With Terry Story, 25-year Veteran Real Estate Agent with Coldwell Banker in Boca Raton, FL
The U.S. Department of Housing and Urban Development (HUD) has launched a new initiative called the Good Neighbor Next Door at HUD Homestore. Buying a home through HUD’s Good Neighbor Next Door initiative is designed to encourage renewal of revitalization areas by providing an opportunity for law enforcement officers, firefighters, emergency medical technicians and teachers to purchase homes in these communities. HUD provides a substantial incentive in the form of a 50% off the list price of eligible properties, and bids for property must be submitted by a HUD-registered real estate broker.
HUD Home Store is the listing site for HUD real estate owned (REO) single-family properties. This site provides the public, brokers, potential owner-occupants, state and local governments and nonprofit organizations a centralized location to search the inventory of HUD properties for sale. In addition, registered real estate brokers and other organizations can place bids on behalf of their clients to purchase a HUD property. HUD Home Store also includes many informative user-friendly features providing advice and guidance for consumers on the home buying process. A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. Many of these homes can be fixed to provide good value to buyers.
Terry also gives us the Housing Forecast for 2016 – new home construction and moderate gains in the existing homes market should push home sales to a record high in 2016 – so expect a solid year for the housing market – with price gains in the sustainable 3% range, and millennials buying about 30% of it all. Retirees are also expected to buy up a lot of retirement properties. Sales are expected to peak in prosperous job markets.
In her Real Estate Survival Guide, Terry talks about down payments… and that it would take 22 years for the average Floridian to save up for a 10% down-payment on an average home… pretty shocking! Terry also talks about whether Neighborhood Watch signs – and says it really depends on how you view it, especially if you only see those signs in a few select neighborhoods – so think positive, don’t be alarmed, and ask a few questions to make sure you’re not moving into an overly crime-prone area.