The American Dream has at its core the idea of home ownership.  The dream, according to CNBC-All-American Economic Survey, is being acknowledged more and more. 79% of Americans believe home ownership is the essential piece of the American dream. 69% of Americans think owning is more advantageous to renting. Home ownership is regaining the confidence it had in re-recession times.

“The housing numbers are all heading in the right direction,” reports Diana Olick for CNBC. “Home prices up, foreclosures down and, perhaps the most important, consumer confidence in housing is swelling.” 

The one demographic that still seems to be the unknown element within the market is that of the first-time home buyers. There is a surge in first-timers looking for their first home, but they are highly dependent on their low down payment financing, and that may cause a plateau of actual home purchases. What are your predictions?

READ ON:

Parents as Kids’ Mortgage Lender

More Reasons to Buy v. Rent

People Are Becoming More and More Confident in Housing Market

Home Ownership and the American Dream

 ATHOMEINBOZEMAN

Doing your homework does not end when you make the decision, although it is a big step, that you are going to buy a new home. Here are a few guiding questions you can start to ask yourself in order to fully prepare for the adventure to come:

• Home Condition-Your lifestyle is unlike anyone else’s. Are you seeking a fixer-upper home that you can add your touch, your blood sweat and tears, and your elbow grease in to? Or are you someone who is relocating and need a place fully furnished and move in ready? There is the whole spectrum in between, but the level of readiness of the home matters both for you ease of transition as well as for the adjustable offer you are going to make on a home. If it needs a dozen repairs, offer low to financially prepare yourself for the year of fixes to come.

• How Much House-Before you begin looking, know how much house you can make an offer on. Only borrow to the level that your lifestyle does not plummet. This is a major investment, but it is not the only financial strain most people deal with. Tunnel vision on buying your dream home oftentimes can damage a person’s monetary portfolio as a whole. Know how deep you can dive before you jump.

• Emotional Price-Perhaps one of the least obvious areas buyers need to think about prior to initiating the home buying process is the emotional value of buying a new home. Do not fall in love with a home so much so that if a bidding war occurs you lose sight of the fact that there are other options. Always remember there are other options. Having a Realtor that fights for your interest helps to keep this perspective and should always be keeping options on the back-burner because real estate is never a for sure deal until the contracts are signed. Heart crushing things happen. Arm yourself with emotional awareness, a great Realtor, and the willingness to have a few favorites (just in case).

Broker Tim Hart: FATHER, HUSBAND, AGENT

Source: http://propertymortgageinvestment.com/ready-to-buy-ask-these-important-questions-first/

 BozemanMontanaRealEstate.net
 

Activity in Bozeman continues to trend very positively.  Big Sky continues to improve in median price and also days on market.  Belgrade is up and Manhattan and Three Forks continue to improve.  Bozeman and the Gallatin Valley are moving nicely!  The realtors and their suppliers are still very busy, prices are rising, days on market stats are shrinking.  It is a great place to live and the stats continue to prove this out.

Stats for Improved Properties:

* Data is for period Jan 1 – Sept 30^th – includes all improved categories except for mobile/manufactured.

Summary of Data for Improved Properties:

• Bozeman continues to trend up – 146 more improved properties sold this year vs. last year, days on market continue to shrink.
• Belgrade also improved.  12 more units have sold year to year, median price up and days on market are down.
• Big Sky statistics are mixed.   Median price continues to trend up – almost $45 k, units sold down a touch and days on market now improved over last year.  The trend is improving and should continue to.  
• Manhattan now trending up – 2 more units sold, median price up $16k, days on market the only lagging indicator.
• Three Forks finally gaining ground – six more properties sold year to year, median price about stagnant, days on market not improved though.

Overall, the Gallatin Valley is very healthy and continuing to improve!

Call, e-mail or text me for more information on the market and to get signed up for property alerts  which are daily updates based on your parameters or visit my web site..  I look forward to serving you!   Tim

The FHA has revised the rules around condos. In hopes of convincing condo associations to get certified or re-certified financing therefore opening the doors for a lower down payment for unit sellers, owners and buyers, the FHA insured mortgages once again.

This news is widely being taken with positive regard since it will “help spark home sales and help tens of thousands of condominium associations recover from the housing slump," according to the Community Associations Institute, the largest U.S. trade group in the field.

The new rules will eliminate legal liability headaches that hindered many condo boards to resist FHA certifications, raise the permissible investor-ownership limit, and increase the percentage of non-residential use allowed in an FHA certified project.

READ MORE ABOUT NEW FHA RULES HERE

“Distressed properties can have great appeal,” says Wendy Forsythe, executive vice president at Atlantic Pacific Real Estate. “Discounted prices and historically low interest rates make these homes affordable to many families who might otherwise not be able to buy a property. But buyers also need to be selective because not every distressed property is a bargain.” 

Typical discounts on foreclosures are at about 19% on average. That number gets brought up and buyers have a tendency to become blinded to other relevant details that are top priorities in real estate. Here is a convenient list to keep in mind if you are looking to save the big on the distressed property sales:

Know any prior claims on the property. “If a distressed home has been financed with two or more loans then the sales process can be far more complex,” according to an article for RISMedia written by Atlantic Pacific Real Estate.

Get Financing. How does a buyer hope to purchase the property? By preparing financing in advance, buyers are able to move more efficiently when a distressed property does come on the market.

Judge the Condition. Getting a deal my result in getting in over your head. Getting a thorough home inspection prior to committing financially to anything!

Foresee Delays In Advance. Ask your realtor to talk you through any potential delays.

Source: “Buying a Distressed Home: What You Need to Know,” RISMedia (July 15, 2012)