The deal of the century…
Thursday, January 31st, 2008
There’s a great article on 9news.com this morning - with all the doom and gloom recession talk out there, I have to say it again - now is the time. Snap up a property as a home or as an investment!
ENGLEWOOD – Since the Federal Reserve cut interest rates again on Wednesday, this time by a half point, first-time homebuyers are getting opportunities they didn’t think they would get for several years.
Autumn and Joseph Enderle fall into that category. They never thought they’d be able to buy a new home, until they came across a bungalow in Englewood.
“We can afford it. Why aren’t we doing it? It’s only 120 more than what we are paying in rent now,” said Autumn.
The Enderles thought the hardest part would be dealing with all the paperwork and getting a loan. They were wrong.
“That was actually the best thing about everything. You don’t have the ARMs anymore - the 100 percent financing - everybody thinks you have to have the 5 percent down, but there are a lot of really good programs out there for first-time home buyers,” said Autumn.
In reaction to the housing market, lenders have scaled back in recent weeks to only offer 95 percent financing in some cases, which the industry predicts will result in fewer buyers. However, for those who can swing a down payment, it could be a win-win situation.
“We think the first-time homebuyer has an opportunity maybe of a lifetime,” said Pete Lansing with Universal Lending Corportation.
Industry experts say sellers are at the greatest disadvantage, with fewer buyers in the market.
The Enderles warn, if you’re in the market for a home, especially when looking at those nearing or in foreclosure, sealing the deal can take time.
“I don’t know why they call it a short sell. It takes five months to go through,” said Autumn.
However, even with the unforeseen hassle of having to wait to get what they wanted, the Enderles say they’d do it again.
“When everything was said and done, it was worth it,” said Autumn.
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