With the turn of the new year we have seen a very unique market in local counties. Economsits, real estate professionals and lenders have shared continuously that it is a GREAT time to buy. In fact, just a few weeks ago Warren Buffet stated in an interview in the San Jose Mercury News that anyone who has money invested anywhere (stocks, bonds, etc) should pull all of their money and RUN, not walk, to a real estate professional and buy a home. Well, this says it all.
But what does it mean when people say "it is a great time to buy". For one, interest rates are historically low. This means not only are you building more equity over the term of your loan (more of your payment is going to principal), but you are also getting a better value when you purchase. Secondly, we have officially hit our low. Home prices have consistently stayed at all time lows for the past 9 weeks, and in fact have dropped lower than our historical drop in February 2009.
This is a prime time to buy, and qualifying is much easier than you may think.
Feel free to contact me with any questions or to discuss your possibilities to buy.
Thursday, March 15, 2012
Saturday, May 28, 2011
Have you accpeted a friend request today?? The world of social networking
The average Facebook member has 130 friends and is connected to 80 community pages, groups or events. The growing popularity of social media is a global trend that is difficult to ignore. Teens and young adults were the first to spend time socializing online, but their elders have recently discovered the benefits. Statistics show that adults over age 50 are the fastest growing category of social networkers.
Social media has quickly become an active part of our everyday lives. Most of us participate in social networking to socialize with friends and family, promote our businesses and interests, support local businesses, and share details of events and promotions. As the trend of social networking grows, it is important we realize not only all of its benefits but also how to be cautious users. As parents, we should be aware of the social networking our teens are participating in and educate them on how to safely network.
For each of you entrepreneurs, social networking should be at the core of growing your business. You can use Facebook, Twitter, Blogs, and YouTube to promote your business and ignite the "word of mouth" effect amongst your natural network.
Get connected!
Want to connect with The Rabello Group?
The Rabello Group
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ashley@therabellogroup.com
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Friday, May 6, 2011
HomePath
There have been so many home buyers looking to buy a new home with an FHA loan that have become discouraged by multiple offers and competition with all cash investors, or the recent increase in fees with an FHA loan. The homepath loan through Fannie Mae is the resolution. Here are just a few bullet points about the program, complements of my preferred lender Audrey Hutton of Prospect Mortgage:
Here are the key benefits of a HomePath Mortgage Loan:
• Only 3% down required on a primary residence property
• No mortgage insurance required
• No property appraisal required
• On Condos, no condo cert required, so if there is litigation or issues with the HOA, no worries!
• Only 10% down on 1-2 unit investment properties
• Get up to 6% in seller concessions on primary residence properties
• Allows investors to finance up to ten properties
• Funded by June 30th, 3.5% closing cost credit to the buyers
This program is not just a great resource for owner occupied purchases but also for investor purchases. With low interest rates and prime home prices, now is a great time to purchase an investment property. HomePath offers an investor loan with only 10% down.
As always, I hope to remain your trusted real estate resource. Please feel free to contact me for additional information on this program. If you are thinking of buying or selling, let's set-up a time to get together and discuss your options.
Here are the key benefits of a HomePath Mortgage Loan:
• Only 3% down required on a primary residence property
• No mortgage insurance required
• No property appraisal required
• On Condos, no condo cert required, so if there is litigation or issues with the HOA, no worries!
• Only 10% down on 1-2 unit investment properties
• Get up to 6% in seller concessions on primary residence properties
• Allows investors to finance up to ten properties
• Funded by June 30th, 3.5% closing cost credit to the buyers
This program is not just a great resource for owner occupied purchases but also for investor purchases. With low interest rates and prime home prices, now is a great time to purchase an investment property. HomePath offers an investor loan with only 10% down.
As always, I hope to remain your trusted real estate resource. Please feel free to contact me for additional information on this program. If you are thinking of buying or selling, let's set-up a time to get together and discuss your options.
