A common myth among people with an ARM (Adjustable Rate Mortgage) is that they can switch to a fixed rate mortgage when they see interest rates headed up. This is like waiting to put on your seat belt before a traffic accident. By the time you react, it is too late. Remember that interest rates float down and jump up.
In this week’s market update Dan Polimino tells us why it’s not a good idea to buy the highest priced, most improved home on the block if you think you might sell it one day.
The market value of condos may be further depressed by new Homeowner Association (HOA) requirements set by FHA. FHA loans are the most popular mortgage product for condos because of the combination of low down payment and easier qualifying.
This wonderful five-bedroom, four bath, 3800 square foot home rests just steps away from a quiet greenway path, and Redstone Elementary School.
As most of you know, the end of the tax credit is just a few short weeks away on April 30, 2010. Under the guidelines, you have to be “under contract” by April 30, and then close the transaction by June 30, 2010 in order to receive the either $8000 First Time Buyer credit or the $6500 Move Up Buyer credit.
In this market, sellers now realize that every showing counts, and then counts some more. In fact, nothing is more frustrating for the seller and the realtor than getting a lot of showings, but no offers or nibbles. The question then becomes: “Why is this occurring, and how many showings are normal before getting an offer?”