Consumer News, Loan Modification, Reverse Mortgage | March 21st, 2009
Consumer News, Local Real Estate News, housing market, sellers | March 18th, 2009
Consumer News, First-time Homebuyer, First-time homebuyers | March 12th, 2009
The American Recovery and Reinvestment Act of 2009 has several other provisions that will benefit home buyers and the housing market. The legislation:
Will help home buyers in high-cost markets by extending the FHA, Fannie Mae and Freddie Mac loan limit of $729,750 through the end of 2009.
Allows state housing finance agencies to help buyers at closing by advancing the credit as a loan using proceeds from tax-exempt bonds.
Extends the tax code section 25C credit for energy-efficient home improvements through the end of 2010; increases the credit rate from 10 percent to 30 percent; raises the lifetime cap from $500 to $1,500; expands the list of eligible improvements.
For 2008 operations, expands the net operating loss carryback period from two years to five years for small businesses (businesses with average gross receipts of no more than $15 million over the previous three years).
Temporarily allows exchange of Low-Income Housing Tax Credit allocating authority for tax-exempt grants and appropriates $2 billion in HOME funding for affordable housing projects.
Provides a “patch” for the Alternative Minimum Tax for tax year 2009.
Increases bonus depreciation and section 179 small business expensing for business investment in 2009.
Increases New Markets Tax Credit allocating authority for 2008 and 2009.
Delays for one year—from 2011 to 2012—the start of the three percent government contractor withholding requirement.
Economic Stimulus, Local Real Estate News, Tax, Tax Credit | February 22nd, 2009
Consumer News, Financing Options, Freddie Mac, Loan Modification, Local Real Estate News, re-finance | February 21st, 2009
Current studies are showing a disturbing trend among first-time homebuyers. Compared to just ten years ago, today’s first-time homebuyers are not as likely to consider the “fixer-upper”. Surveys show that many first-time homebuyers state that “affordability” is their number one concern, but at the same time also consider the “move-in condition” of the home to be very important as well. Only seven percent are considering the smaller, fixer-upper home. Experts want to remind first-time buyers that homes that may only need basic face lifts such as fresh paint, carpet, landscaping or even just window treatments can come with very large savings.
Experts now strongly suggest purchasing that fixer-upper as a way to build equity over time, and then later moving up to a second-stage home, which may then meet “move-in condition” expectations. Some pluses to ponder purchasing a fixer-upper are that many sellers of this type of home are generally more interested in selling quickly, than by making a huge profit. Also, good savings may be found on homes that have been listed for over ninety days, homes owned by long-term owners, and house-flipping investors that may be eager for a sale. Consumer News | January 15th, 2009
What this boils down to is that you will have to do most of the research on your own. Some ways to make this process easier on yourself are to pick one neighborhood, and stick to it. Research the neighborhood’s property values and make sure there are not too many forclosures there. Make sure that there is potential for job growth down the line in this particular neighborhood. Drive the neighborhood and focus on finding a home that may need some work. Consider contacting the homeowner yourself, as they may consider selling you the property directly. Another way to learn about the property you are interested in is to go to the local assessor’s office. They will be able to tell you the property owner’s name, the home’s tax information, it’s assessed value, it’s square footage and even what the current owner paid for the home. Once you know what the seller wants, you are one step closer to being able to negotiate a deal. If at all possible, try to find an agent that has some qualifications with this type of transaction. They will undoubtedly make the whole process easier for you and the seller, as they will better understand the complexities of this kind of transaction. Consumer News | January 10th, 2009
Consumer News, Home Care, Uncategorized | January 7th, 2009
Consumer News, Home Care | January 6th, 2009
Consumer News | December 30th, 2008