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January 10, 2011

The Number of homes sold over the last few months keeps creeping up,
but are you ready to jump into the market while at a bottom?
The last few months previously owned home sales have been inching up. Last summer was the slowest for sales in over ten years. The tax credit from the federal government, and some states, brought out a lot of people to buy in the spring of 2010, but once the stimulus and incentives went away so did the home buyers. Since October there has been a steady increase in the number of homes purchased each month. When the figures come in for December 2010 it will be interesting to see how they compare to the numbers from 2009.

The Market in most parts of the country seems to be at a bottom and some areas are predicted to hold prices for a year or two and in other areas the number of sales are increasing and inventories are slowly returning to a more normal level and prices have even been upturning slightly. Interest rates are inching up. So it is feeling more and more like the real estate market is at the low point for this recession. Are you ready to take advantage of the bottom of the market?

Here are some quick suggestions:

Determine what you are looking for generally, and then spend some time on the internet, and with a realtor that will answer your specific questions beyond the MLS and tax records. In La Jolla or UTC or Downtown from Coronado to Carlsbad or anywhere in San Diego County go to www.RuthMillsTeam.com .
Sit down with your Realtor and let her help you to determine what will fit for you. Do you need to look at the school districts, golf courses, detached home or condo, Townhome or singe level in other words the ideal home for you - then working with your realtor see how many of those items you can find in a home for you.
See how much you can afford for your new home. There are some basic rules that a mortgage lender or banker can help you with. Most people want to know what is a comfortable monthly payment including taxes, HOA fees or Mello Roos and any other possible fees. Talk with a lender and get Pre-approved for your mortgage. Rates are changing, but your lender may be able to lock-in a low rate for you for a specified length of time.
Plan on a minimum of a 20% down payment (cash available). Most lenders are requiring a 20% down payment now for conventional loans, and Wells Fargo has announced it has an intention to raise that to 30%. When you talk to your lender ask about other programs like VA or FHA and if you can qualify.
Do you need to sell your current home first? If you do need to sell first, talk to your realtor now. If you do need to sell first you will be in a much stronger position to make an offer with a cash down payment than with an offer that is contingent upon the sale of your home. The important thing is to talk to your realtor now about selling. Your needs may be accommodated in several different ways.

The Ruth Mills Team in La Jolla is always ready to assist you with free consultation and materials helpful to you when you are ready to take advantage of the Bottom of the market. Contact Ruth at Ruth@MillsTeam.com for a free Buyers Guide or Sellers Guide custom made with your unique interests in mind. The guides have a step by step guide to the entire buying or selling process.



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