The silver lining: Even in markets hardest hit by the affordability crunch, practitioners are finding ways to help squeezed
buyers get into housing — and their success is making a difference in their practice.
Even in markets hardest hit by the affordability crunch, practitioners are finding ways to help squeezed
buyers get into housing — and their success is making a difference in their practice.
Not exact matches
By subsidizing mortgages, the government allowed otherwise unqualified
buyers to
get into houses they ultimately couldn't afford.
Federal
Housing Administration (FHA) loans allow borrowers to
get into a home with a high debt to income ratio, allowing for a slightly higher mortgage payment amount than the
buyer might normally qualify to pay.
Yet, there is a question that begs an answer: If the new cohort of first - time
buyers carry lower pay and less secure jobs, how are they managing to
get into the
housing market?
Ted Michalos: Well, okay so first and foremost it means first time home
buyers, young families, new Canadians, people
getting into the market for the first time are going to be delayed their entry to the market or they're going to have to revise their
housing expectations.
In 2007, when London - based moviemakers Christopher Thompson and Alper Cagatay made the decision to «acquire» a piece of art by legendary street artist Banksy — whose Space Girl and Bird sold for $ 575,000 at Bonham's auction
house in 2007 — and find a
buyer for it, neither of them knew exactly what they were
getting into.
Moving
into a
house and
getting a mailbox filled with utility bills can be a stunner for an unwary
buyer.
The $ 7,500 home ownership tax credit that the federal government created earlier this year as part of the
Housing and Economic Recovery Act (H.R. 3221) is another tool at your disposal to encourage potential
buyers to jump off the fence and
get into the real estate market.
She loves
getting out
into the community and diving
into the process of matching
buyers to their perfect
house.
From the
buyers» standpoint,
getting into a bidding war for a
house they want is never fun.
You can
get into a
house hack for as little as 1 % down if you're a first - time home
buyer.
We put about $ 7,000 of our own money
into redoing the transitions, repainting, touching up the tile work, casing the windows, trim work and closing up one wall and adding a built in bookcase to improve the flow of the
house, along with completing the walkway from the driveway to the front door, so potential
buyers didn't have to walk through the wet grass to
get to the front door.
In my 29 years in this industry, I can't think of a weaker link than our lack of skill in
getting a
buyer into the office before ever showing them a single
house.
I've heard about agents who, out of fear of
getting into trouble, refuse to act for an open
house visitor /
buyer prospect for their own listing.
Meant only for your clients to see, these videos swiftly explain the status of their home sale — including how many people you've
gotten to attend open
houses for it, the total number of private showings given, and what marketing activities you've put
into place to promote it — and what specific listings you've found for
buyer clients that feature all pertinent data points regarding the homes for sale, like sale price and how long each residence has been on the market.
Potential
buyers won't
get into your
house unless they find your front appealing enough to check it out.
And, if a
buyer walks
into an open
house or schedules an appointment from an online ad, should the
buyer forfeit their right to
get their own agent to help them negotiate the deal?
At the same time,
housing prices have continued to rise, and the low inventory situation and affordability crunch has been particularly hard on first - time
buyers struggling to
get into the market.
We put the
house into escrow that second time and everything looked like it was going to close, then the
buyer lost their job and couldn't
get their financing.
Buyers looking to
get into the market may be under the impression that the increase in prices means
housing is becoming unaffordable.
Just make sure old -
house buyers know what they're
getting into.
And with
housing prices still at affordable levels across Chicago and its suburbs, it's easier for first - time
buyers to
get into those homes that are a bit larger.
Before the consumer even thinks to call an agent about
getting into those
houses, the agent is contacting the potential
buyer, armed with a sneak - peek window
into the early stages of the consumer's home - search process.
We truly wanted to make of Carriage Pointe our home for many years to come..., however we had no idea what we were
getting into (first time home owners) and although this homes are great and we enjoyed enormously our
house we did not expect to have such high rates of tenants, then the maintenance and investment in the community were compromised due to today's economy and just did not add - up for us, so we have found a
buyer for our home, of course we were «under - water», fortunately the bank forgave us for the difference and we are free.
For many people, owner financing is an excellent alternative because it allows
buyers to
get into a home that they might not have the credit to purchase, plus it gives the seller a steady cash flow if they don't want or need the large amount of money from the sale of the
house.
«
Getting into the
housing market at the moment is not easy, and
buyers need all the help they can
get.
So to some this up I believe that the Compition Bureau not only will put vendors and
buyers at risk finically but vendors at risk phisically when vendors start letting anybody
into there homes without any agents and yes agents aren't super heroes I know that but when is the last time you every heard of a
house getting robbed or people
getting hurt under there watch every appt is recorded and info is kept on every visit but thats ok vendors feel free to let anybody
into your home why not just them them the lock box code too.
how many strangers you
get involved with that have NO INTENTIONS on buying your
house... how many legal battles you
get into because of something you didn't tell your
buyer... and it goes on and on... welcome to the world of real estate... you asked for it!
One of the most promising initiatives is a new wave of downpayment assistance programs that not only help cash - strapped
buyers get into a home but also put money back
into housing causes supported by REALTORS ®.
«Millennials have been fairly slow to
get into the market, but we are seeing an uptick in millennial
buyers this year — which is a good sign, because as home values rise, we want a wider number of people to participate in this
housing recovery,» said Lawrence Yun, chief economist at the National Association of Realtors (NAR).
Ryan mentions that Facebook founder Mark Zuckerberg may have purchased a home in California; Ryan reviews the economic events of the prior week; Ryan notes that interest rate are still heading down; Ryan notes that the DC real estate market is competitive on the buy and rent sides and that would be renters in the DC area are turning
into would be
buyers; Louis notes that the DC
housing dynamic is different from the rest of the country where
housing prices are down and there is plenty of inventory; Louis notes that if it is cheaper to buy than rent that it makes sense to
get a long term low interest rate loan; Louis talks about the benefits of visiting HomeGain.com; Louis discusses the HomeGain FSBO vs. Realtor survey and the advantages of hiring a REALTOR; Louis and Ryan discuss the HomeGain home improvement survey and recount the types of home improvements that provide the best return on investment; Ryan and Louis talk about pricing strategies for selling a home; Louis and Ryan discuss the differences between pricing a short sale and pricing a non short sale home; Louis notes pricing a home too high may keep the home on the market a long time and that the more days a home is on the market makes a home look like damaged good; Ryan describes short sales as foreclosure avoidance and discusses the impact of each on FICO scores; Ryan talks about the options that people with underwater mortgages have; Louis mentions that 72 % of home
buyers and sellers pick the first real estate agent they meet and points out the value in comparing agents first using HomeGain's Find a REALTOR program; Louis can Ryan discuss the level of shadow inventory the impact on sellers as more inventory
gets released;
The GSEs announced they also will test out buying loans on homes held as personal property within manufactured
housing to see if that makes it easier for low - and moderate - income
buyers to
get into these homes.