Thursday, February 24, 2011
First-Time Homebuyer Facts
First-time homebuyers in the market jumped nearly 10% from 2008 to 2010, and that increase is expected to continue through the next few years. According to Brian Buffini's Real Estate Report the average household income for a first-time homebuyer was $59,900. With several well structured loans, assistance programs and owner occupied purchaser incentives this remains a prime market for first time homebuyers. Although we are still patiently awaiting our slow recovery in the economy, prices have been assumed to have hit their low and a steady increase is near. The city of San Jose in particular, and its immediate surrounding areas, is the #1 city projected to have the quickest and most fluent recovery from 2011-2014.
There are numerous benefits to owning a home versus renting. If you have even thought of purchasing a home this year, now is the time to reach out for insight and to do your research.
Please feel free to always contact me with any questions.
There are numerous benefits to owning a home versus renting. If you have even thought of purchasing a home this year, now is the time to reach out for insight and to do your research.
Please feel free to always contact me with any questions.
Friday, January 7, 2011
2011 Opporunity Knocks!
Historically low interest rates and bargain prices have made homeownership the most affordable it has been at any time during the past 40 years. And while the market won’t shift overnight, dramatic decreases in new home production and household formation suggest that as demand for homes returns over the next couple of years it could outpace supply in some places.
This month I have sent an interesting piece about the current state of the national housing market and the opportunity it presents for those who are ready to take advantage of it. Nobody knows exactly how the recovery will unfold, but over the long run, owning property in America has always been a solid investment.
Keep in mind that all real estate is fundamentally local. If you’re interested, I’d be happy to tell you more about the housing situation in our area. Please don’t hesitate to call and ask!
This month I have sent an interesting piece about the current state of the national housing market and the opportunity it presents for those who are ready to take advantage of it. Nobody knows exactly how the recovery will unfold, but over the long run, owning property in America has always been a solid investment.
Keep in mind that all real estate is fundamentally local. If you’re interested, I’d be happy to tell you more about the housing situation in our area. Please don’t hesitate to call and ask!
Thursday, January 6, 2011
Friday, December 31, 2010
2011 Market Forecast!
2010 became the year of “less is more”. Consumers have focused on downsizing and minimizing their spending. While many economists are confident the worst is over, we must be prepared for a slow recovery. The turnaround in the economy will not depend on the changing trends of the consumer, but instead in the decisions made by our leaders. While the market had a snapshot recovery the middle of this year with increased sales prices, lower days on market, and high demand; the fourth quarter had a plummet in sales prices.
2011 will start with limited inventory of good distressed properties. Short sales continue to flood the market, though many banks have announced on several occasions that the first and second quarter of 2011 will bring an abundance of new foreclosure inventory. Still the high end market is at a stand still.
Most people ask if now is the BEST time to buy or sell your home. Timing is different for everyone. If you are thinking of buying a home, or even downsizing, this year provides ample opportunity for you. The beginning of the first quarter will show slow recovering low price points, good interest rates, and eventually extensive inventory.
2011 will start with limited inventory of good distressed properties. Short sales continue to flood the market, though many banks have announced on several occasions that the first and second quarter of 2011 will bring an abundance of new foreclosure inventory. Still the high end market is at a stand still.
Most people ask if now is the BEST time to buy or sell your home. Timing is different for everyone. If you are thinking of buying a home, or even downsizing, this year provides ample opportunity for you. The beginning of the first quarter will show slow recovering low price points, good interest rates, and eventually extensive inventory.
Tuesday, February 16, 2010
First Time Homebuyers: Things you probably didn't know. . .
Dear First Time Homebuyers,
One of the most frequent questions that we are asked by our spehere of influence and previous clients is "How is the market?". The Answer: "It depends, are you looking to buy or sell". The real estate market is never the best time for every activity for every consumer. However, right now is a GREAT time for you to decide you want to buy your first house. Of the numerous first time homebuyers that we have worked with, the most common concerns are always a detering factor in one of our clients moving forward with purchasing a home. If you have your doubts, keep reading!
Myth: I just graduated college and do not have the job history to get approved.
Truth: Many graduates have purchased a home using an offer letter from a secure company and a copy of their most recent transcripts showing they completed classes, along with a copy of their diploma. You would need to show 30 DAYS of pay stubs, just one month. Of course this is pending decent credit and at least 3.5% down.
