Showing posts with label home buyer incentive. Show all posts
Showing posts with label home buyer incentive. Show all posts
Wednesday, July 29, 2009
First time home buyer, not unprepared home buyer.
If you are a first time home buyer, there are a few steps that are important to remember. One being that it is important to ask for advice and opinions from only a few trusted people that you decide will help you with this process. If you talk about your home purchase with everyone you know, friends, family, co-workers, etc you are going to end up with so many different opinions that your head will spin. Watch the entire video...My video blog: http://www.HotPropertyBlog.com
Is you disagree or have comments/questions contact Jessica at JessicaRiffle@SeaCoastRealty.com. For more information on Wilmington, NC real estate and luxury real estate, click here!
Thursday, May 21, 2009
No Amount of Marketing can Sell an Overpriced House
I have been talking a lot about how awesome the real estate market is right now in the Wilmington, NC area and how much activity and sales we have been seeing
over the last 6 months. However, we are still in a buyer's market. Which basically means more people are selling than buying.
So, when selling your home in a buyers market you have to be top notch in 4 areas: Price, Condition, Incentives, and Marketing. There is a flow in the market right now and there is also a stagnant spot. Too many people have overpriced in the beginnning, not gotten their home in the best condition, not offered incentives, or not partnered with an excellent agent and company. Any one of these things can pull a house into the "stagnant zone" where it will sit. Once you become stagnant, you will probably sit and sit even when the price is reduced.
Remember, "No amount of marketing can sell an overpriced home."
Then there are those houses that price well, get their home "show ready" and in the best condition, they offer incentives, and they pair with a Realtor that will market their home effectively.
They get in the market, get an offer soon, and get out. Ultimately, they make more money than they guy waiting and waiting and now holding his hands in the air going "How did they do that?!?"
Contact Jessica at 910-352-1043 or email JessicaRiffle@SeaCoastRealty.com.
Click here for more Wilmington, NC Real Estate Tips and Information!
Wednesday, May 20, 2009
8000 Tax Credit as Down Payment...Maybe, Maybe Not
It seems the announcement from HUD of the possibility the government allowing using the current 8000 tax credit as a down payment on a home purchase was a bit premature. They have now removed it from the website and it looks like it was more of a thought or an idea that comething concrete. Surprise, surprise....
For more information on Wilmington, NC Real Estate or Luxury Homes, click here!
Contact Jessica at 910-352-1043 or email JessicaRiffle@SeaCoastRealty.com.
Monday, May 18, 2009
Down Payment Assitance
The included information is from my friend Chris Hutchens at Alpha Mortgage...
HUD recently announced that qualified First-Time Home Buyers who want to take advantage of the available tax credit of up to $8,000 now have another option available to them to help them become homeowners.
It's clear that first-time home buyers have been having a major impact on the housing market this year. The National Association of Realtors announced that first-time buyers, who typically account for less than 40% of home sales each year, have been especially busy…in March, homes that were purchased by first-timers accounted for 53% of all sales, and this percentage is expected to hold true for all of 2009.
With home affordability higher than ever, available tax credits and some of the lowest interest rates ever recorded for home loans, who can blame them? Particularly as a first-time buyer, there may never be a better time to buy a home than right now.
However, the availability of a tax credit, while a great incentive, does not put the money in the hands of a buyer right away. HUD's announcement now allows for prospective and qualified home buyers to borrow the money from approved agencies and lenders.
While details of participating lenders and HUD-approved agencies are not yet available, this should turn up the heat on prospective buyers to get busy searching for their next home. As further details become available, I will get them to you.
In the meantime, alert your database that one more barrier to homeownership is being removed and the time to start shopping is now!
You may contact Chris Hutchens at Alpha Mortgage by emailing chris.hutchens@alphamortgage.com. Please tell him I sent you!
Contact Jessica at 910-352-1043 or email JessicaRiffle@SeaCoastRealty.com.
