Rural Development Loans Restored

The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama.  The National Association of REALTORS® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers.

This means that there will be more 100% loans available for home purchases in our surrounding rural areas.  What are rural areas?:  Benton, Bryant, Alexander, Mayflower, anything outside the city limits of LR or NLR.  We have a great deal of homes that qualify for these rural areas.  100% financing plus low, low, low interest rates.  Jump on them!

 

thx,
 

 www.WeAreExit.com

"I Am Building a Company, By Design, that Honors Success & Productivity."

For a short video on what is EXIT, go to www.ExitRealty.com and click "Up Close and Personal with EXIT"

Posted via email from Scott's posterous

New Listing, updated and move in ready - 2 Twin Pine Pl Little Rock, AR

via exite-listings.com

Great home, great price, great community.

Posted via email from Scott's posterous

New Price! MLS# 10234270 - 115 Nantucket Loop Maumelle, AR

via exite-listings.com

Best value in Maumelle and home in excellent condition.

Posted via email from Scott's posterous

Mortgage Rates are Rising

For everyone that is sitting on the fence about buying, and thinking that it can only get better the longer I wait……BAM!  Interest rates jumped!  Yep, they are now up to 4.69% for a 30 fixed.  That is still AWESOME, but interest rates can only go up from the “All time low” rates they have experienced recently.  Here’s another reality for you…..home prices are beginning to increase also.  BAM BAM!  It already cost you more to buy the house you want, AND it cost you more to live there each month!  Reality is that now is the best time to buy a home and especially if you have a current home but thinking of upsizing.  You better jump on board with these low rates, high inventories, and lower prices.

 

thx,
 

 www.WeAreExit.com

"I Am Building a Company, By Design, that Honors Success & Productivity."

For a short video on what is EXIT, go to www.ExitRealty.com and click "Up Close and Personal with EXIT"

Posted via email from Scott's posterous

Buyers - Its the Perfect Storm

I met a buyer yesterday who asked me when the next tax credit was coming?  I told him not to expect one.  We had a tax credit for two years now, and the National Association of REALTORS is not pushing Congress for another one.  But why care about $8000 when the current savings from the low interest rates will save you TENS of THOUSANDS of dollars.  Forget $8000.  I’ll take $30,000! As I explained the advantages of low interest rates, high inventory and low prices to this delusional buyer, he just couldn’t grasp this economic reality that saving hundreds of dollars each month from the low interest rates, and saving thousands of dollars off the sales price of the home due to high inventory was SO MUCH better than a $8000 one-time check from the government.  AAGGHH!  Hey, here’s another option…..if you need the $8000 cash, how about we get it from the seller?  Yep, there are plenty of sellers out there who will pay you money in the form of seller concessions, to buy their home.  So yes, you get the best of both worlds – low interest rates, and money to buy furniture, etc.  PLUS, you get the cash benefit at closing, in 30 days!  You don’t have to wait around for the government to possibly cut you a check in 9 months when you finally get around to doing your 2010 taxes.  For most people, it will not even be a check.  If you owe the government income taxes, then they will simply reduce the amount owed by the tax credit you received.  You really didn’t get the money in your pocket, you just pay less in 9 months.

 

thx,
 

 www.WeAreExit.com

"I Am Building a Company, By Design, that Honors Success & Productivity."

For a short video on what is EXIT, go to www.ExitRealty.com and click "Up Close and Personal with EXIT"

Posted via email from Scott's posterous

It's a Great Time for Housing Deals - Duh! its the Perfect Storm for Buyers!

According to a recent Wall Street Journal article…..It's a Great Time for Housing Deals!  Buyers – wake up! 

Paying off an underwater mortgage and buying a better home could be the best tactic in this troubled market.  "If you are trading up, what better time than when interest rates are at record lows and the cost of the trade-up is much less than it used to be?" says Christopher J. Mayer, a Columbia Business School economist.

With 30-year fixed-rate mortgages at about 4.5 percent, it also makes sense to pay off the mortgage early and keep the house. "At this point," says Jay Brinkmann, chief economist of the Mortgage Bankers Association in Washington, D.C., "if they don't have anything else that is bringing a tremendous return, then they are buying themselves an annuity by paying their house off sooner than they needed to."

Source: The Wall Street Journal, M.P. McQueen (07/24/2010)

 

thx,
 

 www.WeAreExit.com

"I Am Building a Company, By Design, that Honors Success & Productivity."

For a short video on what is EXIT, go to www.ExitRealty.com and click "Up Close and Personal with EXIT"

Posted via email from Scott's posterous

Where are the buyers?

Saw a report stating that even with all time low interest rates, this past week was only the 2^nd week of increased mortgage application activity over the past 10 weeks.  That means that 80% of the time over the past 2.5 months, mortgage applications to purchase a home have decreased.  Why?  We saw activity increase over the $8000 tax credit.  Yes, $8000 is nice, but it is nothing compared to the amount of money that buyers can save RIGHT NOW with these low interest rates over the life of the mortgage.

Example:  on a $200,000 loan, with 5.5% interest (which everyone would agree is good), your principal and interest payment is $1,135.58 per month.  Not bad.  BUT!  With rates available today around 4.5%, that same house is now only costing you $1,013.37 per month.  That is over $100 per month less on the same house.  Over the life of the 30 yr loan, that is a savings of over $36,000.  That is much better than a one time $8000.  

Yeah, Scott, but I’m not going to live in this home for 30 years.  Ok then, lets try to replace the $8000 tax credit with the saving on a per month basis.  You only have to live in the home around 6 years to have your $8000 back.  Any additional time you live there after that is gravy.  Did you know the average length of time for living in a home is 7-10 years?  Yep, you just saved more money than the tax credit with these extremely low interest rates available now.

We all know interest rates can change at any time.  If you are thinking of buying a home in the near future…..I would recommend that ‘near’ be ‘now’.  Interest rates can only go up from here.  And guess what else?  Prices of homes can only go up as well.  Ah, you thought they would stay this way forever. 

Lawrence Yun, Chief Economist for National Association of REALTORS, says there are stats out there that show we may be in a housing shortage in 2010 and 2011.  Yes, I said SHORTAGE.  Simple economics here.  Supply goes down, Demand goes up, price goes up.  Bam!  Reality just kicked in.

 

thx,
 

 www.WeAreExit.com

"I Am Building a Company, By Design, that Honors Success & Productivity."

For a short video on what is EXIT, go to www.ExitRealty.com and click "Up Close and Personal with EXIT"

Posted via email from Scott's posterous