Uncle Sam wants you…to own a home!  It is true.    There are several Federal and also some state government home loan programs.  FHA and VA are the most widely known.  Most of these home loan programs have not tightened their qualification standards despite the credit crunch that is changing the landscape entirely for conventional loans.  So now government insured loans, nearly obsolete a year ago, are making a mighty comeback.  Little or no credit is not much of an obstacle for most government insured home loans.   Generally, if you do not have any traditional credit but can demonstrate that you pay bills like rent and utilities on time – that qualifies.  Also, a low credit score is permissible with an explanation and no late payments in last twelve months.  Additionally, government loans are the haven for small and zero down payment and they permit sellers to pay towards the buyer’s closings costs.  So let your tax dollars work for you by helping your family buy a new home.

Call the mortgage line, Dan Thierry at Dominion Mortgage at 610-614-1903 or visit www.dominionrates.com.

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Now more than ever is the absolute best time to buy a home here in the Lehigh Valley. As a result of the current economic climate, Lehigh Valley Mortgage rates have dropped to the lowest rates they have been in over 4 years. This creates a tremendous buying opportunity for anyone looking to buy real estate in the Allentown, Bethlehem, Easton areas.

Currently FHA mortgage rates are at 5.5% – This is truly remarkable. Contrary to what you may be hearing on the news, there are plenty of opportunities to get a mortgage. The best part is that you do not need perfect credit! In fact, you can even get 100% financing in certain areas, thanks to the USDA programs available for homes in rural areas.

Combine this with the fact that this is still very much a buyers market, ther has never been a better time to buy. But, this time frame is slowly coming to a close. Experts agree that we are nearing the bottom of the market. What this means is that soon, the market will start going the other way – up.

Right now, you can get incredibly low rates, sellers are very motivated and willing to give more concessions than ever before, and prices are down what they were 4 years ago! Real Estate sales in the Lehigh Valley, like in may other markets are seasonal. So come spring time you will likely see a  a slight rebound, meaning interest rates and prices will climb back up slightly.

So the bottom line is that if you are considering making a move, you should do it as soon as possible. The longer you wait, the more it will cost you. If you would like more information on Lehigh Valley mortgage rates, or more information on buying home here in the Lehigh Valley, Please contact me directly at 610-533-4549.

Chris Hoffman
Keller Williams Real Estate
GoValleyHomeFinder.com

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Are you thinking about buying a home in the Lehigh Valley? Here are some tips for avoiding some common buying mistakes.

1. Take your time. Be familiar with the local market before making an offer. Preview different homes. This will help you to better understand the marketplace.

2. Ask questions. Ask questions about the listing details, the contract details, and the mortgage details. There are many hidden factors when buying a home. It is your responsibility to uncover them.

3. Know your financial limits. Even if you find your dream home, don’t sacrifice your lifestyle by devoting all of your finances to a home that you can’t afford. Plan for the future such as children, add-ons, amenities, and fix-ups. Pre-approval through a lender can help determine a reasonable target price range and also identify the mortgage programs that can work best for you.

4. Shop for the best mortgage rates. With so many different mortgages available, you should take the time to find the one that best suits your needs. Anyone can get a mortgage regardless of qualifications. However, be wary of the ones that may do more harm than good.

5. Know the neighborhood. Is the neighborhood safe? Are there schools, parks, libraries, coffee shops, etc. nearby? Is it the kind of neighborhood that you want to live in? Also, find out the zoning regulations. This will prevent unforeseen headaches. Is your area zoned for commercial businesses, fire stations, etc?

6. Professionally inspect the house. Speak with inspectors about how they work, what they cost, and what they recommend. In addition, be clear about what is on the inspection report.

7. Surround yourself with trustworthy people. Find the right agent, lender, mortgage broker, title rep, and agent that suit your needs.

8. Remember that what is in writing is what counts. Any negotiations or discussions should be written. Your team consisting of your agent, broker, inspector, etc. should provide you with written contracts.

9. Consider using a Buyer’s Agent. It is advantageous to have a professional real estate professional such as myself on your side. I can provide useful information about the location, property, and local market that will facilitate your buying decision.

If you or anyone you know needs help navigating the buyers market, feel free to call me at (610) 533-4549 or visit my website at http://www.govalleyhomefinder.com/

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If you are looking to search for homes for sale in the greater Lehigh Valley Area, including Allentown, Bethlehem, and Easton you can now do so with ease.

Introducing www.GoValleyHomeFinder.com ! This is a brand new free online search engine that gives you direct access to the Lehigh Valley Mult List system – the same one the Realtors use.

There are no registration forms to gain access, you can just enter your search criteria and instantly see live, update listing of all the homes for sale in the entire Lehigh Valley – Free.

The site is very user friendly and has many unique features that allow to quickly and easily save searches, inquire about listings, schedule showings, email the listing info and many more great features that make searching the Lehigh Valley MLS very easy.

One of the new features is the unique map search which allows you to select specific areas and view all homes in that particular town or city. The system allows you to search search by school district, zip code, town or city, or area of your choice.

