Top 5 Home-Buying Blunders for 2009

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Sazzpnkd of MO @ Jul 13, 2009 12:25:37 PM

I bought in June 2009 too!

We found an amazing foreclosed home for 1/2 price of what it was offered for in 2008, which I'm sure was inflated, but still. We were supposed to close escrow tomorrow June 26th, but our bank sat on our file for 31 days and underwriting just started their review four days ago. They blame too many loans and not enough staff. It's very frustrating. We sold our other home last week and were only supposed to have a week in-between houses. So much for that. Our parents are thrilled to have us camping out in their spare bedroom. Thanksfully, we have secure jobs with seniority, make decent wages, and only have a small boat payment with no other debt. And still, escrow didn't close on time. Banks appear to be waiting until the last minute of your escrow period. So, get a 30 day contract versus a 60 day, but plan to wait 60 days anyway.

I agree with the original poster to this article. Now is a great time to buy. Interest rates have been bouncing around between 5.00% and 5.875% for fixed 30-year at 1 point since late May. It's amazing how much these percentages impact your monthly payment so pay attention to what you can afford and lock it in when you're comfortable. Rates can change overnight so don't get greedy! I got greedy and could've locked at 4.875% but ended up with 5.125%.

Good luck, and do your research!! Be ready to pounce on your dream home, because chances are the other guy will beat you to the punch if you don't (happened to us twice).

Gretchen of CA @ Jun 25, 2009 17:13:34 PM

I bought in 2009 June

With interest rates at historic low, homes are more affordable. What i could not even think of a few years back is something i bought now (in contract... not in the home as yet). Buy a home in 2009 if you are all of the below

1.If you have been saving judiciously over the last years

2.if you can afford 20% downpayment + closing cost and still have around 1 Year of expenses in available cash

3.Have a medium to high secure job

3.1 Are you eligible for any severance ?

3.2 You are eligible for cobra coverage

4.Buy in a area where prices were stable in the recession (did'nt drop like dead hat). If it dropped < 15% , perfect.

5.Shop around by yourself.. Realtors are actually not needed at all. if you ask me. Look for FSBO listed homes. Understand the process clearly. You need to read a lot of articles in internet

You can save around 10-15K if you skip them.

6. Have an approximation of your monthly cost (be TRUE to yourself)

7. Clear your credit a head of time if you know of any issues.

and merry go shopping for home.. You will find one

JustBoughtInJune09 of NJ @ Jun 12, 2009 13:19:45 PM

Understanding the Local Market

As a Realtor and Broker in Charge at RE/MAX Honolulu I commend you on your article as it is extremely important to know what is happening in each neighborhood during your investigation process in looking for a home.

You simply cannot surmise that all the bad news on the real estate market is the same for each area in the Country nor each neighborhood within each of our cities.

I perform comprehensive graphs and pie charts for each of our cities and neighborhoods to show prospects and clients what is really happening.

When you do this you will quickly see that some areas have increased in Sold Prices and equity while the general conditions for the City or State have declined.

I am now finding that most buyers in Hawaii are purchasing in two major price points, High and Low. Most of everything in between is slow or dead. The reason for this is if you buy in the lower price ranges you are less apt to be hurt in the declining market and more apt to reap a huge equity advantage when the market returns.

The high end here in Honolulu can be very high. It is not uncommon to see $18,000,000 properties selling. The high end price point that is selling the best here is $1,000,000 to $1,500,000. Buyers who are shopping in this price range usually have excellent credit and lots of cash. Qualifying for a loan is not an issue for them as it is for many shopping in the lower price ranges.

We in Hawaii are experiencing very low drops in Median For Sale and Sold Prices. The favorite comment around here by the local populace is "We are not the Mainland." How misguided this comment is will become evident this year as more and more lower price point purchases are made and fewer and fewer higher priced homes are sold that will ultimately reduce Median Sold Prices.

You have to remember when you see Median Sold Prices drop that it is equally important to understand how many homes are available for sale and sold in each price range as a Pie Chart to truly understand what is happening.

Having this knowledge for Cities and Neighborhoods is imperative.

Thank you for your fine article.

Aloha,

Mike G.

Mike Gallagher of HI @ Jan 08, 2009 00:49:21 AM