It’s a Great Day in the Neighborhood!
Good Morning! It’s a GREAT day in the neighborhood, no mater what the media says! (Sounds like the making of a song.) Yes, the real estate market is slower than normal in Indiana, yes, home prices are not appreciating like they use to, but all in all we are still one of the more stable markets in the U.S. Who says so? You and Me! If you take the media out of the picture, are you really worse off than 2-3 years ago? Property taxes are going down, home prices are stable (if you don’t take into account the foreclosures), maybe you’ve not had any appreciation, but homeowners have had little if any depreciation and it’s a great time for 1st time home buyers in the neighborhood!
First time buyers with reasonable credit are capitalizing on the foreclosures and slow appreciation. They are getting great buys and the banks are eager to negotiate these homes and get them off the books.
First time buyers usually stay put for 2-5 years, this should give the market plenty of time to rebound. Also, if the first timer is looking at long term investments, typically their first home would make a great rental/investment opportunity if they decide to move on and keep their current home to start their “property investment portfolio”.
There are still first time homeowner mortgage plans out there with little to no money down (for how long – who knows). If you have not owned a home for more than three years you may qualify! Don’t be afraid to ask! It’s a simple phone call or e-mail with no obligation. A good place to start may be American Acceptance Mortgage, Dan Nicholas 1-800-656-2264 danicholas@americanacceptance.com . There are many good lenders out there, make the call and ask the questions.
Who else is capitalizing on our bank REOs (Real Estate Owned Properties)? Investors of course! These business folks are the first time buyer’s biggest competitors, running around making cash offers which the banks will grab up, even if it’s less money than an offer that needs to be financed. So – first timers don’t be surprised if you keep loosing “deals” (written offers). Keep your head up and keep trying! Something will come your way!
