First Time Homebuyers In Miami

The following is a guest post; Thanks Trey!

The current trends in the Miami real estate market have made the possibility of home ownership much more realistic for people all over the country and Miami is no exception. There are more first time buyers out there than ever before.If you are one of these buyers then you should take some time and educate yourself on the purchase that you are about to make. In all likelihood this will be the biggest and most important purchase that you have ever made so rushing into it makes no sense.

The first thing you need to do is to arrange your finances so that your credit is ready for the mortgage application that will accompany the home purchase. This will make buying much less stressful and will also give you some pull when it comes to bargaining, providing you have gotten your mortgage pre-approved before you start looking for a home. Once you have done this then you can start to freely consider homes. This act definitely takes some research and investigation.

You will always want to know as much as possible before making a purchase in any area. Make sure that you find out what is in store for your proposed area, development of any kind can drastically alter the future and operation of any neighborhood. Development can also determine things such as crime rates, property taxes and noise and environmental issues. Also, you should be sure to note the amenities that are close to the neighborhood. This can be an important factor in not only the asking price but the viability of the home for you personally.

After all there is not much point in purchasing a home that is not conveniently located for your life and needs. Be mindful of external factors as well. Try to meet the neighbors in the area, find out about any problem people or homes. These can also effect the value of your home so be sure to find out if they exist.Author

Bio:Trey is VIP Realty's marketing specialist. Focusing on the Fort Worth real estate and Downtown Dallas Condo market.

New York Times reports home prices still dropping

According to the NYT, home prices are starting to level off as of Feb 2009:

"It was the thinnest of silver linings for America’s struggling housing market:
The stark decline in home prices leveled off a bit in February, according to
data released Tuesday.

Housing prices are
still falling across the United States and are expected to continue declining
over the next year, but for at least a month, the downward trend did not pick up
speed, according to the Standard & Poor’s Case-Shiller Home Price Index. In
February, the price of single-family homes in 20 major metropolitan areas fell
18.6 percent from the year earlier, compared with a record drop of 19 percent in
January."

Read More

If you are considering buying, the combination of low interest rates and low home prices makes it a perfect time to buy and get settled in before next school year. Call me today at 305-984-0404 to get started on your home search!

FHA at a glance!

Thanks to Robin Schwartz for forwarding this up-to-date summary of FHA guidelines:

• primary home only
• yes to non-permanent resident aliens
• minimum credit score 620
• only need 3.5% down payment
• debt ratios are somewhat flexible but 43% or less is best
• single family homes
• FHA approved condos
• the borrower does pay mortgage insurance on all FHA loans
• gifts ok for down payment
• no cash reserves required
• 6% seller contributions
• rates are great!
• rates and guidelines are subject to change.

Please contact me if I can help you find your FHA dream home! LisaMerrittRealtor@gmail.com

Open House 04/19/2009

Please join me for an open house at this custom Redland Estate on Sunday, April 19 from 2pm-4pm.

This home is ideal for a large family, or it could be creatively re-imagined as an ALF, Daycare, or Group Home. Partial owner financing is possible.

Don't miss this tremendous opportunity to own a like-new home (or business!) ideally located close to downtown Homestead and the Florida Keys.

Miami-Dade Homebuyer Assistance Program

Purchase a foreclosed home with up to $70,000 assistance!

Miami-Dade County Office of Community and Economic Development has announced a mortgage loan subsidy for low- and moderate- income persons who are interested in ppurchasing a foreclosed home.

Qualified homebuyers could receive a mortgage subsidy up to $70,000 towards the purchase of a home up to $205,000. The residential unit must be foreclosed and vacant. A lottery will be held to determine the recipients of the loan certificates.

Applicants must be US citizens or permanent legal residents. Other requirements and an application may be found at www.miamidade.gov/ced

Pending Sales Increase!

Bloomberg news reports today that contracts for real estate purchases rose in February, up 2.1 percent from January! Industry experts are now speculating that we have reached the bottom of the market.

Great news for investors and new home buyers - now is the time to buy. Here at Simpson Associates, activity has definitely been picking up, with many new inquiries and several offers in play.

Contact Lisa at 305-984-0404 to find your new home or investment property today!