Tips for Getting into the Housing Market This Year 

It’s a new year for Saving Thousands! with Robert Palmer which means plenty of new money-saving topics for you.

2012 is also bringing changes to the show. We’ve moved from Sunday at 11 a.m. to Saturday at 8 a.m. on FM 96.5/AM 580 –WDBO.

On top of tuning in on the radio, Saving Thousands! fans can click over to my show, now on TV. Every Saturday at 10 a.m. on WRDQ – TV 27 you’ll be able to see me break down money-saving topics even more and give real-life examples of how to save thousands!

If the New Year means you’re thinking of getting into the housing market, I want you to know now is the time to buy!

My advice is to get a fixed rate on your mortgage. This will help provide stability. An adjustable rate has the ability to change. After a couple of years it can go up or down depending on the economy. Bottom line is every month you want to be able to make your payments.

Currently we are seeing a combination of rates and prices that we’ve never seen before. If you’re waiting to see if the price of housing will go down a little more, understand that’s risky. If rates go up by even a percentage or two that will be an equivalent of home prices going up by almost $10,000 - $15,000.

I personally think the hardest challenge in this market is finding a good house. So many houses on the market right now are short sales and foreclosures.

With foreclosures, we’ve seen previous homeowners rip the house apart, leaving it up to the new owner to fix. (I’ve even seen a house with the counter tops stolen!) So financially the new homeowner has to be prepared for repairs.

Short sales are when you make an offer to the bank, then wait months and months to hear back to see if they’ve accepted your offer. You’re living in limbo, and a lot of people get frustrated and give up.

If your lease is up in June, now is the time to consider getting into the market. If you’re up against a deadline that’s within the next 30 – 60 days it’s pretty much too late. It’s taking longer to find that perfect house and get a contact accepted.

The keys to getting into the housing market are don’t get discouraged, be patient and get pre-approved for a loan now.

Tune in to Saving Thousands! with Robert Palmer  on Saturday at 8 am on FM 96.5/AM 580 – WDBO. Be sure to click over to WRDQ – TV 27 on Saturday at 10 am for even more money-saving tools.

Also, take a minute and check out our Facebook page.