Vance Properties Real Estate Blog

Thursday April 14, 2011 6:45 am Written by Randy Vance

Is it a Buyers Market or a Sellers Market?

As a real estate professional, I am constantly asked "How is the market?"  As a conditioned professional my response is "Are you buying, selling or renting?"  Like all good sales professionals we "spin" this question to suite what a client wants to hear.  But the question is from a professional point of view what is it, a buyer’s market or a seller’s market?  To be perfectly honest, it is neither a buyers nor seller’s market.  As most of you know, the market is filled with Short Sales and Bank Owned properties.  I field many questions from clients thinking that this means they are going to purchase a property significantly under the current market value.  Despite what looks like a high inventory of homes, there is still fierce competition for entry level properties making it difficult for offers to get accepted.  Buyers need to understand that they have to act quickly and be willing to write offers within the first 48 hours of property being listed if the property is priced right and in good condition.  The silver lining for today’s buyers is that interest rates are still historically low and there are several First-Time buyer programs to assist them. 

Obviously the problem for most sellers is the home values have taken a major hit over the past 4 years.  However, sellers who have owned their homes for at least 10 years, and did not refinance them are still sitting in a positive equity position.  Like most sellers, they long for the days when their homes were worth 40% more than they are today but realistically they have only “perceived” a loss on their home. 

So if you ask me is it a good time to buy or sell a home, the answer is yes

Tuesday April 12, 2011 12:00 am Written by Randy Vance

Fannie Mae Annouces 3.5 Percent Buyer Assistance on HomePath® Properties®

Washington, DC — Fannie Mae announced today that people purchasing a Fannie Mae-owned HomePath property will receive up to 3.5 percent in closing cost assistance. The initial offer must be submitted on or after April 11, 2011; and the sale must close on or before June 30, 2011 to be eligible for the incentive. Additionally, buyers must reside in the home as their primary residence (sales to investors are excluded).

"Attracting qualified buyers to the market and reducing the inventory of vacant homes remains essential to stabilizing neighborhoods and helping the market recover," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Since interest rates remain low, the incentive will go a long way toward helping even more families buy a new home so this is a great time for Fannie Mae to offer some assistance."

All Fannie Mae-owned HomePath properties are listed onHomePath.com and most listings include detailed property descriptions, photographs, community and school information, and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.

Tuesday December 14, 2010 8:46 am Written by Randy Vance

You've probably heard all the financial benefits about owning your own home rather than renting. This includes budgeting (no rent increases) and the tax savings you'll most likely have. Now I'm going to give you some reasons you probably haven't heard.

Freedom to pursue other goals in life once the major goal of home ownership is achieved

Strange as it sounds, many of my first-time buyers have told me that once they purchased their home, other things in their life started to fall into place. It's as if not owning took so much of their mental energy that other goals were focused upon until that big goal was reached. So buy a home and get on with your life!

Monday December 13, 2010 6:00 pm Written by Randy Vance

DEATH, DIVORCE & MOVING are the three most stressful experiences in life. There are two very different kinds of needs that people have while moving. First there are the transactional needs, like finding the home that is just right for you, finding a seller who is realistic, negotiating the price, filling out the paperwork, handling the escrow, and arranging for the move. But there are also emotional needs that are involved when moving, and this is where the biggest stress comes in. Any competent agent will handle the transactional needs for you, but if your emotional needs are unfulfilled, you'll be frustrated and may not act in your own best interests. The ideal real estate agent is one, who is competent with paperwork and numbers, but can also guide, direct, and counsel you through the emotional ups and downs of moving. Here are the six best ways we've found to beat the stress.