Free Handouts for Consumers - Table of Contents - Buyer

Just wanted to let you know that I am able to pass along some real estate tips and thoughts courtesy NAR (National Association of Realtors)...

The Table of Contents for Buyers below lists the many tips sheets which are available for email.
See something you like? Please request a copy (by name and number), and I will email it to you in Adobe (.pdf) format. As many as two documents can be requested per visit.

Please visit www.dreamhomenewmexico.com and use the CONTACT US link to request specific handouts. You may also email me directly to request information
silver_blogger "at" dreamhomenewmexico.com

8 Steps to Getting Your Finances in Order..... 4
Budget Basics Work Sheet.....5
8 Ways to Improve Your Credit.....6
5 Factors That Decide Your Credit Score.....7
Your Property Wish List.....8

Tips for Finding the Perfect Neighborhood.....9
Tips on Buying in a Tight Market.....10
The Pros and Cons of Condos.....11
5 Reasons You Need a REALTOR@.....2
Questions to Ask When Choosing a REALTOR.....13

10 Steps to Prepare for Homeownership.....4
How Big a Mortgage Can I Afford?.....15
7 Reasons to Own Your Own Home.....16
LINK - 5 Common First-Time Homebuyer Mistakes.....17

LINK -10 Tips for First-Time Homebuyers.....18

LINK - 10 Things to Take the Trauma Out of Homebuying.....19
How High Tech Is Your Home?.....20
Hidden Home Defects to Watch For.....21
l0 Questions to Ask a Home Inspector.....22
What Your Home Inspection Should Cover.....23
How Comprehensive Is Your Home Warranty?.....24

5 Property Tax Questions You Need to Ask.....25
10 Questions to Ask Your Condo Board.....26
10 Questions to Ask Your Lender.....27
10 Things a Lender Needs From You..... 28
6 Creative Ways to Afford a Home.....29

Choices That Will Affect Your Loan.....30
5 Things to Understand About Homeowners Insurance.....31
10 Ways to Lower Your Homeowners Insurance Costs.....32
5 Things to Understand About Title Insurance.....33

What Not to Overlook on a Final Walk-through.....34
Common Closing Costs for Buyers.....35
What to Keep From Your Closing.....36
Tips for Packing Like a Pro.....37

Reprinted from REALTOR Magazine Online by permission of the NAR
Copyright 2005. All rights reserved. www. REALTOR. org

Coming next time are the Consumer Handouts for Sellers. I hope you find these helpful.

Buyers get ready to score.

You should be doing some things now:

Get pre-qualified! I see 4.5% 30 yr fixed rates in the immediate future with possibilities of 4% (maybe even lower). Good credit a must, but there are loans available "right now" for 3.5% down. Wow. A decent job history and Good Credit and you're probably good to go. I didn't say you need great credit. Good credit will do. Need help finding a reliable lender? Let me help you get started with a list of silver city and area lenders who want your good business..

Start the online search to get a feel what value means in your target market. Free search engines like Dream Home let you see all of the listings in all of the categories - and no registration or fees... You need to know a bit about market values and what to expect when you interview your potential Realtor. Is he / she showing me stuff that pays him more, or am I seeing everything that's available - regardless of the Realtor commission involved. Hmmmm. Do some due diligence and you will be ahead of most.

Choose your Realtor carefully. You want experience (and not just in years) and solid knowledge of changing market conditions. You want someone who seeks properties that have intrinsic and actual value, as well as helping you understand why other properties may not provide value for the buck spent.

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RETURN TO DREAM HOME NEW MEXICO

November 2008 - Existing Housing Sales - HO HO HOLY SMOKE

Things continue to look less than grand from a national viewpoint. A ray of light in NM? Isolated regions and some local markets, Silver City New Mexico included, seem to be bucking the huge continued downward real estate trends seen elsewhere.

