Phoenix Bank Owned Foreclosure Homes--Phoenix Real Estate Vlog » First-time home buyers

Phoenix Bank Owned, Fannie Mae properties roll out HomePath Buyer Incentives

Joe Martin — Sat, 25 Jun 2011 20:51:45 +0000

Fannie Mae Rolls Out HomePath Buyer Incentives

Fantastic HomePath buyer incentives for eligible Fannie Mae home buyers has just rolled out for the summer. The quick summary: if all conditions are met, owner occupant buyers can receive closing cost assistance of up to 3.5% of the final sales price from Fannie Mae with the latest HomePath buyer incentives.

HomePath Buyer Incentives Help HomePath Property Buyers Pay for Closing Costs

The HomePath buyer incentives will provide HomePath property buyers the ability to spend some of that hard-earned cash on decorating, fixing their place up or just bank it for future needs instead of on their closing costs. You can search for Fannie Mae homes at www.HomePath.com or you can search the MLS here for available HomePath properties. I’ve included a recent article from RIS Media about the HomePath buyer incentives below…

Fannie Mae Expands HomePath Buyer Incentives

RISMEDIA, Thursday, June 16, 2011— Fannie Mae (FNMA/OTC) announced the expansion of incentives to encourage sales of HomePath REO properties to owner occupants. Now through October 31, qualified buyers and selling agents can receive financial incentives on sales of HomePath properties, which can be found at www.homepath.com. The incentives are part of Fannie Mae’s commitment to neighborhood stabilization, and are available on sales to buyers who will reside in the home as their primary residence.

“Supporting homeownership and stabilizing neighborhoods are critical to helping the housing market recover,” saya Ed Neill, Senior Vice President for Credit Loss Management at Fannie Mae. “Our previous incentives have been effective in securing owner occupants for these properties. By encouraging homebuyers who will make these properties their long-term home, these expanded incentives will help to stabilize communities.”

The expanded incentives offer qualified homebuyers up to 3.5 percent of the final sales price to put towards closing costs. The incentive must be requested in the initial offer. Eligible initial offers must be submitted after June 14, 2011 and must close by October 31, 2011. Investor sales are not eligible for the incentive.

HomePath properties offer buyers a wide selection of options, including single-family homes, condominiums, and town houses. HomePath properties may also be eligible for HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.

In addition to the HomePath buyer incentives, a $1,200 bonus is available for selling agents in eligible transactions. The HomePath buyer incentives bonus is available if the initial offer is submitted on or after June 14, 2011 and the sale is closed by Oct. 31, 2011.

The stars are in alignment – HomePath buyer incentives are available AND rates and prices are down – a perfect opportunity to pick up an outstanding value and the perfect home. So get out there and find yourself a great HomePath property.

Homepath Buyer Incentives Terms and Conditions

Buyers and/or selling agents (the agent representing the buyer) must request the HomePath buyer incentive upon submission of initial offer.
Initial HomePath Buyer Incentive offer must be submitted on or after June 14, 2011 and close by October 31, 2011. Initial offers made prior to June 14 are not eligible for the June 14 – October 31 incentive.
Sale must close on or before October 31, 2011. No exceptions will be made to this deadline. (Note: Initial offers submitted after September 15, 2011 may not close by the incentive deadline of October 31, 2011.)
Buyers must be purchasing a HomePath property to use as their primary residence to receive closing cost assistance. Second homes and investment properties are excluded from the incentive.
Sales closed via the retail channel are eligible, including those utilizing public funds. Pool and auction sales are ineligible.
Buyers must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
Buyers with total closing costs under 3.5% are not eligible to receive the difference as a credit.
Properties where Fannie Mae acquired the property in connection with financing under a reverse mortgage are not eligible. Ask the listing agent for details.
Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.
Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of the incentive shall be resolved by Fannie Mae in its sole discretion.

NOTE: this incentive will be identified on the purchase contract, and must close by October 31, 2011 to receive the incentive from Fannie Mae.

If you’re in the market for a great home, I’d encourage you to utilize one of our HomeStyle Team buyer agents who are well versed in the HomePath Buyer incentives and specialize in HomePath properties.

