,000-240,000. My client is actually getting this property for $153,200 what a deal! Don’t miss out on your opportunity call me today!
Free Home Buyer Workshop with Harbel Housing Partnership!
I will be presenting this evening for Harbel Housing Partnership from 6-9pm at the White Marsh Library 8133 Sanpiper Cir. 21236. Harbel is a nonprofit organization that specialize in homeownership education for first-time home buyers. They conduct numerous workshops throughout the year. I have been working with Harbel for 5 years. If you would like to attend one of their workshops they can be reached at 410-444-9152. I am looking forward to bringing everyone up to speed on the current real estate market.
Baltimore County Neighborhood Stabilization Program “NSP” $50,000 Loan for Home Buyers
Baltimore County is starting a program to encourage home buyers to consider homeownership in existing residential communities that have foreclosed properties in the 21207, 21220, 21221, 21234, 21244, 21133, and 21117Â zip codes. Before signing a real estate contract, a buyer must complete TWO workshops (home buyer and pre-settlement) and counseling with a Baltimore County affiliated Housing Counseling Agency. Please contact me for a list of the approved agencies for this program. Some additional highlights of the program are listed below:
Buyer(s) do not have to be first time home buyers.
Buyer(s) can get up to $50,000 for down payment and closing costs.
Property must be vacant.
Property must be in one of the zip codes listed.
Property must be a foreclosure-NO SHORT SALE.
Contract must be written for 60 days.
Gift Contributions may not exceed 3% of the sales price.
Property must be purchased at minimum discount 5%; a 15% or more discount based on an appraisal is preferred.
Buyer(s) must have home inspection.
The cost of repairs required to correct housing quality standards (HQS) identified deficiencies can be included in the borrowers maximum loan amount up to $3,000.
NSP is a loan that is forgivable after 15 years.
Contact me to receive more information about this program and to receive a FREE copy of my report “The 7 Things You Must Know to Successfully Receive Grant Money.”
CEO Kelly on CNBC: ‘It All Depends on the Stimulus Plan’
On January 5, 2009, Dave Liniger Chairman and Co-Founder of RE/MAX International met with Broker/Owners to discuss the state of the real estate industry. One of the key statistics that stood out for me was short sale properties and bank foreclosures were going to be 30-40 percent of the real estate transactions over the next 3-5 years. On February 5, 2009, Margaret Kelly CEO of RE/MAX international appeared on CNBC’s ” Power Lunch” and had messages for consumers and real estate agents. Margaret stated “If you are going to work with a REALTOR to get your home sold or purchase a home, they have to know how to handle REO’s, short sales and foreclosures.
As a consumer you should make sure your agent is experience in handling these types of tranactions. You should ask your agent how much experience he or she has in short sales or bank foreclosures. It could determine if you win the bid or get your home sold. Please watch the video.
Check Out These Statistics From The National Association of REALTORS!
The National Association of REALTORS does a study every year on people who bought or sold real estate.
Characteristics of home buyers
41% of recent home buyers were first-time buyers.
The typical first-time home buyer was 30 years old, while the typical repeat buyer was 47.
The 2007 median household income of buyers was $74,900. The median income was $60,600 among first-time buyers and $88,200 among repeat buyers.
20% of recent home buyers were single females, and 10% were single males.
For 2/3 of home buyers, the primary reason for the recent home purchase was the desire to own a home.
Characteristics of homes purchased
New home purchases were 21% of all recent home purchases, down from 23% a year ago.
The typical home purchased was 1825 square feet.
78% of home buyers purchased a detached single family home.
When considering the purchase of a home, commuting costs were considered very or somewhat important by 80% of buyers.
The home search process
For 1/3 home buyers, the first step was looking online for properties.
87% of all home buyers and 94% of buyers aged 25 to 44 years used the internet to search for homes.
Real estate agents were viewed as a very useful information source by 81% of buyers who used an agent in the home search process.
Home buying and real estate professionals
81% of buyers purchased their home through a real estate agent or broker. Among those who purchased a new home, this percentage increased to 54% from 50% last year.
43% of buyers found their agent through a referral from a friend or family member.
70% of buyers would definitely use their real estate agent again or recommend the same agent to others.
The 7 Things You Must Know to Successfully Receive Grant Money!
I am asked all the time “how do you become eligible to receive grant money.” Applying for grant money is a process that must be followed correctly or a buyer could be made ineligible to receive grand funds. I have created a free report “The 7 Things You Must Know to Successfully Receive Grant Money” to help buyers avoid potential pitfalls. The first mistake many first-time home buyers make is working with real estate agents and loan officers who are not familiar with the rules on grant programs. Most grant programs require that you take a class with a housing counseling agency and you do a one on one meeting with a housing counselor before you write a contract on a property. If your agent does not know this rule he or she could cost you your eligibility to receive grant money. Unfortunately, it happens too many times. All banks or mortgage companies do not participate with the programs. Last month a buyer told me her bank said “the grant programs were out of money” the bank olny told her that because they were not a participating lender with the programs. I gave her a bank that did participate with the programs and she is receiving $10,000. Did you know that some programs are grants and some are loans? To learn about grant programs and how you can successfully receive grant money contact me to receive your free report.
Happy New Year!!!
I believe 2009, will be a fantastic year for buyers. Interest rates will remain low, housing inventory is high, prices have fallen, and sellers will contribute towards buyers closing costs. What more can a buyer ask for? Grant programs are available for Baltimore City and Baltimore County first-time home buyers, call or email me for more information on how you can take advantage of these programs. I have scheduled many first-time home buyer seminars for 2009. I promise to keep you updated with the times, dates, and locations. As new grant money become available I will inform you about them immediately. I look forward to helping many families achieve the dream of homeownership in 2009. I hope yours is one of them! Happy New Year!!!
First-Time Home Buyer Receives $21,500 in Grant Money!
Last month a couple received $21,000 in closing cost assistance because the husband was a city employee. Here is a list of the programs he used;
ADDI (American Dream Down Payment Initiative) $10,000
Baltimore City Employee Grant $3,000
House Keys Match $3,000
Smart Keys Match $3,000
DSELP $2,500
The buyers only put $1,000 of their money in the transaction. FHA require that a buyer have 3% of their own funds in the transaction. But some of the grant programs will allow a buyer to use some of the grant money towards the required 3%. They were able to purchase a $200,000 house with $1,000 out of pocket. Contact me to receive more information on how these programs work.
Baltimore City’s $10,000 ADDI Forgivable Grant is Back!!!
The American Dream Down Payment Initiative is back for home buyers purchasing in Baltimore City and many buyers are taking advantage of the program.
Income Limits are as Follows:
1 person household      $43,050
2 person household     $49,200
3 person household     $55,350
4 person household     $61,500
5 person household     $66,400
6 person household     $71,350
7 person household     $76,250
8 person household     $81,200
If you are interested in learning more about the American Dream Down Payment Initiative (ADDI) or other first-time home buyer programs contact me at 410-977-7176.
Free Home Buyer Seminar for John Hopkins Bayview Employees!
On November 18th, 20th, and 21st, I will be conducting free seminars for John Hopkins Bayview employees along with Brian Kesler with SunTrust Mortgage. Our topics will be;
Understanding the real estate market.
How property taxes affect your monthly payment.
Buyers Agent vs Listing Agent- know the difference.
10 mistakes home buyers make.
How escrow account works.
How extra payments to your principal can save you money.
John Hopkins employees are eligible for $17,000 in grant money. Call me for more details about the program.
In my next blog post I will let you know how Baltimore City employees can receive up to $21,500 in grant money when you buy a property in Baltimore City.
