2012 Promises To Be A Better Year Than 2011 ......... #2

By
Real Estate Mortgage Broker with George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut NMLS #65149

Yesterday I wrote a blog titles 2012 Promises To Be A Better Year Than 2011.  Today I would like to do a follow up blog on why I feel that  2012 Promises To Be A Better Year Than 2011 to elaborate just a little more on what I wrote yesterday,  and on what potential new homeowners need to start doing to prepare themselves to purchase a home in 2012.

One new incentive for purchasing a home in 2012, is how quickly rents have been rising.  Rents are quickly reaching the point of what a mortgage payment with taxes and insurance would be for a similar or even larger living space.  This should get renters who are in the position to purchase, to do so sooner than later.  This means that renters who are in the position to purchase, or who are close to being in a position to purchase, need to make sure that there are no surprises when they decide to buy. 

Renters who are planning to purchase in 2012, need to make sure that there isn’t anything on their credit that you prevent them from purchasing a home when the time comes.   They need to contact a Mortgage Professional right now to look at their credit, and help them correct or dispute anything that is inaccurate on their credit report.  Even if there isn’t anything that is incorrect on their credit report, the Mortgage Professional can make suggestions of possible things that they can do to raise their credit score and put them in a better position to qualify for a loan.

A group of possible Buyers that could benefit from early contact with a Mortgage Professionals are self-employed individuals.  Self-employed Buyers need to look closely at their last two years tax returns to make sure that they have not taken to many deductions, and later find themselves with insufficient income to purchase the home that they want.  Right now would be the perfect time for self-employed Buyers to talk to a Mortgage Professional before they do their income tax for 2011.  Buy knowing what income they need to show to purchase a home in the price range that they want to be in, they can make the necessary adjustments and avoid problems later.

I hope that these last two blogs have provided enough reasons to those reading them as to why I feel that 2012 Promises To Be A Better Year Than 2011, and motivates those of us in the Real Estate Industry to prepare our clients to take advantage of the market conditions that lie ahead.


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Who To Call For Your Mortgage Needs In Connecticut:

George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308  gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.

 

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Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Lenn Harley 01/04/2012 07:02 AM
  2. Emily Medvec 01/04/2012 09:12 AM
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Topic:
Real Estate Market Trends
Location:
Connecticut
Groups:
1st Time Buyers
ActiveRain Contests
Market Reports
Mortgages
Realtors®
Tags:
rents on the rise

Comments 29 New Comment

Rainmaker
578,613
Barbara Altieri
REALTOR - Fairfield County CT Real Estate
RealtyQuest, Fairfield and New Haven County CT Homes for Sale and Real Estate

George -- It's so important for anyone considering a home purchase to take a good look at their credit report.  Getting that score up can save the buyer big $$$ by qualifying for a lower interest rate.

January 04, 2012 06:00 PM
Rainmaker
537,977
Eric Michael
Metro Detroit Real Estate Professional 734.564.1519
Remerica Integrity, Realtors®, Northville, MI

George, normally this would be a good indicator but in this market, I think they rental prices are being driven up by people who can't buy, ie the people who've lost their homes over the last few years. But for the renters who Can buy, it's an amazing time to do so!

January 04, 2012 06:09 PM
Rainer
421,810
Peggy Chirico
REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
Prudential CT Realty

Hi George - I agree with both of your posts!  I think 2012 will be a better year for many!  I also think that self-employed people would be wise to contact you early in the process!  Sounds like a great niche!

January 04, 2012 07:18 PM
Ambassador
745,557
Brenda Mullen
Your San Antonio TX Real Estate Agent!!
RE/MAX Access

This is great advice for those self employed folks looking to buy a home.  It's sad that when a self employed person does their taxes and claims deductions that if they claim too much of a loss, they can't afford a home.  It's like darned if you do, darned if you don't kind of thing.  Visitng a mortgage professional before filing taxes is excellent advice...I know I said that already :)!

January 04, 2012 09:55 PM
Rainmaker
676,123
Ruthmarie Hicks
Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605

Right now it is a great deal cheaper to buy than to rent..but many people are still bound and determined to rent because renting is "cool." Its become as much of a fad as flipping properties was in the last decade.  And now it is a very costly fad.  Like all fads, it will end because it is now unsustainable. 

January 04, 2012 11:56 PM
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