11 Steps to Buying a Phoenix Home Series-Closing

Joe Martin — Thu, 03 Feb 2011 19:18:23 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

Your almost ready to move into your Phoenix Home

When do I get the keys? A question that is commonly asked by anxious home buyers anticipating getting settled into their sometimes long awaited Phoenix home. The answer=As soon as it records. In most cases Buyers can not take occupancy of their Phoenix home until the transaction closes and records. This is especially the case if you are buying a Phoenix foreclosure home. However, this is a negotiable term and in some instances you may be able to occupy the property earlier than closing.

Review of the Phoenix home transaction from contract to close

Your Realtor should inform you on each phase and what to expect as you move along. The key milestones leading up to this point from the time your Phoenix home contract was accepted (assuming you are financing your purchase with a loan) are outlined below;

Escrow
Loan application
Due diligence
Appraisal
Underwriting
Loan docs
Final walk-thru
Signing
Funding and recording
Occupancy/Keys

Prepare so your Phoenix home transaction is a smooth one!

With a positive attitude, a little education on the Phoenix real estate market and an experienced Realtor by your side, your Phoenix home transaction should go off without a hitch! Upon this conclusion to our 11 Steps to Buying a Phoenix Home Series (and for a shameless plug ) we would like to remind you to contact our team of experienced Buyers Agents today to get started with your Phoenix home search.

Our Phoenix home listings below are updated in real time so please take a moment to browse recent Phoenix foreclosures below;

Showing properties 1 - 5 of 218. See more Phoenix Foreclosure Homes For Sale.
(all data current as of 12/15/2011)

$131,500 : 1851 E Ellis Street, Phoenix

3 beds, 2.50 baths

Home size: 1,907 sq ft

Lot size: 3,568 sq ft
$250,000 : 5225 E Weldon Avenue, Phoenix

3 beds, 2.00 baths

Home size: 1,576 sq ft

Lot size: 11,134 sq ft
$240,000 : 2432 W Andrea Drive, Phoenix

5 beds, 3.00 baths

Home size: 2,872 sq ft

Lot size: 8,750 sq ft
$124,500 : 2209 E Marilyn Road, Phoenix

4 beds, 2.50 baths

Home size: 2,314 sq ft

Lot size: 7,178 sq ft
$203,500 : 1915 E Latona Road, Phoenix

3 beds, 2.00 baths

Home size: 2,259 sq ft

Lot size: 9,323 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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11 Steps to Buying a Phoenix Home Series-Home Search

Joe Martin — Fri, 21 Jan 2011 21:05:57 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

The Phoenix home buying search process is an exciting experience!

It’s a very exciting time to be shopping for your first home of even your second or third if that is the case. The main thing to remember is there is a method behind the madness so to speak and a systematic approach to the home buying process is the best way to stay focused, save time and reduce stress. If you have read the previous posts to this 11 Steps to Buying a Phoenix Home Series that are listed at the top of this page you already know that addressing credit issues, selecting a mortgage specialist, getting pre-qualified and selecting a Realtor precede the home search phase of the Phoenix home buying process.

Be realistic with your Phoenix home buying wish list

It is important to determine from the start how much Phoenix home you can afford and where you can afford it. Since you already analyzed your monthly budget you know what a comfortable mortgage payment would be and when you are pre-qualified, depending on the fluctuation of rates, you should know approx. how much you can spend on a Phoenix home and stay within your monthly budget. This is the top of your price range. Locations and neighborhoods are going to have different price ranges to buy into a specific area. Also, certain amenities you may desire such as a basement, no HOA, upgraded lot sizes, horse privileges, golf course communities, proximity to schools or work, etc will help determine which areas of the Valley you can consider and still stay within your price range. If your desired amenities do not meet your acceptable price range you will have to modify your wish list accordingly. Your Realtor should be able to tell you exactly what areas of the Valley fall within your budget and meet your other Phoenix home wish list requirements and also which amenities you may have to compromise in order to be within a certain area. Once you find the right balance you can narrow your search to specific neighborhoods, communities and/or geographical boundaries.

Foreclosures are great first time Phoenix home buying options and offer a great value

The current real estate market is distressed and as a result there are foreclosure homes throughout the entire Phoenix-Metro area and neighboring Valley cities. Many times these home are move-in ready (despite what some new home builder advertisements like to depict), and foreclosure homes also may qualify for free home warranties, closing cost incentives and down payment assistance programs. Overall a Phoenix home purchase that is a foreclosure (bank owned) property overs first-time home buyers and second home buyers or investors a great value.