Of course you can also select price range, property type, and features including bedrooms, bathrooms, square feet, and amenities. It’s just a very nice, real easy way to search live, updated results at your own pace, and in the privacy of your own home, then when you do find homes that interest you, you can quickly and easily request more information.

Click here to Search Lehigh Valley MLS Listings on the new GoValleyHomeFinder.com!

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Prices are definitely coming down, that’s a good thing. But, its not a fire sale. Two and three years ago when the market was hot, homes were over priced and selling for more than they were worth in some cases. What’s happening now is that home prices are coming back into line of where they should be.

If you watch the news or read the paper, you may get unrealistic expectations of how much you can expect to pay for a home. Generally speaking you can offer as much as 10% below the asking price, then negotiate to 3-5% below. Before you write the offer, your agent should be able to tell you if its priced, at, above, or below market price, an should be able to give a market report showing how much homes are selling for in that area, and this report will also show the difference between the asking price and selling price of the homes.

Here in the Lehigh Valley, in most areas homes are selling for 95-97% of the asking price. So if you were to see a home listed for sale at $200k, you can expect to get it for $190-195k. In a hot market that home may list for $220k, so you are actually getting a good deal.

The point is that you should not expect to go in with unreasltic lo-ball offers, for example offering $170k on a $200k home. Unless the home is obviously over priced, or in need of major repair, this will result in a negative response from the seller.

The Lehigh Valley real estate market continues to be strong, even in this economy, homes are bought and sold everyday, many homes still sell very quickly, others may take a longer, but prices are still holding up fairly well.

In any case, be sure you a have a buyers agent working for you before you start looking, as he or she will be able to advise you on what you should expect to pay for the home your looking for. Contact an Agent Good Luck!

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The U.S. Senate passed a bipartisan mortgage rescue bill last Friday that allows the Federal Housing Administration to refinance troubled mortgages – even those that are under water – as long as banks agree to take a loss. The program would allow the FHA to help as many as 400,000 home owners. Now the bill goes to a bipartisan committee in the House for revision. The measure includes higher limits for FHA loans and creates a new regulator for Fannie Mae and Freddie Mac. It also would provide $14.5 billion in housing tax breaks, including a credit of up to $8,000 for first-time homebuyers.  Thanks to those Lehigh Valley Realtors who responded to the Call to Action.

source: Lehigh Valley Association of Realtors

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Lehigh Valley Real Estate Statistics: The statistics presented in Market Update are compiled each month based on the figures generated from the Lehigh Valley Association of REALTORS® Multiple Listing Service. Average sales prices and median prices fluctuate monthly depending upon the number of sales at the high or low end of the price range. The year-to-date numbers will generally remain more constant. The Lehigh Valley Association of REALTORS®, “The Voice for Real Estate in the Lehigh Valley”, represents 2586 real estate professionals involved in all aspects of the real estate industry.

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Comparison of Activity from June 2007 to June 2008:


Number of Sales – During June 2008, 550 sales were reported, down approximately 29.3% from June 2007 at 778.

Average Sales Price – The average sales price for June 2008 was recorded at $234,000, down approximately 0.85% from June 2007
when the average sales price of the month was recorded at $236,000. The Average Sales price is obtained by dividing the number of sales into the total sales dollars.

Median Sales Price – The Median Sales Price for June 2008 was recorded at $200,000 which is an decrease compared to June 2007 with a median of $207,000. The Median indicates the mid-point of the range of prices-half the homes sell for less, while half the homes
sell for more.

Average Market Time -The average time on the market for properties sold during June 2008 was 61 days, an increase from 51 days in June 2007.

List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold during the month of June 2008 is 97%, which is a decrease compared to June 2007 at 98%.

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If you are considering buying a home here in the Lehigh Valley – NOW IS THE TIME. Contrary to what you may see or hear on the news, yes you can get a mortgage. If you have a job, a decent credit rating, and at least 3% down payment, there is a very good chance you can get a mortgage right now.

Interest rates continue to be at at all time low, home prices are down, the economy is in the tank, it is 100% a buyers market out there – for now. There is absolutely no better time to buy a house in the Lehigh Valley than today. The longer you wait, you risk prices and interest rates going up, especially if you wait until spring or summer. As it is, real estate is a seasonal business. It is always better to buy in the fall and winter, than to buy in spring or summer.

If you are a potential home buyer, almost everything is on YOUR side right now. But all than can change very quickly. Experts are predicting we are at, or near the bottom of the market. This means that at any moment things will start turning around. When that happens, it will cost you more money to buy a house.

If you would like more information about getting a mortgage or buying a house in the Lehigh Valley, I invite you to call me today to discuss your home buying options.

Chris Hoffman, Realtor
Keller Williams Real Estate
http://govalleyhomefinder.com
Cell: 610-533-4549

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More than 100 residents could be forced to shell out thousands to install sidewalks under an ordinance approved Monday (7/7/08) by Emmaus Borough Council. The ordinance affects about 105 residences along Dalton Street, State Avenue and Keystone Avenue who will be told to install sidewalks by Nov. 1, 2010, unless granted an exemption. The sidewalks have to be constructed with specific dimensions to ensure consistency.
 
Source: The Morning Call, 7.8.08

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