First time home buyers need to realize that the lower priced homes are the ones with the most competition right now. Everyone is looking for a great deal and most first time buyers can not afford the higher priced homes.

Due to this demand, the lower priced homes are being in dated with multiple offers, with some as high as 20% above listing price. We recently put in an offer on a Riverside home which had been on the market for only 8 days, and came to find out the property had already 9 offers on the table making ours the 10th. After speaking with the listing agent, I was informed that we would have to give our highest and best. After a bit more digging and questions, I came to find out that our offer would have to be well above listing price.

So if you’re a first time buyer and are looking for that great deal, be prepared for a journey into home ownership. There are great deals, weather it’s a short sale, bank owned or even owner owned, just be prepared that it may take a bit longer then anticipated.

When facing foreclosure, I recommend homeowners to consider a short sale before the idea of simply walking away. With a short sale the consumer can look into buying another property within 2 years; however, with a foreclosure on the books, a homeowner is looking at possibly 5 years before they can get a home with a decent interest rate.

Homeowners if your facing difficulties please call me at (951) 532-1943 to discuss your options in greater detail.

March 17, 2009

RIVERSIDE — The Riverside County Board of Supervisors is expected Tuesday to approve using part of a $48.5 million federal grant for a county program that provides downpayment assistance to first-time homebuyers trying to purchase foreclosed properties.

Under the Neighborhood Stabilization Homeownership Program, $9.7 million would be set aside to help qualifying low- and moderate-income residents purchase vacant foreclosed homes in 15 cities and 9 unincorporated communities in Riverside County.

The requirements for homebuyer assistance are:

— An applicant cannot have owned a home in the last three years;
— A successful applicants must complete an 8-hour course on the essentials of homeownership and the responsibilities of homebuyers;
— the applicant’s gross household income cannot exceed 120 percent of the county’s median income, which for a family of four would be $79,900;
— the applicant must be purchasing a foreclosed or abandoned home in the county;
— the purchase price cannot exceed $293,000.

Riverside County has the fourth-highest foreclosure rate in the state.

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For more information call me today at (951) 532-1943.

Our commitment to you starts at our welcome consultation and carries through and beyond the close of escrow. As your agent I will work to get your home priority exposure through various marketing avenues, such as, but not limited to:

Your Own Website

If you are interested in setting up a FREE no obligation consultation to see we are the right agency and agent for your representation fill-out our Sellers Request Form or contact us at (951) 532-1943.

]]> http://www.williamsuarez.com/blog/?feed=rss2&p=56 http://www.williamsuarez.com/blog/?p=48 http://www.williamsuarez.com/blog/?p=48#comments Thu, 12 Feb 2009 16:55:18 +0000 admin http://www.williamsuarez.com/blog/?p=48 The housing bust is creating a new group of winners: first-time home buyers. People who sat on the sidelines — often watching wistfully as their friends became homeowners — are suddenly in a position to grab some great deals. Indeed, first-time home buyers made up 41% of all buyers at the end of 2008, up from 36% in 2006, according to a recent survey from the National Association of Realtors.

The new buyers are being lured in by home prices that are down about 25% from their peak levels in mid-2006, according to the S&P/Case-Schiller Index. If you are a buyer sitting on the fence and not sure if taking the plunge is the right choice for you, contact us today for a free no obligation consultation.

]]> http://www.williamsuarez.com/blog/?feed=rss2&p=48 http://www.williamsuarez.com/blog/?p=42 http://www.williamsuarez.com/blog/?p=42#comments Mon, 26 Jan 2009 19:39:35 +0000 admin http://www.williamsuarez.com/blog/?p=42 In order to stimulate the housing industry last July congress proposed and passed a tax credit law to give buyers an incentive to purchase.

In order for a buyer to qualify for this tax break the buyer must meet certain criteria’s:

1) Must have purchased a home between April 2008 and July 1, 2009.
2) Must be for primary residence only.
3) Buyer(s) adjusted gross income can not exceed $95,000 (single) or $170,000 (married). If married and to gross income was between $150,000 and $170,000 you may qualify for a reduced credit. If single and earned between $75,000 and $95,000 you may qualify for a reduced credit.

Although this is a repayable loan and will need to be repaid, congress is working on revising it so buyers will not need to repay the credit. If you pass all these requirements and purchase before the deadline and file the tax form needed, you may qualify and not have to worry about paying the money back.

