Thursday, May 28, 2009
I have heard that the rates may have jumped nearly .5% overnight. That translates to about a $5,000 price increase when considering your monthly mortgage payments. All signs in my local market suggest that housing prices are bottoming out and with the likelihood that rates may increase soon, you need to get serious about buying. Waiting any longer could cause you to miss it completely.
Start your home search here where you can customize and save your searches so that you can receive a new e-mail whenever there is a new or updated listing that matches your search.
Get a FREE real world home valuation here to see what your home could bring in today's market.
Your Realtor of Choice,
Keller Williams Realty
Thursday, May 14, 2009
Tuesday, May 12, 2009
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..
He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Other Solutions for Today's Market
During his address at the summit, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”
The morning session included a panel discussion that was moderated by CNBC’s Ron Insana. Panelists examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.
“Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.
“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”
The real estate summit is part of the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo. During the week ending May 16, more than 8,500 REALTORS® will attend meetings, visit lawmakers and inspire action on Capitol Hill.
This is great news for first time home buyers. If you would like more information about the market conditions in the Columbia, Sc area, please contact me through www.HomeInColumbia.com
Home sales still down from a year ago, but have gone up from last month. The tide is turning. If you would like more information about the market conditions here in Columbia, Irmo, Lexington, Chapin, SC please contact me. I look forward to helping you realize your real estate goals.
Keller Williams Realty
Tuesday, May 5, 2009
Do you have questions about the 2009 First Time Home Buyer Tax Credit? This short video will tackle some of your questions including who qualifies, income restrictions and when it will expire.
If you have other questions or are ready to start searching for your first home, please contact me. I have also made it easy for you to contact me through my website via text or video chat. Just visit www.HomeInColumbia.com.
I look forward to speaking with you soon.