Home Sales Activity Update

According to the National Association of Realtors (NAR), the volume of existing-home sales is expected to remain stable through late spring 2008, and gradually improve further from there during the second half of the year.

NAR chief economist, Lawrence Yun, says buyers have been waiting for higher mortgage loan limits. “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he says.

In Madison County the revised FHA loan limit is now $281,250.

Help With Your Downpayment and Closing Costs

Sometimes it can be hard for buyers to get enough cash together to complete the purchase of a new home. Madison County may be able to help.

The County's Community Development homebuyer program is offering $3,000 or $5,000 loans, forgiveable after five years of occupancy.

If your family's income falls below the program's guidelines, and if you meet certain other criteria, loan money may be available to help toward down payment and closing costs involved in buying your next home.

Call me at 618-791-8007 or send an e-mail by clicking here. I can explain the program and connect you with a lender who is participating in Madison County's program. Together we can find you and your family your next home.

CNN: Best Time to Buy in Four Years

CNNMoney wrote today that now is the best time to buy a home in the last four years. The web news source cited a National City report that found combined price declines, stable interest rates and high inventories were contributing to the favorable buying situation. Learn more at CNN. If you're ready to take advantage of this alignment of the real estate moon, sun and stars, contact me.

Know Your Score -- For Free

Note to buyers: Did you know that you can get a free copy of your credit report once a year? Go to the official web site at http://www.annualcreditreport.com/, fill in the form and you'll get the word on your credit score from the three major credit reporting bureaus -- TransUnion, Experian and Equifax.

Why should you care? Because this score is a key factor that lenders will use in determining if you're eligible for a home loan and how much they will loan. Spotting any issues early in the process will allow you to begin to fix problems and get closer to the home you want.

MLS Inventory Confirms Buyers' Market

As I got up this morning and logged on to the Multiple Listing Service (MLS), I checked out the available inventory. There are 5,039 residential properties available in the area right now. That's an amazing amount of choice, my friends. What are you waiting for?

When you hear members of the media talking about a "buyer's market," this is one of the chief factors -- abundant choice.

How do you narrow it down when faced with this paradise of properties? As a buyer, you should be making a list of the things you need in a new home and the things that would be nice to have. "Needs" might include the number of bedrooms. A screened-in porch would be an example of something "nice to have."

Give that list to your Realtor or ask her to help you develop the list. Then you'll be armed with the information you need to make a decision and move into that perfect new home.