I have taken the marketing plunge into the next step of personal promotion, both for myself and for my Sellers. This was rather fun to do, and I really enjoyed including a couple of my best clients in the process! What do you think?
http://www.youtube.com/watch?v=knm4an-N1cg&feature=share&list=PLV7AamjShE1xCjIe4qlwvLWIdv7HyPOHY
Buying and Selling homes in Eastern Idaho made simple.
Showing posts with label idaho falls real estate. Show all posts
Showing posts with label idaho falls real estate. Show all posts
08 March 2013
29 January 2013
New Year's Resolutions?
Now that we are at the end of January, are you on track with your New Year's Resolutions?
Did you, like many others, decide that this year, for sure, you are going to purchase a home and stop renting?
Oh, yeah. ;)
I know, I know. Fortunately, I have a link to get you started, compliments of CNN Money: The Top 10 Things ou Need to Know When Buying A House. And they are easy to start today!
Did you, like many others, decide that this year, for sure, you are going to purchase a home and stop renting?
Oh, yeah. ;)
I know, I know. Fortunately, I have a link to get you started, compliments of CNN Money: The Top 10 Things ou Need to Know When Buying A House. And they are easy to start today!
18 June 2012
Ten Signs it's Time to Sell Your Home
YES, a couple of these are silly. But a couple might hit it right on the head...
- The kids
have all graduated from college. You and
your husband finally have time to yourselves…then they move back home!
- You have
three spare rooms in a four bedroom house.
- You have
to shuffle your cars each morning to leave for work.
- You
spend more time driving to work than you do with your family.
- You
spend more money each month for storage than you do for your mortgage.
- Your
neighbor found a loophole in the homeowner's association rules and is raising
donkeys.
- You keep
hearing faint voices telling you to "get out" and they're getting
louder.
- Grandpa
Jed just struck oil while hunting in your back yard.
The dog’s house doubles as a guest room.- You have to take a number to use the bathroom.
14 June 2012
June 1, 2012 Local Market Stats
Good news! Our local market inventories continue to decline year-over-year. In Bonneville County, the first of June this year saw an overall inventory drop (available properties) of 14%.
Year-to-date through May 31st, we are up in closed units by 19%, and the number of units going pending is up 25%. Our values are holding steady vs. the same period last year, with an average sales price of $144,147.
For May, the number of available properties that were considered "Distressed" (short sales, pre-foreclosure, bank-owned) is holding steady at 12% of all available properties, but the % of closed sales that were distressed properties is down to 27% - down from last year that was fairly steady at 33-38%.
What does all this mean?
Rates have dropped again lately! Local 30-yr conventional rates are down to 3.625...unbelievable! Refer back to my previous post demonstrating how every 1% in interest rate drop give you an extra 11% in buying power. That mean, if you thought 4.625% was good last year, for the same payment you can now get even more house!
It's a great time to buy!
If you know of someone who would like to buy or sell a home, please contact me today! 208.201.2034
Year-to-date through May 31st, we are up in closed units by 19%, and the number of units going pending is up 25%. Our values are holding steady vs. the same period last year, with an average sales price of $144,147.
For May, the number of available properties that were considered "Distressed" (short sales, pre-foreclosure, bank-owned) is holding steady at 12% of all available properties, but the % of closed sales that were distressed properties is down to 27% - down from last year that was fairly steady at 33-38%.
What does all this mean?
- There are fewer homes on the market for buyers to choose from.
- Older inventory is clearing the market.
- The bloom has fallen off the rose for many buyers with respect to distressed properties...
- ...about 73% of all sales are traditional sellers, not distressed at all.
Rates have dropped again lately! Local 30-yr conventional rates are down to 3.625...unbelievable! Refer back to my previous post demonstrating how every 1% in interest rate drop give you an extra 11% in buying power. That mean, if you thought 4.625% was good last year, for the same payment you can now get even more house!
It's a great time to buy!
If you know of someone who would like to buy or sell a home, please contact me today! 208.201.2034
17 May 2012
It bears repeating...
