Buying a house is scary, and you want to make sure you get the BEST possible home at the BEST possible price. And you aren’t sure the market has hit rock bottom. Well, as your Realtor, I am here to tell you that waiting too much longer will cost you money – every month, every year for the next 30 years.

FHA is increasing the monthly mortgage insurance premium requirement on new properties. This goes into effect April 18,, 2011. For example: The current monthly PMI on a $100,000 loan is $71.87. Effective April 18th that monthly premium goes to $91.83. That is a monthly increase of almost $20 per month.

Therefore, you need to act NOW! Prices are at historically low levels. And the closer we get to April 15, the faster the good houses will sell. Waiting will cost you over $7000 over the course of a $100,000 loan.

That gives us about 3 weeks to find a property and negotiate a contract. We must get the contact to your lender by Friday, April 15th before 5:00 PM CST to have the property registered with FHA.

So call me today and let’s go find you that new home!! And be sure to look online at my website!

If you want more specific information about your neighborhood, email me at Sandi@SandiReed.com. You will find access to all listings at www.SandiReed.com.

“This trend is fueled by first-time buyers with smaller budgets, requiring smaller homes,” said Brian Brunhofer of Meritus Homes. “New buyers will have to be more conservative with their mortgages and will need to pay a higher percentage for a down payment, which means they’ll need a home with a smaller price,” he said. “People won’t be buying more than they need. So to meet their needs, we’ll see builders continue to trim the size of their homes and look for new ways to make square footage work harder.”

Economic guru’s have stated this fact for several years now. With Baby Boomers officially turning 65, a very large part of our population will be more concerned with lifestyle than house cleaning. Finally builders are starting to take note.

High-tech takes over: Running your home entertainment system, appliances and lighting from a centralized control panel is old news. Going forward, we’ll see more homeowners want a smart phone app that can control their residence remotely, noted Brian Goldberg, a partner in LG Development Group.

“Each year, the demand increases for home technology that makes homeowners’ lives easier,” he said. “We’ll get to a point, and some of our clients are almost there, where homeowners can leave work and by activating an app on their phone have all of their home electronics queued up when they walk in the door – the oven is preheated, lights come on and a TV show turns on when motion sensors recognize they’ve walked into the room. It may sound like a movie, but some of this technology we can build into homes now.”

Technology sells houses. Get rid of the wires if you can – and the bulky old 1990s TV. I know it’s your stuff and you will take it with you, but Buyer’s like to envision new technology in their new home. I think it secretly validates their desire for a new TV, and sometimes convinces the spouse that the purchase is in the best interest of the new home.

Upping the ante on amenities: In 2011, developers will continue to create new and exciting amenities to differentiate their properties and keep them relevant in the marketplace, said Tony Rossi, president of RMK Management Corp. “Renters are looking for something special, like an outdoor grilling area or special events like dance lessons,” he said.

But it’s not just enhanced outdoor spaces in apartments that will matter in 2011. Benach thinks condo and townhome buyers will also place a higher importance on outdoor space in the coming year, especially those who live in an urban setting.

“People may realize they don’t need to live with as much square footage inside their home, so to compensate they’ll want a place to call their own outside their home,” said Benach.

It may be hard to think of outdoor grilling when it’s 20 degrees, but ‘patio rooms’ are an amenity buyers really like. Finished basements, media rooms, and other entertainment options that appeal to today’s buyer. Think HGTV – if you’ve seen it there, buyers are looking for it in today’s market!

4.) Make it modern: Chalk it up to “Mad Men” or simply a pendulum swing in taste, but either way transitional and warm-modern design will be prevalent in 2011, said Brian Goldberg, a partner in LG Development Group. “Our clients are looking for a cleaner approach to the style of their homes – more mid-century and less traditional with a warm and tailored aesthetic,” he said.

Ray Hartshorne, principal of Hartshorne Plunkard Architecture, agrees. “From the single-family side, our clients are gravitating toward modern design instead of strictly traditional, that is simple, clean line exteriors and open floor plans that are comfortable for the family and versatile for entertaining,” he said. “In the multi-family sector, now more than ever, we are seeing an interest in contemporary-themed and luxurious interior design for lobbies and common areas.”

5.) Buying for the long term: The Census shows the average person moves about 11 times, but Jim Chittaro, president of Smykal Homes, predicts that number will slowly decrease. “Thankfully, the idea of a home as a short-term moneymaker is essentially gone, so when people do buy, they’ll do it with the intention of staying put for closer to 10 years rather than two to three,” he said

This means people will be studying floor plans more closely, to ensure the home will grow with them, Chittaro continued. “Buyers want to be sure the home will suit their needs not only now, but down the road, whether they plan to expand their family or prepare for kids to leave the nest,” he said. “Floor plans that can adapt to lifestyle changes with flexible features like second family rooms should do well in 2011.”

Brunhofer agrees that more buyers will be looking for a home for the long haul. “It’s not just floor plans that buyers are going over with a fine-tooth comb,” Brunhofer said. “Our buyers are very careful about school districts. They want to know they can send all of their children to a school with a proven track record and not have to relocate a few years down the road to ensure a good education.”

The shift to long-term buyers will also put long-term builders in the spotlight. “People are hesitant to buy a home from a builder or secure a mortgage from a lender they don’t perceive to be well-established,” said Benach. “Buyers want to know their builder is committed to them and the community, and that it’s not about making a quick buck or boosting a shareholder’s financial interest. That personal connection is really important.”

Opting for established: The mega-communities in the exurbs are a thing of the past, said Brian Brunhofer of Meritus Homes. Instead, 2011 will see builders move toward smaller neighborhoods or pockets of homes in established communities. “Close-knit communities with respected homeowner associations, mature landscaping and neighbors waiting to greet you – that attractive quality of life is going to appeal to buyers much more in 2011.”

Seconding the movement toward established communities is Jeff Benach of Lexington Homes. “Buyers are looking for a safer investment for their home purchase,” he said. “We won’t see them roll the dice like in the past on a fast-growing town in a far-out suburb. They want a proven area with access to retail development and employment corridors. They don’t want to wait for the surrounding area to be built. They want everything already in place,” he said.

To all my friends, family and to you: have a safe and happy weekend and a joyous holiday season.

“People have realized the many benefits of renting, from having more flexibility with your housing commitments to a higher level of finishes and amenities. And, this demand will continue to outpace supply,” said Steve Fifield, president of Fifield Cos. “Appraisal Research reports that Chicago’s Class A downtown apartments are at a nearly 95 percent occupancy rate, and those numbers will continue to stay very strong for 2011.”

Remember – if you are thinking of building this year, you need YOUR OWN Realtor looking out for YOUR best interests – not the builder’s. And you need a Realtor experienced in the building process. Contact Sandi Reed for the next HOME CONSTRUCTION seminar offered by Home Professionals Realty, Inc.