As a Licensed Real Estate Agent and member of 3 important organizations:
1. The Realtor Association of West/South Suburban Chicago
2. The Illinois Association of Realtors
3. The National Association of Realtors
I regularly give FREE advice to clients as to what needs to be done before putting their home on the market . . ..
Are you still listening to the NEGATIVE News?
Have the seen the new NAR Radio & Television Commercials??
"HOUSING IS STILL A GOOD, LONG-TERM INVESTMENT! And what a great time it is to buy now!!
*Lowest Interest Rates in 30-years . . .
*Lowest Home Prices amidst Highest Inventories in Decades . . .
*Over the past 30 years, home values have risen more than 6% annually
*On average, the value of a home nearly doubles every 10 years
*60% of the average homeowner's wealth comes from their home's equity
*The average homeowners net worth is $171,000 - that's nearly 46 times that of a renter's, who has an average net worth of $4,800
*Homeowners benefit from the power of leverage. At an annual appreciation of 5%, a 10% down payment on a home will return 94% after 3 years. After 5 years, the rate of return increases to 225% and after 10 years, 623%.
REALTORS add Value:
*Every market is different. Talk to a Realtor for insight into your own Real Estate Market. In fact, 2/3's of all metropolitan areas have seen year-over-year increases in median existing single-family home prices, including six areas with double-digit gains.
*REALTORS have the marketing, negotiating and industry expertise necessary to help home sellers protect their investment and help home buyers build theirs.
*A REALTOR can help sell your home faster and for more money than you might by yourself.
*REALTORS visit hundreds, if not thousands, of homes with their buyer clients each year, and have a unique understanding of what homebuyers value in their local markets.
*REALTORS are strong advocates for housing issues and homeownership. Their support for the mortgage interest deduction and other federal policies helps keep housing more affordable and makes housing a great investment.
*REALTORS commit to a strict Code of Ethics, which helps protect consumers in the real estate transaction.
I CAN ALSO ASSIST YOU WITH FINANCING:
*For buyers who qualify for conventional financing, mortgages are available at near historically low rates.
*FHA programs are a viable alternative for many first-time buyers. FHA market share for home purchases is expected to triple over the next 3 years, from an estimated 4% in 2007 to 12% in 2009.
On January 22nd., the Fed surprised the market with the Deepest Cut in interest rates since 1984! And cut them again on Tuesday, January 29th.!
As a result of this emergency intersession rate cut of .75%, the Fed Governors are acting in direct response to recent reports that the country is on the brink of recession.
If you have credit cards, auto loans, HELOCs, or an Adjustable Rate Mortgage, the Fed's decision to cut this key interest rate is great news. For long-term mortgage rates however, this could signal the beginning of the end for the lowest 30-year home loan rate borrowers have experienced since 2005.
IT IS ALSO A GREAT TIME TO LIST! AND INTEREST RATES ARE STILL LOW!!
Freddie Mac (NYSE: FRE) released the results of its Primary Mortgage Market Survey (PMMS) on July 8th. in which the 30-year fixed-rate mortgage (FRM) averaged 4.57% (down from same period last year at 5.20%) with an average 0.7 point for the week ending July 8th., down from last week when it averaged 4.58%. The 30-year FRM averaged 5.20% in 2009.
The 15-year FRM from this week averaged 4.07% with an average 0.7 point, up from last week when it averaged 4.04%. A year ago at this time, the 15-year FRM averaged 4.69%.
The Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMS) averaged 3.75% this week, with an average 0.7 point, down from last week when it averaged 3.79 %. A year ago, the 5-year ARM averaged 4.82%. This is also an all-time low since Freddie-Mac began tgracking it in 2005.
One-year Treasury-indexed ARMS averaged 3.75% this week with an average 0.7 point, down from last week when it was 3.80%. At this time last year, the 1-year ARM averaged 4.82%.
"With Mortgage rates falling to historic lows, refinance activity has been strong over the past 3 months," said Frank Nothaft, Freddie Mac vice-president and chief economist. "The Bureau of Economic Analysis reported that the effective mortgage rate of all loans outstanding was just below 6% in the first quarter of 2010, the lowest since the series began in 1977. Since the start of the second quarter, two outo of three mortgage applications on average were for refinancing, according to the Mortgage Bankers Association."
Household balance sheets also improved in other ways over the first three months of the year. The Federal Reserve (FED) reported household net worth rose by almost $1.1 trillion in the first quarter of 2010. The share of credit card loans that were 30-days or more past due fell to the lowest since the first quarter of 2002, according to the American Bankers Association. Finally, the aggregate household debt burdens were at a level not seen since the third quarter of 2000, base on the FED's debt-service ratio.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made Homes possible more than 50 million times, ensuring financing for one of six homebuyers and more than five million renters.
On the Mortgage Rescue "front":
1.) Don't ignore the problem. The further behind you get, the harder things will get for you;
2.) Contact your lender as soon as you realize that you have a problem. Lenders do not want your house. They should have options to help you;
3.) Open and respond to all mail from your lender. Your first notices will offer info. on foreclosure prevention;
4.) Know your mortgage rights. Have your loan documents handy so you will know what the lenders options are. Every state is different;
5.) Understand foreclosure prevention options (also called loss mitigation). Info. can be found on the HUD website;
6.) Contact a HUD approval couselor at 800 569 4287 or TTY 800 877 8339;
7.) Prioritize your spending. Some things you may have to do without until things get better. E.G. Cable T.V., club memberships, extra entertainment, etc.;
8.) Use your assets. Anything that you can sell - such as jewelry or an extra car. Your lender will see that you are trying to save your house;
9.) Avoid foreclosure prevention companies. There are a lot of scams out there. Check with a HUD counselor first;
10.) Don't lose your house due to a mortgage recovery scam. IF ANY COMPANY states that they can save your house, do not sign anything until you have an attorney look over papers first.
More information can be found at
www.hud.gov/foreclosure/index.cfmThis is an unprecedented market and things are moving fast. Regardless of your current mortgage, please give me a call so that we can review your current financial situation in light of these market movements.
Please call me today to discuss how I may assist you or anyone you know who is interested in buying or selling Real Estate.
Not calling today could cost you tens of thousands of dollars in the next few years.
Equal Housing Opportunity
