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Vital Information For
First-Time Buyers
The first-time homebuyer Federal tax credit for $8000, record-low interest rates, and nationwide median home prices dropping to the lowest point in five years, makes this an enticing time to consider buying a home. By the way, that tax incentive isn't truly just for first-time buyers -- it's defined as those not having owned a home in the last three years. Research and knowing your options are critical. Check with your tax accountant for more details. It’s increasingly likely that Congress will extend and expand the popular home buyer tax credit, which will expire at the end of this month.
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According to an article in August in the Raleigh News & Observer, 10.8 percent of buyers are motivated to buy due to Federal and state tax incentives. So far only 1.14 million buyers have filed
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Relieving the Stress of Packing
Packing can be stressful time for every member of the family. To ensure that your move goes as smoothly as possible, try the following tips!
Pack a "Red Box"
Since one in five American families moves every year, that means 22 million families may be searching for their TV remote controls!
One of the pitfalls of packing for a move is you can't always anticipate what you'll need when you arrive at your new home, and movers typically list only the obvious such as dishes, glasses, bedding, etc. The miscellaneous items you need in the first few hours invariably wind up on the bottom of a random box.
To start, you may want to create your own "red box" as some moving companies ("Removers") do in Great Britain. This is the last box loaded and the first one off the truck. The one universal item in the red box is the tea kettle (perhaps this would be the coffee maker in the U.S.). This is also the place
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Making Your Home Age Appropriate Creates Appeal
All of us have something in common with our homes. Sure, style, design, and location are at the top of the list, but how about age? As we age, buyers, especially the baby boomer generation, are looking to transform their homes into a place that they can stay in for as long as possible or they're hoping to find one that's already equipped for them to age-in-place.
So how old your home and you are, are reason to give some thought to if your home needs age-appropriate adaptation in order for you to be most comfortable. And, in doing so, you may actually make your home more valuable to a wider audience of buyers, should you ever sell it.
According to the National Homebuilders Association, making a home suitable for the golden years is economicaly sound. The baby boomer generation (77 million people) makes up 28 percent of the U.S. population. Assisted living for this generation can cost more than $60-thousand per year, not counting moving expenses.
That's pretty pricey. So, if you've taken some steps to make your home an age-in-place sanctuary, then make sure you highlight those renovations if you ever
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BAY COUNTY REAL ESTATE MARKET 2008 OVERVIEW
As we close the books on 2008 and ready for 2009, it is unwise to think a market turn around will occur as quickly as everyone would like. The test to determine the start of a shift back towards a balanced or sellers’ market will be when the monthly pendings meet or exceed the new monthly active listings. The reason “pendings” are so important to identifying a trend is because they tell us what buyers are doing right now. These one month snapshots are the best determiners of what the market is doing in real time. Please watch this column for monthly updates.
Stats effective December 31, 2008
Total Active Listings in the
Bay County Association of Realtors MLS – 3812
(includes single family homes, town homes, and condos)
Total SOLDs for 2008 in the
Bay County Association of Realtors MLS – 2320
(includes single family homes, town homes, and condos)
Total Pendings in the
Bay County Association of Realtors MLS – 151
(denotes the business expected to close in the next 30-90 days
and includes single family homes, town homes, and condos)
Total SOLDs in December 2008 as listed in the
Bay County Association of Realtors – 122
(includes single family homes, town homes, and condos)
Average Day On Market (DOM) for a single family
Home In Bay County - 140
* note the average DOM for the active inventory is 273 days; this would indicate there is a lot of unsold and un-saleable inventory on the market, keeping the market from finding its “true bottom”
Median priced single family home in
Bay County home as of December 31, 2008 – $195,000
*note this reflects a 9% drop in home values since the same period last year
We are all hopeful to see the market turn around in 2009. However, home owners should remember the real estate market is subject to the same laws of “supply and demand” just like any other commodity. And because inventory is at its highest, prices are expected to continue their decline. Now more than ever, homeowners should take steps to preserve their home’s value by completing deferred maintenance, sprucing up curb appeal, and making the necessary improvements to meet or exceed the neighborhood standard. Please observe this caution to not over improve a home. Now may not be the best time to install the pool, replace carpet with hardwood, or add on, unless you are planning on living in the home for many years to come. Consider more cosmetic improvements such as paint and fixtures if you desire to update your home before placing it on the market. For more detailed information about your home and/or your subdivision, please contact The Bill Fitzgerald Team at 850-814-2814 or visit our website www.CallBillToday.com.
The Bill Fitzgerald Team is pleased to announce the scheduled date for our monthly Seminar Series. We are offering a FREE no obligation seminar entitled "Buying a Home in Todays Market". The seminar is scheduled for February 19th at 6pm in the Keller Williams Success Realty Training Room. Seating is limited so please call 850-392-1749 to reserve your seat. Feel free to bring a friend. We hope to see you there.
Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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