Welcome to 2009! Wow what a change in a couple of years. With the New Year that is alot to talk about! With a new President, I feel that Americans are ready for a change. 2009 WILL BE THE YEAR OF CHANGE!
As you know, I am in the Charlotte, NC Metro area and I am a Real Estate Broker. I listen to the local and national MEDIA keep stating doom and gloom on the Real Estate market. I just want to let you all know, please take that with a grain of salt. The media has made my clients very nervous about purchasing a new home. WHY? Because of the media, houses as fallen to an all time now. Because of this, it has been a BUYERS market with tons of houses, wonderfully priced! Interest rates are lower than they have been in years, BUT the mortgage companies have become alot stricter with approval of mortgages. The days of 100 percent financing are gone, and variable interest rates are gone! (THAT is a good thing!) For many years, mortgage companies would try any thing to get their client into a home, and now you see what has happened. Today, to get a mortgage might be a little harder, but NOT impossible. OK, you have to have better credit scores than before (620 minimum), and more money down. They are doing this for protection of you as well as the bank who offered the loan.
With the prices as low as they are, you find basically any thing in all price ranges. Starter homes are plentiful, as well as ESTATE homes. Talk to you Realtor about it. In the Charlotte metro area, there are houses for any budget. Local and national builders has slashed new home prices! Re-sell homes also have lowered their price, and offer alot to boot! (Closing Costs, Home Warranty, Refrigerators)
I do not want people to be scared to purchase a home. I want you, the future buyer to be prepared in this tight market. Do you homework. SAVE for a home! Renting throws money away! Lower your debt ratio, pay down your credit cards (and do not pay them off and CLOSE THEM, we will talk more about that later!), make your excisting home stunning by painting, de cluttering, clean carpets, landscaping. With so many homes on the market, you have to make YOUR home STAND OUT. Last but not least, get PRE APPROVED by a reputable lender. Talk to your Realtor about their suggestions, as most Realtors have a pool of reputable lenders. IF you are not handy around the house, hire some one to fix things around your house. You do not want them to come into your home and find old out dated lighting, leaking faucets, dirty bath tubs. The future buyer will simply leave the home and find another house in the same price range and area that is clean and up to date.
I hope this helps with buyers who are sitting on the fence about purchasing a home in the near future. If you have any questions, you can simply email or call.
Look forward to hearing from you soon
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