Ann Hayden's Real Estate Blog

Home Buyer Help Part 3:  No Better Time Than NOW

Part 1:  FREE Home Buyers Seminar:  September 16, 2009

Part 2:  Be Smart Don't Go at it ALONE

Attention all First Time Buyers, this is the time to buy.  Inventory is high, prices are low and interest rates are awesome, and do not forget the $8,000 tax credit (check out this government site for the details: Federal Housing Tax Credit for First Time Buyers).

So what are you waiting for? 

More homes to come on the market?  Homes are selling. The longer you wait the less inventory there is to choose from.

Prices to go down?  The homes on the market now are pretty good deals.

Rate to increase?  They are ticking up. 

Are you waiting for the tax credit to disappear?  Yes, it may be extended but then again maybe not.  With all the flack Obama is catching, he may decide not to extend.  How will you feel if you do not make it by the November 30th deadline?

So this is the time to buy.  Get pre-approved with a local lender and use a good agent, one who listens to your needs and educates you in the process. 

Plan what you are able to afford, not what the lender says you can afford.  For instance if your rent is $1000 a month and the lender says you are qualified for a $200,000, do not jump for joy yet.  Ask how much the payment will be with taxes and insurance.  You are required to escrow your taxes and insurance unless you put down a bunch of money.  So find out how this will affect your payment amount.  A good lender will educate and help you stay within your budget. 

Decide what type of house you like.  Is it a ranch, a two story, a split level, a 1 and 1/2 story?  How many bedrooms do you need?  Can you live with one bath?  Is a two car garage a want or need?  Do you like homes with basements?  Are you willing to do some updating?  What areas are you interested in?

Remember:  The perfect house does not exist.  There are going to be things you like about one house and things you like about another and at some point you are going to say:  "Well, if I could put the basement finish from 1234 Maple Street with the kitchen on 2333 Oak Street and the yard on 444 Flad Avenue, then I would buy because it would be the perfect house."  Or some rendition of the above.

Do not wait too long to choose a home to purchase.  Being too picky to make a move is causing grief because other buyers are buying.  If you wait too long, the house you liked will be under contract and you will have to keep looking.  Inventory is shrinking and if a good house comes on the market, it is going under contract quickly.  A good house:  one not needing a complete remodel and priced for the market with attractive loan terms.

This is an awesome opportunity for you to own a home.  Act now before the perfect storm gets away.

Remember:  For all of your Real Estate Needs www.SelectAnn.com

If you are in the market to buy or sell, why not give Ann Hayden of Prudential Select Properties the opportunity to help you?

Contact Ann Hayden www.SelectAnn.com today to get started.

© Ann Hayden, 2008-2009.  All rights reserved and may not be reproduced or reprinted without express written permission of Ann Hayden, real estate agent with Prudential Select Properties Chesterfield, Ballwin, Wildwood Office.  Information deemed reliable but not guaranteed.

Real estate needs:  www.SelectAnn.com .   For all your real estate needs in the St. Louis area.  Updated daily.  Sign on for FREE!  Whether you are buying or selling, let me help you!