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Real Estate Ideas for the Year Ahead - 2010-01-10
REAL ESTATE IDEAS FOR THE YEAR AHEAD

While the new year brings uncertainties with it, I can comfortably share with you the following recommendations:

* Most prognosticators are predicting higher interest rates in the months ahead. Yet you can still lock in a thirty year conforming fixed rate loan for around five percent. This is a bargain almost any way you look at it, and if you have any significant debt still on a floating rate basis, now is a good time to lock in a fixed rate.

And even if you have a fixed rate on your first mortgage, you may be plagued by revolving debt such as credit card balances or home equity loans. Consider wiping the slate clean with a complete refinance or at least converting the floating debt to fixed with a short-term fixed rate second mortgage. The rate may be higher than you are paying now, but you will be the winner as rates rise in the months ahead.

* If you are a first-time home buyer, or if you are a repeat home buyer, find out if you qualify for the expanded Home Buyer Tax Credit that pays up to $8,000 when you buy your next house. Even if you didn't qualify before, you may be eligible now as the rules have been loosened to include more Americans. While this program may be the icing on the cake that you have been waiting for, it's probably not enough to convert a hardened renter.

However, when you combine the cash incentive with low fixed rate home loans and throw in low prices and cooperative sellers, the mix becomes harder to resist. Therefore, consider the advantages of taking the plunge this year.

* Watch for home lenders to adopt the short sale process to a much greater degree than in the past. A short sale occurs when a lender agrees to accept a discounted payoff on a loan it holds. While the sale results in a loss for the lender, it is usually less of a loss than the lender will be forced to accept if the house goes into foreclosure.

The Treasury recently announced new guidelines to encourage and incentivize the parties to accept short sale offers. Not only will the government offer the carrot of cash payments to lenders and sellers, but it will now require lenders to respond to short sale offers in ten days or less. This may create a real opportunity for buyers to purchase homes in reasonably good condition at excellent discounts. Keep your eyes open.

* And finally, my advice to all property owners is: "Be patient."

This economy is moving, albeit slowly, in the right direction and will recover. Those who make wise decisions today will be rewarded in years to come.
 
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