I guess you are all hearing the great news!
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
My clients are so thrilled to have this extra money to use for closing costs and negotiating
terms on purchasing or selling a home or for so many other purposes.
Jack and I are helping our clients find short sales and foreclosures. We often are able to
notify our clients about an upcoming foreclosure before it hits the market!
It is such a great time to buy!
And it is a good time to move up to that larger home you are needing -often if our sellers are selling below where they would like to have sold their home they are more than making up any losses when they purchase another home.
Having been a financial counselor for Suntrust Bank I can tell you that renting is the worst
way to manage your money! And 83% of consumers believe buying a home is a good financial
decision. (according to PULSE) It should be 100%!
We help our clients work with reputable lenders and ones that are very competitive with the
programs they offer. We like to see our clients benefit from services such as " a free float down on the interest rate" after locking in on a rate if the interest rates should go lower. Not all lenders offer this! In a market where the rates are fluctuating up and down this is a terrific benefit.
We recommend only the most qualified and experienced home inspectors - so our clients
can feel that they know everything about the home they are buying . And making sure the
process closes on time.
Our years of experience and many recources benefits our clients whether they are buying or selling.
Because we are full time Realtors Jack and I can give Sellers up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
Sometimes it is hard to pull away for a little vacation because we love what we do!
Saturday, November 7, 2009
Tuesday, August 4, 2009
When the Case-Shiller index reports that home prices have reversed course and are finally rising again, and you know that Case-Shiller has been the gloomiest, scariest-headline-producing monitor of the real estate market for the past three years -- I would say : We may have turned the corner.
For the month of June, in fact, the Standard&Poor's Case-Shiller index found prices up in 14 of the 20 major markets it covers -- and up nationally by one half of one percent. Our office in Williamsburg saw an
increase in sales for July that was stunning! July was our highest closing month of the year.
Buyers are finally realizing that now is the time to buy and if they keep waiting not only will first
time buyers miss the $8000 tax free gift from the Government but other buyers may be looking at
rising interest rates and the good homes already sold.
So, don't sit on the side lines if you are thinking of buying. Lenders are helping also.
Thirty year fixed interest rates averaged 5.4 percent, while fifteen year loans went for an average 4.8 percent.
If you are looking for an informed Realtor who can advise you and guide you through the maze of
home buying and home selection and weighing your options, please give Jack or me a call.
We love what we do!!
On to August!!
Julia
For the month of June, in fact, the Standard&Poor's Case-Shiller index found prices up in 14 of the 20 major markets it covers -- and up nationally by one half of one percent. Our office in Williamsburg saw an
increase in sales for July that was stunning! July was our highest closing month of the year.
Buyers are finally realizing that now is the time to buy and if they keep waiting not only will first
time buyers miss the $8000 tax free gift from the Government but other buyers may be looking at
rising interest rates and the good homes already sold.
So, don't sit on the side lines if you are thinking of buying. Lenders are helping also.
Thirty year fixed interest rates averaged 5.4 percent, while fifteen year loans went for an average 4.8 percent.
If you are looking for an informed Realtor who can advise you and guide you through the maze of
home buying and home selection and weighing your options, please give Jack or me a call.
We love what we do!!
On to August!!
Julia
Tuesday, June 9, 2009
Buyers and Sellers are getting creative in our market and we are seeing lease to purchase contracts or early purchaser possession agreements. This is helpful when buyers may have
an up coming closing on their home, but need to be here to begin a job or get kids in school.
Others may have lender issues that need a few months to clear up before obtaining a loan.
Also, lenders are taking longer to process loans and buyers want to gain access to their new home.
I find that buyers are looking for the right sales price - the following seems to govern a buyer's
decision to buy a home: Monthly payments are usually more important to buyers than the sales price, the "out of pocket cash needed at settlement/closing is a factor and sellers can
offer closing costs to help buyers and make their home compete against other properties in the eyes of the buyer, all buyers want to cash in on a good deal and even a great deal!, Buyers are
shopping the competition and no how the sellers home compares, Buyers recognize value and shy away from overpriced homes, buyers don't want to pay for Sellers mistakes ( paying too
much when you purchased or rather buying when the market was high, over-improving the home, poor-quality remodeling jobs, etc.) , Buyers have no interest in how much money
a seller needs to realize from the sale to make their next move. These are hard facts for sellers
to hear.
Remember, keep careful records year round from the date you acquire a property to until
no less than 7 years after you sell it. Your settlement sheet (HUD ) is an excellent record
of your home's worth and it shows tax deductible items such as "discount points" paid to
the lender and keep home improvement receipts during the year. Jack and I always mail another copy of the HUD statements to our clients who bought a home before tax time in April.
Just in case!
an up coming closing on their home, but need to be here to begin a job or get kids in school.
Others may have lender issues that need a few months to clear up before obtaining a loan.
Also, lenders are taking longer to process loans and buyers want to gain access to their new home.
