The are a lot of misconceptions about the current state of the real estate market. Many are led to believe that money is not available for the purchase of a home, or that a large down payment is needed to make a purchase.
Nothing could be farther from the truth. There is plenty of money available for “qualified” borrowers.
Buyers don’t need a lot of cash for a down payment, but they do need a good credit score! There are also requirements for verifiable income without a disproportionate amount of debt.
And the best part about being qualified to purchase a home RIGHT NOW is that there are plenty of good deals on homes combined with historically low interest rates. The dream of home ownership has never been more affordable!
To receive step-by-step assistance,, call a Realtor® and set up a buyer’s interview. The agent can advise you about the best way to proceed.
It’s a great time to buy a home, why not take advantage of the opportunity.
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
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Hi Richard, it is that "qualified" part that hangs up too many today, where being in that status seems tougher than ever!!!
Richard: I hate reading stories where people swear up and down that "qualified" buyers are being stiffed on loan approvals. B.S. The qualifications aren't what they were in the boom, but you're right....if you have a good credit score and a modest down payment, now is a great time to get out and buy.
Richard, with USDA able to do rural financing with 0 down, and FHA with 3.5% down, home ownership is still possible and more affordable than in years. One of the reasons all the 80/20 loans came to be was that housing prices were raising faster than incomes. Things have largely corrected themselves and homes are very affordable. If buyers aren't qualified today a good lender can instruct them on what steps to take to legally and ethically improve their profile so they can buy in the near future.
The time has never been better to own a home. Hey...where did yo come up with a snow covered roof picture. On vacation again?
Hi Richard... The message is definitely on target, but I wonder if economic and employment uncertainty is just a stronger fear.
Hi Richard! You're SO right! There is mortgage money available and with the prices out there and the lowest mortgage interest rates in decades, you just can't go wrong.
Hope your 2010 is AMAZING!
Enjoy your weekend...
It absolutley is!
If I was a buyer in Newnan, Georgia looking for a home.... I'd call Richard Weisser....
Richard....great post! There are those buyers out there that still want to wait, in case the prices will drop more! Sure, they might, but the interest rates may also go up...so then where will you be!
Best to get while the getting is good! Especially if you know you will be in your home/condo for a few years to ride the market as the prices rise.
Thanks for a great push to the Buyer's out there in Buyer Land!
Richard,
The forces have all aligned for the "qualified" buyer. Now is the best time to buy a house in quite a number of years. Here's hoping your new venture will get their share of Newnan buyers...and sellers.
Rich
Richard, this is an excellent message to keep before the public. I am not sure where some of these rumors get started. VA and FHA both provide no or low down options to enter the Real Estate market. Many States and counties have other bond programs and the like which provide another source of affordable entry into the market. Keep the message out there.
Richard, You are absolutely right! It seems as if a lot of folks are getting off the fence and purchasing a new home. Prices and interest rates are at an all time low...
Helping you live your American dream...
The simplicity of your message cannot be overlooked.
Good credit is paramount. I get calls regularly from folks who believe that credit isn't important and they're focused on how much money it takes to buy. Not so.
The other message is, of course, the value of homes today is unbelievable.
Great post, thank you for sharing. Here in San Jacinto, CA the city has a First Time Buyer program - very easy to qualify for - biggest issue is upper income limits - they will contribute 6% towards clsoing costs and/or down payment.
Merry Christmas,
John
PS - I'm going to reblog this to let my locals know I'm not the only one preaching this.
Richard:
It is good to reinforce this message. As long as someone has good credit there are excellent opportunities for home ownership. And, with prices as low as they are right now and the tax credit advantage - it is a great time to buy.
It is just so obvious that now is the time to buy if at all possible. It will be more expensive soon, just a matter of time.
Hey Richard! It is a wonderful time to buy! If a person can COMFORTABLY make a payment on a 30 year note (or less)...I say go for it! People need to look at a home as a personal investment, not so much financial one. All the best this holiday season!
Richard - You Know my sentiments about this opportunity in our present market. Keep the message moving forward while the opportuniy still exists. I have never seen the affordability index for buying a home be better
There is plenty of money out there for new home buyers as long as they qualify. And it may be the best time ever to buy a new home.
There is plenty of money out there for new home buyers as long as they qualify. And it may be the best time ever to buy a new home.
Richard, nice concise way of dispelling some of the current misconceptions...there is good inventory and low rates available for buyers ready to move in this market.
Hi Richard:
Great post! You are SO right...lenders ARE still lending to qualified buyers!
It still is a great time to buy...
If it's OK with you, I'll re-blog this also....
There are lots of opportunities out there. I tell folks to make the move unless they are making a big life change in the next couple of years like career change, retiring, etc.
In my market place, the city of Lockport, Illinois is giving $10,000 to to buyers of single family homes who purchase new construction ($7000 on townhome purchases). Yes, indeed it's a great time to buy !
Linda Metallo, Re/max Impact, Lockport, Il. (Chicago)
Richard, Great post. Can I have your permission to reblog?
