The Silver City Real Estate market seems to buck the national trend. During Garland Real Estate SC,LLC “s first quarter of 2010 we have had more sales than we had during the entire year of 2009.

Below is an article from The New York Times ( Sept 5) .

New Program for Buyers

With No Money Down

Although home foreclosures are again expected to top two million this year, Fannie Mae, the lending giant that required a government takeover, is creeping back into the market for mortgages with no down payment. A new program called Affordable Advantage, available to first-time home buyers in four states and created in conjunction with the states’ housing finance agencies. The program is expected to stay small, said Janis Smith, a spokeswoman for Fannie Mae.

The loans are the idea of state housing finance agencies, or H.F.A.’s, quasi-government entities created to help moderate-income people buy their first homes.

Throughout the foreclosure crisis, the state agencies continued to make loans with low down payments, often to borrowers with tarnished credit, with much lower default rates than comparable mortgages from commercial lenders or the Federal Housing Administration. The reason: the agencies did not offer adjustable rates, and they continued to document buyers’ income and assets, which many commercial lenders did not do. In 2009, the agencies’ sources of revenue dried up, and they had to curtail most lending.

Then they created Affordable Advantage. The loans are 30-year fixed mortgages, with mandatory homeownership counseling, available to people with credit scores of 680 and above (720 in Massachusetts). The buyers have to put in $1,000 and must live in the homes.

The loans have interest rates about one-half of a percentage point above comparable loans that require down payments. So far Idaho, Massachusetts, Minnesota and Wisconsin are offering the loans.

Garland Realty began as a small family operation and through hard work and professionalism the company has grown to include several MLS systems in the state of New Mexico! This is unparalleled coverage in the state of New Mexico. The agents in our offices have many tools to assist you whether you are a seller or a buyer in Las Cruces, Alamogordo, Deming, Silver City or Tularosa. We offer to you the customer the highest qualified Buyers agents  to help you free of charge in your Silver City real estate purchase.. We are knowledgeable in all areas of real estate including the commercial transactions of the investor or the seller. We are open on weekends and invite you to call any one of our offices in Las Cruces, Alamogordo or Silver City, to set up an appointment with one of our professionals or just drop by and have some coffee and a chat.

Garland Realty & Development, LLC is a network of real estate offices and a community of business professionals, in Las Cruces, Alamogordo, Deming and Silver City, New Mexico, who seek trust and mutual respect in each of our relationships. As we serve Southern New Mexico we are committed to:

LEADERSHIP IN THE REAL ESTATE INDUSTRY

Garland Realty has made the quality choice to be a leader among our peers. As we build, support and foster teamwork, throughout Las Cruces, Alamogordo, Deming, Silver City, and Southern New Mexico, we preserve the freedom that each of us needs to genuinely satisfy buyers and sellers and to find personal satisfaction.

UNCOMPROMISING INTEGRITY AND ETHICAL STANDARDS

As we continue to grow in Las Cruces, Alamogordo, Deming, Silver City, and other areas throughout Southern New Mexico, we will exercise practices that meet the highest ethical and business standards, and we will refuse to compromise our values even when it may be expedient, profitable or easy to do.

You can find great local Silver City, NM real estate information on Localism.com Gary Edwards is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.

The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics:

What Does it Mean for Consumers?

How does the Code of Ethics affect everyday real estate practices?

If a REALTOR® represents you, whether you are buying or selling a home, you can count on that REALTOR® to:

1. Be honest with all parties in the transaction – not just with you, as his or her client, but also with the other real estate practitioner and his or her clients.
For example, if REALTORS® represent a buyer with a spotty credit history, they can’t be dishonest with sellers about this fact. At the same time, REALTORS® can help their buyer clients collect and assemble information, such as credit reports and audited tax returns, to demonstrate that the buyer has addressed the problem and improved their situation.

2. Put your interests ahead of his or her own, at all times.
A REALTOR® makes every effort to understand the housing needs of his or her client, thoroughly researches available inventory, and shares all relevant information with the buyer so that he or she can make an informed decision. This service is provided regardless of the compensation available.

3. Disclose all pertinent facts regarding the property and the transaction to both buyer and seller.
If a REALTOR® believes information provided by a seller is questionable, the REALTOR® is obligated to investigate. REALTORS® should recommend that buyers consult their own experts, such as home inspectors, to address concerns. For example, if a home seller asks his or her REALTOR® to conceal the fact that the roof leaks, the REALTOR® cannot comply; if the seller insists, the REALTOR® should end the business relationship with that seller.

4. Be truthful in all communications with the public.
When REALTORS® distribute newsletters, create Web sites, or place advertisements, they must be careful not to represent other real estate professionals’ work product as their own. If recently sold or listed properties in the community are publicized, it must be clear whether the REALTOR® was actually involved in the transaction, or whether that data came from the local multiple listing service or other source. This ensures that the public understands the REALTOR®’s experience and can make an informed decision when choosing real estate representation

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