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Young couples can live comfortably in a rental apartment or small house initially, but inevitably the prospect of children or other considerations will create a demand for more space.
At some point, you will feel that it's time to buy a house, but accumulating the cash for a down payment, moving expenses and up-front loan costs may make it seem out of the question.
But don't despair--home finance is part of a Realtor® training and after discussing your financial picture with them, you may well discover that your prospects for a mortgage are better than you think. If your ability to qualify for a loan in other respects is adequate, creative solutions for a tight initial cash position are available.
A short-term lease-purchase arrangement with the seller, for example, or perhaps a lender with a program that minimizes the down payment and allows some of the loan costs to be included in the payment schedule.
Your agent is aware of these and other alternatives. If you're ready to buy your Realtor® can help make it happen!
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First-time buyers who have not had interest in a principal residence for three years are still eligible, and the maximum amount remains the same $8,000 for married couples, $4,000 for those filing separately.
Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately.
The tax credit may not used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns.
The income limits for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples.
This is a major victory for consumers, REALTORS® and the housing market.
--Government Affairs at PPAR.com
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I see it has been several weeks since I have written anything on my blog. I have been busy showing houses to about 6 different buyers! I love working with buyers and finding them the right home. Five of these buyers are under contract so things are going well. I will be back on the blog when time permits. Thank you for your patience.
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Purchasing a home is no doubt the biggest investment you will ever make. Homeownership has many benefits but also brings responsibility.
It is important that you have a steady income and steady employment history for at least 2 years. You must have a good credit history. It is important that you can not only make your house payment but also have extra for maintaining your home.
When purchasing a home you need to consider the changes it brings. You need your monthly payment to fit into a decent budget so you will not be cash poor and can afford to enjoy eating out or some sort of entertainment once in awhile. There are many sources for you to find out details on how to manage your income and expenses so you can live happily! Check out the website at www.freddiemac.com
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Time will be running out for first time home buyers to take advantage of the $8,000 tax credit. You have to close on your property by Nov. 30th and it is taking up to 45 days to close a loan so all interested buyers need to get a wiggle on or it will soon be too late.
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From what I have been reading it looks like there are signs of our home values rebounding in Colorado. The more expensive homes are still in a buyer’s market. However, homes under $400,000 are starting to move. A total of 873 homes sold in June in El Paso County. Median price was $194,700 and average days on the market was 89 days. June was a good month in the real estate world in El Paso County. Homeownership is the American dream and now is the time to get on with the show.
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The associated Press did a study of 45 metro areas and found that over the last 3 years the difference between monthly rent payments and monthly mortgage payments on median-priced homes has plummeted. In some areas, the difference is less than $100 a month. Home buyers need to consider purchasing a home NOW while interest rates are low, the price of homes has dropped and the tax incentives that are available for the next couple months.
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BusinessWeek has an interesting article this week stating they have examined job opportunities all across the country and identified the top 10 places offering the best opportunities for anyone looking to get a fresh start. Our own Colorado Springs is number 8. We love where we live and welcome anyone else to come join us. No matter what stage of live you are in this is the place to be!
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The Colorado Carbon Monoxide bill goes into effect on July 1, 2009. Every home bought or sold in the State of Colorado will be required to have a carbon monoxide detector within 15 feet of any bedroom or room that is used for sleeping. The CO detectors can be battery powered, hardwired, or hardwired with a battery backup. All rental properties must comply with these requirements at the time you change tenants.
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The presence of Radon gas has been identified as being a factor in a number of diseases. Homeowners and environmentalists worry about it because it occurs naturally and randomly in homes across the country and is undetectable without special testing.
Environment Canada and the EPA in the U.S. are sources of information on Radon gas and can be consulted if you want your home tested by a local firm equipped to do it.
If the gas is found by such a test its removal is usually straightforward and fairly inexpensive. If you are selling a home in an area where it is known to be a problem, testing for it in advance of listing the property is a good idea to preclude it as an issue in any offer you receive.
As a buyer, including the test as a contingency in the offer would be prudent.
--with permission Realty Tips
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Homeownership is such a privilege in our country. Now is a great time to consider owning a home. First you need get your loan in place. There are many programs for first time home buyers right now. Our biggest program is the $8,000 gift from the government this year. I have written about this in a previous post. The current interest rate has not been more appealing for many, many years.
There are lots of homes for sale in Colorado Springs so you have the privilege of making a good choice. Homeownership stabilizes your monthly payment for 30 years verses. There are also tax benefits to homeownership. If you have any qualms or questions about owning a home you can email me at any time.
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Your first winter in your new home may bring some surprises if you neglected to inquire about utility costs when you purchased the home.
