September 28, 2010 at 12:00 AM
Recession, Depression, Housing Bubble Bust, Foreclosures, and Short-sales. I can hear it now, somewhere Dr. Evil’s sinister plot to wreck the United States’ economy is underway. But, can American ingenuity beat Dr. Evil? Without a doubt it can. See, the way I figure it, is that if Dr. Evil can try and hold the world hostage for onemilliontrillionbilliondollars, and eventually have a water filled pit with Sharks with lasers attached to their heads, then can’t we figure out a way to help ourselves? The answer, by the way is a resounding “YES”! To quote some other cartoon character, “Yes we can,” and here’s how.
First, in the spirit of Dr. Evil whose wealth building opportunities were executed by his nefarious “Number 2”, he invested in the United States. Albeit it was courtesy of lattes and mochas (sorry Starbucks), we have the same opportunity, but it rests within the heart of America. That opportunity is home ownership. Never, ever has their been a better time to purchase a home (or condo) than right now. Interest rates are at an all time low (just a couple of weeks ago, I closed a sale where the Buyer’s interest rate was.3.75%, and NO POINTS!!! Geez that’s about as cheap as money gets!
Second, with a large, large shadow inventory (those properties, whether they be distressed or not are not yet on the market for whatever reason; I tend to think of vacant foreclosed homes at this point) looming, some sellers, including banks may be willing to listen to your offers. The pundits continue to discuss the fact that home prices may fall further in 2011, but let me tell you as a front line, bag toting Realtor, that may not be so. I’m beginning to see more and more sellers lose patience with the market and rent out their homes, refinance and stay, or put some money into their homes and really dress them up. Aside of distressed properties, the “traditional” home sale inventory seems to appear that it may be heading in the opposite direction and actually may be shrinking rather than growing. Buy your home now, don’t wait. This is about as low as it’s going to get if you’re in the market for a non-distressed home!
Third, over time, the home you buy now (which by the way, I heard somewhere that home prices today are around where they were in 1996) will build value (and will do so with cheap money–low interest rates I mean). We all know that the real estate markets have ups and downs, and right now we’re down. Guess where we’re headed next………? Correct, the answer is up! Don’t be sitting on the sidelines a year or two from now wishing that you’d bought your home for $10K or $15K less. The ride on the upswing is pretty fun, don’t miss it.
If you’d like more information on home selling or home buying, please feel free to contact me at your convenience. I can be reached at: Office: 262-694-2141, Mobile: 608-770-4568, e-mail me at: . Or visit my web site at: www.peteoconnor.com.
Posted by: 
Pete O’Connor
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December 07, 2009 at 05:35 PM
This holiday shopping season is expected to be a brisk one! Not because its cold outside and there’s white stuff on the ground, but because there are values to be had for the savvy shopper. Specifically, the first time home buyers, and the move-up home buyers! With the Federal Government providing a $8000 and $6500 incentive respectively, now is the time to buy a home! That however is somewhat old news; most everyone is aware of the tax credit, but what may not necessarily be flashing in neon lights are some things that can affect the home buyer’s ability to purchase a home. Primarily, I’m thinking of the overall economic state of the union and interest rates.
With all time low interest rates, it doesn’t get any cheaper to borrow money than now. Rates in some areas are hovering around 4.5 to 4.875 percent. From the rumblings I’m hearing, it sounds as if after the first of the year rates are expected to go up, and maybe by a full point. But the question remains… “Why are interest rates going up?” One of the key factors affecting interest rates is the bond market. When bond rates go down, interest rates go up. Rumblings that I’m hearing from folks are that bond rates are going down after the first of the year.
On a final note, a few other issues that the potential home buyer should consider are two things. First, when taking advantage of this home shopping season, be sure that you ask for a home warranty in your offer to purchase, and also, something new called “Job Loss Protection”. Job Loss is a great tool and is just that. Who wants to buy a home and then unexpectedly get a pink slip. I’ll blog more about Job Loss Protection tomorrow.
In the mean time, check out some great homes by clicking here. Or view streaming digital video of more great homes by clicking here.
If you have any home buying or home selling questions, please don’t hesitate to give me a call or shoot me an e-mail, I’m always happy to help! 262-694-2141, 262-320-SOLD (7653), or my mobile phone: 608-770-4568. Email me at: soconnor@shorewest.com, or visit me on the web at www.peteoconnor.com. Happy shopping!
Posted by:Pete O’Connor
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July 15, 2009 at 05:07 PM
Wow, homes are really moving! You can see here that the first time home buyers are starting to heat up the market. One reason we’re seeing so much traffic in these price ranges is the first time buyer tax credit.
Click graph below for full size
Buyers have to be in their house by the end of November in order to take advantage of the credit. And what better time to buy? The interest rates are low and prices are affordable. Call me to see any home out there!
Posted by:
Lisa Tremaine
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April 07, 2009 at 08:11 PM
Whether you’re thinking about buying or selling, 2009 will definitely shine! Think about a time when you’ve made a great decision but didn’t know how great it really was until you looked back on it. This is the year that buyers, and some sellers, are going to look back and think exactly that!
Let’s say you want to buy a new home but aren’t sure you can sell your existing home. First, if you are considering moving up to a larger home, 2009 is a fantastic time to sell! You may not have as much equity in your home as you had a couple of years ago, but you will be able to get a terrific deal on your new home. For example, you own a $250,000 house and need to sell it to buy a larger $350,000 home. While it's true that in 2006 you might have sold your home for $260,000, you also would have paid $375,000 for your new house. In other words, in this market you may lose $10,000 on your current home, but you will be save $25,000 on your new home, for a net gain of $15,000!
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