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What a year the real estate
market has had. Gone are the days of the Seller's Market, where
inventory was scarce and home prices soared. The market is seeing a
"correction" from the early millennium boom. So what does that mean
for you?
First Time Buyer's Dream
If you passed on jumping into the earlier home buying frenzy, count
yourself lucky. Home prices have leveled out or are declining, in
some cases. Mortgage rates, while higher than the early boom, are
still unbelievably affordable. Just think, you could be paying
1982's high of 15.57%. Ouch. So if you held off in buying your
first home, now's the time.
Drama-Free Negotiations
Since the supply of home inventory on the market has increased
dramatically, buyer's are calling all the shots. You'll face a lot
less competition for some real gems. Although for those real
diamonds in the rough, you might prepare to move quickly because they
don't stay available for too long. Make your offer thoughtful, even
if slightly in your favor.
Because there are more homes
than buyers, you can negotiate a little differently these days.
Sellers are less inclined to negotiate on that actual sale price,
especially if they've reduced the price once before. Suggest that
they pay for discount points on your loan. You get the better rate,
a lower monthly payment and can take the tax deduction (see your tax
advisor). Also, take advantage of sellers sprucing up their curb
appeal.
Finding Other Discounts
and Rebates
No matter what market conditions are, the more important thing is to get
pre-approved. If you take this step first, you'll know exactly how
much wiggle room you have to get you into your dream home. Plus,
when you do the pre-approval first, you give yourself time to find other
discounts and rebates available to you. Here are some good places to
start:
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Department of Development:
whether for your city, county, township or the state, there are designated
areas that government wants you to live. Find out where the
revitalization is being directed, there are sometimes grants and subsidies
tied to these areas.
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Foreclosures: it's
sad to say that Ohio has one of the highest foreclosure rates in the
country. That means there are homes out there that banks want to get
rid of, and fast. The only unknown with foreclosures is what kind of
home you'll get. Sometimes you aren't allowed to see the home.
Be prepared to put in some sweat equity, but you'll get a great deal.
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Rebates and Offers from
Credit Union of Ohio:
whether your buying or selling a home, Credit Union of Ohio is there to
help. With our CU Realty Services program, we compiled a list of
trusted and approved realtors and buyer's agents ready to assist you in
the process. Plus, you get a rebate on their commission--both buying
and selling. Then, explore your mortgage options at myCUmortgage.
Try out different terms, different rates, types of mortgages and more.
Consult with our mortgage specialists on the right fit for you. It's
free, and it's easy to do!
Getting Started
If you're not sure where to start, try taking a good look at your
finances. Consult with our
financial counselor at any time to help you improve or perfect your
financial track record. The meeting is free for all Credit Union of
Ohio members. Then visit
The Home Place on our website to begin exploring. Or you can
call our mortgage specialists today at 614.487.6650 (toll-free
800.443.5698), ext. 5.
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