I posted this about a month ago, but just had a presentation to a Seller yesterday and pulled this up as an example.
At 3.75% (30 year fixed) the principal and interest portion of a $200,000 is $926.23
If the rate goes to 4.75% you can only borrow $178,000 for a principal and interest payment of $928.53
If the rate goes to 5.75% you can only borrow $159,000 for a principal and interest payment of $927.88
These numbers are incredibly enlightening! Consider that as a Seller, you bought into our local market in 2007-2008 (at our peak) and purchased a home for $159k and have not refinanced. You are considering listing your home and buying and buying a larger home, but the value for your current house is below what you are expecting, say $135k, so you will be taking a loss. Should you stay, or should you go?
Considering you will be re-buying into the same value-depressed market, for the same payment you can now afford to buy a $200k home (which 4-5 years ago sold for $240k) compared to 4-5 years ago!
Same payment, larger (possibly newer) step-up home. Did you lose or gain?
Because they are so low, interest rates have a greater impact on affordability than either appreciation or depreciation factors at this point. Every 1% change in interest rate impacts affordability by 11%. Here is an illustration to consider.
At 3.75% (30 year fixed) the principal and interest portion of a $200,000 is $926.23
If the rate goes to 4.75% you can only borrow $178,000 for a principal and interest payment of $928.53
If the rate goes to 5.75% you can only borrow $159,000 for a principal and interest payment of $927.88
These numbers are incredibly enlightening! Consider that as a Seller, you bought into our local market in 2007-2008 (at our peak) and purchased a home for $159k and have not refinanced. You are considering listing your home and buying and buying a larger home, but the value for your current house is below what you are expecting, say $135k, so you will be taking a loss. Should you stay, or should you go?
Considering you will be re-buying into the same value-depressed market, for the same payment you can now afford to buy a $200k home (which 4-5 years ago sold for $240k) compared to 4-5 years ago!
Same payment, larger (possibly newer) step-up home. Did you lose or gain?
28 April 2010
Tax Credit Ends Friday!
ATTENTION ALL PROCRASTINATORS!
If you are a potential tax credit Buyer, or know someone who is, here is your friendly tap-on-the-shoulder reminder: You must be have an accepted contract by this Friday, April 30th to qualify.
If you have not yet completed your property identification and negotations, you must act now! Don't risk losing out on a potential $8000 cash from Uncle Sam - contact me today~! 208-201-2034.
Chris
If you are a potential tax credit Buyer, or know someone who is, here is your friendly tap-on-the-shoulder reminder: You must be have an accepted contract by this Friday, April 30th to qualify.
If you have not yet completed your property identification and negotations, you must act now! Don't risk losing out on a potential $8000 cash from Uncle Sam - contact me today~! 208-201-2034.
Chris
17 March 2010
Homebuyer Deadline Looms
Homebuyers Deadline Looms
There are only 6 weeks remaining for homebuyers who plan to take advantage of the Federal tax credits to identify their next home and successfully negotiate a contract!
The extended 1st-Time Buyer Tax Credit and the expanded "Move-up" Credit both require qualified Buyers to be in contract by April 30, 2010 in order to qualify for the credits, according to the bill signed into law by President Obama in November 2009.
Do you have a roadmap?
Buying a home is no small matter. Besides being the largest financial transaction you may ever undertake, it’s probably also the most complex. It’s essential to learn more about the process and seek out qualified assistance.
Let me be your guide! As an Accredited Buyer's Representative (ABR®), I have the training and experience to guide you through the process, assist in negotiating the transaction and developing a negotiation strategy, provide vendor referrals and keep track of all the details throughout the transaction.
Time is running out!
Call me today for more information and a free consultation!
Chris Pelkola Lee, REALTOR®
ABR, CDPE, GRI, ePRO
208.201.2034
Chris@IFListings.com
http://www.iflistings.com/
www.Twitter.com/IFListings
www.Facebook.com/IFListings
There are only 6 weeks remaining for homebuyers who plan to take advantage of the Federal tax credits to identify their next home and successfully negotiate a contract!
