Money Monday: Home buying season - FOX 10 News | myfoxphoenix.com

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>>

  • 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.
  • A CEO's exit interview: Alan Mulally on his 8-years at Ford

    A CEO's exit interview: Alan Mulally on his 8-years at Ford

    Wednesday, June 25 2014 4:17 PM EDT2014-06-25 20:17:56 GMT
    Five short videos in what could be described as an exit interview to the media.  For business people of all kinds, there is some real insight to be had here as Murray Feldman poses questions that go beyond the auto industry.  Alan Mulally is candid with his answers.
    Five short videos in what could be described as an exit interview to the media.  For business people of all kinds, there is some real insight to be had here as Murray Feldman poses questions that go beyond the auto industry.  Alan Mulally is candid with his answers.
Powered by WorldNow

KSAZ-TV & KUTP
511 W. Adams St.
Phoenix, AZ 85003

Phone: (602) 257-1234
Fax: (602) 262-0177

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