Time To Buy A House - Don’t miss a Golden Opportunity
Lonnie Stevenson from Evergreen Home Loans just shared an article with me from The New York Times written by Ron Lieber, December 6, 2008.
Some highlights of the article:
“Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers.”
The article is great - please email me at topexpert@earthlink.net if you’d like a copy sent to you.
There’s no better time to buy than now as a first time home buyer! Interest rates are great, you don’t need to wait to sell a property to get into something of your own - housing prices have drastically fallen. Right now, when everyone is feeling the most pessimistic and down about the direction of things - is your time to act. Historical data from the stock market and from housing price charts all show that the people who make purchases during the bottom when everyone is feeling like the world is ending are the ones who make the biggest gains and profits when things turn around.
Put that fear aside - be bold and act now, you have everything to gain. As one of my favorite singers - Wynonna Judd, says in a song…
“When you hit rock bottom
You’ve got two ways to go
Straight up
And sideways
I have seen my share of hard times
And I want you to know
Straight up
Is my way”
Holiday shopping season in full swing
The holiday season is upon us! Whether you’re shopping for Christmas, Hanukkah, or another holiday, or the poor folks whose birthdays fall near one of these big holidays, it’s pretty likely that you might be doing some of your shopping on-line this year.
While that’s a great timesaver, and there are some pretty good deals out there, please also remember to support your local businesses.
There are a number of options for shopping available in Lake Havasu City, and the options have grown this year too, with the addition of the new regional mall The Shops at Lake Havasu. A lot of the stores are now open in the mall and ready for you, and since they’re so new, there’s not a huge crowd to wait behind in line.
Don’t forget the other quality stores in town too! As a former restaurant owner, I know how dependent local business owners are on local traffic. Support your local businesses!
Complete re-design of popular Lake Havasu real estate website
It is with great pleasure that The Concierge Service Team at Selman & Associates Real Estate in Lake Havasu City, Arizona announces a complete redesign of their Lake Havasu real estate website www.Havasu-Real-Estate.com
For the past couple of months, the team has been working on a total transformation of their primary website, including a new graphic design, and added features such as links to this blog and the ultimate Lake Havasu MLS property searching website.
Other fantastic additions to the site include a brand new gorgeous slideshow of photography by Daniel Park, a local Lake Havasu City photographer.
Please take a few minutes to head over to the website and enjoy the great new features and design. We’re really proud of the beautiful new website, we hope you enjoy it!
Despite holidays approaching, now may still be best time to buy
You might not even want to think about buying a house right now. The holidays can be a stressful time, but you may end up saving a lot of money by making your home purchase now instead of waiting until after they’re over.
Interest rates and home loan rates are approaching their best levels of 2008 right now. Even though you might not want to deal with making a home purchase until after the holidays are over, you could save a lot of money by making that purchase now.
The Federal Reserve recently announced it will purchase $600 billion of mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae. This is contributing to some of the best home loan interest rates available this year!
Don’t hesitate to ask us for some help. The Concierge Service Team of Selman & Associates real estate can help you evaluate your needs, your situation, and help you decide if it will make sense for you to act now and take advantage of this great opportunity. Give us a call at 928-854-5511 or visit our MLS searching website by clicking the SEARCH THE MLS button on the top right hand side of this blog.
HUD 203K - Do the Repairs after Closing
Katie Murphy from Hi-Tech Mortgage sent me an interesting article this week on a nifty program you’ll want to check out if you’re considering buying a foreclosure property in Lake Havasu City, Arizona:
BANK OWNED FINANCING OPTION
203K Streamline
“do the repairs after closing”
The purchase of a house that needs repair is often a catch-22 situation, because the bank will not lend the money to buy the house until the repairs are complete, and the repairs cannot be done until the house has been purchased.
HUD’s 203(k) program can help you with this quagmire and allow you to purchase or refinance a property plus include in the loan the cost of making the repairs and improvements. The FHA insured 203(k) loan is provided through approved mortgage lenders, Hi-Tech Mortgage is approved. It is available to persons wanting to occupy the home.
A potential homebuyer locates a fixer-upper and executes a sales contract after doing a feasibility analysis of the property with their real estate professional. The contract should state that the buyer is seeking a 203(k) loan and that the contract is contingent on loan approval based on additional required repairs by FHA and/or lender.
