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

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!

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!