OK here is 11-2008 from the NAR:

INVENTORY: Total housing inventory at the end of November rose 0.1 percent to 4.2 million existing homes available for sale, which represents an 11.2-month supply at the current sales pace, up from a 10.3-month supply in October

PRICES: The national median existing-home price for all housing types was $181,300 in November, down 13.2 percent from November 2007 when the median was $208,800. There remains a significant downward distortion in the current price from a large number of distress sales at discounted prices; the median is where half of the homes sold for more and half sold for less

SINGLE FAMILY HOME SALES: fell 8.0 percent to a seasonally adjusted annual rate of 4.02 million in November from a level of 4.37 million in October, and are 8.8 percent below a 4.41 million-unit pace a year ago. The median existing single-family home price was $180,800 in November, down 12.8 percent from November 2007.

Prices nationally should continue to slide, and buyers in many markets are starting to get the heat. Interest rates heading towards snail butt bottom. What a great time to be qualified to buy. First Time Home Buyers delight too with FHA and 3.5% down - gifted down allowed from family member...

I predict that prices will find a way of sliding a bit more here in Silver before we see a firm bottom. Buyers are getting some nice deals here it seems, with virtually no sellers getting full asking price. That last sentence will probably provide momentum and reason for sellers to continue to ask higher prices than what conditions imply BUT please read the following....

DO NOT OVER PRICE YOUR LISTING! The price it gigh just in case and "WE CAN ALWAYS TAKE LESS" theory has about run its course - cause it isn't getting the wished for result. Look at the listings that are stubbornly kept on the market at a price that barely gets the properties shown. Duh! Days on market is a stat that most savvy buyers look at.

I have long thought we (as sellers) have had an overinflated sense of value in listing properties in this community, and therefore potentially the market could be a bit unstable. In spite of all of the negatives that might warn of the worst scenarios, the market has been managing to hold up very well with only occasional use of smoke and mirrors (s+m) adding to a sense of stability.

S+M The market has been sustainable at least in part because of the high percentage of sales made to folks coming from outside this area. To many folks who choose to make this their area their homes, our asking home prices must seem reasonable (if not darn cheap) compared to where they have come from. And because so many of the database homes are priced with (perceived) blue sky added in to the list price, it doesn't seem unreasonable to someone who is not familiar with our values to make what to them is a "reasonable" offer. Offers and closings continue to take place with some regularity. And offers and closings in a range of value will beget offers and closings of a similar nature.

(My concern and the rub) There's a theory that says real estate markets can't be considered truly stable until historical average rents and average selling price ratios are in balance. If mortgage payments average $1200 a month but I can rent similar houses for $700-850, there is a market imbalance. When the spread gets really wide, it hints at extreme imbalance and awaiting correction. Parts of So Calif. have ratios mortgage payments in the range of 2500-3000 a month and yet rents are in the $1200 range. That ratio has proven/ is proving to be a disaster. Even in our little town, rents need to be raised or property values need to come down for proper market balance.

Realtors must do what is in the best interest of their selling clients and in most cases what is best for their customers. Some Realtors help artificially inflate values in the market by allowing listing prices to be at the high range of fair up to unreasonable - but if there is some chance that someone will pay a higher price, it has to be considered in the strategy... Price it right the first time and you will be much more happy with the results that you get.

Merry Christmas and a Happy New Year to everyone. May you and your family have a Happy Holiday Season. ---aarcher---->

Interest Rates possibly going below 5% - IMO

Wow.

It appears that Buyers will be looking at rates at or below 5% soon.

This could prove to be a big step in stimulating some more purchase activity nationally.

It's nice to be in Silver City where declines have been minimal - at least they haven't been anywhere near as substantial as elsewhere. There must be some local pain being experienced with retirement accounts having been hammered, jobs lost, and some loss in value in their real property. Obviously the real estate market has softened. It had too. Before the "bailout," some folks weren't sure we would have a private banking system when all was said and done. Hmmmm.

To be honest, we may still have to give back a bit more before the national financial situation is resolved. Still I feel reasonably comfortable that we (in Silver City) will be spared the worst case scenarios associated with this mess. Fingers crossed and hoping the powers that be have the common sense to do what's right for the USA.

Really sorry to hear about recent FCX events. We really do need the jobs and associated income going to businesses in the community . Go copper...

Good Buying Opportunities! - coming soon

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