Friday, March 6, 2015

Real Estate Outlook

Home loans rates fell for four straight weeks at the beginning of the year and lenders saw a lot of activity especially for people wanting to refinance their homes.  This was a great time for people wanting to stay in their homes and have more cash in their pockets from lower monthly payments.  It also meant that many people could enjoy the benefits of having enough equity in their home to be able to get out from under the MIP payments or cut them in half. 

First time buyers are also benefiting from the lower rates as they have the opportunity of being able to buy more for their money and keep their payments down.  According to the Mortgage Bankers Association (MBA), purchase applications are 3 percent higher than a year ago, with most of the gains coming from Federal Housing Administration (FHA) financing. Government-insured FHA loans provide low down payment and rate options and are typically sought after by first-time buyers.

It is also a good sign from the housing market when you see the new home building going strong and that seems to be the case for most areas.  This also gives people a great selection of choices.  Weather you are someone looking to down size, needing more room for a growing family, finding that perfect first home or just wanting to stay in your current home.  There is something out there for you.

Whether you are are looking for a brand new home, or want an older home that has the upgrades, landscaping, etc. already there and ready to move in get a good realtor on your side to help you work through the process of looking at homes, knowing everything that is available, understanding the in's and out's of the new home builders in the area, to negotiating the best deal for you, and making sure that all the paperwork is handled timely and accurately.  These services are provided at no charge to you as the buyer so make sure you take advantage of them.

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