Tips for First-Time Buyers Racing to Qualify for $8,000 Federal Tax Credit
PRNewswire
Rates(1) 30-year FRM: 5.07%
15-year FRM: 4.50%
Prices: Median Priced Home in Oklahoma City: $159,738
Median Priced Home minus
the $8,000 Federal credit: $151,738
Progress: To stay on target, first time buyers should be pre-approved
and narrowing down the list of homes they're interested in.
What: Search: New to first timers, reading a listing can be like
reading Greek. Save time and ask your Realtor to teach you how
to navigate the online listing. Look at the pictures, videos
and property details. Does the property fit what you want --
age, size, price, extras and location? Only schedule a visit
if your criteria are met, or you'll be wasting time.
Negotiations: Increase your power. Get up to speed on
comparable values, recent sales, list to close price ratios,
local inventory levels and time on market. Find Home Values on
Realtor.com delivers instant access to this type of fresh data
and more. In fact, you can find out what homes are selling
for within 24 hours of closing. This is critical to your
ability to make smart decisions and to being a successful
negotiator.
Financing: Determine which bank accounts you'll use for the
down payment and which will be used for the wire deposit or
cashier's check at closing. Also, closing costs that are not
through the PMI are usually required to be paid in cash at
time of closing. Also, ask your lender about the different
rates offered for a 15-day lock, a 30-day lock or a 45-day
lock. The shorter the lock, the more attractive the rate and
the date you target for your close.
Closing: Appraisals can be a problem today so make sure the
lender can deliver the appraisal to meet your deadline.
Turn-around time is typically 3-7 business days.
The Top 10: The top ten most searched listings on Realtor.com in
Oklahoma City, OK within 20% of the median list price of
$159,738 for the week of 9.7.09 - 9.13.09
4 Oakwood, Forest Park $174,500
5104 Nw 26, Oklahoma City $149,900
1021 Sw 149th, Oklahoma City $175,000
2216 Nw 157th Terrace, Edmond $162,000
16025 Okalee, Edmond $129,900
1716 N Glade, Bethany $134,900
10509 Nw 49th, Yukon $169,000
10051 Southridge, Oklahoma City $129,900
308 W Platt, Yukon $168,000
Link not available: property likely sold or taken off market
Contact: Julie.Reynolds@ Move.com, 805.557.3080 or 818.264.5594
Pierre.Kacsinta@.Move.com 805.557.3128 or 818.720.8721
(1) Freddie Mac Mortgage Tables
/PRNewswire -- Sept. 16/
First Call Analyst:
FCMN Contact:
SOURCE: Move, Inc.
Web Site: http://www.move.com/
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