7 Reasons to Buy a Home NOW!

7

REASONS TO BUY A HOME

NOW!

Friday, April 20, 2012

SEVEN REASONS TO BUY A HOME

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SEVEN REASONS TO BUY A HOME

It’s a buyer’s market Stability in pricing, low interest rates make it a great time to find your home in Southern Illinois

BY LES O’DELL FOR THE SOUTHERN When it comes to residential real estate, it’s been said that we are in the midst of a buyers’ market, but things may be beginning to change. The sale of existing homes nationally continues a slow, but steady rise compared to past years. The National Association of

association executive for the Egyptian Board of Realtors, a trade group which covers the 28 southernmost counties of the state. “Those people who are able to buy homes have a lot of homes to choose from.”

One of the homes on the sales block in Southern Illinois belongs to Matt and Summer Bacon of Carterville. With a third child set to arrive this summer, the

sales. Davenport adds that many buyers are jumping into the market now after taking a “wait and see” approach for several years, meaning more prospects for sellers like the Bacons.

Davenport adds that the uptick in sales is not limited to one area of the region or to a particular type of home.

“A little bit of everything is moving — expensive, mid-range and cheaper homes; it’s all across the board,” he says, adding that he believes buyers are shopping by price more than by features or even location.

“People are more educated now.

They’re going to the bank first, so they know what they can afford and they hunt within that price range,” he says.

A key to buying, Thompson says, is

getting approval from lenders.

“Banks are tougher than they used to be,” he says. “It’s important for people to be taking good care of their credit.”

Even with an increase in sales, Davenport says he thinks 2012 will continue to be a buyers’ market with plenty of homes for sale in Southern Illinois.

“It’s a good time to buy,” he says. “Real estate has always been a good investment. People are still getting a good return for their money.”

Matt Bacon hopes that is the case with his home, because as soon as it sells, his family will begin the search for their next house.

“Then a buyers’ market will be a good thing for me,” he says.

Let Our Team Take Care of It! Realtors expects more than 4.65 million homes to be sold in 2012 (up from 4.26 million last year), a forecast buoyed by sales already recorded this year. In fact, February sales were up nearly 9 percent over 2011.

The Southern Illinois market mirrors the national trends: Nine of 16 counties in the region saw an increase in home sales for the fourth quarter of 2011 over 2010. So far this year, more than 135 homes have already sold in the communities of Carbondale, Carterville, Herrin and Marion, says Bob Davenport, an agent with Realty Central in Carbondale. Dave Thompson, owner of Dave Thompson Realty in Marion, says regionally, 2012 sales are up 10 or 11 percent over the same time last year.

Even with an upswing in sales, however, the number of homes on the market continues to outnumber potential purchasers. That’s good for buyers, but not so good for sellers.

“This is going to continue to be a buyers’ market,” explains Teresa Busch,

Bacons have chosen to sell their threebedroom, two-bath home, saying they have simply outgrown it.

“I’m not concerned with being able to sell it,” Matt Bacon says. “I’m concerned about being able to sell it for what we want for it. With it being a buyers’ market, it seems to me that everyone is having to settle for selling homes for less than what they are actually worth.”

Bacon says to make his home attractive to prospective buyers, his real estate agent suggested an aggressive asking price. He also has spent time and money getting the home ready to sell with yard work and fresh paint.

“If you’re going to put a house on the market, it has to be in good shape,” Thompson explains. “People do not want to buy a home and then work on it.

Reasonably-priced homes that don’t need much work are selling faster than others.”

Thompson credits stability in the pricing of homes as well as continued low interest rates with the increase in

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SEVEN REASONS TO BUY A HOME

Slash your tax bill 1

REASON NO.

FIRST-TIME HOMEBUYER TIPS FIND YOURSELF A GOOD AGENT A good Realtor makes a big difference with any real estate purchase, but especially for a first-time homebuyer.

Look for a Realtor who is not only well qualified and knowledgeable about the area you want to live in, but also one who is patient and takes the time to really get to know your needs.

After all, an important role of a Realtor — especially for inexperienced buyers — is that of a teacher.

REAL ESTATE GLOSSARY BIWEEKLY MORTGAGE — A home loan that lets you make payments every two weeks, which can help you pay off your home faster over time.