203(k) loan includes the following steps:
The loan closes for an amount that will cover the purchase price minus the down payment, the remodeling costs and the allowable closing costs, if needed. The amount of the loan will also include a contingency reserve of 10% to 20% of the total remodeling costs determined by a proposal showing the scope of the work required. The seller receives their funds and the remaining funds are put in an escrow account to pay for the repairs and/or improvements during the rehabilitation period.
The borrower can decide to have up to six mortgage payments (PITI) put into the cost of rehabilitation if the property is not going to be occupied during construction, but not to exceed the length of time it is estimated to complete the rehab. Escrowed funds are released to the contractor during construction through a series of draw requests for completed work. To ensure completion of the job, there is a 10% hold back on each draw; released upon confirmation of no liens on the property.
If the repairs are a safety hazard or structural damage, those repairs must be completed and the 203K Non-streamline loan will apply. The lender will assign a consultant to handle the draws and inspections during the rehab process. There will be a 6 months period allowed for repair completion. In some cases, occupancy will not be allowed.
New website has folks talking…
There’s an incredible new home searching tool available now, just navigate your way over to http://havasuhomesnow.com or click on the button on the top right hand side of this blog that says “Search The MLS”
Folks are talking about this website - it’s unlike any other in the city. “This is the easiest site to use.” “I love how I can do my own home searches, save the searches and revisit them later.” “This is the best website I’ve used!”
Everyone we talk to loves this website! If you would like to visit this home searching website, search for homes, view large photos of every MLS listing in Lake Havasu City, see satellite and map view of the properties - head on over - it’s free!
Website Upgrades in process…
“Change” is coming! It’s more than just a catchy political slogan - it’s what is on the horizon for our team’s website at www.Havasu-Real-Estate.com
The site is being upgraded and hopefully all changes will be implemented by the end of November. Upgrades include easy links to our Lake Havasu City MLS Searching website www.HavasuHomesNow.com, more community information available on the site, profiles of our growing team of experienced Realtors to assist you with your Lake Havasu Real Estate needs, and much more!
Check out our brand new Photo Gallery of pictures by my talented friend Daniel Park (you can view all of his work at www.ByDanielPark.com - but be sure to stop by our site to view our Photo Gallery of his stunning photography of our area here: CLICK HERE FOR PHOTO GALLERY
Havasu Foundation for Higher Education
I receive updates by email from the Havasu Foundation for Higher Education. An announcement was sent out today that HFHE has “hired the nationally recognized Chicago-based business management firm, Huron Consultiong Group to help with the university business plan and marketing research.”
The foundation will hold it’s annual meeting and dinner at Shugrue’s restaurant on January 29 (reservations required). Foundation members will be updated on the city’s efforts to acquire the land and road and infrastructure updates.
A prime parcel of land right off Highway 95 between the highway and the lake South of the London Bridge has been identified and will be the location of a brand new University in Lake Havasu City, Arizona. For more information, visit www.havasufoundation.com
Associated Architects will be working on a basic layout of the campus and artistic renderings as Huron Consulting Group reviews and revises the business plan and researches marketing in the coming months.
Don’t wait - benefit now from FHA loans!
I’ve blogged in the past about how the FHA loan programs are becoming such a great alternative for many to conventional financing.
Lonnie Stevenson at Evergreen Home Loans told me today about a reason why you might want to consider making a home purchase using an FHA loan sooner rather than later.
Here’s the short of it: Under the Housing and Economic Recovery Act of 2008 - mortgage limits are going to be re-set annually, and so effective for those loans which have credit approval on or after January 1, 2009 for FHA loans - the mortgage limit is going to DECREASE for Mohave county from the current limit of $322,500 to the new lower limit of $271,050. This means less buying power for you under these incredible loan programs! You might have to then go toward a conventional loan paying higher interest rates without all of the benefits that an FHA loan provides - You can actually get a nicer home for the same monthly payment using an FHA loan!
Don’t wait - call us today at 928-854-5511 if you’re thinking of making a purchase soon - we can put you in touch with the loan experts to help you make the best decisions possible. If you’re waiting, you’re going to kick yourself in the future for not taking advantage of the current situation!
