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Down Payment Resource | Newsletter
Vol. No. 2, Issue No. 12, December, 2012

In This Edition

We wish you happy holidays and a wonderful new year! Thanks for your interest in homeownership and housing.

Please let us know what you'd like to learn. Thanks for reading!. -- The DPR Team

In Recent Updates Down Payment Resource will soon launch in Southeast Minnesota

Get the inside scoop on why Down Payment Resource was created...and why we are thankful this holiday season.

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Helpful Information

Three things to avoid when buying or selling a home. It’s all about being educated and prepared.

Multigenerational households are on the rise. It could be a shift in the types of homes families seek.

Down Payment Resource not yet in your market? Start with your state’s Housing Finance Agency website to search for available programs.


 

 

Rental rates increasing as housing market improves


While we can’t boast that the real estate market is in full recovery, according to many experts, we are turning a corner. We see the proof in increasing home prices, rising sales of new homes, and even increasing rental rates.

Some renters, including one featured in a recent Atlanta-Journal Constitution article, are surprised to see their rents climbing more than $100 a month over the past few years. Now, as more buyers aim to take advantage of low interest rates, there is a shift in the supply of rentals available. With some former rentals on the market, it shrinks the supply and gives landlords an opportunity to increase rates. 

However, the construction of apartment complexes are also increasing, and that may once again change the supply factor and slow the rising rental rates.

Consider the balance of supply and demand in your market so you can make the best long-term decision on your next move.


Customized homebuyer incentives may be available in your market


Every community is unique and may use down payment assistance programs to help meet certain needs. In many areas, there are special programs for professionals such as firemen, police officers, and teachers.

Now, there are new efforts in some markets designed to draw creative professionals, such as artists, techies, and entrepreneurs. Consider a new program in Chattanooga called GeekMove. In an effort to bring more tech professionals to its market and revitalize specific neighborhoods, Chattanooga is offering $10,000 toward a home down payment, plus $1,250 in moving expenses. Right now the program is only open to 10 people, but another round is under consideration.

This program is unique in that cities often offer tax advantages or incentives to companies, not individuals. Revitalization happens one home at a time, and this is an interesting, proactive effort for Chattanooga.

Don’t overlook specialized programs in your desired market. Talk to your Realtor and lender, and do your research early so you know your options. If Down Payment Resource is in your market, use it find information on specialized programs that may be a fit for your situation.