SURVEY — A map or drawing that shows the exact legal dimensions of a property.

COLLATERAL — Property used to secure a loan.

In the case of a mortgage, the home itself is the collateral.

Page 4 April Friday, 20,April 2012 20, The2012 Southern The Southern IllinoisanIllinoisan

First-time buyers can get $8,000 tax credit

For years, the federal government has considered it important for Americans to own houses. Home ownership helps families build wealth, gives them a safe and stable place to stay, and creates communities of stakeholders who pull together to meet each other’s needs.

Home ownership is so important, in fact, that the government does something exceptional to encourage people to own a house.

It gives a big tax break.

Generally, the interest someone pays on their home loan is deducted on their federal income tax filings.

Depending on a person’s income and how much they deduct, the savings can be substantial. It’s another reason why owning a home is one of the greatest wealth-building tools a

person can have.

FIRST-TIME TAX CREDIT Until Dec. 1, 2009, first-time homebuyers get an even bigger bonus: up to $8,000 back from Uncle Sam. To encourage home sales after the real estate slowdown, the federal government is offering first-time home buyers — defined as anyone who has not owned a home in the past three years — a 10 percent reward for buying a home, up to a maximum of $8,000.

There are some limitations, like an income cap of $75,000 for single buyers or $150,000 for couples, so talk to your Realtor to get details.

But this is essentially money sitting on the table for people who haven’t owned a house recently.

THE PERFECT STORM When you combine all these reasons together — a buyer’s market, tax savings, and all the other advantages that come with home ownership — it’s clear that now is a rare and wonderful time for real estate buyers.

Buying a new home can be a daunting process, but it’s also a rewarding decision in more ways than one. There are financial benefits, of course, but there are also the priceless memories made with friends and family, the joy of personalizing your own space, and the pride in owning the place you call home.

For anyone who wants to take advantage of a great opportunity in real estate, now is the time to do it.

SEVEN REASONS TO BUY A HOME

Pride of ownership 2

REASON NO.

Home feels better when it’s actually yours

FIRST-TIME HOMEBUYER TIPS MAKE SOME CHECKLISTS Buying a home for the first time can be intimidating, but it’s much easier if you break it down into small parts.

When shopping for a home, make a list of all the features you’re looking for. You can mark them off and keep track your favorite parts of all the different houses you see.

And after you make an offer, work with your Realtor to make a checklist of all the steps you need to take before closing. Not only will it help you stay organized, but it also makes the whole process feel more doable.

REAL ESTATE GLOSSARY PITI — Principal, interest, taxes and insurance.

This refers to the entire house payment, which includes more than just the loan payment.

EARNEST MONEY — A deposit made by the home buyer to prove they have serious interest in buying the home.

They’re just three words, but they carry a lot of swagger.

“It’s my house.”

That simple phrase has come to mean so much more as Americans have adopted home ownership as a national dream. It’s what we strive for and how we set our goals, giving us a tremendous sense of accomplishment when we’re handed the keys to our very own home.

We know it’s not just a piece of property. When someone buys a home, it becomes their own personal sanctuary, an oasis where they can let life’s troubles melt away. Any home can feel good, but it’s a far better feeling when the home actually belongs to you.

THE PRIDE SHOWS

through a neighborhood with a lot of owner-occupied homes. They’re generally kept up better than neighborhoods with more rentals because people take pride in the property they own as opposed to property they’re temporarily leasing.

Homeowners do simple repairs as they’re needed, not letting unsightly problems go long without being fixed.

They keep their property neat and clean because it belongs to them and they have their own personal money at stake. They keep their lawn and landscaping in good shape so their home will leave a positive impression.

That all helps a home’s value, but there’s also a deeper reason for it. It’s the intrinsic value people find in owning their own piece of America.

LIVING THE DREAM Home ownership is as much about fulfilling dreams as it is about having a comfortable place to spend time.

When someone buys a home, they’re making real their hopes and aspirations. Whether someone wants to buy a simple, humble home for the first time, move into a nicer neighborhood or live in a palatial castle, buying a home represents a dream fulfilled.

That’s another reason buying a home is so appealing. From first-time home buyers to people who want to simply upgrade to the home they’ve always wanted, one thing will always be the same: It’s a dream come true.

And now is a great time to see your dreams become reality.