That beautiful, light, and airy home you viewed and bought in balmy summer weather may be a serious drain on your finances in the winter. That nice breeze may now be a nasty draft!
Find out what the owners of a house are paying for utilities before you make an offer. Even if the owners have been meticulous about telling you what they pay, your cost may differ greatly because of lifestyle differences. The present owners may like a very cool house - you may require the house to be much warmer. The present owner may be elderly and just using and heating a couple of rooms while you and your family will need to heat the whole house.
Check and see if windows are double-glazed, if the ceiling is well insulated, what insulation is in the walls and how well the doors and windows seal. There are many ways in which to improve energy efficiency. Modern high efficiency appliances, light bulbs, and heating sources can cut energy use.
Both your local library and electric company are good sources of information on improving the energy efficiency of a home.
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According to our MLS system with Pikes Peak Association of Realtors more homes sold in February than in January. 514 homes sold during the month of February. January sells totaled 413. These were both average and median price ranges. Maybe we are close to the bottom on lower priced homes. Money is available for buyers utilizing VA and FHA financing. I am keeping busy with both buyers and sellers. I love my job.
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American Recovery and Reinvestment Act of 2009
This temporary credit is available January 1, 2009 through December 1, 2009 * 10% of the cost of the home up to $8,000. * Buyers claim the credit on their federal tax turn. If credit is more than their total tax liability for the year they will get a refund check for the balance. * Only for first-time home buyers. A first time home buyer has not owned a home in the last 3 years. * Buyers adjusted gross income no more than $75,000 (or $150,000 if filing jointly). * Tax credit does not have to be repaid if the buyer stays in the home at lease 3 years.
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According to Consumer Reports
- 71% of sellers said they were very or completely satisfied with their broker, while only 12% said they were dissatisfied.
- 86% of people who put their homes on the market made a sale, while 8% gave up and took their homes off the market. The remaining sellers were still trying to sell their homes.
- 90% of homes that sold were on the market for less than 6 months.
- 66% of buyers used a real estate agent; they paid an average of $5,000 less than the listing price.
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Check out this website www.federalhousingtaxcredit.com. It is a tax credit for first time home buyers. A first time home buyer is a buyer who has not owned a home in the last three years. This website is divided into four parts: an overview of the tax credit and eligibility requirements; frequently asked questions; the law's other provisions and homebuyer resources. This is a good opportunity for the first time home buyer if you have a good credit record.
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Young couples can live comfortably in a rental apartment or small house initially, but inevitably the prospect of children or other considerations will create a demand for more space.
At some point, you will feel that it's time to buy a house, but accumulating the cash for a down payment, moving expenses and up-front loan costs may make it seem out of the question.
But don't despair--home finance is part of a Realtor® training and after discussing your financial picture with them, you may well discover that your prospects for a mortgage are better than you think. If your ability to qualify for a loan in other respects is adequate, creative solutions for a tight initial cash position are available.
A short-term lease-purchase arrangement with the seller, for example, or perhaps a lender with a program that minimizes the down payment and allows some of the loan costs to be included in the payment schedule.
Your agent is aware of these and other alternatives. If you're ready to buy email me. I can help make it happen!
with permission--Realty Tips
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I read an interesting article about skills every homeowner should have. Here is the jist!
1. Replace a door lock
2. Change furnace and air-conditioning filters
3. Learn the location of the main water cutoff.
4. Find a stud in wall.
5. Find the spaces between the studs
6. Hang a ceiling fan.
7. Drive drywall screws with a variable speed drill
8. Master a caulking gun
9. Seal Stains
10. Replace the flapper ball in a toilet
Homeowners, do you know how to do all these things? If you need more information email me. There are also plenty of handyman books you can buy.
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December 2008 there were 4,035 active listings.
77% of these active listings were under $400,000
23% of these active listings were over $400,000
Interestingly enough 7% of these active listings over $400,000 were between $400,000 and $500,000, 10% were between $500,000 and $800,000, and 6% were over $800,000.
From January-December 2008--7,557 homes sold. Not bad!!
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Almost all litigation relating to real estate involves buyers suing sellers for undisclosed structural problems. And, when it comes to leaking roofs, plumbing disasters, heating problems, dry rot, and flooding basements—the courts usually reject the “let the buyer beware” argument.
Putting a “quirky” or flawed property up for sale may be okay if you and the Realtor® give buyers full information on the house’s defects. But, even if you have had a structural inspection and sold your home “as is”, you may not be in the clear.
You are legally obliged to disclose all defects in the property you sell. Courts are very unsympathetic to people who have lived in seriously flawed homes and sold them to others without full disclosure.
with permission Realty Tips
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