Money Monday: Home buying season - FOX 35 News Orlando

Money Monday: Home buying season

Posted: Updated:
SOUTHFIELD, Mich. (WJBK) -

Hale Walker, Sr. Vice President of First Preferred Mortgage/Michigan Mutual, Inc. has some tips for those looking to get into the market to buy or sell during the traditionally busier summer months.

Fourth of July is here and summer is in full swing-does that mean more homes on the market?

- Historically low interest rates have created an uptick in activity

- There is very little "move up" inventory for individuals who may have a growing family or want more room from their first home. Those homes are moving very quickly.

- Still good inventory for the first-time buyer. Now is still a great time to buy for individuals who may have been sitting on the sidelines for the past few years.

What are some trends happening in summer 2012 that you haven't seen in past years?

- The construction loan market is back-Since 2008 construction loans were not happening because so many subdivisions had unfinished or vacant homes. That has changed. Part of the reason is this mid-market "move up" buyer isn't finding the right existing home for their needs-so they are opting to build new.

- Homes in great condition continue to be the focus-So much attention was put on buying a short sale or foreclosed home in the past few years. These just aren't the homes that people are buying. Homes in great condition that are fairly move in ready are selling fast. If you are a seller looking to list your home that sounds like this, now would be a good time.

- Strong communities- People are looking for solid, strong communities-schools, parks, YMCAs, shopping amenities, places they can grow their families and enjoy for years to come. That's more important than ever for buyers today.

What do people need to do now if they are considering buying before the fall?

- Get pre-approved. We've seen it time and time again. Individuals losing out on homes to someone who had their pre-approval letter and they didn't. Before you start looking, understand what you can afford.

- Work closely with a lender to ensure you are exploring all viable options today with these historically low rates. There are more options to get qualified buyers into homes than ever before.

- Get creative-Look for ways to make your offer more appealing than the next buyer.

 


  • Murray FeldmanMurray FeldmanMore>>

  • More than 600 file lawsuit against GM over ignition switches

    More than 600 file lawsuit against GM over ignition switches

    Wednesday, July 30 2014 4:04 PM EDT2014-07-30 20:04:48 GMT
    Another legal bump in the road for General Motors. Now, a lawsuit has been filed by more than 600 people. They say they had GM cars recalled for faulty ignition switches and suffered injures, or are related to someone who died in a crash. They filed the lawsuit because they say they are not covered in the victims compensation program. Their problems came apparently after the bankruptcy. the law suit was filed in New York.The lawsuit filed Tuesday in U.S. District Court names 29 people who wer...
    Another legal bump in the road for General Motors. Now, a lawsuit has been filed by more than 600 people. They say they had GM cars recalled for faulty ignition switches and suffered injures, or are related to someone who died in a crash. They filed the lawsuit because they say they are not covered in the victims compensation program. Their problems came apparently after the bankruptcy. the law suit was filed in New York.The lawsuit filed Tuesday in U.S. District Court names 29 people who wer...
  • Money Monday: Social media safety

    Money Monday: Social media safety

    Monday, July 7 2014 9:31 AM EDT2014-07-07 13:31:18 GMT
    The internet is like an elephant -- it never forgets. While spoken words leave little trace and are quickly forgotten, written words endure in the online environment. Whatever you post, tweet, update, share -- even if it's deleted immediately afterwards -- has the potential to be captured by someone, somewhere, without your knowledge.
    The internet is like an elephant -- it never forgets. While spoken words leave little trace and are quickly forgotten, written words endure in the online environment. Whatever you post, tweet, update, share -- even if it's deleted immediately afterwards -- has the potential to be captured by someone, somewhere, without your knowledge.
  • Money Monday: No one has a crystal ball on the market

    Money Monday: No one has a crystal ball on the market

    Monday, June 30 2014 10:44 AM EDT2014-06-30 14:44:05 GMT
    Jonathan Citrin of Citrin Group talks about how make investments after so-called experts were flat wrong about predicting how the market will perform.Play the video in the player to see his interview with Murray Feldman.Click here to learn more about the Citrin Group.
    Jonathan Citrin of Citrin Group talks about how make investments after so-called experts were flat wrong about predicting how the market will perform.Play the video in the player to see his interview with Murray Feldman.Click here to learn more about the Citrin Group.
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices