Nov. 24, 2008 - Check your credit score for the 2009 residential real estate market

real estate,buy,sell,house,home,realtor,agent,san antonio,market,relocating

What Home Buyers Can Do To Prepare for the Residential Real Estate Market in 2009!

I read an article recently on RISMedia.com which was very interesting, and I'm sure it will be to others as well.  Here are some of the features:

Those clients that are waiting for the downturned housing market to level out or right itself can do some preparatory work in the mean time.  The first step is to check your current credit score.  The results may surprise you,  because credit card companies are reducing credit limits or the amount that you may spend.  This causes your existing obligations to be higher than they were before because of the reduction in the credit limit.

The big reason for the credit activity above is because of the increase in risk existing today.  Lenders are adjusting interest rates and fees and contacting you earlier when your payment is a few days late.  Another feature that lenders are exploring is measuring your usage of your credit card.  Because they have issued a credit card, they expect you to use it or they will lose interest in your account.  Lenders are also freezing home equity lines of credit. 

Here is a summary of what you can do to prepare for 2009:

l.  Check your credit report - Many negative items should be removed after seven to ten years.

2.  Don't get close to card limits - Pay down balances as much as possible.

3.  Keep accounts active - Accounts get closed with little activity.

4.  Pay bills on time - If your payments are getting shakey, contact  the credit card  company  ASAP.

5.  Don't apply for new cards - The application for that new card will have a negative effect on your score.

 Joe Skye

Nov. 20, 2008 - $7,500 Tax Credit For First Time Homebuyers!

real estate,buy,sell,house,home,realtor,agent,san antonio,market,relocating

$7,500 TAX CREDIT FOR FIRST TIME HOME BUYERS!

Here it is, a way to cut costs in the tax area of our lives and, believe it or not, very few buyers are taking notice of this savings feature in buying a house.  Who can use an extra $7,500 to redecorate their house, get a new paint job, new carpeting or some wood flooring?  The answer is: all of us. 

Keep in mind that this is a tax credit or reduction in taxes which in turn would free up funds to use elsewhere.  The purchase must be completed between April 9, 2008 and July 1, 2009.  Another aspect is that the $7,500 tax credit must be paid back over 15 years but with no interest.  It amounts to an interest free loan. 

Please contact Mary or Joe Skye for further details on the $7,500 tax credit.

Source: David Fialk/RISMedia/IRS Newswire/Skye