Every day you get up in the morning it seems you are surrounded—and maybe overwhelmed—by changes. And if you are buying or selling a home in this very active market, this can be even more true. That’s why you need professionals like The Sales Team Realtors. We’ll keep you abreast of changes that can and do affect your transaction.
In light of all the mortgage issues of a few years ago, the Federal Government made a number of changes in lending laws, with the goal of making sure home buyers did not borrow more money than they could pay back. So, if you’re buying now, you’ll need to know what the new guidelines are. The Sales Team Realtors can help connect you with professional lenders who are on top of these changes.
On a very closely connected issue, even small fluctuations in interest rates can affect the affordability for someone who is buying a home in this market. When you make your loan application, can make all the difference. Again, for buyers, The Sales Team keeps a close watch on the factors involved and can help you get the best loan.
Another cost factor for buyers is the premium involved in flood insurance. When Congress passed the Biggert-Waters Flood Insurance Reform act of 2012 (FIRM) they did so with the goal of making premiums more accurately reflect risk. The upshot is that some homeowners will pay higher premiums because subsidies will be done away with. In some cases, homeowners may pay less.
And yes, even in the desert of west Texas, there are flood plains. When it does rain here, it is often a gully washer, which fills certain drainage parks and floods streets and draws. Many properties in our community are indeed affected by flood zones and lender required flood insurance.
The law also mandates elevation certificates for new quotes and renewals. If there is not already a certificate on file, the homeowner may be required to hire a surveyor to do a survey to determine the flood elevation and provide such a certificate. Basically, if the home is determined to be above the elevation of the flood plain, overall insurance premiums will be lower than if the home is below the edge of the flood plain.
Other changes to be tracked involve the Midland market in particular. With so much focus on providing housing for everyone who wants to move here, new developments are being approved on a regular basis by city authorities. If you want to be among the first in a development, in order to pick your ideal lot (close to school, near the main road or back in a quiet corner), The Sales Team keeps up with this information and can get you that information.
Don’t panic—the entire team at the Sales Team Realtors enjoys keeping on top of all this so they can help you find the right home, existing or new. Let them get started helping you today!