Real Estate

New 1% Down Payment Program

My trustworthy man at Ruoff Mortgage, Alan Pressley, tells me they have a brand new Conventional loan program out— and it only requires a 1% cash down payment from the home buyer.  Actually it gets even better!  The loan is actually a K3% down product, but Ruoff is putting up the other 2%.  (How out them apples!)

These mortgage loans can be used to purchase single family homes.  And you do not have to be a first time home buyer!  A 680 credit score is required for this program.  Keep in mind, however, there are other programs that are somewhat similar and at least one that only requires a 660 credit score.  One things for certain— There are a lot more loan programs than there were 2-3 years ago.  Which makes NOW a great time to do biz with someone who can connect you with other people who can make good things happen!!

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

Lock n’ Load

Yesterday was a long, busy day- at my desk by 7 AM, showed houses to 5 different people, then wrote 2 offers before I called it quits around 9:00.  But… it didn’t get really crazy until this morning when I got ready to write up an offer on the last house we saw last night.  It just hit the market yesterday and two other parties were looking at it while we were.  My

Kguy decided this morning that he wants this house.  I suspected someone else might also want it.  So I texted the listing agent to see if they’d received any offers.  He already had 3!  (Not bad for the first day.  LOL)  Well, I crunched the numbers and it checked out, so my client decided to add 1 more offer to the mix.  Now that’s determination!

Like I’ve been preaching— if you’re wanting to buy a new home, get pre-qualified by a good lender (I know a guy, and a gal) and when you go looking by all means come ready to do business. 

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

Buyers- Be Like a Boy Scout

MIBOR just released sales numbers for the month of January, and by all measures the trends of recent months are continuing in full force.  Bottom line, sales are up and inventory is not keeping pace with demand.  The takeaway is for buyers to be successful in their quest for a new home, they’d best be like a Boy Scout, (ie. “Be prepared”).

Closed sales are up 4% over last January’s numbers, while new inventory only increased 1%.  That combination is playing the leading role in giving home prices a boost.  They’re up 5% over a year ago, topping $143,700.

At month’s end there were 8,668 homes listed for sale in central Indiana; which is 15% less than a year ago this time.  Btw, the current inventory is lower than anything I’ve seen.  Ever.  Anywhere. K

There’s not much you or I can do about any of that, except to Be Prepared ourselves.  To learn how to best position yourself to take advantage of opportunities in this market, don’t be shy— call me!

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