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Jan 15 2015 8519 1
Dated: January 15 2015
WHEN IS A GOOD TIME TO BUY?
This question is asked a lot - especially when interest rates are historically so low. Will the interest rates go up in 2015? I don't know. I've heard the Federal Reserve bankers discuss April 2015 as a possible month for a rate increase. Will it be April or will it be later? No one truly knows until it happens.
1) January is a good time to buy using FHA but ONLY after January 26, 2015. Why? President Obama announced a short time ago that FHA monthly mortgage insurance (PMI) premiums will drop from 1.35% to .85%. So, on a $125,000 loan using FHA financing, that means your monthly premium is not $112.44 (1.35%), but rather $70.80 (.85%). Huge savings! This is important because PMI stays with you as long as you have the loan.
This means You shouldn’t APPLY for FHA financing until after January 26, 2015. Look for your home or condo up until that time! January is our high season in Southwest Florida - that means Snowbirds come in huge numbers to our area - they buy up whatever they can find! So start your search as soon as possible.
2) Is it a good time to buy in Cape Coral? Properties went down the most in the financial crisis. We went down about 90% and we're up only 40% approximately. If I can find 50% discount on anything needed, I'd buy it in a heartbeat. So, Yes. The Cape is #6 for lowest crime Nationally. 400 miles of canals, fresh and saltwater - more than anywhere in the world. Baby Boomers, myself included, make the foundation of residents in the Cape vs the construction workers pre-financial crisis. These new residents have IRA and Pension income - so they will Not be selling in crisis due to loosing their jobs! The Cape is much more affordable and very stable economically.
Zillow and Trulia have posted their estimates of the property appreciation in Cape Coral to be about 5-6% in 2015. Great time to buy, in my opinion and experience!
3) Lastly, it's a great time to still buy Cash foreclosures. You must know Who to work with on these because there are the possibility of title issues, structural issues and maybe liens. I specialize in working with Investors. Holding for 120 days then selling takes someone professionally to help guide you from A to Z. They can be quite profitable when done correctly.
If you have any questions, please call, text or email me.
Danielle is broker/owner of Sharp Homes Realty. A Detroit native, she escaped the cold, gray winters of Michigan in 2007. Community involvement has been a high priority while building a customer centr....