I find that buyers are looking for the right sales price - the following seems to govern a buyer's
decision to buy a home: Monthly payments are usually more important to buyers than the sales price, the "out of pocket cash needed at settlement/closing is a factor and sellers can
offer closing costs to help buyers and make their home compete against other properties in the eyes of the buyer, all buyers want to cash in on a good deal and even a great deal!, Buyers are
shopping the competition and no how the sellers home compares, Buyers recognize value and shy away from overpriced homes, buyers don't want to pay for Sellers mistakes ( paying too
much when you purchased or rather buying when the market was high, over-improving the home, poor-quality remodeling jobs, etc.) , Buyers have no interest in how much money
a seller needs to realize from the sale to make their next move. These are hard facts for sellers
to hear.
Remember, keep careful records year round from the date you acquire a property to until
no less than 7 years after you sell it. Your settlement sheet (HUD ) is an excellent record
of your home's worth and it shows tax deductible items such as "discount points" paid to
the lender and keep home improvement receipts during the year. Jack and I always mail another copy of the HUD statements to our clients who bought a home before tax time in April.
Just in case!
Saturday, March 28, 2009
In the Williamsburg area we are starting to see signs of activity, but there are positives and negatives. The inventories remain too high and the slowing economy has reduced the number
of buyers entering the market. Financial problems have paralyzed lending institutions and hampered the use of short sales to clear out the market. Just try to get an offer put through
to a lender on a short sale and see how long it takes!
A Positive:
The Federal Reserve announced that it would purchase an additional $750 billion in Fannie Mae and Freddie Mac mortgage-backed securities and up to $300 billion in longer term Treasury securities. This is great news for home buyers and homeowners because mortgage interest rates will continue to remain at historic lows. With the first time buyer tax credit of $8000
and the very low interest rates (sometimes as low as 4.25%) you need to pay attention to the
market if you are a buyer. You need to be looking at homes, getting familiar with properties offering excellent prices and have your lender selected and be ready to lock in an interest rate when the rates
dip down. You can't pull this altoghether quickly. It is a process if you want to do it well. Always havea pre-qualification letter from a lender if you plan on viewing homes. A Realtor can help you with this. It is very simple to do. Use a lender that is known in the area to avoid issues later.
Give Jack and me a call. We love to help our clients find a great home and a great deal!
Sellers have another story. Your home needs to be priced competitively and not have issues
such as unfinished projects. Your home needs to sparkle and have been updated.
No clutter!!!
We are recommending pre-listing inspections for home sellers. This gives buyers confidence
that the home you are selling does not have hidden issues.
More on the first time homebuyers tax credit. I really feel this will spur activity.
Under last years $7500 tax credit, homebuyers had to pay back the money over the next 15 years. Now with no repayment, the refundable credit becomes much more attractive, especially
combined with favorable home prices and interest rates.
According to the National Association of Realtors:
“Greater numbers of home buyers will be able to purchase a home, and homeowners facing challenges will be able to refinance into better terms. We already are experiencing a great improvement in housing affordability due to historically low interest rates, and the Fed’s move will push affordability conditions to the best levels in 40 years."
Some real estate gurus are predicting that we are poised for a sharp comeback of the real estate
sector. We should see signs of this by late summer. Hang in there!
of buyers entering the market. Financial problems have paralyzed lending institutions and hampered the use of short sales to clear out the market. Just try to get an offer put through
to a lender on a short sale and see how long it takes!
A Positive:
The Federal Reserve announced that it would purchase an additional $750 billion in Fannie Mae and Freddie Mac mortgage-backed securities and up to $300 billion in longer term Treasury securities. This is great news for home buyers and homeowners because mortgage interest rates will continue to remain at historic lows. With the first time buyer tax credit of $8000
and the very low interest rates (sometimes as low as 4.25%) you need to pay attention to the
market if you are a buyer. You need to be looking at homes, getting familiar with properties offering excellent prices and have your lender selected and be ready to lock in an interest rate when the rates
dip down. You can't pull this altoghether quickly. It is a process if you want to do it well. Always havea pre-qualification letter from a lender if you plan on viewing homes. A Realtor can help you with this. It is very simple to do. Use a lender that is known in the area to avoid issues later.
Give Jack and me a call. We love to help our clients find a great home and a great deal!
Sellers have another story. Your home needs to be priced competitively and not have issues
such as unfinished projects. Your home needs to sparkle and have been updated.
No clutter!!!
We are recommending pre-listing inspections for home sellers. This gives buyers confidence
that the home you are selling does not have hidden issues.
More on the first time homebuyers tax credit. I really feel this will spur activity.
Under last years $7500 tax credit, homebuyers had to pay back the money over the next 15 years. Now with no repayment, the refundable credit becomes much more attractive, especially
combined with favorable home prices and interest rates.
According to the National Association of Realtors:
“Greater numbers of home buyers will be able to purchase a home, and homeowners facing challenges will be able to refinance into better terms. We already are experiencing a great improvement in housing affordability due to historically low interest rates, and the Fed’s move will push affordability conditions to the best levels in 40 years."
Some real estate gurus are predicting that we are poised for a sharp comeback of the real estate
sector. We should see signs of this by late summer. Hang in there!
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