You can tell when you’re driving

The Southern Illinoisan Friday, April 20, 2012 Page 5

SEVEN REASONS TO BUY A HOME

Make it your own Owning a home gives

REASON NO.

3

you freedom No matter what your lifestyle or what you do for a living, your life ultimately revolves around your home. It’s the place you wake up in the morning and the place you go to bed at night. It’s where you make memories, have fun with your hobbies, eat meals, relax with friends and can simply be yourself.

That’s why it’s so important to make your home a reflection of yourself, both in function and style. There are as many homes as there are people, and finding the right home — then customizing it to meet your own personal needs — is one of the best ways to improve the way you live.

FIRST-TIME HOMEBUYER TIPS PRE-QUALIFY FOR A LOAN Before you start shopping for houses, it’s a good idea to prequalify for a loan.

This will let you know what price range you should shop in, and it tells sellers that you’re serious about your offer. It can also help speed up the process once you decide to buy a home.

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REAL ESTATE GLOSSARY DISCOUNT POINTS — Essentially this is pre-paid interest, allowing the borrower to obtain a lower interest rate by paying an up-front fee. Often shortened to “points.”

PMI — Private mortgage insurance. It protects lenders if a borrower defaults on their loan.

APPRAISAL — Written proof of how much your home is worth.

It’s generally based on what similar homes are selling for in nearby areas.

TITLE — The legal document that shows who owns a property.

FIND YOUR STYLE A home isn’t just a few walls and a ceiling. It’s a unique reflection of who you are as a human. It can vary from wild and ostentatious to humble and cozy, and decorating your house to fit your personality is a great way to let yourself shine.

It tells people who you are and how you like to live, from simple to extravagant.

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ON YOUR TERMS Not only does buying a house give you more control over the decorations and style, but it also lets you find the perfect size, location and layout to meet your lifestyle.

Have a big family? You can buy a home with lots of bedrooms and a big back yard. Love big-city living? You can find a modern loft close to the city center, near all the action. Like quiet and solitude?

You can find a country cottage at the end of a gravel road.

However you like to live, you can buy a house that fits your needs.

And with more houses on the market at better prices today, you can be sure to find the place that makes spending time at home more enjoyable than ever before.

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a landlord for permission to change the wall color, for example.

You just pick up a paintbrush and paint your dining room red. Or orange. Or beige.

Or, really, whatever the heck you want. It’s your house, and it can be designed to match who you are.

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SEVEN REASONS TO BUY A HOME REASON NO.

4

Paying yourself

FIRST-TIME HOMEBUYER TIPS CHECK YOUR CREDIT SCORE Your credit score can make a big difference in what kind of interest rate you’ll pay on your home loan — or if you can qualify for a loan at all.

It’s important to know your credit score up front.

Not only will it help you know what to expect when shopping for a mortgage, it can also alert you to potential problems.

Credit reports aren’t always accurate, so getting a copy of your report early in the buying process will give you time to iron out any issues that you might uncover along the way.

REAL ESTATE GLOSSARY LOCK IN — An agreement for a lender to offer an interest rate for a certain period of time. Buyers can pay lenders a fee to lock in a rate that they see as favorable.

CLEAR TITLE — A title that is free of legal questions or liens on the property.

It’s a big piggy bank

There are a lot of reasons someone might want to become a landlord — they would rather own real estate than stocks, or they know how to do handyman work — but at the top of the list is always making a profit.

That’s not a bad thing, but it does rely on renters to help pay for that profit. The landlord doesn’t just have to make enough money to cover the property, repairs, and any loans to pay for it, but also make enough profit from collecting rent to make it worth their trouble.

Still, renters don’t always have to help their landlord get rich. When someone buys their own house, they’re helping themselves profit instead of helping a landlord.

BUILD UP EQUITY Equity is the difference between

what you owe on a property and what it is actually worth. Over time, as homeowners make their house payments and build up equity, that can amount to a sizable pile of cash.

They owe less and less on a house that is worth more and more.

For some people, building equity in a house is an important part of their retirement plan. They may choose to pay off the house entirely, or they may sell it and use the proceeds to help fund their golden years.

In any case, financial planners say buying a house is a smart idea for people who want to build wealth over the long run.

GET CASH OUT Sometimes emergencies arise that force people to dip into their

savings. If someone has built up equity in their house, that’s one more place they can turn for the money without raiding their retirement fund.

