Buying

Home Buyers: Lock n’ Load

Home Buyers:  Lock and Load!           

MIBOR just released market numbers for June, and it’s pretty much good news.  Sales up 5% over last June.  Median average sale price up 3%.  Buyers getting an average $6000 discount off the original asking price.

But the amount of available supply continues to shrink.  And that means home buyers need to put themselves in the best possible position to get what they want.  Here’s a few tips:

  • Get pre-qualified for your mortgage.  This is true even if you’ve been through this before.  Need a name— well, I know a guy!
  • Figure out what you want (area, house size, # of bedrooms/baths, and amenities). Make two lists- what you must have and what you’d like to have.  S. You may have to look at the inside of a half-dozen houses to fully figure this out!
  • And when you finally find the house you’re looking for— be ready mentally to pull the trigger.

‘Nuff said!  If you’d like to see how youK might best position yourself to get the house you truly want then shoot me an email or give me a call.  And please keep in mind…

 “I work harder to make good things happen!”  -Bob

 

Who Pays the Closing Costs?

Heck, everyone knows the answer to that question.  Sellers say buyers do, and buyers say the seller should.  Hmmm so how’s that work out in the real world?

For starters, sellers almost always pay the realtor’s commission and their own attorney’s fee.  Plus, they often times pay for the owner’s title insurance, certain real estate taxes and any unpaid HOA dues.  And they some times pay for all or part of the buyer’s closing costs.

Buyer’s settlement charges often run $4000 or more.  They can include loan fees, title company charges, surveys, the first year’s home owners insurance premium, funds to set up the initial escrow account for taxes and insurance, and a few other items.  Make no doubt about it… these are the buyer’s responsibility (unless it was negotiated in the Purchase Agreement for the seller to pay a specified amount towards the buyer’s closing costs).

Sometimes the buyer has limited funds Kand the only way they can make the deal work is if the seller does pay the buyer’s closing costs.  So, if the seller has some leeway in his price he may agree to pay the buyer’s closing costs.  In such cases, it’s likely the seller will want his full asking price, or awfully close to it.  After all, if the asking price is $100,000 and the buyer’s closing costs are $4000, then the seller is really only getting $96000 if the deal calls for a 100k price and 4k in closing cost credit.

Need help figuring out how best to structure a deal so it’s a WIN-WIN?  Easy… call me!  Keep in mind…

 “I work harder to make good things happen!”  -Bob

 

Housing Market Surges Higher

The May numbers are just in, and they say the market was “Red Hot” in May!!!  Closed sales were up a torrid 19% over last May, and plus 9% for the past 12 months.  (That was even more than for any month back in 2006.)  Couple that with a scarcity of new listings, and the amount of available inventory continues to be tight, down 11% from a year ago.  That combination of forces has also pushed the median average price up to $159,000.  (That’s plus 4% over last May and DSC04420the highest that number has EVER been.)

Homes sold for 95.7% of their original asking price.  Many wannabe’ buyers who attempted low ball offers were simply left out in the cold.  Bottom line, if you’re serious about buying a new home, then you need to be serious with your offer.

If you’d like a hand taking advantage of what this Red Hot market has to offer, do give me a call.

 

 “I work harder to make good things happen!”  -Bob