The extended 1st-Time Buyer Tax Credit and the expanded "Move-up" Credit both require qualified Buyers to be in contract by April 30, 2010 in order to qualify for the credits, according to the bill signed into law by President Obama in November 2009.
Do you have a roadmap?
Buying a home is no small matter. Besides being the largest financial transaction you may ever undertake, it’s probably also the most complex. It’s essential to learn more about the process and seek out qualified assistance.
Let me be your guide! As an Accredited Buyer's Representative (ABR®), I have the training and experience to guide you through the process, assist in negotiating the transaction and developing a negotiation strategy, provide vendor referrals and keep track of all the details throughout the transaction.
Time is running out!
Call me today for more information and a free consultation!
Chris Pelkola Lee, REALTOR®
ABR, CDPE, GRI, ePRO
208.201.2034
Chris@IFListings.com
http://www.iflistings.com/
www.Twitter.com/IFListings
www.Facebook.com/IFListings
15 January 2010
10 Things to Take the Trauma Out Of Homebuying - Installment 2
So after only a *short* break from my new blog series, here is the second installment. I know you are all loyal readers and fans, and will forward this to anyone you know who might benefit from it. Hopefully, I have all the *math* right!
2. The Right Time to Buy?
While in most price ranges home prices have fallen locally over the last two years, I am seeing signs that Buyers are still afraid to buy. Mortgage rates remain at the lowest rates in decades, first-time Buyers and now qualified “move-up” Buyers can benefit from an $8000 and $6500 tax credit respectively, and yet Buyers are still leery to pull the trigger. How will they know when to buy?
The tax credit for first-time Buyers has enough media coverage and Buyer attention to get the word out on the financial benefits of homeownership: not only the potential of equity growth over time, but the ability to deduct mortgage interest and property taxes and that any gains made on sale are tax-free if you occupied the home two of the last five years.
Even with the recent value drop, the common consensus among investors is that real estate remains one of the best performing long-term investments. Yet what about the near-term? No one wants to feel like they made one of the largest purchases of their life only to wonder if they could have gotten the same home for $10,000 less in six months!
So, let’s create a scenario. Say you are looking to buy a home for $200,000 with 3.5% down. Your loan amount would be $193,000 and your down payment $7000, your Principal and Interest Payment $1036/mo.
But you were not sure it was the right time, so you waited. Six months later the Seller reduced the price to $190,000 (a 5% price reduction). Your loan amount now is $183,350 and your down payment $6650 (saving you $350). But the rate in the mean time has gone up to 5.5%. Still incredibly low! However, your payment now is $1041/mo.
Yes, it’s only $5/mo more, and you saved $350 in down payment. But if you plan to live in the home 5 years, that is an extra $300 in payments, and while you were waiting the six months for the price to drop, you were still paying rent! If your rent is $500/mo – that’s $3000 out of your pocket that you could have used for a down payment! Or to build equity in YOUR home instead of someone else’s. And you cannot deduct ANY of that $3000, while if it was being applied to your mortgage payment, the bulk of that would be deductible on your Federal Taxes (please consult a tax advisor for information). Is it possible rates won't rise 0.5%? Yes. But what is more likely: a Seller reduces the asking price by 5% or rates rise 0.5%?
Consider further the chart to the right, as provided by the National Association of REALTORS®. This assumes a purchase price of $200,000 with 10% down at a rate of 5.5% vs $1000/mo in rent (a bit high for this area, but comparable to a mortgage payment in this price range). Not considering any equity gain from payments made toward the principal, in a year of no growth the annual cost of the loan is $9,673 vs $12,000 renting. That means even with no market value growth, the homeowner would still have an extra $2327 in his pocketbook vs. renting. Who couldn’t use that? Even at a 1% depreciation in value, the homeowner would be up $327 on the investment vs. renting. And obviously even better off with below trend growth.