In most states, home equity loans help people who need to tap into that money, so making extra principal payments on a home can actually build a financial safety net.

It’s definitely a savings incentive — it won’t be as easy to spend and waste as money sitting in a checking account — but it will be there if you ever need it down the road.

If you haven’t already started building equity by owning a home, now is the time to begin. The earlier you start, the more equity you can build up over time.

As they say, time is money.

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SEVEN REASONS TO BUY A HOME

Low interest rates 5

REASON NO.

U.S. keeping rates low to spur home buying

FIRST-TIME HOMEBUYER TIPS

A fraction of a percent may not sound like a lot, but when you’re financing a home over 30 years — and FIND A GREAT INSPECTOR Every home someone purchases — even one sometimes longer — that change in that’s brand new — ought to be inspected by a interest rates can have a huge impact on how much you pay for the home qualified, experienced home inspector.

The best inspectors are extremely thorough. over time.

That’s why today’s interest rates They’ll find every little problem with the home, which is vital to know up front. Buyers make buying a home so attractive.

Years ago, it wasn’t uncommon for need to be aware of these things before people to pay double-digit interest on making their final decision. A good their home loans, which pushed their inspection will let you know exactly what to monthly payments higher and made it expect down the road. It’s money well spent. harder for many people to afford a REAL ESTATE GLOSSARY home. Those high rates also meant AMORTIZATION SCHEDULE — A table buyers would pay a fortune in interest that shows how your loan balance changes fees over the life of the loan. over the life of your mortgage. If you want to GOVERNMENT PUSH know what you’ll owe on the home after 10 One reason today’s interest rates are years of making payments, the amortization so low is that Uncle Sam wants it that schedule will show you.

ESCROW — An account that can be used to way. The United States government believes keeping mortgage rates low pay property taxes and insurance premiums. will encourage more people to buy

Page 8 Friday, April 20, 2012 The Southern Illinoisan

homes and help drive economic growth.

With that in mind, the Federal Reserve began purchasing U.S. treasuries to keep mortgage rates at historic lows. It was an unusual step that may sound complicated, but the end result is simple: It’s cheaper for you to borrow money to buy a house today.

No one knows how long the government will keep intervening to keep rates artificially low, though.

That’s another reason why now is the perfect time for people to buy a home.

LONG-TERM PERSPECTIVE Interest rates constantly fluctuate, sometimes changing several times in just one day. But when you look at it over the long term, today’s interest rates are near record-low levels that simply can’t be ignored. Buyers who lock in mortgage rates at today’s levels

are getting a major bargain compared to the historically high rates of the past.

Interest can also make a major difference in how much you’ll pay over the life of your loan.

Think of it this way: If you borrow $200,000 on a 30-year loan, you’ll pay nearly $150,000 less in interest payments with a 6-percent loan than with a 9-percent loan. That 3-percent difference may not sound like much, but it sure changes how much you’ll pay to the bank over the whole 30 years.

If you want to see the difference for yourself, search for “loan amortization calculator” on the Internet. You’ll find lots of Web sites that can help you crunch the numbers for your situation, and you’d be amazed what a difference that interest figure can make.

SEVEN REASONS TO BUY A HOME REASON NO.

6

Putting down Owning a home provides a roots sense of stability

FIRST-TIME HOMEBUYER TIPS

Renting can work for some people, like those who move around frequently from place to place.

WHAT YOU CAN AFFORD? But when you’re ready to settle down, whether to This is a decision that needs to raise a family or just have a nice place you can call be made up front, and there’s no home, nothing beats owning a house. easy answer.

There’s a sense of permanence you get when you Mortgage companies can tell own a home, one you just can’t find in an apartment you what kind of loan you qualify or duplex, where moving trucks mark the coming and for, but that’s only part of the going of neighbors on a regular basis. decision.

You also need to look at your RAISING A FAMILY personal budget and what kind of It’s important for children to have a place of their lifestyle you want to live. Be sure own — complete with room to explore as they learn you include expenses like and grow — and the best way to provide that kind of homeowner’s insurance and long-term stability is to purchase a home that meets property taxes in the planning your family’s wants and needs. process.

A home isn’t just a place to keep you warm and dry.