Myth: I have decent credit and a good job, but the amount of money that I would need for a downpayment seems unachievable.
Truth: With an FHA loan, you only need to put down 3.5%. With the median sales price for a single family in Santa Clara County for 2009 falling around $673,000 you would need about $24,000 for downpayment. In addition, the City of San Jose has a first time homebuyers program that allows a 3% interest rate fixed loan for $25K downpayment assistance with NO PRE-PAYMENT PENALTY.
While the market will not recover dramatically and prices will not increase overnight, most economists have projected that interest rates will be up nearly 1.5 points by the middle to end of 2011. In addition, the homebuyer tax credit expires in April. Low interest rates, declined prices and the homebuyer tax credit incentive provide great opportunities for you to take advantage of!
If you would like to further review the process of buying and home and the importance of seeking the guidance of a real estate agent, visit our website at www.therabellogroup.com
One of the most frequent questions that we are asked by our spehere of influence and previous clients is "How is the market?". The Answer: "It depends, are you looking to buy or sell". The real estate market is never the best time for every activity for every consumer. However, right now is a GREAT time for you to decide you want to buy your first house. Of the numerous first time homebuyers that we have worked with, the most common concerns are always a detering factor in one of our clients moving forward with purchasing a home. If you have your doubts, keep reading!
Myth: I just graduated college and do not have the job history to get approved.
Truth: Many graduates have purchased a home using an offer letter from a secure company and a copy of their most recent transcripts showing they completed classes, along with a copy of their diploma. You would need to show 30 DAYS of pay stubs, just one month. Of course this is pending decent credit and at least 3.5% down.
Myth: I have decent credit and a good job, but the amount of money that I would need for a downpayment seems unachievable.
Truth: With an FHA loan, you only need to put down 3.5%. With the median sales price for a single family in Santa Clara County for 2009 falling around $673,000 you would need about $24,000 for downpayment. In addition, the City of San Jose has a first time homebuyers program that allows a 3% interest rate fixed loan for $25K downpayment assistance with NO PRE-PAYMENT PENALTY.
While the market will not recover dramatically and prices will not increase overnight, most economists have projected that interest rates will be up nearly 1.5 points by the middle to end of 2011. In addition, the homebuyer tax credit expires in April. Low interest rates, declined prices and the homebuyer tax credit incentive provide great opportunities for you to take advantage of!
If you would like to further review the process of buying and home and the importance of seeking the guidance of a real estate agent, visit our website at www.therabellogroup.com
Monday, January 25, 2010
HUD 90 Day FHA flip rule waived! Effective Feb 1st!
The FHA commissioner recently explained that the challenges facing many homebuyers using FHA loans has been the lack of housing inventory available to FHA buyers. Waiving the 90 day FHA flip rule for one year will hopefully provide additional inventory for FHA buyers and help the market remain stable. Currently, FHA prohibited insuring a mortgage on a home that was owned by a seller for less than 90 days. This forced investors and developers to hold title for at elast three months prior to re-listing the home they had purchased. As of February 1st, FHA buyers may purchase a home resold by investors/developers who have held title less than 90 days. This will provide additional inventory for FHA buyers. In addition, this will drive invesotrs/developers to purchase and flip more homes during this year of the 90 day flip rule moratorium.
From the HUD website:
" In today's market, FHA research finds that acquiring, rehabilitating, and the reselling of these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time."
From the HUD website:
" In today's market, FHA research finds that acquiring, rehabilitating, and the reselling of these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time."
Friday, January 22, 2010
The time to sell your house is now!
For those of you who may not have read the front page of the newspaper today, you missed the insight that supports Forbes recent claim that the first half of this year is going to be a hot market for buyers and sellers! The percent of home sales in Santa Clara County rose 44% at the end of the year. This is an impressive statistic considering the traditionally slow fourth quarter the Real Estate industry has experienced in previous years. In a recent article released in Forbes, professionals have projected the best time for homewoners to list their home for sale this year is in the first quarter. With the tax credit extension through April and expansion to repeat homebuyers, there is a high demand in the market for homes. In addition, the median home price in Santa Clara County rose 15% since December of last year, which makes a seller's decision to list their home now promising. While this doesn't mean any given home in Santa Clara County has earned a 15% increase in value, it does show a certain benefit, which stems from suplpy and demand, that has helped start the healing process in our market.
