Many people who pick up the paper or turn on cable news are wondering if now really is the time to be buying a home. Economic downturns and falling house prices have been the headlines for months. What is the average home buyer really supposed to do? Should you wait, just in case the market has not hit the bottom? What about financing? With all the problems banks are facing is there even money to borrow for a new home purchase? What is the answer? "Don't believe everything you read," says Neil Garfinkel, a real estate and banking attorney from a New York firm.
There are some economists and analysts who continue to preach doom and gloom. However, even in just the last few weeks real estate agents have seen a big turn around. Wonderful interest rates, first time home buyer stimulus and low house prices are causing a lot of agents to be very busy. If you are sitting on the fence, now may be the time for you to jump in with both feet and grab the deal of a lifetime!
The very first thing to do is get your financing lined out. Getting everything hammered out with a lender is almost more important than finding a home. It is not as easy to get financing as it used to be. It will take a little more effort than two or three years ago, but there is financing to be had.
Here are a few helpful hints to get you started. Check out these nonprofit organizations:
Neighborhood Assistance Corporation of America: a nonprofit community advocacy and homeownership organization.
NeighborWorks America: a national network of more than 240 community development and affordable housing organizations.
You can also check with builders for special incentives on new constructions. According to the National Association of Home Builders incentives can include; mortgage payments, up to 95 percent financing, deferred mortgage payments ( be mindful of the impact this may have on interest accrual), closing costs, and cash incentives. There have even been builders who help in paying homeowners' insurance polices or taxes for up to a year.
Home buyers are faced with many options right now. As the real estate market improves even more, you may not see the incentive stick around. If you are serious about wanting a new home, it is time to head to your lender and let them know you are ready to make a deal!!
Give Sandy's Team a call at (225) 677-SOLD or email info@sandyco.com. We are here it help you in East Baton Rouge, Livingston Parish, and Ascension Parish.
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