No Better Time Than The Present To Explore Home Ownership
CHICAGO, June 23 /PRNewswire/ -- Despite much volatility in today's
financial markets, there remains no better time than the present for
Americans to explore their dreams of home ownership. In fact, June is
National Home Ownership Month in the United States -- a month dedicated to
recognizing the importance of home ownership and the commitment to equal
housing opportunities for every citizen.
Ideal Timing for First Time Buyers
In the past, many first-time home buyers were unable to participate in
the housing market due to high real estate prices. Today, home values have
declined while interest rates remain relatively low, and the result is an
attractive market in which to buy for the first time.
The median home price in the U.S. was approximately $202,000 in April,
down nearly 8 percent from April 2007. Prices continue to drop in markets
across the country, most notably in the Western portion of the country,
where many experts expect a total decline of more than 20 percent before
the market hits bottom. A quick visit to any real estate Website will
illustrate that inventories are high, with supply easily outpacing demand,
making this a true buyer's market.
Be a Smart Shopper
Of course, the fact that today's real estate market favors buyers does
not guarantee that every buyer will get a great deal. As is the case in any
market, the savviest buyers will get the best prices. Here are some tips
that first time buyers should consider before entering the market:
-- Talk to Your Banker or Financial Advisor -- Mortgage lenders have
raised their lending standards, and many require larger down payments. In
light of this, buyers should determine how much they can afford before
making an offer on a home. Online mortgage calculators can be helpful in
this regard, but nothing can replace sound advice from a true expert. The
Harris No Surprise Mortgage Calculators can be accessed at
http://www.harrisbank.com.
-- Do Your Homework -- Location has long been considered the most
important factor when making a real estate investment decision, and that
rings true today more than ever before. There are a host of outstanding
Internet-based resources that can help home shoppers research school
districts, crime rates, and even future construction projects -- all of
which are major factors in determining the value (or decline in value) of a
home.
-- Negotiate -- Real estate pricing remains an inexact science. Most
sellers determine their listing price simply by reviewing recent inventory
in the market and setting a price based on comparable homes in similar
areas. Buyers should be looking at the same list of comparable homes when
negotiating a deal. And if a similar house is available nearby at a much
lower cost, the buyer's price is clearly too high.
Harris has been helping its customers and the communities it serves for
generations and has more than 230 full-service locations and more than 600
ATMs in Illinois and Indiana.
About Harris
Harris is an integrated financial service organization providing more
than 1 million personal, business and corporate clients with banking,
lending, investing and wealth management solutions. The organization is a
member of the BMO Financial Group (NYSE, TSX: BMO), which also provides
corporate and investment banking services in the U.S. under the BMO Capital
Markets name. For more information, please visit http://www.bmocm.com or
http://www.harrisbank.com.
Harris(R) is a trade name used by various financial service
subsidiaries of Harris Financial Corp. Banking products and services are
provided by Harris N.A., The Harris Bank, N.A. and their bank affiliates.
Members FDIC. Brokerage products are offered through Harris Investor
Services, Inc. (HIS), a registered broker/dealer, member FINRA/SIPC, and
SEC registered investment adviser. Insurance and annuities are offered
through Harris Bancorp Insurance Services, Inc. (HBIS). Securities are
provided by BMO Capital Markets Corp. (BMOCM), a registered broker dealer
and member NYSE, FINRA and SIPC. HIS, HBIS and BMOCM are affiliated
companies and are wholly owned subsidiaries of Harris Financial Corp.
Products offered by HIS, HBIS and BMOCM are Not Insured by the FDIC or any
Federal Government Agency, Not a Deposit of or Guaranteed by Any Bank or
Bank Affiliate, May Lose Value. The purchase of insurance or an annuity is
not a condition to any bank loan or service. Financial planning and
investment advisory services are provided by Sullivan, Bruyette, Speros &
Blayney, Inc., an SEC registered investment adviser. Family Office Services
are provided by Harris myCFO, Inc. Investment advisory services are offered
by Harris myCFO Investment Advisory Services LLC, an SEC registered
investment adviser and wholly-owned subsidiary of Harris myCFO, Inc. Not
all products and services are offered in every state and/or location.
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[Via Real Estate Newswire]
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