Click here to search foreclosures in all Phoenix-Metro Valley cities to find your Phoenix home.

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11 Steps to Buying a Phoenix Home Series-Financing

Joe Martin — Fri, 14 Jan 2011 18:31:45 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

Secure a Phoenix home loan before you start your home search

If you have been following the future posts in this 11 Steps to Buying a Phoenix Home Series we touched briefly on how to establish or clean up your credit if needed. Now for the purposes of this series moving forward we will assume you have a least a 620 credit score, a steady documented income for the previous 12 months and your DTI is 41% or less as indicated in our previous post regarding debt-to-income ratios…the next step is to get pre-qualified with a Phoenix home loan.

Ask for referrals to qualified Phoenix home loan specialists

Word of mouth is the best way to find a great loan specialist for your Phoenix home loan and your Realtor is a great place to start. Your Realtor should have excellent referrals for you as they tend to use the same preferred lenders over and over again that make them look good and give their clients the best service available. Just like any business if you do a good job, word gets out about your services and others refer you business. I do not recommend just haphazardly going online and completing online questionnaires or applications. 9 times out of 10 your information is sold and you can get bombarded with loan professionals. Find a few that come highly recommended by asking your family, friends, neighbors and Realtor and start there. A lender should be able to take a phone application and/or secure online application and have answers for you the same day. Unless of course you go to a brick and mortar bank where a pre-qualification can take up to five business days.

Understand the terms and fees associated with your Phoenix home loan

After you complete the application process via online, over the phone or in person you will be provided with a pre-qualification letter that will state the amount of financing you qualify for. In Arizona specifically your Phoenix home loan qualification letter may be issued on as an LSR or Loan Status Report. An LSR will be required to write any offer and typically required prior to view homes. If this is your first time buying a home and applying for a Phoenix home loan you will have several questions. Your lender should be able to tell you your rate (which can still change until you lock it), your estimated mortgage payment including taxes and insurance, your estimated closing costs to bring to the closing table (which you can negotiate the Sellers contribute to), and your required down payment for your particular Phoenix home loan program. First time home buyers will typically use an FHA loan with 3.5% of the purchase price required as a down payment.

Example: 100,000 purchase price x 3.5% = $3500 down payment

There are also Phoenix home loan programs such as a USDA loan which allows first time home buyers to purchase at $0 down provided the property is located in a qualifying area. Phoenix-Metro areas that qualify mainly are Queen Creek, San Tan Valley as well as parts of Apache Junction.

The next step once you receive your Phoenix home loan qualification letter is to select a Realtor to represent you if you have not already done so which we will discuss in the next post in this 11 Steps to Buying a Phoenix Home Series.

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11 Steps to Buying a Phoenix Home Series-Budget and DTI

Joe Martin — Tue, 11 Jan 2011 20:56:16 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

The Phoenix home buying planning process means time to budget

It is time to finally track your spending and put pen to paper an itemized list of where you spend money each month and how much. The goal here is to see how much Phoenix home you can afford within your budget. The good thing is right now in Phoenix-Metro area you can own for less per month that what you can rent in many areas so your living expenses might actually go down once you buy!

Accurate figures are important to the Phoenix home buying planning process

Start with making a list of all your expenses such as utilities and living expenses such as electricity and groceries, then all monthly expenses such as credit card bills, car insurance and yes add your entertainment, clothes, etc. as well. If you spend $40/week on movies and you want to continue to spend $40/week on movies than include it, otherwise remove or lower it to something you feel is reasonable and then follow that. You may be surprised to find out how much money you spend on certain things that with a few minor changes here and there you can drastically reduce your overall monthly expenditures. After you total everything and subtract it from your income you will have a figure. From that figure take a certain percentage off the top to add to your savings accounts and/or retirement plan, etc and the final figure leftover (assuming you already accounted for miscellaneous disposable income in your list) is what you can afford as a mortgage payment with/without any lifestyle changes while growing your savings.

