Final week is here if you plan on taking advantage of the home buyer tax credit!
We are now heading into the final week of the Government’s home buying tax credit program. First time home buyers and repeat buyers have until April 30th to negotiate and have an offer accepted between them and the home seller.
Since this is the final week you need to make sure all of your ducks are in a row. You do not want to get an accepted offer only to have the deal fall apart after April 30th. Make sure your financing is in place, you may want to avoid purchasing a home in bad condition that would result in an unfavorable inspection report or appraisal and you need to be caution and ask qualifying questions if you are planning of making an offer on a short sale transaction.
Your local real estate agent can help you find a home and go to contract during this final week. Give me a call or contact me to be connected with a local agent.
Home buyer tax credit extended for some in the U.S. Armed Forces
The first time home buyer and long term resident tax credit are scheduled to end for most home buyers on April 30, 2010. However for some members of the U.S. Armed Forces the time to purchase a home in order to qualify is extended.
According to IRS Publication 3 “Armed Forces’ Tax Guide”, the tax credit deadlines are extended to April 30, 2011 for entering a written binding contract to purchase a home and June 30, 2011 for closing on the home for those members on qualified official duty outside the United States for at least 90 days after 2008 and before May 1, 2010.
64 percent of those who responded to a Fannie Mae survey think it is a good time to buy a house
In a recent survey conducted by Fannie Mae 64% of those who responded believe now is a good time to buy a house. Viewing housing as a safe investment the majority of those who responded would rather own than rent.
This may be good news for the housing industry across the country. With the home buying tax credit scheduled to end at the end of this month, many are concerned that home sales will slow down. I believe those buyers that bought a home during the tax credit program probably did so because of a number of reasons. The stability of owning a home and the personal desire to own versus renting are two reasons. In my area of Central Florida, the increase of home sales may be the result of the number of reasonably priced bank owned property being listed and less to do with the tax credit.
Taking into consideration the Fannie Mae survey Americans believe now is a good time to buy a home. Low prices and low mortgage rates should strengthen this belief.
If we do not close by April 30th will we miss out on the home buying tax credit?
Real estate agents, buyers and sellers need to be aware that the first time and long time owner tax credit is scheduled to end on April 30, 2010. Does this mean that a qualified buyer must close on the home they are purchasing by April 30th or lose out on the tax credit?
No, the guidelines state that the home buyer must be under contract with a home seller by April 30th and have until June 30, 2010 to close. There are exceptions to this guideline for members of the military.
Even with the extra time to close, time is running out for getting a contract on a home in order to take advantage of the tax credit. If you plan on buying a home give me a call 407-304-0255 and I will have an agent in your area contact you today.
Vermont receives grant to build energy efficient homes
HUD is awarding the State of Vermont $250,000 to be used to build green housing. The grant is intended to develop new homes which will feature a sustainable site design, water-conserving fixtures, energy-efficient appliances/lighting, and environmentally friendly building materials.
The grant will be used through the Vermont Housing Conservation Board.
How can I find information about HUD homes for sale in my area?
HUD homes are offered for sale throughout the United States. The following links will allow you to search for HUD homes for sale in your State. Contact me to speak with an agent in your area that can help you purchase a HUD home.
- Alabama, Delaware, Mississipp, Pennsylvania
- Alaska, Idaho, Illinois, Indiana, North Carolina, Oregon, South Carolina, Virgina, Washington, West Virgina
- Arizona, Colorado, Michigan, Montana, Nevada, Ohio, Utah, Wyoming
- Northern California, Southern California, Georgia, Hawaii, Guam, N. Mariana Islands
- Arkansas, Connecticut, Louisiana, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont
- Marland, DC
- Iowa, Minnesota, Nebraska, North Dakota, South Dakota, Wisconsin
- Florida, New York, New Jersey, Ohio
- Kansas, Kentucky, Missouri, Oklahoma, Tennessee
- New Mexico, Texas
Should I use a big company or a small company to sell my house?
Homeowners in most areas around the country have choices when it comes to selecting a real estate company. When selecting a real estate company to assist you with selling your home should you use a big company or a small one in your area? Does it make a difference? What are the advantages of using one or the other?
The majority of the differences you may experience may have little to do with the size of the company. The real difference could be due to your choice of agent. Successful, professional, and ethical real estate agents can be found in both large and small real estate companies. Regardless of the size of the agent’s company you can help yourself by making sure to interview several agents before making your selection.
When comparing companies you will want to know:
When is the company open? Can potential buyers reach someone 7 days a week? More importantly can buyer agents reach the company in order to receive showing instructions?
Does the company have an online presence? When you search for real estate in your area does the company you are considering using show up in the search results?
Speak with the broker. Is this someone you can feel comfortable speaking with in case there are issues or problems that you need resolved?
Your final choice will more than likely have less to do with the size of the company but more to do with the answer you receive to your questions and concerns. Talk to agents from companies of all sizes until you find the right fit for you.
The current home buyer tax credit is scheduled to end on April 30, 2010
The current home buyer tax credit is scheduled to end on April 30, 2010. Buyers who have not executed a contract to purchase with a seller by that date will not be able to take advantage of the up to $8,000 for a first time home buyer and up to $6,500 for a qualifying repeat home buyer.
Many have asked if the tax credit will be extended and right now there are no way of knowing for sure if this will happen. Home buyers who are interested in purchasing a home anywhere in the US and who want to receive the available tax credit money after they purchase the home should take steps now to start looking for homes.
While the deadline to be under contract is April 30th, buyers who are under contract will have until June 30, 2010 to close on the deal and still qualify for the credit.
To speak with a real estate professional near you, give me a call. 877-779-2876
If I do not close on the home I am buying by April 30 will I lose the home buyer tax credit?
There are two different home buyer tax credits schedule to end on April 30, 2010. The first is the first time home buyer tax credit of up to $8,000 and the second in the long-time resident tax credit of up to $6500.
As part of the qualification process you must be under contract to purchase a property by the April 30th deadline and must close by June 30, 2010.
Considering resale issues when buying your home
Think back a few years and it seemed like many buyers were strongly considering the resale issue especially as it related to value. Flipping a home became very popular throughout the country with the buyer’s goal when purchasing a home primarily to sell it quickly for a profit.
What about the homebuyer just looking for a nice home that suits their needs. How much thought should be given to resale issue? What are the issues involved with your selection of a home that may influence how easy or hard it is to sell the home in the future?
I do not think a large family that finds a perfect 4 bedroom home at the right price will hesitate purchasing the home just because 5 years down the line it may not appeal to a certain buyer who is looking for less space. Will this spacious home greatly impact their ability to sell the home knowing that it would not appeal to all buyers? Probably not, as long as the other conditions that play into a home selling are favorable such as price and location.
Resale is more likely to be an issue if the home has a radical design or has been over-improved or has an infamous history.
Buying your home with resale in mind is probably not something the average buyer considers before signing on the bottom line. When/if you decide to sell your home, the features that prompted you to purchase the home will usually be the same features that attract future buyers.