annrealtor

So, you've been thinking of buying a home.

You know you ought to get into the real estate market but you're not sure if (a) this is the time or (b) if you qualify or (c) what it will cost or (d) what in the heck you are doing.

Answers:
a) No-one knows if we are at the bottom of the real estate market yet or not, but the smartest gurus in the business and statistics I get on a daily basis indicate that we must be getting close.  In the metro Seattle area, where I live, we have a lot of positive indicators from the month of January.  My phone has been ringing and my email pinging lately with new and returning clients. That's also good news.  Also, since mortgage interest rates are at historic lows, this could well be the best time to buy a home.

b) The only sure way to know if you qualify is to ask a good mortgage lender to pre-approve you.  The old days of having a casual phone conversation with a lender without divulging your SSN, income, and so on are GONE, GONE, GONE.  Sorry, but you have to pony up the detailed personal info, since lending rules are changing on an almost daily basis.  HOWEVER, if you know you have good to excellent credit, a steady job, a modest debt load and some savings, your chances of qualifying are good. If you don't have a lender you know and trust, here are two who have done good work for my clients:

Julie Jackson of Landover Mortgage. Find her at www.juliejackson.com  and email her at juliejackson@landovermortgage.com .

Liz Strathy of The Legacy Group. Email her at liz.strathy@legacyg.com .  Both these women are in Metro Seattle.

c) What it will cost... the big question.  After you've spoken with Julie or Liz, or your own lender, you'll know how much the banks are willing to lend you, and also pretty close to how much it will cost on top of your down payment. This will determine the maximum price you can pay for your home. Right now closing costs are averaging about 6% of the purchase price, plus your down payment.

So now do I have your attention about the $8000 tax credit?

Part of the federal bailout package includes this credit FOR FIRST TIME HOME BUYERS. It is taken right off your taxes when you submit your '09 tax return. This is not a deduction, like child care or medical expenses. Those only reduce your taxable income. A tax credit reduces the actual amount of your taxes. Nice, yes?  Again, your lender can give you details on how it works.

d) Big, big decision and the biggest investment of your life- how to know you're making the right move? Check my website at www.griffingrouphomes.net and look up "buyer info." When you work with a Realtor, you have a knowledgeable expert as your key team member. 

Thanks for reading! If you have more questions, feel free to email me, or cruise my website.

Ann