So is it a good time to buy? Yes! Most price ranges currently have increased inventory to choose from. And if you are a first-time or “move-up” buyer, the scenario above does not even take into account the added tax credit available – which is refundable – cash in hand! And this time, it is NOT likely to be extended again.
Think you are interested in more? Call me today!
NEXT: Why Should I Get Pre-qualified?
2. The Right Time to Buy?
While in most price ranges home prices have fallen locally over the last two years, I am seeing signs that Buyers are still afraid to buy. Mortgage rates remain at the lowest rates in decades, first-time Buyers and now qualified “move-up” Buyers can benefit from an $8000 and $6500 tax credit respectively, and yet Buyers are still leery to pull the trigger. How will they know when to buy?
The tax credit for first-time Buyers has enough media coverage and Buyer attention to get the word out on the financial benefits of homeownership: not only the potential of equity growth over time, but the ability to deduct mortgage interest and property taxes and that any gains made on sale are tax-free if you occupied the home two of the last five years.
Even with the recent value drop, the common consensus among investors is that real estate remains one of the best performing long-term investments. Yet what about the near-term? No one wants to feel like they made one of the largest purchases of their life only to wonder if they could have gotten the same home for $10,000 less in six months!
So, let’s create a scenario. Say you are looking to buy a home for $200,000 with 3.5% down. Your loan amount would be $193,000 and your down payment $7000, your Principal and Interest Payment $1036/mo.
But you were not sure it was the right time, so you waited. Six months later the Seller reduced the price to $190,000 (a 5% price reduction). Your loan amount now is $183,350 and your down payment $6650 (saving you $350). But the rate in the mean time has gone up to 5.5%. Still incredibly low! However, your payment now is $1041/mo.
Yes, it’s only $5/mo more, and you saved $350 in down payment. But if you plan to live in the home 5 years, that is an extra $300 in payments, and while you were waiting the six months for the price to drop, you were still paying rent! If your rent is $500/mo – that’s $3000 out of your pocket that you could have used for a down payment! Or to build equity in YOUR home instead of someone else’s. And you cannot deduct ANY of that $3000, while if it was being applied to your mortgage payment, the bulk of that would be deductible on your Federal Taxes (please consult a tax advisor for information). Is it possible rates won't rise 0.5%? Yes. But what is more likely: a Seller reduces the asking price by 5% or rates rise 0.5%?
Consider further the chart to the right, as provided by the National Association of REALTORS®. This assumes a purchase price of $200,000 with 10% down at a rate of 5.5% vs $1000/mo in rent (a bit high for this area, but comparable to a mortgage payment in this price range). Not considering any equity gain from payments made toward the principal, in a year of no growth the annual cost of the loan is $9,673 vs $12,000 renting. That means even with no market value growth, the homeowner would still have an extra $2327 in his pocketbook vs. renting. Who couldn’t use that? Even at a 1% depreciation in value, the homeowner would be up $327 on the investment vs. renting. And obviously even better off with below trend growth.
So is it a good time to buy? Yes! Most price ranges currently have increased inventory to choose from. And if you are a first-time or “move-up” buyer, the scenario above does not even take into account the added tax credit available – which is refundable – cash in hand! And this time, it is NOT likely to be extended again.
Think you are interested in more? Call me today!
NEXT: Why Should I Get Pre-qualified?
22 December 2009
10 Things to Take the Trauma Out of Homebuying - Installment 1
You a first-time buyer, or perhaps it's just been awhile since you've been in the market. Buying a home is one of the largest financial transactions you will likely undertake in your life. Knowing this can create a cloud of fear and hesitation in your mind and around the transaction; it is only natural.
How do you work through it and fulfill your plans to reach your goal of homeownership?
Consider these points below to help focus your search and set your goals within your financial plan for 2010.
