How could they not be with these prices! I never thought that home prices would be this good again, First time buyers are able to get into homes that they only dreamed of before; and, to top it off, they receive up to an $8000 tax credit on their 2009 tax returns. Even if you are not a first time buyer; but, have just not owned a home for the past 3 years, you could be eligible for this tax credit.

The properties that are priced right for this market are selling; and, some of them even are getting multiple offers. Maybe it is just because summer is near; but, there are definitely more people out looking for their new home then there have been in many months. Even if this only lasts a couple of months, it has to help in getting some of the pent up home inventory off of the market.

Banks seem to be more willing to work with short sales, especially in the higher market price point so we’re seeing more of these homes get snatched up at amazing prices. For example, there is one on Middle Straights Lake that is over a million that just got an offer….let me tell you that buyer is going to get a great deal!

Faith in home ownership is still alive and well, it just takes a bit more effort. It takes a bit more effort with the financing, a bit more effort in searching out the good properties and a bit more effort in getting to the closing table. It might also take a bit more effort in searching out a good agent that can help you handle all of the obstacles of today’s market. Don’t hesitate to call us if you are in need of such an agent.

The mortgage company/bank/financing institution can do a “spot approval” if the property has not been previously approved for an FHA loan. There are certain criteria that have to be met for the property to qualify for this “spot approval”. Since it is a government insured loan, you can imagine that the “I”s need to be dotted and the “T”s need to be crossed. In many cases the spot approvals are successful; but, there are cases when the spot approvals are denied.

If you are considering purchasing a site condo or an attached/detached condo, it is best to check with your financing institution to make sure that the complexes and/or subdivisions that you are interested in have either previously been approved for FHA financing or would be eligible for a spot approval on one of the units in the complex/subdivision.

The more homework that you do in the beginning of your property search, the better prepared you will be to deal with your future purchase. Your real estate agent can also help in getting a list of the approved condominiums for FHA financing.

Also, looking over the statistics for homes for sale versus homes that have gone pending and/or closed was quite eye opening.  There are almost 600 homes listed for sale in West Bloomfield and the closed/pending sales for the past month are close to 100.

I think that those sold numbers are very encouraging.  A lot of buyers are out there taking advantage of those good deals and some day will be very happy they did.  In the meantime, they have purchased a nice place to live or rent out (as an investment) and something that will grow in appreciation more so than many of the other investments are doing today.