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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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Is buying a condo through FHA financing about to be a thing of the past?
Effective
November 2, 2009, the Federal Housing Administration (FHA) is implementing a new
stricter approval process for condominiums to be eligible for FHA financing.
Why should a condo buyer care? More
borrowers qualify with FHA financing than with conventional due to the lower
down payment (3.5% down) program and the looser credit standards. Even the
mortgage rates are typically better.
Unfortunately for the condo purchaser the
number of condo complexes that will be FHA approved under the new guidelines
will significantly diminish. Some “highlights” of the new regulations
At least a 50% level of owner occupancy or
sell out (if a new build)
No more than a 15% condo fee delinquency
rate
No more than 10% of the units may be owned
by one investor. This includes the developer.
Reserve Study – a current reserve study must
be performed to assure that adequate funds are available for the funding of
capital expenditures and maintenance. The regulations don’t define what is
“adequate,” however it would be reasonable to expect that at least 10% of annual
operating budget would be held in reserves.
The first two points are of particular
interest to the valley given our foreclosure rates. We are of the opinion that
very few condos will meet these criteria in the next few years. A word of
caution to condo buyers – pick your development carefully. Although you are a
buyer today, tomorrow you may be a very frustrated seller.
Local Market Conditions
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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