You Haven't Bought a Home YET??

This may be the best buyer's market that we'll see in our lifetimes. There are lots of legitimate reasons why a person should be taking advantage of this market if they are able. If you  don't own a home, have good credit and job stability, you should seriously consider capitalizing on this unique combination of opportunities. A qualified real estate professional like Bruce  Pulford in Mesa, Arizona can explain all of the reasons and even suggest some very interesting financing alternatives.

Top Ten Reasons to Buy a Home NOW

1. Interest rates incredibly low – the rates are hovering at near historic lows. Interest rates play a huge part in the cost of housing together with the price and shouldn't be overlooked. The average mortgage interest rates for the past four decades were: 1970's 8.9%; 1980's 12.7%; 1990's 8.1%; 2000's 6.3%. Most experts agree that they're going to rise this year.
2. Lower Prices - Recent price adjustments have made good values that haven’t been available in some situations for years. Current buyers are able to take advantage of the discounted prices.
3. Selection is good – It is a buyer's market in the Phoenix metropolitan area. In a seller's market, buyers sometimes have to accept a home that may not meet their needs completely because of short supply. Inventories in the Phoenix metro area (Mesa, Chandler, Gilbert, Queen Creek, San Tan Valley and Scottsdale) are higher, which allow buyers better choices.
4. Negotiate financing concessions – FHA, VA and Conventional loans allow the seller to contribute towards financing concessions for the buyer. The money can be used for buyer's closing costs, pre-paid items or interest rate buy down.
5. Interest and property tax deduction – the U.S. is one of the few countries in the world that allow an interest and property tax deduction for homeowner/taxpayers.
6. Deductible interest - a homeowner can deduct the interest on their yearly taxes.
7. Capital gain exclusion – the U.S. allows qualified homeowners to make a profit on their home without having to pay tax on the gain.
8. Borrowing against equity is a non-taxable event – taking money out of the equity in your home does not require recognizing capital gains income.
9. The combination of reasons to buy a home may never be stronger than now.

Interest rates will probably go up; it is just a matter of when. Inventories are starting to be absorbed by current demand. New home construction is down considerably which could lead to higher prices due to not enough annual houses to keep up with the population. Prices have started to climb in some markets; others will surely follow.

A basic rule of investing is to buy low and sell high. There will be some buyers who take advantage of the current opportunities and will look back and remark how fortunate they were to act when they did. There will be others who look back on these conditions and say "We should have bought then." Hindsight is always 20/20. Evaluating the present and acting takes equally clear vision. The help of a trusted professional can make the difference.

Call me to discuss buying a home in this wonderful market!

Bruce Pulford, Realtor    602-363-8581

Improving Your Credit Score

Following are pointers from Gena Schaublin, President of 360 Mortgage, Inc., about how to improve ;your credit score:

- Always pay your credit bills within 29 days of due date                                                                                 - Keep your revolving credit card balances below 50% of the limit                                                               - Keep old credit cards and don't open new ones for a teaser rate or deal                                                - Installment loans paid on time help and new revolving charge cards hurt your score                                                                                                                                                                         - Available unused credit does not harm as much as a maxed-out limit                                                     - Pay off debt                                                                                                                                                            - Fix old problems and ask a creditor to remove or delete                                                                            - Dispute negative errors to all three credit agencies - Experian, TransUnion and Equifax                   - Don't open new revolving accounts                                                                                                                 - Don't close old revolving accounts, just use less than 50% of the limit                                                    - Time helps improve your score since a bankruptcy or other major delinquency                                    - General improvement at 12 months of bankruptcy discharge date                                                           - Credit scoring is a complex issue. Contact your Mortgage Advisor before attempting credit repair measures; specific actions may decrease your score.

If you need help with a home loan, contact Gena Schaublin at 602-317-7610 or go to her web site at www.360mortinc.com.