1. The Inside Scoop to Hiring a REALTOR
Find a REALTOR that will represent you as a Buyer, and consider a Buyer's Representative contract to align your interests; The Argument for a Buyer's Representative Agreement Contract
In Idaho, without a Buyer's Rep Contract (Buyer Agency), your information does not need to be held confidential by your agent in negotiating...which can certainly work against you in the wrong situation! It guarantees the Buyer their personal information will be held confidential, surviving the transaction itself, and allows the REALTOR to negotiate on behalf of the Buyer. For example, when the REALTOR presents an offer to a Seller without a Buyer’s Rep in place, if the Seller’s Agent asks, “Can they offer more?” and the Agent knows they can and their circumstances, the Agent can respond, “Yes, I believe so, they have just received a large inheritance!” This obviously does not help the Buyer in negotiating! (More details of the Agency relationships in Idaho are in the Agency Disclosure Brochure, which may be found on my website here.)
Have you been in touch with a REALTOR and wondered why they stopped communicating with you? It may be they will not work without a Buyer's Rep contract in place. In addition to protecting the Buyer, the Buyer’s Rep contract also assures the REALTOR that the Buyer has committed to working with them, and is not still shopping other Agents or working with more than one. When an Agent puts the time into finding and showing homes to a Buyer and advising them along the way, the Agent is not going to be compensated for his/her time unless a transaction closes.
The Buyers Rep also sets out a clear set of expectations for both parties. If either party is dissatisfied with the service, typically either party may cancel the contract in writing. Confirm with your REALTOR that they have and support this policy.
Will I have to pay my Buyer's Agent?
If the home you are buying is listed in the MLS, the Buyer's Agent's commission is being paid by the Seller; therein, FREE to you, the Buyer. Sellers agree to pay this fee because this assures the Seller that the Buyer is represented, will be appropriately advised and pre-qualified, and once an offer is accepted it will be less likely to fall through as all the appropriate steps are being taken along the way. It also reassures them that the people who come into their home are “real” potential Buyers, that the Sellers are not taking the time to clean and prepare their home (disrupting their schedules) for a showing that is in fact just a curious looky-loo. Even For Sale by Owners are almost always willing to pay a Buyer’s Agent, as often they aren’t educated about the entire process anyway, and do not know the laws about what they are required to disclose about their home, etc, where to find forms, etc.
Check for any designations the REALTOR has earned.
For example, are they an Accredited Buyer’s Representative (ABR)? Designations are additional education pursued by the REALTOR beyond the minimum continuing education credits required by the State of Idaho. The quality of their knowledge and education is an asset to you!
Consider your personality and your comunication style
Be sure you find a REALTOR with whom you are compatible. Homebuying is not only a big financial commitment, but also an emotional one. Do you prefer frequent phonecalls? Are you email and text only? Are you a numbers and charts person?
It’s critical that the agent you chose is both skilled and a good fit with your personality and that you bond with your agent in a way that you feel you can trust them. Remember, your agent has guided many transactions in his/her career, and will likely have some insight into the transaction options for you along the way.
NEXT: The Right Time to Buy?
How do you work through it and fulfill your plans to reach your goal of homeownership?
Consider these points below to help focus your search and set your goals within your financial plan for 2010.
1. The Inside Scoop to Hiring a REALTOR
Find a REALTOR that will represent you as a Buyer, and consider a Buyer's Representative contract to align your interests; The Argument for a Buyer's Representative Agreement Contract
In Idaho, without a Buyer's Rep Contract (Buyer Agency), your information does not need to be held confidential by your agent in negotiating...which can certainly work against you in the wrong situation! It guarantees the Buyer their personal information will be held confidential, surviving the transaction itself, and allows the REALTOR to negotiate on behalf of the Buyer. For example, when the REALTOR presents an offer to a Seller without a Buyer’s Rep in place, if the Seller’s Agent asks, “Can they offer more?” and the Agent knows they can and their circumstances, the Agent can respond, “Yes, I believe so, they have just received a large inheritance!” This obviously does not help the Buyer in negotiating! (More details of the Agency relationships in Idaho are in the Agency Disclosure Brochure, which may be found on my website here.)
