Chicago and Maui Real Estate for Buyers, Sellers, Renters and Investors
Loans and Mortgages can get very confusing for the home buyer. Add into the equation “points” and now you may have just added the hairdryer to the bathtub of uncertainty. My good friends at Keep Current Matters have recently written a nice quick blog post with some good value “points” about Points.
I think this read is certainly worth your 3 minutes. Check it out here: Some Points About Points.
According to the Wall Street Journal, rents are at an all-time high through out the United States. Couple this with nearly all-time low interest rates and a depressed housing value, maybe it is the best time to buy a home?
One of the most common questions I receive deals with timing. Is it the right time to buy? Should I sell now or wait another year? In the end, these are questions that only you can answer. As a Realtor, I can help by giving you the current market facts, and what we are expecting to see – but alas, if I could read the crystal ball, I think I’d be living on an Island somewhere with warm clear water surrounding me!
Particularly in Chicago, homes have begun to fly off the selves as buyers jumped off the sideline and begin purchasing in mid-January, this has not yet slowed down. But will this increase in sales begin to show an increase in sales price and home values? Sure, simple supply and demand tells us that if supply is down, and demand it up, then prices will go up as well – but is supply really down?
It’s interesting to note, that not everyone is on the same page here. Just look at National Association of Realtors (NAR) Chief Economist, Lawrence Yun, “This time next year, there could be a 10% price appreciation.” He said this in June at a Real Estate conference in Denver, CO. Compare that quote to a report from Morgan Stanley during that same week: “We estimate a drop of 5 – 10% more (in real estate prices).”
Who do you listen to? That is the big question, but the answer is simple. You need to collect as much data as possible, and use your Realtor as a source of information.
Fannie Mae and Freddie Mac are stepping up and helping out Military Families that receive a Permanent Change of Station (PCS). When Military personal receive a PCS they are required to move and thus may get caught having to short sell or come to closing with cash to move out of their current home. Fortunately for these families, Freddie and Fannie have agreed to allow short sales on the homes where they own the notes.
Under this policy if a Military family purchased any property before June 30, 2012 and receive a PCS order, then neither Freddie or Fannie will pursue a deficiency judgment, or any cash contribution or promissory notes. No need to add to the stress level of a Military family, and this is the right steps for Fannie and Freddie.
For more details on this story – you can click here: Short Sale Assistance for Military Families.
Licensed Realtor.
Twitter: @mattpauli
Website: MattPauli.com