3.  Showing your true feelings about a home.  Don’t let the seller’s agent know how much you love his or her listing.  That gives the Seller an advantage during negotiations.

Check back later for #4.

2.  Assuming foreclosures are great deals.  Due to the significant decline in home values, purchasing a foreclosure may not be the best choice.  The lender will still try to recoup their investment even if the home value has dropped.  You must also take into consideration possible damage to the home from the previous owners, vandals, or from just sitting vacant.  The price of the home, together with repair costs, may not make it such a great deal.

Check back later for #3.

1.  Not knowing how much they can afford.  Before you fall in love with a house you can’t afford, talk to a qualified lender and get pre-approved for a mortgage.  Then you’ll know in which price range to look.

Check back tomorrow for #2!

According to the National Association of Realtors, home resales rose 10% from September.  It was the highest sales level since February, 2007.  This is partly attributable to the first-time buyer tax credit, which was set to expire in November but has now been extended through April 30, 2010.

According to Freddie Mac, interest rates on 30-year mortgages remain below 5%, averaging 4.83%.  Interest rates on 15-year fixed rate mortgages fell to 4.32% this week.  This news, together with the extension of the homebuyer’s tax credit, makes buying a home a smart decision.

All buyers in Texas should be made aware of flood risk and have their facts straight about insuring their property.  Twenty-five persent of all flood claims come from areas considered to be a low or moderate risk.  FEMA makes a good effort at drawing flood plain bounderies, but rising water doesn’t stop at an imaginary line.  For more information about flood insurance, risk of flood, and tips for homeowners, visit Floodsmart.gov

Nine out of ten homebuyers say they want environmentally friendly homes.  The “green” features homebuyers are most interested in are as follows; 90% want reduced heating & cooling costs, 73% are interested in energy efficient appliances, 70% want energy efficient lighting, 51% care about an environmentally minded community and 49% are interested in green landscaping.

This year and on into next year may be once in a lifetime opportunity to buy a home at the best price in the DFW Metroplex.  The Dallas area has a six month inventory which is considered a healthy market.  The number of houses on the market have fallen 14% from this time last year.

Foreclosure percentages in the Dallas area are dramatically below the 1.7% of U.S, mortgages in foreclosure at the end of Decemeber 2008.  Our area is strong compared to the rest of the nation.