Now is the Best Time to Make a Move

With so much conflicting media information about the housing market, lending regulations, and sales statistics, it can be very confusing and difficult for buyers and sellers to sift through the data. Every day, I answer questions from people who are confused and wonder if it is a good time to make a move; I am happy to help sort through the headlines.

One source reports that interest rates have been in the low range over the past year. Some interpret this as a sign of stagnation; they assume that since rates have stayed relatively low for so long, this trend is likely to continue.

However, the housing market is much too complex to judge based on one element. Let me show you how another headline can change this assumption:

Another source cites an economic analysis company and states that the “housing crisis” is likely to end in 2012 because of loosening credit standards by lending institutions. While average credit scores and other requirements remain unchanged since last year, other elements, such as credit availability due to relaxed loan-to-value ratios, will make it easier for qualified buyers to borrow. The analysis company is still cautious and explains that other elements may affect the market. However, when considering a relaxing of lending rules against a backdrop of record-low rates, it becomes clear that today’s low rates will not last forever.

What does this mean to you and your family? If you are in the position to buy a home, now is the best time to make the move. To wait means risking higher mortgage rates that will give you a higher payment and affect your monthly budget. The same is true for sellers; selling in today’s market means more buyers available (they also want the great interest rates), as well as a better opportunity to save money on your new mortgage, whether you need a larger house or want to downsize into a condominium.

Buying or selling a home is one of life’s most important decisions; make sure your decisions are based on customized advice from an experienced, qualified agent. I am a Certified Residential Specialist ranked in the top 4% of Realtors nationwide; every day I give people just like you personalized, honest advice to help them make the best decisions. Contact me today by phone at Heather Morris, 319-350-7653, by email at Heather@HeatherMorrisRealtor.com, or at my website, www.HeatherMorrisRealtor.com.

FHA Anti-Flipping Rule Waived Again

Once again, the FHA has extended the temporary waiver of its anti-flipping rule. The hope is that waiving the rule through the end of 2012 will encourage sales of homes in communities where there is a high foreclosure rate. Buyers will be able to continue to use FHA financing in the purchase of HUD and bank-owned properties.

There are strict conditions under which the waiver can be implemented. The fear is that if they make it too easy, predators can sweep in, buy the property for a song, and sell it at an inflated price to an unsuspecting prospect. In order to prevent this abuse, one of the conditions is that there be no link (say, father to son, brother to brother, etc.) between the parties who are buying and selling a given property.  It’s called an arms-length transaction.

The Waiver states:  “Section 203.37a(b)(2) of the FHA regulations, 24 CFR 203.37A(B)(2), is hereby waived… with regard to sales of properties acquired by mortgagees, whether sold directly by the mortgagees or by their subsidiaries or by vendors to whom they have transferred titles to properties for the purpose of effectuating sales of those properties.”

There are some people who think that the waiver is worded in such a way that it doesn’t really benefit people who aren’t in the foreclosing/lending position. That is a pretty big exclusion. The term “mortgagee” refers to the person who actually foreclosed on the property. To be considered a “vendor” you must have some sort of a contract with the lenders.

It remains to be seen just how much effect the extension of the waiver will have on the actual market.

I want to help you with your real estate needs.  If you want to find a home in the Cedar Rapids/Marion area, call or text me at 319-350-7653(SOLD) go to my website http://www.heathermorrisrealtor.com/#contact.

$227,500 2975 Brookvalley CT, Marion IA 52302. MLS#1200171

2308 square feet of living with amenities abound!  Rare find walk-out with a deck and patio combination for your outdoor gatherings.  9 foot sidewalls, an atrium of windows, and 2 sliding glass doors welcome sunlight.  Neutral wall and floor coverings, glazed maple cabinetry with crown and nickel hardware allow you to add your personal touch.  Entertain with pride in your expansive king sized family room with a fireplace focal point.  The wow is built-in!  Master bedroom suite, walk-in laundry, storage room, and much more.  Written builder warranty and energy certificate provided.  Additional floor plans available.  Builder holds an inactive Real Estate License in the State of Iowa. learn more at www.HeatherMorrisRealtor.com

$200,000 2973 Stone Creek CT, Marion IA 52302. MLS#1200168

2188 square feet of living and an unfinished storage room make maintenance free living spacious too!  Enter  an impressive foyer with ceramic flooring, architectural accents include interior arches, vaulted ceiling, open main floor with the kitchen and dining leading to the sunroom and great room.  Kitchen features deep stained maple cabinetry with crown molding, nickel hardware, and pantry closet.  The decor is a neutral wall color with white trim and 6 panel doors.  Well thought out floor plan opens to the finished lower level with an abundance of daylight and egress windows. Large walk-in laundry, master bedroom closet, and bath beauty pantry. Builder warranty in writing and energy certificate provided.  Additional floor plans available. Builder holds an inactive Real Estate License in the State of Iowa. More information at: www.HeatherMorrisRealtor.com

2990 Brookvalley Ct, Marion IA 52302 MLS#1200170

2212 square feet of living with an abundance of daylight, sunroom, and egress lower level windows.  Neutral and modern floor plan with open main floor recessed can lighting at the vaulted ceiling, decor ledges, and arched door openings.  Glazed maple cabetry with crown molding, a breakfast bar and open design, and plenty of cooking or entertaining counter space in the kitchen.  Ample storage with a walk-in laundry, master bath beauty pantry, and a few walk-in clothes or storage closets.  A 24 foot deep garage, west facing deck with aluminum accent rails and stairs to irrigated lawn, and quiet cul-de-sac are more benefits.  Written builder warranty and energy certificate provided.  Additional floor plans available.  Builder holds an inactive Real Estate License in the State of Iowa. Find more information at www.HeatherMorrisRealtor.com

$310,000 4720 Leprechaun LN, Cedar Rapids IA 52411

New listing posted on www.HeatherMorrisRealtor.com  Great location, 1.02 acres and ready for you.  Check it out.

NEW LISTING in Marion IA 52302

Check out the new construction listing on www.HeatherMorrisRealtor.com $228,960 located at 335 345h Ave, Marion IA.  Linn-Mar School District, March 2012 possession.