Lenders consider Debt-to-income (DTI) ratios during the Phoenix home buying pre-qualification process

The above budget is mainly for your purposes so you can determine during the Phoenix home buying process your comfort level with the money in and money out every month and also help identify spending habits that can be modified to help strengthen your overall financials. Lenders will take your debt such as current mortgage/rent, credit cards, car payments and compare it to your income (aka DTI ratio). The qualifying ratio will vary by loan program and fico score but for our example we will use FHA which is 41%.

Lets consider a quick scenario in determining DTI for a Phoenix home buying loan applicant;

Your Monthly payment on mortgage/rent = 1200
Minimum Monthly Credit Card Payments = 300
Monthly Car Loan Payments = 450
Other Loan payment = 300

Thus, your total monthly debt payment = $2250

Now, let’s consider your Gross Annual Salary = $75000
So, gross monthly salary = $6250
Other monthly income = $1000
Thus, your gross monthly income = $7250

So, mortgage debt to income ratio = (monthly debt payment)/(gross monthly income)
= ($2250/$7250) = .310 or 31% which is well within the standard DTI ratio.

Hopefully now you have a good idea of how much you can comfortable afford every month, what changes to you budget need to be made if any and if your debt-to-income (DTI) ratio is in-line with qualifying. If not you may have to pay off some debt to get your ratio where it needs to be as part of the Phoenix home buying process.

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11 Steps to Buying a Phoenix Home Series-No Credit

Joe Martin — Thu, 06 Jan 2011 18:29:19 +0000

Table of contents for 11 Steps to Buying a Phoenix Home Series

Buying a Phoenix home requires good credit history

No credit is not good credit. No credit will stop you from buying a Phoenix home. Some people assume they have good credit just because they have not used it or damaged it yet. This is not the case. The good news is there are easy ways to establish credit. I spoke with a client that asked, “Why do I need credit cards in order to buy a home?,” as she had no debt and did not want to get a credit card. The answer is you don’t. You can always save up and pay cash for a Phoenix home which many people sometimes do, however, if you are going to require a loan to finance your purchase you may have to consider the scenario from the lenders POV. If you were going to loan money to someone you will probably want to see that they have a history or managing debt responsibly prior to doing so in order to analyze the risk, i.e. the likelihood they will pay you back.

Establish credit as early as possible prior to when you plan on buying a Phoenix home

Establishing credit takes time. Having no credit does not illustrate you a.) know how to manage it or that b.) you will not abuse it. You may have credit card offers come in the mail or when you go to your bank. It is ideal that you open three credit lines but no more with either your bank, department store, mail offer, etc. Most will come with a low or zero APR for the first year or so and of course you want the best rate and perks. Instead of paying cash for things like groceries, gas, medicine, etc. just set your cash aside and use your card. Then when the bill comes pay it off with the cash you stashed. If you are going to carry a small balance vs. paying it off completely each month carry no more than 10% of the credit line for an optimal credit rating although paying it off each month in full is ideal. If you only carry a small balance and only buy things you would normally have to buy regardless, then you should be fine with managing your credit. In three to six months you should be on your way to having great credit to buy a Phoenix home.

Remember these 5 things when building your credit for buying a Phoenix home or any other purpose

Make your payments on time every time or it will lower your credit score
Always keep your credit card balance at 30% or less of your total credit line in the event you don’t pay it off in full each month
Once you have a history request a credit line increase from at least one of your cards to be at 5K or more
Don’t have more than 3 credit lines at any one time
Don’t buy things you don’t need on credit, just buy the things you would buy anyway

Also it is important to note that it is a good idea to keep your cards for the duration. Don’t cancel one and hop to another just because they offer you a short term introductory rate. Try to negotiate the rates with the cards you have. Overall the length that you hold each credit line open will impact your score, i.e. the longer the better. This will in turn possibly get you better home loan rate when buying a Phoenix home and possibly a quicker approval process.

Many cards offer a cash back option. This means for every dollar you spend with the card (even when you pay the balance off in full each month) you will receive typically 1% or 2% cash back. So lets say you spend $2,000/month on groceries, food, gas, medicine, clothing, etc. you would have earned $40 cash back which is $40 more than you would have made if you bought the exact same items but just paid cash for them.

This post is not intended to be in any way a form or financial and/or credit counseling and it is advised you see a professional finance/credit specialist for further insight or questions regarding your credit prior to buying a Phoenix home. We have plenty of wonderful referrals!

