Hi all!

This has been an interesting week--but the newest item is that The President signed in to law the new Housing and Economic Recovery Act (HR 3221) of 2008. There are a number of new provisions to help homeowners currently in distress with refinancing under the right conditions.

The one I like the best has to do with helping out First Time Home Buyers (those that have not owned a home for the last 3 years); it allows them a tax credit ten percent of the cost of the home (up to $7500).

Now, this home does have to be a primary/principal residence. And the income limit is $75,000 (or $150,000 on a joint return). It is phased out at $95,000 and $170,000 respectively.

This is a program that is effective on homes purchased on or after April 9, 2008, and terminates July 1, 2009.

So what does this mean for the first time homebuyer and how does it work? Well, since interest rates are still at an all-time low, and home prices about as reasonable as they're going to get, plus with this, it truly is an incentive to buy a house before July 2009! Once you buy your house, just make sure you provide your tax professional with the documentation of your closing they request and they'll get you taken care of.

If you've got questions on how it affects you and your taxes personally, the best thing to do is talk with your tax person to find out exactly how it affects you as everyones situation is different.

To find out more about the act, you can read the press release below;

http://www.reuters.com/article/pressRelease/idUS171972+30-Jul-2008+BW20080730

http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument

Have a GREAT week!

Hi all! It's been a hectic time the past couple of weeks with summer in full swing!

I've talked with many buyers as well as sellers the past couple of weeks and interestingly enough, a question that stood out from both sides had to do with the homes that are still occupied and whether or not the seller should be at home during the showing(s).

Some sellers may not think it is an issue to be there and to answer any questions that might come up, however, I don't think it is a good idea to be at home if your home is being shown for a variety of reasons. First of all, every buyer I've spoken with prefers to be able to walk in and get a "feel" for the house on their own terms. I've shown some homes where the seller remains in the house, and while helpful, respectful and friendly, the buyer is there to scrutinize the house, not visit. A buyer does not feel comfortable to open cabinets and closets if the seller is "hanging out" in the other room, and it quickly comes off their possibility list.

Also, while a seller must disclose known issues with the home, they do so via a seller's disclosure. If in the home when a potential buyer comes through, and the subject comes up of "why are you moving" and then the seller proceeds to explain all the reasons why--one of them being "well, it's just too far from town and with gas prices we just can't afford to be running back and forth..." While this may be honest, now you, as the seller, have brought to light gas prices and the distance to the nearest amenities. This may not have been an issue for these potential buyers, but now you have them thinking about it, and that may be the only reason they do cross it off their possibility list.

Another reason, buyers are working with their agent, who has gotten to know them and what they're wants and needs are in a home. When they view your home, they discuss with each other what they do and don't like about the home. They do not feel comfortable talking negatively about your home if you're in the other room, or in the room they are in for that matter.

If a buyer has questions that are not answered by the listing itself, or the seller's disclosure, then they let their agent call the listing agent to find out the answer.

I understand that sometimes it is not feasible to leave the home--especially if there are pets or small children involved, however, in a case like this, it is best to walk out of the home when the buyer and buyer's agent arrives, and either take the pets for a walk, or play with the kids in the back yard, or even the neighbor's yard if that's possible.

Hi! I hope everyone enjoyed the 4th of July weekend! I'm not sure yet if I enjoyed mine, but it was productive! I did enjoy it, watching fireworks with my son and good friends and cooking out, BUT WAIT, there's more! I also installed new wood laminate floor in my living room and master bedroom.

I have a good friend, Michelle, who has remodeled her own homes each time she's moved--and looking at her work, you KNOW she's a perfectionist. She's a plethora of knowledge, so I asked her if she'd help me with my new floors. I've never put down wood laminate, and didn't think having my 9-year-old help was quite enough. One thing I've realized (yet again), is that there is nothing like putting in your own floors to realize why it costs so much for a professional to do the same thing. We spent 2 full days putting in the flooring, taking out carpet and moving furniture. I'm not as young as I used to be!

With that said, the question came up about buying and selling homes, and work needing to be done on them. Of course, as a Realtor, and helping both buyers and sellers, I see benefits of different scenarios. When I talk to sellers about selling their home, I do explain that most buyers do want a home that is move-in ready. Most homebuyers are scrimping to get IN to that new home to begin with, and for whatever reason, may not have extra funds to pay for work necessary to be done, or the know-how (or WANT) to do it themselves.

SO, that said, as a seller, the best case scenario is to have your house as move-in ready as possible. If you're not sure everything that needs to be done, try walking in to your home with the mindset of a buyer. Sometimes that is not so easy, so you can ask a friend, relative, neighbor, Realtor, OR hire a home inspector to do an inspection. A home inspector won't necessarily comment on cosmetic issues, but can identify other things you can't see (loose shingles, faucet leaks, electrical issues, etc.). If it's not possible as a seller to make updates or repairs, you can give an allowance as part of the sale, or else adjust the price and sell "as-is" as a fixer-upper, depending on the condition of the home.

As a buyer, if you know your level of comfort on your new home is that you do want it to be move-in ready, there are a lot of homes that are ready. And there are also many that require different levels of work (I've seen some gutted to the studs). If you don't have the funds, know-how, experience, or just don't want to do the work, then don't waste your time on looking at homes that do require work. If you're comfortable with doing some of the work yourself, then some homes that need "TLC" usually only require paint and carpet/flooring. I've put down wood laminate now, and in the past carpet, vinyl tile and ceramic tile. The one I WON'T do again is carpet. But know your level of comfort on doing the work before jumping in to it!

Neither a buyer or seller, but want to do the updates? This is the position I'm in, and changes that I wanted to make. I know how expensive it is to lay flooring, so when I can, I try doing the work myself. The nice part about being in this position is that you don't have to be in a hurry because you have to sell. You can work at it at your own pace, one project at a time. And this is what makes it more YOUR home, and not what someone else's preferences are/were. Whatever your scenario, by doing the right updates/upgrades to your home, you are increasing the value--which is always a good idea!

The one thing I really enjoyed about putting down my new floors is that because Michelle is such a perfectionist I knew it would be done right (THANKS MICHELLE!), and it was a lot of fun watching it go from the aqua painted cement floor I had (I took out the living room carpet last summer and painted the floor), to the Rustic Pine we put down. It looks awesome and I love it...now we just have to put the baseboards back!