For more information on Wilmington, NC real estate and Luxury Homes, click here!
HUD recently announced that qualified First-Time Home Buyers who want to take advantage of the available tax credit of up to $8,000 now have another option available to them to help them become homeowners.
It's clear that first-time home buyers have been having a major impact on the housing market this year. The National Association of Realtors announced that first-time buyers, who typically account for less than 40% of home sales each year, have been especially busy…in March, homes that were purchased by first-timers accounted for 53% of all sales, and this percentage is expected to hold true for all of 2009.
With home affordability higher than ever, available tax credits and some of the lowest interest rates ever recorded for home loans, who can blame them? Particularly as a first-time buyer, there may never be a better time to buy a home than right now.
However, the availability of a tax credit, while a great incentive, does not put the money in the hands of a buyer right away. HUD's announcement now allows for prospective and qualified home buyers to borrow the money from approved agencies and lenders.
While details of participating lenders and HUD-approved agencies are not yet available, this should turn up the heat on prospective buyers to get busy searching for their next home. As further details become available, I will get them to you.
In the meantime, alert your database that one more barrier to homeownership is being removed and the time to start shopping is now!
You may contact Chris Hutchens at Alpha Mortgage by emailing chris.hutchens@alphamortgage.com. Please tell him I sent you!
Contact Jessica at 910-352-1043 or email JessicaRiffle@SeaCoastRealty.com.
For more information on Wilmington, NC real estate and Luxury Homes, click here!
Sunday, March 1, 2009
Gov. Perdue Stimulates Ecomony Signs Additional Tax Credit
North Carolina Governor Bev Perdue recently signed the authorization that will provide new financial assistance to first-time home buyers and stimulate sales of about 1,500 North Carolina homes. The authorization enables the North Carolina Housing Finance Agency to expand its Mortgage Certificate Credit (MCC) program, which allows eligible home buyers to reduce their federal tax liability by 20 percent of the mortgage interest they pay annually. The program is one of only a handful in the nation and may ultimately save North Carolina home buyers more than $30 million.
“The MCC will help stimulate the housing market, which is integral to the recovery of our state’s economy,” Gov. Perdue said. “This is just the type of innovation from a state government agency that will help spur our economic recovery.”
The MCC program enables first-time buyers to take a tax credit up to $2,000 every year they occupy their home. This is in addition to the itemized mortgage interest deduction that all homeowners can claim.
“The MCC not only helps home buyers get into their first home but keeps the home affordable through the life of the mortgage by increasing their monthly take-home pay," stated Lucius Jones, board chairman, NC Housing Finance Agency.
For example, a home buyer who borrows $146,750 at 5.5 percent interest pays $8,022 in interest in the first 12 months. The 20 percent MCC means that home buyer reduces his tax liability by $1,751 for that year and allows the buyer to reduce his monthly tax withholding accordingly. Over the first 10 years of ownership, the home buyer would save $14,873 in taxes paid to the IRS.
For buyers who qualify, the MCC can be even more beneficial than the home buyer tax credit in the Housing and Economic Recovery Act (HERA) of 2008. While Congress made the HERA tax credit a true tax credit, it still expires this year, while the benefit of the MCC continues throughout the life of the loan. Even if the home buyer refinances, the 20% MCC tax credit may be reissued with the new mortgage.
To qualify for an MCC, a buyer’s income cannot exceed certain maximums, which range from $85,000 for a family of three or more in urban areas such as Raleigh down to $62,000 in more rural areas. The MCC can be used in conjunction with most mortgages, and borrowers can apply through the Agency’s more than 700 participating lenders and their branches. To find a lender, go to www.nchfa.com.
For more info on Wilmington, NC real estate and Wilmington, NC Luxury Real estate click here!
“The MCC will help stimulate the housing market, which is integral to the recovery of our state’s economy,” Gov. Perdue said. “This is just the type of innovation from a state government agency that will help spur our economic recovery.”