Have you been in touch with a REALTOR and wondered why they stopped communicating with you? It may be they will not work without a Buyer's Rep contract in place. In addition to protecting the Buyer, the Buyer’s Rep contract also assures the REALTOR that the Buyer has committed to working with them, and is not still shopping other Agents or working with more than one. When an Agent puts the time into finding and showing homes to a Buyer and advising them along the way, the Agent is not going to be compensated for his/her time unless a transaction closes.
The Buyers Rep also sets out a clear set of expectations for both parties. If either party is dissatisfied with the service, typically either party may cancel the contract in writing. Confirm with your REALTOR that they have and support this policy.
Will I have to pay my Buyer's Agent?
If the home you are buying is listed in the MLS, the Buyer's Agent's commission is being paid by the Seller; therein, FREE to you, the Buyer. Sellers agree to pay this fee because this assures the Seller that the Buyer is represented, will be appropriately advised and pre-qualified, and once an offer is accepted it will be less likely to fall through as all the appropriate steps are being taken along the way. It also reassures them that the people who come into their home are “real” potential Buyers, that the Sellers are not taking the time to clean and prepare their home (disrupting their schedules) for a showing that is in fact just a curious looky-loo. Even For Sale by Owners are almost always willing to pay a Buyer’s Agent, as often they aren’t educated about the entire process anyway, and do not know the laws about what they are required to disclose about their home, etc, where to find forms, etc.
Check for any designations the REALTOR has earned.
For example, are they an Accredited Buyer’s Representative (ABR)? Designations are additional education pursued by the REALTOR beyond the minimum continuing education credits required by the State of Idaho. The quality of their knowledge and education is an asset to you!
Consider your personality and your comunication style
Be sure you find a REALTOR with whom you are compatible. Homebuying is not only a big financial commitment, but also an emotional one. Do you prefer frequent phonecalls? Are you email and text only? Are you a numbers and charts person?
It’s critical that the agent you chose is both skilled and a good fit with your personality and that you bond with your agent in a way that you feel you can trust them. Remember, your agent has guided many transactions in his/her career, and will likely have some insight into the transaction options for you along the way.
NEXT: The Right Time to Buy?
09 December 2009
Refinancing Drives Mortgage Activity
reposted from realtor.org/realtormag
Daily Real Estate News | December 9, 2009
Refinancing Drives Mortgage Activity
Mortgage activity rose last week to the highest level in about two months, mainly from borrowers locking in low mortgage rates by refinancing, the Mortgage Bankers Association said on Wednesday.
Nearly three of every four loan requests last week was for a refinancing rather than a purchase, the industry group said. Total mortgage applications, based on the group's seasonally adjusted market index, rose 8.5 percent to 665.6, the highest since early October.
Demand for loans to buy a home increased by 4.0 percent to 241.5, the highest since the last week of October, while refinancing applications jumped 11.1 percent to 3,185.9 last week to a two-month high, the industry group's indexes showed.
Average 30-year mortgage rates rose 0.09 percentage point to 4.88 percent but haven't moved much from all-time lows.The rate was down from 5.44 percent a year ago and compared with a record low of 4.61 percent set in March, according to the Mortgage Bankers Association.
Source: Reuters, Mortgage Bankers Association (12/9/2009)
Daily Real Estate News | December 9, 2009
Refinancing Drives Mortgage Activity
Mortgage activity rose last week to the highest level in about two months, mainly from borrowers locking in low mortgage rates by refinancing, the Mortgage Bankers Association said on Wednesday.
Nearly three of every four loan requests last week was for a refinancing rather than a purchase, the industry group said. Total mortgage applications, based on the group's seasonally adjusted market index, rose 8.5 percent to 665.6, the highest since early October.
Demand for loans to buy a home increased by 4.0 percent to 241.5, the highest since the last week of October, while refinancing applications jumped 11.1 percent to 3,185.9 last week to a two-month high, the industry group's indexes showed.
Average 30-year mortgage rates rose 0.09 percentage point to 4.88 percent but haven't moved much from all-time lows.The rate was down from 5.44 percent a year ago and compared with a record low of 4.61 percent set in March, according to the Mortgage Bankers Association.
