A guide to mortgage types for Mobiel Eastern Shore home buyers.Continue reading
The key to maximizing your Mobile Eastern Shore home investment today is distinguishing between the types of ‘wants’ and ‘needs’ you’re better off buying as part of the property, and those you could add later without too much trouble and expense. Here’s some information to help you prioritize the amenities on your list.Continue reading
The $8000 first-time home buyer tax credit was scheduled to expire in just a few short weeks…Nov 30, 2009. I say ‘was’, because the Senate voted unanimously to extend the credit on Monday and the House of Representatives approved the extension yesterday afternoon by a vote of 403-12. The extension includes an expanded tax credit to repeat home buyers. The bill now goes to the President for his signature which is expected to happen today.
Home Buyer Tax Credit Expansion and Extension
- The $8,000 tax credit will be extended and available for first-time home buyers through May 1, 2010.
- A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010.
- To qualify, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
- Prospective buyers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
- Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
- Limitation on the cost of a purchased home is $800,000.
If you know anyone looking to buy their first Mobile Eastern Shore home at a time when prices and interest rates are still down, or if you are thinking of buying another home and getting the new $6,500 credit please contact me today.
More and more Mobile Eastern Shore home buyers looking for green features in the home they buy. The green trend is a means of lowering costs, becoming more environmentally friendly, and adopting a healthier lifestyle.
The average green buyer will shell out $12,400–on average–for green features, according to the National Association of REALTORS. National Association of Home Builders green-building standards program manager Kevin Morrow expects the market share of green-certified homes to rise to 20 percent in 2010 from about 10 percent in 2009 and 2 percent in 2006.
Green features Moble Eastern Shore home buyers are looking for include energy efficiency, water efficiency, resource efficiency, and indoor air quality and include such elements as Energy Star appliances, low-flow shower heads, carpets and paint with low volatile organic compounds, and building materials procured from local suppliers.
Today’s Mobile Eastern Shore home buyers benefit from tax credits and other financial incentives.
Learn more about buying green by visiting JudySells.com or give us a call anytime.
Stimulus Bill May Be Shot In The Arm For Mobile Eastern Shore Home Buyers
It looks as if our legislators in Washington are finally making positive steps toward fixing the house mess by including housing legislation in the Economic Stimulus Bill.
Yesterday, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences.
Now, the senate expects to debate Amendment 353, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.
If these two provisions are included in the final passage of a stimulus bill they could have a positive impact on Mobile Eastern Shore home buyers.
Dave Liniger, co-founder of RE/MAX International has this to say about the proposed legislation:
“I feel that these provisions represent real economic stimulus. They will put money in the hands of millions of homeowners, increase sales, stabilize home values and add more revenues to local communities in the form of property taxes.
I urge each of you to contact your senators and representatives to let them know that you believe these provisions are essential components of any stimulus bill. You can go to the official Senate http://www.senate.gov and House http://www.house.gov web sites to locate the email and phone number of your legislators.”
This has passed the Senate, but the entire bill does need to go back to the House, and be signed by the President. There could be many changes before this happens, or not pass at all.
Hopefully, it is a shot in the arm for Mobile Eastern Shore home buyers and would help the housing crisis immensely as you can imagine.
Visit JudySells.com to learn more about Mobile Eastern Shore real estate.
Fannie Mae and Freddie Mac both announced they will not impose the loan fee increase scheduled to go into effect next month. Fees were to have increased from .5% to .25%, making it even more difficult for Mobile home buyers. The biggest obstacle many Mobile home buyers face is the necessary cash needed for a down payment and closing costs.
Both companies, now controlled by the federal government, had decided to increase fees to boost their finances during difficult times.
Freddie Mac, however, will raise fees next year for riskier loan products, including mortgages that allow interest-only payments for the first few years. Freddie also will require higher credit scores for “piggyback” loans that allow borrowers to make smaller down payments by taking out two mortgages.
Taken together, Freddie Mac said the changes would provide “some relief from the challenges in the current market environment,” but added that it is following lending practices “that are prudent and largely applicable in all market conditions.”
Learn more about Mobile home loans at JudySells.com.
Buying a Mobile AL home is one of the biggest investments people make, and the process usually begins with choosing a real estate agent.
According to the 2007 NAR Profile of Home Buyers and Sellers, 79 percent of recent buyers used a real estate professional, while only 7 percent bought the house directly from the owner.
When choosing an agent, 43 percent of all buyers relied on friends, relatives and neighbors for referrals; that percentage jumped to 54 percent among first-time buyers.
Nearly eight of 10 first-time buyers said the most important benefit of a real estate agent was helping them understand the process. Agents also help buyers become more educated consumers – almost half of all buyers said their agent pointed out unnoticed features/faults with properties they were considering.
The relationship between a Mobile AL home buyer and his or her buyer’s agent must be based on trust, mutual goals and understanding. The buyer entrusts the buyer’s agent with putting his or her interests first and foremost. Here are some things to consider when choosing a Mobile AL real estate agent, compliments of LendingTree.com.
Some things to look for in a buyer’s agent
- An understanding of your needs.
- A willingness to work with you until your needs are fulfilled.
- A familiarity with the neighborhoods you like.
- Experience with the price range in which you have an interest.
- Professional designations: for example, GRI, Graduate of the REALTORS® Institute or CRS, Certified
- Residential Specialist.
- Strong references from previous buyers.
Some questions to ask a prospective buyer’s agent
- How long have you been in real estate?
- Are you a full-time buyer’s agent?
- Are you familiar with the area in which we want to look?
- How many home sales did you participate in last year?
- What is the average sold price of the homes you sold last year.
- Do you normally work with sellers or buyers?
- How many buyers are you presently working with? How many sellers? Where do you feel your strengths lie?
- What three buyers that you have worked with can you give me as references?
- Will you handle the appraisal, inspection and insurance?
- Will you be present at closing?
If you are a Mobile AL home buyer and looking for a real estate professional to represent you, give us a call, 251-99–0569. We understand how important buying a home is and are glad to spend as much time interviewing with you as you need.
Learn more about Mobile AL homes and the home buying process on our website, JudySells.com.