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Kim Gibbons
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June 2005
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I go the extra mile !!!
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| Making, Saving Money Key Points In Home Ownership
For the first time home buyer, the question will come up at some point -- should I wait to purchase at another time? Will the home prices drop? Will they escalate more? Will interest rates drop/increase?
These are all very valid concerns, so I'm not going to waive them off, point to historic appreciation of real estate overall, and tell such a buyer to just dive in. For those in an escalating market, buyers are always afraid of buying now and then having the market turn, leaving them upsidedown on the house. It's happened in the past to some buyers and it will happen in the future -- it's just a natural ebb and flow of the real estate cycle.
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Rates
as of May 26, 2005:
30 yr. fixed: 5.65
15 yr. fixed: 5.21
1 yr. adj: 4.21
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Source: Realty Times
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Consider Real Estate Taxes
When Buying Your Home
You want to buy as much home as possible for your money, but your new asset can become a liability if you don't consider variables such as property taxes and utilities. The information you have may not be accurate, and you may not know how to forecast how expensive those monthly expenses, whether escrowed or not, can be.
Let's say your Realtor sends you a listing from the MLS. You like it, and decide to buy after seeing the home. If you've been preapproved for a loan and the price falls within your lender's parameters, you think you're home free, pardon the pun.
But the lender is following a formula, and that formula doesn't include the rising costs of property taxes or utilities.
Most MLSs supply tax roll data in property listing information, but often that data can be outdated, particularly if the seller bought their home long ago. Property tax rate caps can keep long-time homeowners from feeling current property tax pinches, but they can also give a false impression of likely future costs to homebuyers like you. more
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| Baby Boomers Not Retiring
From Home Ownership
Retirement-age baby boomers don't stop buying homes.
They find new ways to bring home the bacon to buy more homes and boomer women are playing much greater roles in this new "active retirement" trend.
"The New Retirement Survey," conducted for Merrill Lynch by Harris Interactive in collaboration with Age.
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Wondering What Your Home Is Worth?
Let me show you.
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Local Real Estate Market Conditions
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Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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This Month's Articles:
- Should You Prepay Your Mortgage?
- Tips for Surviving a Remodeling Project
- Out In The Open: Outdoor Rooms Are A Must-Have For Most
- Make Your Home Leave A Great First Impression
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Kim Gibbons, Broker
kim.gibbons@era.com
www.gibbons-realty.com
Phone Numbers:
Toll Free (866) 766-5862
Local (850) 437-5618
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Realty of NW Florida
Pensacola, FL 32501
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Equal Housing Opportunity
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