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Why Now ? 5.5 Reasons it a Great Time to Buy!
1. Interest Rates Are At Historical Lows...
- The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It's a great time to buy real estate!
2. Home Prices Are Down Below Original Cost
- A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ratio is about 94%. A seller will not be insulted if you 'make them an offer they can't refuse'.
3. Interest Deduction Will Help to Lower Taxes
- Mortgage interest is tax deductible!
4. Great Investment Instant Equity Possible at Purchase
- It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
5. Great Selection of Well Priced Homes
- There are about 12,000 resale homes on the market geographically. Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the resale inventory dropped below 4,000 units. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.
5.5 97% FHA Finance Programs Available
- FHA mortgages are available for a broad spectrum of credit score buyers, with as little as 3% down. Home sellers are willing to pay closing costs to help you purchase their home, making it possible to purchase a home and get good interest rates.
We have numerous homes available for purchase immediately as the home inventory is plentiful in the New Orleans Metro Area, Kenner, River Ridge, Metairie, River Parishes including Destrehan, Laplace, Boutte, Luling, Reserve and Gramercy, We will be working to provide buyers with seller paid closing cost assistance as needed to help minimize your relocation costs.
Should I Purchase or Rent during this period of time?
Each families needs are unique and different. Many factors impact the decision to purchase or rent, such as the severity of damage to your current home, damage to the current neighborhood, can the home be rebuilt, availability of schools in your area, current financial status just to name a few.
We are currently working with a group of preferred lenders, who specialize in mortgage financing and are familiar with Federal guidelines. We are also working directly with mortgage officials to better understand the process, and also help our clients access all local and federal loan programs, to assist them with their purchasing needs.
Please feel free to call or e-mail us today and we will gladly help you with your purchasing needs!
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