I hope so far you are finding this 11 Steps to Buying a Phoenix Home Series helpful and I welcome any comments you may have below as we move through the series.

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Common Costly Home Buying Mistakes You Must Avoid!

Joe Martin — Sun, 28 Nov 2010 21:56:23 +0000

Do You Make Any of These Common Home Buying Mistakes?

What Every Homebuyer Ought to Know About Avoiding These Costly Home Buying Mistakes!

Keep Reading to Discover How You Can Learn to Avoid Them…

John was excited about purchasing his brand new home, but he was preparing to make one of the most common home buying mistakes made by would be home buyers. John thought driving up in his brand new car would be a great idea. The ‘new car’ smell was mesmerizing and the vision of the wind flowing through his wife’s hair as they cruised through their new neighborhood with the top down became irresistible. He drove off the lot with a big joyful smile and a gleam in his smiling eyes.

Unfortunately, his smile soon turned into a frown of sadness when his lender informed him his new car purchase showed up on his credit report right before they were getting ready to fund the loan and close. John’s car purchase had just disqualified him from his new home loan. Indeed, costly home buying mistakes like this happen every day.

The new car monthly payments were added into John’s monthly expenses and raised his debt to income ratio to a higher level, immediately disqualifying him A very sad state of affairs, but common home buying mistakes like this are all too common, I hate to say.

These type of home buying mistakes are very costly, but are not isolated to just new car purchases. Home buying mistakes also occur when would be buyers want to have things in order and finance appliances and furniture in advance of closing on their new home loan. Even racking up charges on your charge cards can increase your debt to income ratios enough to disqualify you for your new home loan.

Recommended: avoid these common home buying mistakes by eliminating all major purchases as much as possible before purchasing a home. If you must make them, check with your lender first and have them re-run the numbers to make sure you don’t end up spending the night in your convertible instead of your new home, like our poor friend John.

More Costly Home Buying Mistakes

Costly home buying mistakes made by many would be tenant buyers lately is to hand over their down payment money directly to the for sale by owner. It looks like a great deal, buying direct from the owner, the price seemed right and the owner was willing to work with you on accepting a fair rent until you were able to qualify for a loan to finish the purchase, but one of the most common (and costly) home buying mistakes was in the making.

One day, typically a real estate agent, knocks on your door asking if you are the owner. You explain you’re the tenant and are purchasing the home from the owner and the agent goes on to inform you the owner has been foreclosed on, asks to view your lease and offers you a relocation assistance program to help you with your move from the new owners at the bank.

I’ve personally seen these type of home buying mistakes made time and again. One would be tenant buyer gave someone posing as the owner, not only their down payment money, but their first and last months rent. Ouch!

Recommended: Use a real estate agent to help you avoid these common home buying mistakes that are running rampant right now with all the foreclosures happening. At worst, get your down payment money into a 3rd party escrow account, so access to the money can’t be gained by either party until either the house closes or the deal falls through. You may want to also screen the owner and get some credentials from them to prove who they really are and check the county recorders office to see if a Notice of Foreclosure Sale has been filed. Search the tax assessor and county recorder websites to find out who really owns the home and don’t ever hand over cash money to the owner, one of the very large and costly home buying mistakes.

Costly Home Buying Mistakes – Utilities Not Turned On…

Believe it or not, some home buyers actually forget to have their utilities turned on in their new home before they move in. Of course, Murphy’s law is in full effect, as this usually is discovered on a late Friday going into a weekend when no one is going to help you until Monday. That makes for a very uncomfortable inauguration into your new home, especially at 110 degrees in Phoenix, Arizona or in the dead of winter with no fireplace. Recommended: make a note to yourself to arrange two things: (1) turning off utilities at your old residence and (2) getting them turned on at your new home.

Avoid Common Home Buying Mistakes…

Having a good real estate agent to look out for your interests as you go through the process of buying your new home is an extremely important asset you don’t want to overlook. Their services are paid for by the seller and they can literally save you thousands of dollars in grief avoidance with their expertise in helping you avoid not only these, but many other common (and costly) home buying mistakes made by would be home buyers.

It’s their job to keep up with all the details of the transaction from day-to-day, and keep everything moving smoothly and on track towards the exciting day of closing. They help shield you from a great deal of the frustration associated with buying a new home and help you stay up with the requirements of the lender as the home progresses to closing too. They arrange home inspections, remind you to turn on utilities and keep things on track.