There are still people sitting on the fence waiting for prices to go lower. And there are people who need to work on their credit issues so they can take advantage of this opportunity with low interest rates and the tax credits.
Good points!! Also, live within your means. Don't buy the BIGGEST, MOST expensive house. Buy a home to live in for years and enjoy!
Well put Richard, it is time people start thinking of houses as homes and not investments.
I agree with you but in my area there are such huge concerns about employment issues. The media plays a large role in that.
Richard,
You are quite right. There's over 1,000 years of history to show that real estate offers a reasonable return on one's investment.
Brian
Just wanted to wish you a Merry Christmas Richard and say thanks for all the great post as well as pictures that you have done this year. Here is another example of a good post and we have buyers galore right now so I don't want to jinx that.
Of course the dream still exists. It's just that now the dream should not turn into a nightmare as it has over the last few years. Only qualified buyers should apply. Anyone who thinks the dream is dead are the same ones who thought the dream was live and well three years ago. There are so many amateurs in this business.
Good credit, good income and the chances are good that you can buy a home.
Well said Richard. We just need to get the message out to buyers without sounding like a broken record!
It is and has been a wonderful time to buy a home, Interest rates are at a all time low and prices at at half of rebuild cost.
Richard you don't know how many people I come across who still think the 100% loan are gone.
The affordability factor is great everywhere. Now that we have gotten over the let's give fiancing to everbody that has a pulse, those who have good credit, and some cash, are being rightfully rewarded with a home they can stay in at a great price. It's not about a home as a ATM anymore.
Hi RIchard,
I couldn't agree more! This is a good time to make the investment in a home purchase. Those who have will be damn glad they did someday down the road.
"Happy Holidays to you and yours!"
From,
Patricia/Seacoast NH Real Estate
Richard, Great post. The time is now if you are considering buying a home.
Rock bottom prices and extrememly low interest rates.
Hi Richard, for people with good credit, they CAN buy a home. But, some banks are holding back more than others. At least around here they are.
It's the perfect storm for buyer's right now. They just don't know it yet. Good post and best of luck to you.
All we can hope is that our clients will listen to us and not the media who make everything seem so bleak. It does make sense and those who can jump into this market should because otherwise they will be kicking themselves later.
If you can get a loan now is a great time to buy. I do not think it will last.
Fortunately I have clients who believe that, and we are looking, but our inventory is very low! Most everything with a sign is sitting in Short Sale Contingent status.
You need to be a qualified buyer to the mortgage company and a qualified homeowner in the mirror. You have to have an honest conversation with yourself if you are in the right position to own a home. Many are but need to be careful about how much they believe they can afford. Just because you can get approved for it, doesn't mean you should go that high. If you're qualified in both situations, then run, don't walk, and get yourself started in the home buying process.
Good luck.
Yes, it is a great time to buy a home. Hope we can get some of these buyers off the fence:)
my favorite point that you make is there are incredible deals out there!!
Great points and all positive instead of the negative we hear everday...great post.
Hi Richard~ For those that have good credit, the key is to spend LESS than you are approved for. That's my story and I'm sticking to it!
Many comments about credit and how important it is. While this is definetly a must, many people lack the cash to get into a home.
I couldn't agree more, now where are all the qualifiers and how do we get more of the middle qualified...
Richard, buying a home is still a great long-term investment. Buying now allows buyers to take advantage of excess inventory and great interest rates.
Very true hopefully buyers will understand this and get off the fence.
WOW what a surprise a group of Realtors saying its a good time to buy:)
I heard that in 2005 to 2007 also. I appreciate the value to me as a Realtor that type of thinking and marketing but I don't enjoy the taste of the Kool-aid but I am willing to drink it since nothing better is being offered.
Many young buyers have no fear so when they get the kool-aid put in front of them they will drink without hesitation, this should help.
Many Americans with familys won't drink it based on Job security fear and spending their savings on a down payment they may not be able to borrow back in case of emergency.
Those with little cash may drink knowing whether they are renting or paying a mortgage if a job loss
or other problem arises their back living with mommy and daddy either way and the gamble of equity
may be worth it to delay the trip back home.
It is a good time to buy if you stay within your means[similar mortgage to current rent payment] and are disciplined to save for a rainy day and believe[hope] the worst is over, knowing if it gets much worse we will ALL be in the same boat.
Yes those who quilify by SANE standards its a great time if looking for a home[not investment] but if any
manipulation is used to get potential buyers to drink the kool-aid only more suffering will ensue.
Phil
It is a good time to buy for a lot of reasons. Those reasons could be different for some folks. Buying for the right reasons instead of trying to keep up with the 'Jones' is not a good reason.
Ty
The hard part is that "qualification" guidelines continue to change. A buyer may be qualified when the offer is accepted but, by the time of closing, they're no longer "qualified".
Here's to hoping that regulators soon come up with guidelines that stick. Even the lenders are confused today. Remember when we knew what it took to get a loan and could actually tell our buyers up-front whether or not they would qualify?
It helps if the loan officers do their work upfront so no surprises. I agree too short sales are taking over.