]]> http://www.williamsuarez.com/blog/?feed=rss2&p=42 http://www.williamsuarez.com/blog/?p=33 http://www.williamsuarez.com/blog/?p=33#comments Mon, 26 Jan 2009 18:44:36 +0000 admin http://www.williamsuarez.com/blog/?p=33 In today’s current market, many home owners are attempting to sell their own home, in hopes of saving the commission fees. But are FSBOs (for-sale-by-owner) really saving money?

Although some home owners have successful managed to sell their own home and save money, many others have lost money and time. The National Association of Realtors (NAR) have reported that home owners who have been successful at selling their own home, have actually lost money by under pricing their home 10 - 15 percent below their true potential. At the same time, agent assisted home sales have sold for at or above market value.

The issue that many FSBOs have is in setting the right price, staging the property for top dollars and dealing with the necessary paperwork to close the deal.

]]> http://www.williamsuarez.com/blog/?feed=rss2&p=33 http://www.williamsuarez.com/blog/?p=21 http://www.williamsuarez.com/blog/?p=21#comments Mon, 26 Jan 2009 18:10:46 +0000 admin http://www.williamsuarez.com/blog/?p=21 Many first time home buyers are very excited with the whole buying home process. They spend hours, days and at times weeks looking at homes. The excitement keeps them going week after week. However, once they find a home they like and are ready to take the next step… They hesitate and double question themselves, at times costing them to lose the home to other buyers.

With the market at rock bottom, there is no time to hesitate when a buyer finds a home they truly love. Hesitation can put you out of the home or into a bidding war against other potential buyers. Recently, I found a couple an excellent REO property that had just come on the market that morning. The property was listed at $62,000 under market value and due to hesitation the couple lost the property within two hours of viewing the property. By 5:00 pm that same day, the listing agent had received nine offers.

So if you find a home you like and at a price you can afford…Don’t wait for someone else to take it away.

]]> http://www.williamsuarez.com/blog/?feed=rss2&p=21 http://www.williamsuarez.com/blog/?p=8 http://www.williamsuarez.com/blog/?p=8#comments Mon, 26 Jan 2009 17:52:27 +0000 admin http://www.williamsuarez.com/blog/?p=8 As we continue to read it in the paper or listen to it on the news those famous words “House prices have dropped” or “The highest foreclosure rate in many years” people continue to wonder if this is a good time to buy. As a first time home buyer, the answer is…Yes, Yes and Yes. First time home buyers can take advantage of all the bank owned properties on the market. Not only will they have plenty to choose from but also the first time home buyer can take advantage of all the new FHA loan programs. Some programs allow you to go in with as little as 3% down and for the buyer with the right score, you can go in with “Zero” down payment. For more info click here.

]]> http://www.williamsuarez.com/blog/?feed=rss2&p=8 http://www.williamsuarez.com/blog/?p=11 http://www.williamsuarez.com/blog/?p=11#comments Sun, 25 Jan 2009 18:03:50 +0000 admin http://www.williamsuarez.com/blog/?p=11 So your thinking of buying your very first home. Congrats! You have taken the most important step you could take. Now comes the fun part. Buying your first home is probably the most important and biggest decision you’ll ever make. Therefore, its very important you have a clear idea of how much you can afford and what types of financing options are available to you as a first time home buyer. In most parts, you will be able to borrow up to three times your yearly salary. With that in mind, the next step would be to find a reputable financing company to help with you your loan. In an effort to attract first time home buyers, lenders will sometimes offer several affordable mortgage options, which can help you overcome obstacles that made home purchasing impossible in the past. Some of the options that the lenders give based on each individual is as low as “Zero” down payment. For example, many federal agencies such as the Federal Home Loan Mortgage Association, better known as Freddie Mac, and the Federal National Mortgage Association, or Fannie Mae, usually offer low down payments to first time home buyers. In some cases, first time home buyers may be facing credit problems and may need the assistance of other government agencies like The Federal Housing Administration. Some first time home buyers may even qualify for a conventional loan from a bank. Many times, lenders will offer special discounts to first time home buyers to help with their purchase. For more information on financing your first home, give us a call at (951) 532-1943, your real estate professional.

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