Thursday, 30 October 2008
If you talked to most people today they would say that now is not the time to be involved in a Real Estate transaction. I hear many different opinions every day and here are just a few: Don’t buy now prices are headed even lower, no one is buying and homes are just sitting for months and months and (my personal favorite) mortgages are impossible to get because mortgage money isn’t available.
I would like to reveal to you some secrets of the current market that not everyone is aware of. READY?...........................NOT TRUE>>>
The statements above are not true! I am going to speak about Coccia Real Estate’s experience with my buyers and listings that we are currently servicing and banks whom we have a relationship with.
1. THERE IS MORTGAGE MONEY AVAILABLE! I can recommend a half dozen names of banks that are ready to lend money today (Call me at my office and I will give you the names of the best ones). I know there are 3-5% down programs still available. I know that rates are still in the low sixes (which is historically low). I know that they are asking for more documentation and your credit score needs to be in the mid to high six hundreds but there is mortgage money available. Coccia Real Estate Group has not lost one deal in 2008 due to financing.
2. Buyer’s who are purchasing a house now are saving tens of thousands of dollars on several different fronts! Today’s buyer is currently able to buy a house nearly twenty percent cheaper than they could have three years ago. Today’s buyer is also able to take advantage of great mortgage rates and a $7,500 housing credit from the government. Lastly, there is a healthy selection of homes currently available and the chance of finding the home of your dreams is much more possible now than three years ago.
3. We can sell your home in a fair amount of time at a fair price! Coccia Real Estate Group is currently working with buyers that are aggressively seeking their new home. We have a network of agents that live, work and send their children to school and activities in the area. Who would be better to sell someone on the benefits of East Hanover, Florham Park or Hanover Township. Our secret is weekly newspaper ads and a very aggressive and comprehensive internet marketing program. If someone contacts us about a house through one of our many sites we advertise on, they will get a reply within minutes of their email. We currently have over 60% of homes under contract in the town of East Hanover. THAT IS A DOMINATING STATISTIC!
It would be our pleasure to help you if you are interested in buying or selling, call or email us today 973-887-2500, Info@CocciaRealEstate.com. We can put our experience to work for you. For up to date market information year around, click on my blog on my web site at www.CocciaRealEstate.com.
Monday, 06 October 2008
President George W. Bush signed a historic economic rescue bill on Friday, which sets out to revive the U.S. financial system by allowing the federal government to buy up to $700 billion in failed mortgaged from banks and other financial institutions.
The president signed the bill shortly after the U.S. House of Representatives voted 263-171 today to pass the far-reaching legislation.
"This legislation is critical to stopping the economic turmoil that millions of Americans are facing," NAR President Dick Gaylord said in a statement. "Today's action will go a long way toward ending the current economic crisis crippling the housing and financial markets."
The legislation will help restore liquidity to the mortgage market, which will stabilize the housing market and protect home owners, Gaylord said.
President George Bush, along with congressional members, had lobbied throughout the week for the support of spending billions of dollars to buy bad mortgage-related securities from troubled financial institutions, as a way to ease the credit crisis.
The bill was tossed a setback earlier in the week after the House voted it down, which sent stocks plunging 777 points, the biggest single-day drop in U.S. history.
The Senate revived the bill on Wednesday by making changes to the $700 billion measure, which was aimed at garnering more bipartisan support. The revised bill extended bank deposit insurance and expired tax breaks. The Senate passed its version of the bill in a 74-25 vote on Oct. 1. (see NAR Applauds Senate Stabilization Action).
Earlier in the week, NAR had called on its members to contact Congress to support the bill. NAR also teamed up with eight other business organizations to run an ad in major newspapers across the country that urged Congress to pass the recovery plan.
Source: REALTOR Magazine Online (10/3/08)