TheRealEstatePal.com Blog

Tax Credit Can Be Used for Down Payment

Wed, 13 May 2009 00:00:00 MDT

The Federal Housing Administration (FHA) has just announced that first-time homebuyers can use the $8,000 tax credit towards the down payment on their home rather than waiting to file their taxes the following year and waiting for the reimbursement. The FHA believes that this decision will encourage more first-time homebuyers to enter the market now that the money is available up front. To read the full article, please click here:

http://www.realtor.org/RMODaily.nsf/pages/News2009051202?OpenDocument

Source: NAR

Great news about that credit

Wed, 13 May 2009 00:00:00 MDT

That's awesome regarding the new $8000 tax credit. We can actually use it toward a down payment on a home.

The Market

Wed, 13 May 2009 00:00:00 MDT

The housing market is definitely picking up in the Mainline area.

My Test Blog

Wed, 29 Apr 2009 00:00:00 MDT

Testing!

Tina & Ed

Mon, 30 Mar 2009 00:00:00 MDT

Congrats to Tina & Ed on a great house.

Info on new tax credit

Tue, 17 Feb 2009 00:00:00 MST

Details of the credit should appear early next week. There have been some reports printed and this gives an overview of what has been outlined.

FIRST TIME HOME BUYER CREDIT: First time home buyers are eligible for a refundable tax credit equal to 10% of the purchase price of their home up to $8,000. Buyers must make their purchase between January 1, 2009 and December 1, 2009.

Unlike a similar credit Congress provided last year, you do not have to pay this one back over 15 years. The new credit, however does phase out for individuals with income of $75,000 or married couples with incomes over $150,000 who file their tax returns jointly. Also you forfeit the credit if you sell the house within three [3] years.

Buyers who took advantage of the $7500 tax credit last year will have to abide by the old rules - meaning they will have to repay the money.

Information provided by Jeffrey Rice, Regional Sales Manager WFS

I saw this really cool house

Wed, 28 Jan 2009 00:00:00 MST

I was out showing homes the other day to one of my buyers and came across a really cool property.�This is a home that would appeal to someone that's not opposed to doing some work. It's a home located in Ardmore PA,�that�was once part of a church and I believe served as a convent. The place is huge; with beautiful woodwork in the main foyer and rooms that are big (the place could be a 8-10 bedroom home). Even has a chapel on the first floor. Just a really interesting place to see, and the price was interesting as well.

DOs FOR THIS REAL ESTATE MARKET

Thu, 08 Jan 2009 00:00:00 MST

If you are confidant that your financial boat has little to no chance of taking water in this market, or, if it did take a little water and you are confidant that your finances will float well anyway, then a question ought introduce itself. "Has there ever been a better time to buy a home?" Mortgage rates are way down, and the inventory of properties is fantastic.

If, as a result, the inclination is there to put a toe in the water and seek out new home possibilities, there are some few simple DOs to keep in mind., whether your search is here along the Ardmore, Bryn Mawr, Wayne, Paoli, Malvern Main Line or elsewhere.

1. Understand what's happening in your local market. As we have said before, Wayne through to Malvern is not an area that is representative of the rest of the nation. Values have kept up here better than in most places.

2. Be sure to investigate for your best deal.

3. Do not purchase foreclosures just because they are cheap. Be careful, know what your doing, and if you don't, consult someone who does.

4. Avoid overly aggressive buying. Be conservative unless certainty rules your financial condition. Remain conservative.

5. Find solid real estate representation. Someone with knowledge, and with whom you can trust.

Wishing you the best of good buys.

CHARACTERISTICS OF HOME BUYERS IN PA

Wed, 07 Jan 2009 00:00:00 MST

Below is some cool info from the NATIONAL ASSOCIATION OF REALTORS®

The 2008 Profile of Home Buyers and Sellers describes the characteristics and motivations of recent home buyers and sellers in Pennsylvania.

The median age of home buyers was 38 years old. Among first-time buyers, the median age was 29.

Sixty-six percent of home buyers had no children under age 18 residing in the home.

Fifty-nine percent of home buyers were married couples, 18 percent single females, 11 percent single males, and 9 percent were unmarried couples.

The median 2007 household income of home buyers in Pennsylvania was $71,700 compared to $74,900 among home buyers nationally.

Six percent of home buyers reported they were born outside the United States, compared to 9 percent nationally.

First-time home buyers accounted for 46 percent of recent home purchases.

The median income of first-time home buyers was $63,000 compared to $60,600 among all first-time buyers nationally.

The primary reason for the recent home purchase was a desire to own a home for 68 percent of first-time buyers.

For the timing of the home purchase, 50 percent reported it was just the right time for them, 18 percent noted they had to purchase when they did, and 20 percent reported it was either due to improved affordability of homes or availability of homes for sale. Only 2 percent stated they wished they had waited to buy.

Fifty-seven percent of first-time home buyers were between 25 and 34 years old.

Forty-three percent of home buyers reported using social networking Web sites, such as MySpace, Facebook, LinkedIn, and Friendster. Among home buyers aged 18 to 24, 79 percent reported using social networking sites, and 46 percent reported using them every day or nearly every day.

Source: NATIONAL ASSOCIATION OF REALTORS®

Why use a REALTOR�?

Tue, 06 Jan 2009 00:00:00 MST

There are really too many detailed reasons to list but here are a few.

1. Your REALTOR® can help you determine your buying power.

2. Your REALTOR® can assist you in the selection process by providing objective information about each property. 3. Your REALTOR® has many resources to assist you in your home search. 4. Your REALTOR® can help you negotiate

5. Your REALTOR® provides due diligence during the evaluation of the property.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.

8. Your REALTOR® markets your property to other real estate agents and the public. 9. Your REALTOR® will know when, where and how to advertise your property.

10. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties.

11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position.

12. Your REALTOR® can help close the sale of your home.

Source: NAR