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Home Buying Success: What You Need to Know About Short-SalesJuly 11, 2008
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Underwriting guidelines have tightened and lenders are taking longer to approve home loans. What can you do to close your escrow on time? Today is a Great Time for Buying a New Home
By Sheryl LandrumHome Worth Columnist
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There are many home buyers that are still sitting on the fence when it comes to buying a home. With a great inventory to choose from, historically low home loan interest rates, and home sellers and builders ready to deal, why aren't more people buying homes? Perhaps the media coverage is a major reason that many people are not buying homes. Buyers are still waiting for the long-proclaimed impending dive in home prices while sellers are balking and refusing to go lower. Will waiting make a significant difference for those homebuyers who are considering a home purchase? Think of the many benefits of buying a home today:
- Home prices are low. Yes, they may possibly go lower, but markets are notoriously hard to time. You could just as easily lose out when prices or interest rates climb suddenly.
- Mortgage interest can be a significant tax deduction. Why not begin your tax savings today?
- Low interest rates! Interest rates are at historical lows. Waiting until houses are lower could very well mean that interest rates will be higher. You could end up paying more overall.
- Underwriting guidelines are becoming more rigid as time goes on; if you can qualify now, why wait and maybe jeopardize your ability to qualify for a new home and a home mortgage loan?
- Builders and homeowners seeking to sell their homes in today's market are offering some great incentives to home buyers. No HOA fees for a year, no closing costs for would be home buyers, builder upgrades, and seller paid property taxes are part of the incentives currently being offered to homebuyers today.
With these home buying positives, why not talk to your real estate agent today?
About the Author
Sheryl Landrum is a Senior Loan Officer with First Capital Mortgage of San Diego at the Prudential Realty Office in Bonsall, California.