Thinking of Remodeling Your Home or Your Next Home?

Welcome back to my video blog! Today I have Tom Ross from Nova Home Loans with me to tell us about an exciting loan program going on right now.

Tell us about the FHA 203K Renovation Loan.

This is really a neat loan. Have you ever looked for a home, but didn’t find one you liked? With this loan you can purchase and/or renovate a home. The loan limit is up to $346,250. That means you could purchase a home for $250,000 and renovate it up to $100,000: add bedrooms, renovate bathrooms, kitchen, etc.

Are there any restrictions?

The home does have to be your primary residence.

FHA is also not big on pools, so you cannot use the money to add a pool. You must also not over-improve the home for the neighborhood.

What are interest rates at?

Interest rates are incredibly low right now. The regular loan rate is about 4.25 percent and the interest rate for the FHA 203K Loan is about 4.6 percent.

So if you have been thinking about buying a home, but haven’t found one you like, give Monique a call. Together the three of us can discuss your options.

Our Changing Sellers Market

Welcome back to my video blog! For the past few months I’ve been telling you how great our market has been. We saw a lot of buyer demand and very low inventory.

The market has changed. There are fewer showings, fewer buyers and fewer homes being sold. What does this mean?

Our market is changing. We are no longer in a sellers market, but rather we are transitioning into a more balanced market.

Now each price point is a little different. I recently sold a $250,000 home after being listed for three weeks. On the other hand, I sold a home for $235,000 in only a day. The higher priced your home is, the smaller the buyer pool becomes.

If you were a buyer that couldn’t find a home you wanted or you kept getting outbid by other buyers, now is your time. Give me a call so I can help you find the perfect home.

Thanks for watching!