Jill M. Zais Informs

Contact Information:
Jill M. Zais
Progressive Property Real Estate
(O) 410-282-5800
(F) 410-282-5462
(C) 410-456-9968
Email: JillZRealtor@aol.com
Web Site: http://www.progressivepropertyrealestate.com



We are living in trying times when it comes to buying and selling real estate.
There are new government guidelines, it seems each day. Here are some facts that may help you understand that if you are intending on making a move as to housing, this may be your time.
FHA is making some changes: Not all of these changes will be immediate, but a very good possiblity in the near future. Some are already being activated from what I can tell.

Coming Soon:

1) Higher Fico scores will be needed.
2) More cash at closing needed.
3) Higher up-front mortgage insurance payments.
4) Increase in downpayment was to be 5% of purchase price, but that has been postponed.
5) Seller's help toward closing costs is now going from 6% to 3%. That change will be implemented in the next couple of months.

Not everyone that buys a home uses FHA financing. Some buy with conventional financing. It used to be that you could buy conventional without putting a 20% down payment. That ended when the mortgage insurance companies took a major hit during the financial melt down. Today, there may be a small number of lenders who will still find mortgage insurance for buyers. Check with your lender to see if you can qualify.

My main point here to both buyers and sellers. It is and will be more difficult for FHA buyers to qualify for a loan. If you are a buyer, you would be wise to get qualified sooner rather than later, not only to qualify possibly for the $8000 tax credit, but also to use what benefits are still available.

You that have been considering selling your home. Even though the values are lower today than a couple of years ago, you have to remember that during the boom years the values increased much more than they have decreased. A home a few years ago selling for $69,000 increased in value to ranges of $149,000-$179,000. Now, these same homes have settled in at around $129,000. If you wait to sell in the next year or so, there may be a much fewer qualified buyers.

Am I all doom and gloom? Surely not! I for one believe that there will be a recovery. I think that in the next two or three years we may actually be able to sell our properties for a profit. This is a buyer's market today. But I can already see signs of a pending seller's market.

In just this past week, I have learned that there will be a shortage of housing over the next couple of years. Why would that be? Think about it. In the year 2008 the building of new homes virtually came to a stand still. There are still around 80 million young people in this country that are approaching the age of home buying. Whose homes do you think they will be buying?

I hope that over the future months I can share many articles with you that may help you in various ways. I am always available for advice, and hope to have your confidence. If you have any questions pertaining to real estate, never hesitate to call or email.

I am also always open to your referrals. I will visit homes and do home valuations to show you what is happening in your area. There are people still buying and selling. I recently connected our buyer to a $500K+ home. So, do not give up.

Your Realtor For Life, Jill M. Zais