Secure your FHA financing today before these changes go into effect

Starting June 3, 2013 the FHA will no longer allow you to cancel your mortgage insurance premium payments when your loan balance drops to 78% of your property's value. That means you could be paying a mortgage insurance premium for decades!

 

Don't let this happen to you. Secure your FHA financing today before these changes go into effect. Take advantage of down payments as little as 3.5% and some of the lowest rates in history - before they rise again.

Spring Rushes In!

This year, the spring selling season has kicked off with an early, energetic start. Increased showings at open houses, multiple offers on properties and offers above asking price - often within weeks or days. The market now favors sellers, making buyers anxious to take advantage of low interest rates and lower prices before they rise. Call me to discuss the activity in your community and local market trends. 

Here are a few tips for both buyers and sellers that should make the process easier:

Buyers, review your credit score. A solid score can help you lock in a lower interest rate and get a mortgage pre-approval, which you will need in this fast-paced environment then give me a call so that we can discuss what you are looking for and I will help guide you through the entire process.

Sellers, homes are selling quickly, so you'll need to do some spring cleaning, painting and sprucing. Consider having an inspection done and address key issues before placing your home on the market. If you are thinking of placing your home on the market, contact me today. I’ll be happy to provide a complete a competitive market analysis, review competing homes and determine the inventory levels in your locale and price point.

Magan Drane

Direct:410-493-6854

Magan@MaganDrane.com

Where are the sellers?

The nationwide housing market is now tipping in favor of home sellers, yet homes for sale are scarce. As stated in a recent release from the National Association of Realtors^®(NAR), "Total housing inventory at the end of January fell 4.9% to 1.74 million existing homes available for sale, which represents a 4.2-month supply."

If you are waiting for prices to increase dramatically before putting your home on the market, think again, because your competition is thinking the same thing. Buyers are rushing to purchase limited inventory now, so homes are selling quickly and at higher asking prices, due to multiple bids and bidding wars.

This creates a clear window of opportunity for sellers. If you are not sure if you have enough equity, call me today for a free Competitive Market Analysis.

As a buyer, I can help you find your dream home, negotiate on your behalf and walk you through the entire process. Prepare yourself by securing financing in advance, I can also help refer you to a trusted mortgage specialist.

For sellers on the fence and buyers facing tough competition, call me today- I am here to help you navigate and negotiate!

Lets Take Advantage of the Season!

Real estate experts and economists agree that the housing industry is gaining momentum. If you are planning to put your home on the market for the traditional Spring selling season, be advised that Spring has sprung early this year!

Need proof? Here are just a few of the latest headlines from some of the most respected news organizations:

•    Home Selling Season isn't Waiting Until Spring This Year – L.A. Times, Jan. 20 


•    Housing Offers Hope of Strength in the Economy – New York Times, Jan. 24 


•    Housing Emerges as Economic Bright Spot After Years in the Dark – Washington Post, Jan. 28

•    Home Prices Climb by Most in Six Years as U.S. Market Firms – Bloomberg, Jan. 29

Essentially, low interest rates, rising rents and a positive economic outlook are driving buyers who want to realize the dream of homeownership. With limited housing inventory, buyers are competing against one another for those properties that are priced well. This results in bidding wars, which drive up housing prices.

The message is clear for sellers. Right now is a prime opportunity to sell a home. Sellers need to ensure their property stands out from the competition with proper price positioning and home presentation. If the home is priced right and in good condition, it will sell quickly.

Buyers shouldn’t sit on the fence either. With a lack of inventory, the competition for that perfectly priced dream home is becoming fierce. Come prepared with solid financing, be ready to make a quick purchase decision and be reasonable with your offer and expectations. In some communities and price points, the buyer’s market has already tipped towards a seller’s market.

As all real estate is local, give me a call (410-235-4100/410-493-6854) so that I may provide you with a competitive market analysis and review current market conditions with you.


Changing seasons are inevitable, so take advantage of this season while it’s here! 

Happy New Year!

Happy New Year! Many real estate industry watchers and economists agree that the real estate market is once again a bright spot in the economy as existing home sales continue to improve.

According to the National Association of Realtors^® (NAR), total existing-home sales in November rose 5.9% from October, and are 14.5% higher than November 2011 nationally. Additionally, the national median existing-home price for all housing types in November was up 10.1% from November 2011. This is the ninth consecutive monthly year-over-year price gain.

One question is still at the forefront of many minds. Will the housing market continue to improve in 2013? It's not easy to predict what the market will do in the coming year. However, there are some key indicators to follow and the indicators are positive.

Most agree that growth in the housing market is largely based on the stability of the job market. As reported in Bloomberg, the U.S. Labor Department announced that applications for unemployment insurance payments fell in the week ending December 22, bringing the average over the past month to the lowest level in more than four years.

Lower mortgage rates and higher rents continue to bring more buyers into the market. Buyers also want to take advantage of lower home prices before they rise. Increasingly low levels of inventory are pushing prices higher as bidding wars and competition escalate.

For buyers, the message is clear. If you want to own a home, you should act now. The factors are currently in your favor. For home sellers, the time to sell could be in your favor as well. With lower levels of inventory, you face less competition. With prices steadily rising, you may find yourself in a position to take advantage of increasing equity.

If you are in the process of buying or selling a home, lets discuss these factors. I can explain how pending sales and inventory levels will impact your home buying or selling goals and success.

I anticipate that 2013 will continue to bring a revived economy and a growing housing market. I look forward to welcoming in the New Year and assisting you with all of your real estate needs in 2013 and beyond.

Cold Outside but Market Still Hot

As we prepare for the winter months ahead, many home sellers consider taking their home off the market. Don't do it! In the same vein, if you're debating whether to wait until spring to put your home on the market, don't wait.

Buyers shouldn't wait either. If you are interested in purchasing a home and currently sitting on the fence, you may just lose the opportunity to own your dream home, or pay a great deal more for it.

For the first time in a very long time, industry experts and watchers have been very consistent about the status of the real estate market and they all agree; activity is increasing and prices are rising. There is substantial data that reflects their opinions.

According to the National Association of Realtors^® (NAR), pending home sales are the highest they have been since March 2007. On a year-over-year basis, pending home sales have risen for 18 consecutive months. Prices are rising, as well. According to the S&P/Case-Shiller Home Price Indices, home prices rose over sixth straight months. As reported in Bloomberg, property values in 20 cities climbed 3% from September 2011.

Consumer confidence in the economy and an improving job market are certainly important factors. Additionally, the steady increase in rental costs and incredibly low mortgage rates are driving more and more buyers into the market, creating fierce competition. There is also an incredible lack of inventory. With fewer homes to choose from, buyers are suddenly finding themselves in bidding wars that are essentially driving up the prices.

For sellers, the message is very clear. Put or keep your home on the market, regardless of the winter season, and ensure that the property is in excellent showing condition. With increasing prices, move-up buyers may suddenly find there is enough equity to make a move. Essentially, it is an excellent time to sell a home.

If you are in the market to buy, you will need to come prepared with financing and be ready to make a quick purchase decision and a reasonable offer. Ensure that you are more prepared than your competition, placing yourself in a better position to obtain your dream home.

If you want to gauge whether or not the time is right for you to make your move, call me today to personally assist you throughout the entire home listing, selling and purchasing process!