The MCC program enables first-time buyers to take a tax credit up to $2,000 every year they occupy their home. This is in addition to the itemized mortgage interest deduction that all homeowners can claim.
“The MCC not only helps home buyers get into their first home but keeps the home affordable through the life of the mortgage by increasing their monthly take-home pay," stated Lucius Jones, board chairman, NC Housing Finance Agency.
For example, a home buyer who borrows $146,750 at 5.5 percent interest pays $8,022 in interest in the first 12 months. The 20 percent MCC means that home buyer reduces his tax liability by $1,751 for that year and allows the buyer to reduce his monthly tax withholding accordingly. Over the first 10 years of ownership, the home buyer would save $14,873 in taxes paid to the IRS.
For buyers who qualify, the MCC can be even more beneficial than the home buyer tax credit in the Housing and Economic Recovery Act (HERA) of 2008. While Congress made the HERA tax credit a true tax credit, it still expires this year, while the benefit of the MCC continues throughout the life of the loan. Even if the home buyer refinances, the 20% MCC tax credit may be reissued with the new mortgage.
To qualify for an MCC, a buyer’s income cannot exceed certain maximums, which range from $85,000 for a family of three or more in urban areas such as Raleigh down to $62,000 in more rural areas. The MCC can be used in conjunction with most mortgages, and borrowers can apply through the Agency’s more than 700 participating lenders and their branches. To find a lender, go to www.nchfa.com.
For more info on Wilmington, NC real estate and Wilmington, NC Luxury Real estate click here!
Wednesday, February 25, 2009
Yes, you are right
No, it is not too good to be true. It is $8000. You do qualify if you have not owned a primary residence ever OR IN THE LAST THREE YEARS. You qualify if you make less than 75k a year and less than 150k if you are a couple filing jointly. You do not have to repay it unless you sell the home within 3 years of purchasing. However, if you do you just pay back the 8000 from your selling proceeds.
Call me at 910-352-1043 or email me at jessicariffle@seacoastrealty.com with all your questions and comments.
Click here for more information on real estate and luxury real estate in the Wilmington, NC area!
Friday, February 6, 2009
BREAKING NEWS FROM SENATE!
WOW! This is huge. A bill just passed the senate that is a great incentive to ALL home buyers! This offer coupled with historically low interest rates makes buying now an amazing investment. We will be waiting as this legislation is sent to Congress and finally the President’s desk for the final signature.
Here are some of the things that this bill would do:
-Provide a direct tax credit to any one who purchases any home!
-Amount of the tax credit would equal 10% of the purchase price or $15,000, whichever is less
-Purchases must be made within one year of this legislation being enacted
-This tax credit would not to be repaid
-Taxpayers would be able to claim the credit on their 2008 income tax return
-This will only apply to the purchase of a principal residence
-The Credit would be recaptured if the home sold within two years of purchase
-This would sunset the current $7,500 housing tax credit on the date of enactment
Check with your preferred mortgage specialist to find out what information they have on this exciting possibility. heath.altman@alphamortgage.com or www.heathaltman.com
For real estate and luxury real estate information in the Wilmington, NC area click here!
Here are some of the things that this bill would do:
-Provide a direct tax credit to any one who purchases any home!
-Amount of the tax credit would equal 10% of the purchase price or $15,000, whichever is less
-Purchases must be made within one year of this legislation being enacted
-This tax credit would not to be repaid
-Taxpayers would be able to claim the credit on their 2008 income tax return
-This will only apply to the purchase of a principal residence
-The Credit would be recaptured if the home sold within two years of purchase
-This would sunset the current $7,500 housing tax credit on the date of enactment
Check with your preferred mortgage specialist to find out what information they have on this exciting possibility. heath.altman@alphamortgage.com or www.heathaltman.com
For real estate and luxury real estate information in the Wilmington, NC area click here!
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