Wanting to wish everyone a Happy Thanksgiving. To each of you, I am most thankful for. Hope you all have a fantastic holiday!
Jessica Woldenga
Monday, November 23, 2009
Real Estate Facts
Real Estate Market FAQs Got questions about where real estate is headed? Here are informed answers to some of the most frequently asked questions about today’s housing market.
When will housing hit bottom?
There isn’t any single answer to this question. It depends on where you live. Home prices are rising again in the most convenient suburbs of such cities as New York and Washington, D.C. California has seen an all time high in the past three months. In other places that are in less demand, prices continue to fall.
How can I figure out the value of my home?
Talking to a real estate professional and/or hiring an appraiser is the best idea. But even after getting a professional opinion, it is hard to tell what a home will sell for until you put it on the market.
Is now a good time for a renter to buy a home?
It could be. Prices in many areas are down significantly from their peak a couple of years ago. Plus, Congress has extended the tax credit for first-time home buyers and added a $6,500 credit for many previous owners of homes who sign a contract to buy by April 30, 2010.
Should I invest in foreclosed homes at auction?
A foreclosure/auction home can be a risky buy, even for the most experienced real estate investors. Use caution.
Source: The Wall Street Journal, James R. Hagerty (11/17/2009)
When will housing hit bottom?
There isn’t any single answer to this question. It depends on where you live. Home prices are rising again in the most convenient suburbs of such cities as New York and Washington, D.C. California has seen an all time high in the past three months. In other places that are in less demand, prices continue to fall.
How can I figure out the value of my home?
Talking to a real estate professional and/or hiring an appraiser is the best idea. But even after getting a professional opinion, it is hard to tell what a home will sell for until you put it on the market.
Is now a good time for a renter to buy a home?
It could be. Prices in many areas are down significantly from their peak a couple of years ago. Plus, Congress has extended the tax credit for first-time home buyers and added a $6,500 credit for many previous owners of homes who sign a contract to buy by April 30, 2010.
Should I invest in foreclosed homes at auction?
A foreclosure/auction home can be a risky buy, even for the most experienced real estate investors. Use caution.
Source: The Wall Street Journal, James R. Hagerty (11/17/2009)
Thursday, November 5, 2009
Tax Credit Extended Plus more......
Both Houses OK Tax Credit Extension, and Expansion
The House today and the Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010 for first-time buyers. But they did not stop there it gets better.............
They have added a $6,500 tax credit for repeat buyers if they've lived in their home for five of the past eight years. Home prices are capped at $800,000.
Yes you heard that right not only do first time buyers benefit but now any buyer benefits *
The legislation in both houses was included in a bill to extend unemployment benefits and is expected to be signed by President Obama shortly. “REALTORS® appreciate the swift action by Congress to extend the home buyer tax credit and expand it to some current homeowners,” says NAR President Charles McMillan. “As the leading advocate of housing and real estate issues, we urge President Obama to sign this legislation into law quickly to keep the momentum going in the fragile recovery of the nation’s housing market.”Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.Taxpayers can claim the credit on their federal income tax returns.
If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.
Source: The Associated Press (11/5/2009)
* Please talk to your tax advisor on the details of this program
The House today and the Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010 for first-time buyers. But they did not stop there it gets better.............
They have added a $6,500 tax credit for repeat buyers if they've lived in their home for five of the past eight years. Home prices are capped at $800,000.
Yes you heard that right not only do first time buyers benefit but now any buyer benefits *
The legislation in both houses was included in a bill to extend unemployment benefits and is expected to be signed by President Obama shortly. “REALTORS® appreciate the swift action by Congress to extend the home buyer tax credit and expand it to some current homeowners,” says NAR President Charles McMillan. “As the leading advocate of housing and real estate issues, we urge President Obama to sign this legislation into law quickly to keep the momentum going in the fragile recovery of the nation’s housing market.”Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.Taxpayers can claim the credit on their federal income tax returns.
If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.
Source: The Associated Press (11/5/2009)
* Please talk to your tax advisor on the details of this program
Fha And Condo's
FHA Delays Implementing Rules for Condo Loans
The Federal Housing Administration says it will implement a new approval process for condo financing on Dec. 7 – the second time the deadlines have been pushed back. The delay also brings a relaxation of new rules, according to the Mortgage Bankers Association, which has been negotiating with FHA. Under the latest iteration of the rules, 50 percent of units in a condo project will be eligible for FHA funding and up to 100 percent will be eligible in “well-established” projects with a minimum of 10 percent reserves.
Half of the units will have to be sold to owner-occupants before FHA will back any loans.In an important move, FHA said it wouldn't require the recertification of some 40,000 projects that have already been certified for FHA financing. "If what the MBA says is the deal, it's essentially a nonevent," said mortgage banker Faramarz Moeen-Ziai.The U.S. Department of Housing and Urban Development confirmed a delay in implementation but wouldn’t comment on the changes the MBA says FHA has agreed to.[Editor's note: FHA Commissioner David Stevens talks about the new condo rules and other FHA issues, including appraisal guidelines and the agency's credit performance, in an interview with REALTOR® Magazine.
Source: Inman News, Matt Carter (11/05/2009)
The Federal Housing Administration says it will implement a new approval process for condo financing on Dec. 7 – the second time the deadlines have been pushed back. The delay also brings a relaxation of new rules, according to the Mortgage Bankers Association, which has been negotiating with FHA. Under the latest iteration of the rules, 50 percent of units in a condo project will be eligible for FHA funding and up to 100 percent will be eligible in “well-established” projects with a minimum of 10 percent reserves.
Half of the units will have to be sold to owner-occupants before FHA will back any loans.In an important move, FHA said it wouldn't require the recertification of some 40,000 projects that have already been certified for FHA financing. "If what the MBA says is the deal, it's essentially a nonevent," said mortgage banker Faramarz Moeen-Ziai.The U.S. Department of Housing and Urban Development confirmed a delay in implementation but wouldn’t comment on the changes the MBA says FHA has agreed to.[Editor's note: FHA Commissioner David Stevens talks about the new condo rules and other FHA issues, including appraisal guidelines and the agency's credit performance, in an interview with REALTOR® Magazine.
Source: Inman News, Matt Carter (11/05/2009)
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