Many homeowners are fearful to sell their home now, as they feel the value of their home will greatly increase in 5-8 years as the market recovers. This will most likely be true. However, the other side homeowners must understand is that now is the prime time also for them to buy. Low interest rates, tax credit and prices make this a great time to buy too!
Contact The Rabello Group for a free market analysis of your home. Now could be the perfect time for you to sell your home!
Many homeowners are fearful to sell their home now, as they feel the value of their home will greatly increase in 5-8 years as the market recovers. This will most likely be true. However, the other side homeowners must understand is that now is the prime time also for them to buy. Low interest rates, tax credit and prices make this a great time to buy too!
Contact The Rabello Group for a free market analysis of your home. Now could be the perfect time for you to sell your home!
Thursday, November 12, 2009
New Tax Credit Details
The tax credit for first time homebuyers had not only officially been extended, but has also expanded to repeat homebuyers. First time homebuyers are subject to $8,000 tax credit when in contract on the purchase of a home by April 30, 2010, closing escrow by June 30, 2010. Repeat homebuyers are subject to a $6,500 tax credit during through the same timeline, if they have lived in their current residence for at least five years. All purchases must be owner occupied, and owners must reside in the property for at least 3 years. In addition, the cap on the purchase price has increased to $8,000 and the income qualifications have increased to $125,000 for single tax filers and $225,000 for joint tax filers.
Wednesday, July 22, 2009
Buzz for Buyers
With the continuous flow of affordable inventory, buyers are finding great deals in this market. Over the past few months, we are experiencing high competition for buyers. Homes are coming in the market under $500K and selling within the first few days with mupltiple offers.
The tactic in this madness? Be proactive. Buyers who are even thinking of buying within the next 3 to 6 months should be pre-approved and looking now, if they are ready to act sooner. Those who are simply reacting to this market are being left behind. Make sure your agent is keeping an eye on the areas you are looking for daily, and keeping in touch with agents in their office for listings that are coming on the market.
We have a few great listings that are coming on the market! A couple need a little TLC, but are great first time homebuyer or investor purchases. Keep up to date through our blog for more information at the end of the week on these listings.
www.therabellogroup.com
The tactic in this madness? Be proactive. Buyers who are even thinking of buying within the next 3 to 6 months should be pre-approved and looking now, if they are ready to act sooner. Those who are simply reacting to this market are being left behind. Make sure your agent is keeping an eye on the areas you are looking for daily, and keeping in touch with agents in their office for listings that are coming on the market.
We have a few great listings that are coming on the market! A couple need a little TLC, but are great first time homebuyer or investor purchases. Keep up to date through our blog for more information at the end of the week on these listings.
www.therabellogroup.com
Wednesday, July 8, 2009
City of San Jose WELCOME HOME Assistance Program
The Welcome Home loan assistance program offers up to $25k for down payment assistance! This new program provides a great opportunity for first-time homebuyers. Many renters are unaware of the opportunity in this market to become a homeowner. The city and county are offering great programs for down payment assitance, and the qualifications are very achievable. Real Estate has remained a promising investment, and the decision to own a home lays the foundation for security and growth for all of us.
The past few days we have focused on reaching out to individuals within our social network who are currently renting, but would like to own a home. Many of them were pleasantly surprised by the options that were available and the accessibility to the resources that they needed to own a home.
If you would like additional details regarding the program feel free to contact us or visit our website www.therabellogroup.com
Stay tuned to our blog for market updates and reliable information about Real Estate.
Now is the time to own a home!
The past few days we have focused on reaching out to individuals within our social network who are currently renting, but would like to own a home. Many of them were pleasantly surprised by the options that were available and the accessibility to the resources that they needed to own a home.
If you would like additional details regarding the program feel free to contact us or visit our website www.therabellogroup.com
Stay tuned to our blog for market updates and reliable information about Real Estate.
Now is the time to own a home!
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