Woodland Hills California Real
Estate - It's A Good Time To buy, but with Caution
With a
wave of foreclosures and short sales lowering home prices, this is the
best buyers market in the last four years.
According to a report obtain from Data Quick information and
released last week, the median price of a home in San Fernando Valley
fell to a new low of $485,000 or 27% lower than a year ago.
These numbers are likely to go lower with a wave of new foreclosed
homes hitinig the market. So, here are some tips to buying a home, that are
applicable even after the real estate market improves.
How Much
Home Can You Afford
This depends on your income,
credit rating, your monthly expenses, your down payment and the
interest rate. The government National Mortgage Association, better
known as Ginnie Mae, offers a calculator at its website to help you
figure out how much house you can afford
it is www.ginniemae.gov in addition
this link will help you determan whether if it makes sense for you to
rent or buy.
Get
Approved
This means that a loan officer
has reviewed your credit report and he believes that you can qualify
for a loan. At this point you will get a pre-approval letter that will
be used to demonstrate your borrowing capabilities.
Know
Your Rights
Be aware of predatory lenders,
although there is a cracking down by regulators, as a result of the
mortgage crisis, according to the California Dept of Real Estate,
predatory landing consists of high up front fees that are added to your
loan balance and decrease your home equity. I recomand that you
carefully review your income and expenses and borrow within your
budget, dont inflate your income just to get into a house that is going
to prove to be to much for you.
Do
your Home Work
CCalifornia offers home buyers
assistance, some offered by The California Housing Finance Agency,
there are special programs for first time home buyers. Most cities and
some mortgage companies offer first time home buyers programs, and some
offer cash grants for your down payment if you attend a program.
Shop
For a Home
The appearance of a home and its
amenities are not the only thing you have to check out, be sure to
check out the neighborhood, Get crime data from law inforcement
agencies and very important if you have kids check on the area school
performance from the local district. If you are planing to buy a home
in a neighborhood with a homeowner association make sure you get a copy
of its governing rules, so you can see if this is some thing you can
live with before you close the deal.
Finally, have a check list with all your questions and needs ready, its
always helpful.
Copyright © 2008 By
Rachel Zeppinick, All Rights Reserve Woodland Hills California Real
Estate - . It's A Good Time To buy, but
with Caution * Contact Rachel
Zeppinick for Customized Listing package, showing
of available homes at short sales and foreclosures, the best your money
can buy.
Visit my profile to find out more
about our
services. Call us today at 818.288.7255. Contact us by email if you
prefer by clicking on email me on the right side of this page under my
profile.
P.S. If you are listing your home as a short
sale in Woodland Hills California make
sure you hire an agent who knows how to do short sales and has the
experience to get the job done. We are doing successful short sale
packages. Call us at 818-288-7255 to find out more.
;)
;)