Many home buyers fail to do this and then find themselves way behind in the process at the very last minute. This can sometimes lead to delay or even cancellation of the transaction. Recommended: take care of your side of the fence by staying on the same page as the lender all the way through the process.

The better educated you are about potential and costly home buying mistakes you could make when buying a home, the better chance you have to keep the entire home buying process cruising along smoothly toward a successful close.

By the way, after you’ve closed and you want the wind blowing through your hair in that new ragtop, go for it knowing you have avoided those treacherous common costly home buying mistakes.

15K Down Payment Assistance for Phoenix Area First-Time Home Buyers

Joe Martin — Sat, 23 Oct 2010 01:03:51 +0000

15K down payment assistance is available for Phoenix area first-time home buyers via a second Neighborhood Stabilization Program (NSP2) awarded by HUD to Chicanos Por La Causa, a statewide community development corporation (CDC) whose goal has been to promote the well being of Arizona’s socially and economically deprived communities.

Other perks of the program include buyers can receive a free home warranty and security system as well as the homes in many cases are already rehabbed and move-in ready as well as energy efficient.

The program is available to every ethnicity and in qualifying areas. There are some eligibility requirements for borrowers that must be met such as an income verification and borrowers must still come up with the required FHA down payment amount of 3.5% of the purchase price.

www.youtube.com/watch?v=igU97cIaarg

Fill out the form below to receive information on how to receive 15K down payment assistance on the purchase of your first Phoenix area home.

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First Dibs for First-Timers on Freddie Mac Owned Foreclosure Homes!

Joe Martin — Thu, 30 Sep 2010 22:40:57 +0000

Buyers who plan to live in their Freddie Mac-purchased home will get to see properties for the first 15 days they’re on the market — before the listing opens up to would-be landlords/investors.

Many Phoenix area bank-owned foreclosure properties are snatched up by cash investors who can wait out the downturn to sell later at a profit.

“It gives families who want to buy a home to live in the opportunity to look and bid without competition from cash-rich investors,” says a Freddie Mac spokesman.

Knowing that you are not going to be out bid by a savvy cash investor helps put local Phoenix home buyers at ease during the negotiation phase. However, it is important to note that just because there are no cash investors to compete with buyers still need to make sure they make a competitive offer and work with a Realtor that will get them the most information on offers they possibly can before submitting an offer.

This holds true especially if the home is in good shape and will not require much out-of-pocket expense after moving in. Move-in ready homes for obvious reasons attract attention from all qualified buyers looking in a specific area because 1. ) less out-of-pocket expense, and 2.) the property will meet FHA loan required condition.

If a home is priced right and move-in ready most likely it will have competition among buyers and with Freddie Mac they also offer a home warranty which is even more incentive for buyers to place a bid on a Freddie Mac owned foreclosure home.

Benefits Of Lower Interest Rates

Nicholas Wells — Mon, 20 Sep 2010 16:34:56 +0000

In the United States along with the rest of the world, everybody is having hard times. For a person that is looking to build or to buy a new home there is an advantage that can be taken. Building supply costs are now remaining steady, there are great deals on land, and there are excellent interest rates. Make sure that you are not wasting any of your time by waiting for the interest rates to go lower then they are, this is because the federal government may not be looking to reduce the rates soon, and the next change could be the interest rates going up.

As for the past five years home building had been an expense that was high, this had been because the lumber prices had been up. This increase now seems to be now over and the price of lumber is now beginning to drop. So any family that is seeking to build a new fancier home can now afford to do so and it will be cheaper then in previous years.

All over the United States land is now becoming more affordable. Real estate agents are looking to make money and to do this they need to make the land move, not sit for months on end at a higher price. Buyers need to take a full advantage of this economic hard time and buy the piece of land that they want to build their dream home on.

The lower interest rates are the main thing that a home builder or a home buyer should be looking at right now. Any person that wants to build a new home from any plan needs to be quick moving to secure the interest rates getting lower. Many banks are now offering interest rates that are getting lower this makes the home builder or the buyers dreams come true.

Lower interest rates are essential. So, you shouldn’t let go of any opportunity when they are really low.

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