You’ve heard the news stories saying that the housing market is in shambles, and that home prices are dropping in many areas.  You’ve heard the financial market is a wreck, and it’s tougher than ever to get home financing.  So does that mean that everybody should take a step back – that it’s just too late to buy a house?

Well, before you write another rent check, or write off the opportunity to begin building your personal wealth, consider the following seven things you need to know when it comes to home ownership.

HOMEOWNERSHIP IS A SOLID LONG-TERM INVESTMENT. 

THE IRS GIVES BIG ADVANTAGES TO HOMEOWNERS. 

HISTORICALLY, HOME PRICES and VALUES HAVE RISEN.

WHAT THE MARKET IS DOING NATIONALLY DOES NOT REFLECT LOCAL PROPERTY PRICES.

BUYING OPPERTRUNITIES HAVE IMPROVED.

YOU DON’T HAVE TO WORRY ABOUT TIMING THE MARKET. 

SMART HOME FINANCING OPTIONS ARE STILL AVAILABLE.

AGAIN, THE MAIN POINT IS:  Homeownership is an important way Americans move ahead financially, and waiting for the current conditions to fade away can cost you.  Don’t simply assume that this is a bad time to buy real estate.  In fact, it’s an excellent time to buy and get a great deal!  Go beyond the headlines, and make yours a well-informed decision.

Foreclosure: when a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”.  Suffering a foreclosure can be a crushing blow, both financially and mentally.  Even though times may be tough, there is an alternative.  Short sale: when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor/owner. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt.

A short sale typically is executed to prevent a home foreclosure.  For the home owner, the advantages include avoidance of having a foreclosure on their credit history. Additionally, a short sale is typically faster and less expensive than a foreclosure.

26 homes in Lawrence, KS and surrounding Douglas county have filed for foreclosure since April 1, 2008.  Buyers and investors: (potentially) remarkable deals on great homes.  Call: (785) 393-6288 today for more information. 

“What does Olathe and Lenexa, KS real estate look like right now?”  Well, here we go:

What this means to you:

If you’re buying a home, it is important that you work closely with a highly-motivated realtor® who understands what’s going on with the real estate market and local economy.  I can advise you on how to get the most for your money and what homes you may want to avoid, as there are homes on the market that are not priced at their fair market value.

If you’re selling a home, it’s also important to work closely with a highly-motivated realtor® who understands what’s going on with the real estate market and local economy.  Your goal is to net top dollar - which you might not achieve if you over price or under price your home.  Homes priced right and competitively sell.

Click here for current Olathe market stats 

So “What does Olathe and Lenexa, KS real estate look like right now?”  Pretty darn good.  mhecker@kw.com

Welcome to Matt Hecker’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Olathe.