NEWS
Building a Better Market
When contemplating a new home purchase many perspective buyers turn to the housing market to consider their options and the housing trends in terms of rates. As shown by an emergent survey conducted by the Northern Ohio Regional Multiple Listing Service, the number of homes selling over the past three years has been consistent. The only obvious change in the market has been the increase in the number of homes listed for sale, allowing the buyer to be more selective.
The incentives are greater than the concessions sellers are making for their existing home sales. Due to the increased population of homes for sale, a house in Cleveland, Ohio could have sold for approximately $174,701 in 2006, yet is now selling for $170,525, which is a $4,176 loss in value. However Bob Schmitt Homes, Northeast Ohio custom home builder, offers incentives of more than $8,000, placing you about $4,000 ahead in a new home purchase.
Our government has also begun to take steps in aiding the homebuyer. Good news for housing is illuminated through the United States House of Representatives. They have recently passed the Expanding American Homeownership Act of 2007. The legislation offers home buyers a safe alternative to the shaky mortgage problems and will assist homeowners in danger of foreclosure. The main purposes of this Bill as stated by the United States House of Representatives are
* (1) “to provide flexibility to FHA to allow for the insurance of housing loans for low- and moderate-income homebuyers during all economic cycles in the mortgage market;”
(2) “to modernize the FHA single family mortgage insurance program by making it more reflective of enhancements to loan-level risk assessments and changes to the mortgage market;” and
(3 “to adjust the loan limits for the single family mortgage insurance program to reflect rising house prices and the increased costs associated with new construction.”
*http://thomas.loc.gov/cgi-bin/query/D?c110:1:./temp/~c110H1YUjQ::
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