Source: Reuters, Mortgage Bankers Association (12/9/2009)
01 December 2009
New Homebuyer "Move-up" Tax Credit
Do you currently own your home? Have you been considering taking advantage of the lower pricing in the local market and "moving up" to a larger space?
> IT IS TRUE: a larger home is less expensive today that it was 2 years ago.
Have you owned your current home as your primary residence for at least 5 years?
If the answer to all of the above is 'yes', then you may qualify for the NEW tax credit! Not heard of it? As part of the extended first-time buyer credit that passed last month, the homebuyer credit has been expanded to include "move up" buyers that have been in their home at least 5 years. This tax credit is up to $6500 and is also refundable, meaning if you were to file your taxes after purchasing a new home and have a refund of $200 owed to you, you would with this credit have a refund of and additional $6500....in otherwords a $6700 refund!
Certainly, this tax credit alone is not a reason to sell your home and buy a new one, as there are transaction costs involved in buying and selling which are likely above $6500. HOWEVER, if you are considering trading up anyway to take advantage of market pricing, certainly it is worth getting it done in time to use this credit to offset some of these costs.
You have only until April 30th to be in contract on your new home to qualify. Not to sound dire, but while considering this, please also consider that the first offer you make on a home often does not go through! If you were to make your first offer on a home on April 20th and it was not accepted by the Seller, you may not find another home that satisfies your needs in time to qualify for this credit! Please do not leave yourself in a time pinch and "setttling" for your next home just to qualify.
PLAN AHEAD! Start today by contacting your tax advisor and me, your REALTOR!
View the document on my website for more details from the National Association of REALTORS.
Thinking of a friend or relative that may wish to take advantage of the tax credit? I am pleased to offer no-obligation, free consultations...please pass along my information and have them contact me today!
The worst they can say is 'no'....but it might be just what they need!
> IT IS TRUE: a larger home is less expensive today that it was 2 years ago.
Have you owned your current home as your primary residence for at least 5 years?
If the answer to all of the above is 'yes', then you may qualify for the NEW tax credit! Not heard of it? As part of the extended first-time buyer credit that passed last month, the homebuyer credit has been expanded to include "move up" buyers that have been in their home at least 5 years. This tax credit is up to $6500 and is also refundable, meaning if you were to file your taxes after purchasing a new home and have a refund of $200 owed to you, you would with this credit have a refund of and additional $6500....in otherwords a $6700 refund!
Certainly, this tax credit alone is not a reason to sell your home and buy a new one, as there are transaction costs involved in buying and selling which are likely above $6500. HOWEVER, if you are considering trading up anyway to take advantage of market pricing, certainly it is worth getting it done in time to use this credit to offset some of these costs.
You have only until April 30th to be in contract on your new home to qualify. Not to sound dire, but while considering this, please also consider that the first offer you make on a home often does not go through! If you were to make your first offer on a home on April 20th and it was not accepted by the Seller, you may not find another home that satisfies your needs in time to qualify for this credit! Please do not leave yourself in a time pinch and "setttling" for your next home just to qualify.
PLAN AHEAD! Start today by contacting your tax advisor and me, your REALTOR!
View the document on my website for more details from the National Association of REALTORS.
Thinking of a friend or relative that may wish to take advantage of the tax credit? I am pleased to offer no-obligation, free consultations...please pass along my information and have them contact me today!
The worst they can say is 'no'....but it might be just what they need!
24 November 2009
Local Mortgage Rates
ATTN POTENTIAL SE IDAHO BUYERS:
I've been seeing rates locally the last week or so at 4.75% for a conventional 30-yr loan and 5.0% VA.
While rates are not predictable, I think it's safe to say these won't last long! If you are thinking of buying, please get pre-qualified today! If you would like a lender referral, please contact me immediately!
I've been seeing rates locally the last week or so at 4.75% for a conventional 30-yr loan and 5.0% VA.
While rates are not predictable, I think it's safe to say these won't last long! If you are thinking of buying, please get pre-qualified today! If you would like a lender referral, please contact me immediately!
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