Money Monday: Home buying season - Chicago News and Weather | FOX 32 News

Money Monday: Home buying season

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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.

 


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