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Monday, September 8, 2008
Northern Virginia Bits Bucket 9/8/2008
Posted by Harriet at 11:11 AM
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6 comments:
Elizabeth Razzi says everything is just peachy:
http://tinyurl.com/56aton
Elizabeth Razzi is a moron. She also claimed throughout the bubble that it didn't exist.
"If you've been watching for the fleeting, best time to buy a home, this fall may be it, especially if you're a first-timer."
Wow, talk about making yourself look like a fool right from the start...
Fleeting- passing swiftly; vanishing quickly; transient; transitory: fleeting beauty; a fleeting glance.
Yeah, clearly anyone that doesn't rush in now is going to miss their chance...
"Also keep an eye on the expiration date for the new tax credit of up to $7,500 for first-time home buyers. It requires that you close on the home no later than June 30, 2009. That may seem like a long way off, but it will loom larger come spring, traditionally the busiest time for real estate sales.
It's reasonable to expect title companies, loan officers, home inspectors and others involved in real estate closings to be swamped as the deadline nears. Get your purchase contract signed -- and your loan application submitted -- no later than the end of May; earlier would be better. "
Just like this spring right? It was so busy you could hardly find a loan officer or title company that would return your calls!
"The FHA allows down payments of as little as 3 percent, but that will rise to 3.5 percent as of Oct. 1. If you're scraping dollars together for a down payment, try to set your closing for the end of this month.... If you're going to need an FHA mortgage from $625,500 to $729,750, start touring homes now, and make sure to close by the end of the year."
Yep - if you don't have much money to put down (or if that extra half-a-pecent is the difference maker in terms of cash you can lay your hands upon) - it's just a GREAT freaking time to be buying a house. That's JUST what you need to be doing.
And - be sure to get that $725k house under contract right now - don't worry that the next person WON'T be able to use FHA to buy your little slice of heaven. Heck - may be only worth $625k in another year, anyways.
It's reasonable to expect title companies, loan officers, home inspectors and others involved in real estate closings to be swamped as the deadline nears.
Little worry that they’ll be swamped. More concerned that they may not be in business.
"Little worry that they’ll be swamped. More concerned that they may not be in business."
Exactly... but hey, with a little fear mongering maybe they will get a few extra sales right?
The whole idea of the article is stupid. The real estate market is going to be bad for a long time to come. Nobody needs to worry about rushing in because of a $7500 interest only loan.
Once again she just seems to be trying to drum up business for her friends.
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