It’s the place your children will make most of their REAL ESTATE GLOSSARY memories as they grow up, enjoying the holidays and REALTOR — A member of the spending time together as a family. It’s a place they’ll National Association of Realtors. always remember.

Not all real estate agents are And because today’s real estate market offers more Realtors. homes at lower prices, now is the perfect time for PROMISSORY NOTE — A young families to buy their piece of the American written promise to repay a loan dream. over a certain period of time.

KNOWING YOUR NEIGHBORS Often shortened to “note.”

Hosting a neighborhood barbecue is a right of passage for many JUMBO LOAN — Any loan over American families. The sound of laughter, the smoky smell of meat $227,150, which is the top limit on the grill, and the warm smile of a longtime friend can make for Fannie Mae and Freddie Mac your backyard feel like heaven. loans. Sometimes called a But how can you develop those neighborhood bonds when your nonconforming loan. neighbors are always moving?

If you own a house in a safe, stable neighborhood, you develop close bonds with the people who live around you, the folks who

share your interests and are always happy to help you out when needed.

Putting down roots is a great way to forge friendships that last a lifetime. It would be heartbreaking to lose those close connections if you’re forced to move at the whim of a landlord, or your rent is raised so much that your home is no longer affordable over the long term.

It’s another reason that finding the right house in the perfect neighborhood is a smart idea right now.

The Southern Illinoisan Friday, April 20, 2012 Page 9

SEVEN REASONS TO BUY A HOME

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SEVEN REASONS TO BUY A HOME

It's a buyer's market REASON NO.

7

FIRST-TIME HOMEBUYER TIPS EDUCATE YOURSELF Before you start the home-buying process — and as you’re going though it — it’s important to do your homework. You need to know a lot of different things, like what types of loans are available, what to look for in potential neighborhoods, and the definition of lots of real estate terms.

The Internet has both solid information and some misleading Web sites, but a good Realtor can help you shorten the learning curve.

REAL ESTATE GLOSSARY HUD-1 STATEMENT — A document that provides an itemized list of all the funds that are paid at closing. It’s a standard form that spells out exactly what you’re paying for at the closing table.

PREPAYMENT — Money paid to reduce the balance on a loan before it’s due. This can save you a lot of money over the long haul, but you need to know whether your loan has a “prepayment penalty.”

The Southern Illinoisan Friday, April 20, 2012 Page 11

SEVEN REASONS TO BUY A HOME

More choices, better deals to be found It’s no secret that the real estate market has slowed down in recent years. Houses aren’t selling as quickly as they did in the white-hot market several years ago, which means people who are selling their houses today have to work harder than ever to make a deal.

And that’s a great thing for buyers.

Overheated real estate markets, like we saw a few years ago, result in too many people shopping for too few houses. That drives up prices as multiple buyers make bids on homes and sellers hold out for the very top dollar.

In today’s market, though, there are a lot more bargains to be found. Sellers have to price their homes more aggressively, making now the perfect time for smart buyers to get a great deal.

MORE CHOICES TO PICK FROM If you tried to buy a home several years ago but struggled to find the perfect place — or couldn’t afford what you really wanted — you might be pleasantly surprised by today’s market.

There are more homes for sale at better prices today, making it the perfect time for picky buyers. If your dream home was just out of your price range a few years ago, for example, you might find it’s become affordable for you today. Neighborhoods that were out of reach could actually be attainable now.

That’s the great thing about shopping in a buyer’s market. Sellers are more willing to negotiate, and buyers have more options to pick from.

And in real estate, like so many other things in life, timing is everything.

BUY LOW, SELL HIGH When someone invests in the stock market, they’re advised to “buy low and sell high.” This means to buy stocks when their prices are depressed and sell when their prices have risen, and the same advice could apply to purchasing a house.

To be clear, housing hasn’t been as historically risky as the stock market over the long run, and there are a lot of reasons to buy a house other than to make money when you sell. A home is truly a home, not just a line on your investment sheet.

But if you want to make money on your home over time, it makes sense to buy at a time when the prices have decreased rather than when they’re at their peak.

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wandamillerrealty@gmail.com 818 W. Main Carbondale, IL 62901 Office: 618-549-3700 • Fax: 618-549-1895 The Southern Illinoisan Friday, April 20, 2012 Page 12