New Construction vs Buying an Existing Property

Today I am onsite of a new construction home to talk to you about buying either a new or existing property. There are many benefits of buying an existing property. First, you are buying a home in a mature, existing neighborhood so you won’t be dealing with muddy roads and load construction equipment. Secondly, you can typically purchase a home in an existing neighborhood for 15-20% cheaper than new construction. Finally, with purchasing an existing home, you can usually close in 35-40 days versus five months to a year of new construction.
Purchasing new construction also has its advantages, too. With new construction you have the ability to pick the location and lot you want and also what builder you want as well. Second, with a little extra money, you can have a completely custom home to conform with your family as it grows. Finally, although it may take longer, you have complete control on how everything is done.
If you or anyone you know is considering either new or existing property, don’t hesitate to call (402) 957-1116. Thanks and have a great day!

Omaha's Economy makes the Top 10 List

Areas with the Best Thirty-eight of the country’s top 100 metro areas avoided declines in home prices in the past year, reports the Brookings Institution’s quarterly Metro Monitor, which tracks indicators of economic recession and recovery in these areas.

Areas with stable home prices were concentrated in the less-affected parts of what Brookings calls the “Manufacturing Belt,” Pennsylvania and upstate New York, and the Sun Belt: Texas, Oklahoma, Arkansas, and Louisiana. These areas also had below average shares of properties affected by foreclosure.

Cities whose economies were the strongest had businesses involved in oil and gas exploration, military employment, education, and government.

Here are the top 10 cities ranked by their economic health:

Top 10
1. San Antonio
2. Oklahoma City
3. Austin
4. Houston
5. Dallas
6. McAllen, Tex.
7. Little Rock, Ark.
8. Baton Rouge, La.
9. Tulsa, Okla.
10. Omaha, Neb.

Interest Rates Low / Time to Refinance?

With interest rates as low as 4.5% many people are refinancing their loans and saving money. A recent online article by Smart Money discusses the pros and cons of refinancing and even provides a refinancing calculator which will show you what your savings would be by refinancing your current home loan. To view this article and to find the online calculator click on the following link: http://www.smartmoney.com/personal-finance/real-estate/should-you-refinance-9695/#worksheet
If you have any questions please contact a member of our team.

$8,000 Tax Credit Can Be Used For Downpayment

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit.
The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Other Solutions for Today's Market
During his address at the summit, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”The morning session included a panel discussion that was moderated by CNBC’s Ron Insana. Panelists examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers.
They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort. “Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”The real estate summit is part of the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo.
During the week ending May 16, more than 8,500 REALTORS® will attend meetings, visit lawmakers and inspire action on Capitol Hill.Source: NAR

This MAY Just be The Best Time to Buy

According to The Wall Street Journal, this may be the best time to buy! An article written on April 1st, 2009 entitled, THE CASE FOR BUYING A HOME RIGHT NOW, addresses the fact that interest rates are at an all time low while home prices continue going down. Not to mention, first time buyers can take an additional $8,000 off the purchase price through a government tax credit. Watch the video link below to an interview with the vice president of the National Association of Realtors discussing the current housing situation. http://online.wsj.com/article/SB123913901841798375.html#video%

Short Sales: What You Need To Know

According to Wikipedia, “a Short-Sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt". In The Cohn Team's recent experiences dealing with the buy and sell side on multiple transactions, Short-Sales are very difficult to purchase due to the fact that a buyer many times is competing with multiple offers. Also, these properties are sold AS-IS which can be potentially dangerous unless one takes necessary pre-cautions. If you're willing to be patient with the bank, understand your odds of getting your offer accepted and spend the time and money insuring that the property if risk free, Short-Sales may be the right fit for you. However, there are a lot of homes that are currently on the market that are priced just as low as Short-Sales and that are, in many instances, in a lot better condition than most Short-Sales.
Call, Text or Email The Cohn Team today to request a list of current Short-Sales!

Buyers: Take $8,000 Off Your Next Purchase

If you're a first time buyer and are loosely contemplating the purchase of a new home in 2009, don't wait any longer! Many experts suggest that this may be the best time to purchase a home since the beginning of the housing crisis that started in mid 2004. The deadline for this $8,000 freebie, compliments of the US government and paid by the American people, is November 30th, 2009. You must be closed on your new home by this date! More than just first time buyers qualify so don't hesitate to call, text or email us to learn more! Or, visit this link: http://www.federalhousingtaxcredit.com/2009/home.html