Buying and selling a home

When you are ready to buy a home you will want to contact a local real estate professional to schedule a time to view the homes in your area and price range.  Is there a best time to view homes for sale? Are real estate agents always available to show you homes that match your desired features and criteria?  Do sellers control when their home can be viewed?

The real estate agent

Your local real estate agent will be available 7 days a week to show you homes for sale.  When you first contact an agent they will work with you to determine how much you can afford, where you want to live and what type of home you are looking for.  Agents can show you houses during the weekday, on week nights or on the weekend.  Weekends offer the best time to view homes because it allows for more time to view more houses.  Usually this will coincide with a buyer’s work schedule too.

The seller

The seller should be willing to allow a buyer to view their home whenever reasonably possible.  They want their home sold and understand the need to meet the needs of the buyer’s schedule.  Many sellers will allow lockboxes to be installed at their house so that buyers and their agents can view the home even when the seller is not at home.

The goal is to make sure that when a buyer wants to view a home, they can.   If you would like to view homes in your area, give me a call and I will introduce you to a local agent who will be able to assist.

Depending on where you live in the country you may need to list your home now if it is your goal to sell in the spring.  Your local real estate agent will provide you with information on your local market and specifically the average days on the market a home is sitting until it receives an offer and closes.

If the average days on the market is 90 days listing in January means you will have an offer on the home in April.  Add the time for the buyer to obtain financing and you could very well be looking at May before having to move.

Each area is different and the price you list your home will have an impact on the days your home is on the market.  Contact me if you would like to speak to an agent in your area about selling your home, now or in the spring.

First time home buyers who qualify can receive up to $8,000 if they purchase a home prior to April 30, 2010 or are under contract to purchase a home by the April date and then close by June 30, 2010.

If a parent already owns a home but cosigns on a loan for their son or daughter and this is the son or daughter’s first home, the son or daughter would still qualify for the first time home buyer tax credit according to the IRS.

This is a great way for parents to help their adult children purchase their first home.  If you would like to speak with a real estate professional in your area, contact me today and I will have an agent get in touch with you.

Houses being sold as a short sale make up a significant portion of listing inventories across the country.  Buyers want to know if they can still receive the first time home buyer tax credit if they buy a short sale.

The answer is yes as long as the house is a detached or attached home, condo or townhome and the buyers meet all the additional qualifying factors.  The only concern a buyer might have making an offer on a short sale is the time it will take to process the short sale from start to closing.  This is crucial because of the April 30,2010 time limit to have an offer on a property that closes by June 30, 2010.  Short sale transactions can take several months depending on the seller’s situation, the lender involved and the listing agents experience level.

Contact me to speak with a short sale real estate expert in your area.

If you are not ready to talk to a lender but you have questions about FHA home loans you can visit the HUD FHA Resource Center where you can find a wealth of information designed for the consumer.   The FHA Resource Center has information that includes:

• Types of FHA loans available
• Steps to buying a home
• Loan qualification answers
• Available down payment assistance

Buyers with little down payment and seeking low interest rates look to FHA as the source for their mortgage needs.  If you would like to speak to a real estate professional about FHA financing, please contact me today.

Home owners need to be aware that the next 4 months are prime time for selling their home.  Why?  The reason has to do with money, up to $8,000 in some cases.  First time home buyers have a tax credit incentive available if they buy a home prior to April 30, 2010 and anyone who has lived in a principal residence 5 consecutive years out of the past 8 also can receive up to $6500 if they purchase a new home during this time period.

To a home owner thinking of selling, this means more buyers in the market place.  There is no reason to believe that the tax credits will be extended past the April deadline so listing early in the year will result in the maximum exposure to a larger group of buyers.

If you are thinking of selling and would like to speak to an agent in your area, contact me and I will arrange for a qualified real estate agent in your area to call.

If you have been renting for the past 3 years you could receive $8,000 if you buy before April 30, 2010.  First time home buyers that qualify are eligible to receive up to $8,000 simply by purchasing a home this year.

Renters who are tired of their living arrangements and would like to own their very own home now have good reason for buying a home in 2010.  In addition to the tax credit, low home prices and low interest rates make this the right time for some renters to enjoy home ownership.

Home buying tax credit posts

IRS provides information on the homebuyer tax credit.

Rhode Island Housing is offering free classes to Rhode Island residence that provides educational information on buying a house.  The Housing’s goal is in helping residents afford a “safe and healthy home“.

To this end free homebuyer classes are now available in January and February 2010 throughout the State.  these classes are geared towards helping buyers understand the process of buying a home and how to take care of the home once they have moved in.

Interested individuals should contact the Rhode Island Housing by emailing tfisher@rhodeislandhousing.org  or calling 401-457-1245. 

If you would like to find a Rhode Island real estate agent to help you with selling or buying a house contact me and I will be happy to contact an agent for you.

Additional Rhode Island blog posts

The first time homebuyer and the long-time resident tax credit is schedule to end on April 30, 2010.  Anyone not under contract to buy a house by this date will not be eligible for the up to $8,000 tax credit.  As long as a buyer is under contract by the April 30^th date they will have until June 30, 2010 to close the transaction.

There is no indication that the Government plans to extend the tax credit past the 2010 deadline.  This being the case time may be of the essence.  Depending on your real estate market, the 4 month time frame before the tax credit expires could pose a problem.  In areas that have a heavy short sale inventory the processing time from initial offer to seller lender approval can be quite lengthy.  It is not unheard of to have short sale contracts delayed by several months waiting on bank approval.

I would not encourage anyone to buy a home just because of the tax credit being offered.  However if you are ready, willing and desire to purchase a home, then the tax credit plus the low starting listing prices and low interest rates available are powerful motivators for buying a home now.

Contact me in order to speak with a real estate agent in your area about the tax credit and your situation.