Schuylkill County Real Estate: September 2009

There have been talks about the possibility of asking Congress to extend the First Time Home Buyer $8,000 Tax Credit. I, for one would love to see this pass.

The lower priced range homes in my service areas (greater Frisco TX) less than $300K have been selling as hot cakes. The Sellers are finally pricing their homes correctly. The interest rates have been historically low. This is a perfect heaven for home buying in the greater Frisco TX area. This is definitely helping the housing market like it was intended.

In addition to extending the First Time Home Buyer $8,000 Tax Credit, Congress, please expand the tax credit to include ALL home buyers - not just first time home buyers. This will definitely spur our local economy, and all the related businesses thereof.

Expansion to this tax credit to include:

• $15,000 tax credit, not just $8,000
• For ALL home buyers, not just first-time
• Extension for 1 more year - into December 2010.

 

There are good deals to be bought here in greater Frisco TX areas. However, with the timing to coincide the current tax credit, buyers are no longer looking at short sales and foreclosure properties for fear that the dateline is not met.

If you are a first time home buyer looking to purchase, you should get in position on a contract by early October unless Congress extends the First TIme Home Buyer $8,000 Tax Credit.

 

We need as many people as we possible can to take action to ask Congress to extend and expand this First Time Home Buyer $8000 Tax Credit.

Please click here to submit your request for Plea here.

 

 

 

 

 

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Contact:

Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

 

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.

 

 

Copyright © 2009 by Loreena Yeo (3:16 team REALTY).
Would Congress Please Extend the First Time Home Buyer $8,000 Tax Credit?

It's a common thing.

Recently SarahGray Lamm wrote a post titled, "ADVICE NEEDED: Blogging Works. Now What..."  The basic premise of the post was how to handle the buyer who calls and says "I need to see this house right now."  Not a client, but someone you've never met before.  Every Realtor® I know gets these calls and everyone I know handles them a little differently, but the outcome is typically the same.  I'm hoping to help San Antonio home buyers understand why many agents won't show the home on short notice.

Time Management

To put it simply, we as agents need to manage our time.  We don't sit around lounging in the office just waiting for the next phone call to come in.  If we did, we'd all be broke.  With the internet and cell phones we are much more accessible, but we're not necessarily free at the moment we take that call.  We have a daily dose of inspections, paperwork, showings, closings, meetings, prospecting (the act of finding new clients), and the usual things - dinner, family time, rest, etc.  Agents have schedules to keep.  Even occasionally, I am free at the moment, but know that if I go show houses right this moment, I will miss my next appointment.  Time management is a huge part of our daily lives.

Qualifying Buyers.

I know a lot of people that want to buy a house don't like this step.  I've had a prospective client ask me "What does it matter to you if I'm not pre-approved, I know I can get the loan."  I find this one of the hardest things for a prospective client to deal with.  They often feel we are calling them into question - almost as if we were saying "That's great, but I don't trust you."  Because we don't know each other yet, there isn't a ton of trust between the two of us.  We have to build that overtime.  There's a certain amount that we must take as a leap of faith and I am fine with that.  But sitting down and qualifying a buyer isn't just about a loan, it's about getting to know the prospective client (and you getting to know your prospective agent) and getting to know what their goals our in buying a home.  We want to help you find the right home, not just any home.

Paperwork.

If you like what you're hearing and you'd like to work with me as your San Antonio real estate agent, there is some paperwork we should get out of the way now.  Here in San Antonio we use a Residential Buyer/Tenant Representation Agreement.  It lays out the rules of our work together and defines our relationship as that of buyer and agent.  Making someone your agent creates a situation that allows us to offer you our advice and opinions and binds us to work for you and you to work with us.  (I think I'll write an upcoming post on the Buyer Representation Agreement).

Safety.

Let's face it, there are some strange people in this world and there more than a couple of stories about agents going to a showing and being attacked.  I'm sure you're not a vicious killer, but let's meet up first just in case.

Experience.

As an agent that started about a year and a half ago in the San Antonio real estate business, I know new agents.  I even write about it at AgentGenius.  I'm not here to say they're bad agents, I mean, we all have to start somewhere.  What I do know is that these are the agents that will typically jump at any chance to go on a showing.  Why?  Because they're hungry.  They have little to no business and will do anything to get more.  What usually happens?  They wind up chasing their tails and not selling any homes anyway.  I know because I've been there.  I spent my first few months running after everyone and selling nothing.  As we mature a bit as agents we learn more about the other factors I've mentioned and we start practicing "smart" real estate in order to build our businesses and grow our client base.

photo courtesy of TheTruthAbout...

This is one of the most popular questions I get when meeting with sellers when they are preparing to put their homes on the market.  The answer is,  it depends.

Appraisals cost between $400 to $700 in our area.  Most of the time your REALTOR'S® market analysis will provide you with much of the same information as an appraisal.

When an agent comes over to talk to you about selling your home, they will most likely, have a market analysis of the current market conditions in your neighborhood and the nearby surrounding areas.   They will compare what homes, similar to yours, listed for and sold for in your area.  An appraiser will potentially use the same information, but will go into more depth about each property.  

So, how do you decide whether or not to have an appraisal done prior to listing your home?

If you live in a typical suburban neighborhood where the homes are similar in style and square footage, you probably don't need to have the home appraised prior to listing your home.  The information on your REALTOR'S® market analysis should be current and give you a very good idea of the market value of your home.  If you are still not sure, maybe you should talk to a couple of different agents and see that they are all in about the same price range, that should give you a good number for your home's value.

My advice to a seller would be that you should have a professional appraisal done prior to listing your home if you have a VERY unique property.  Maybe something that is on the historical register or something that was built exclusively for you by an architect and there is not another similar home in the area.   If you fit into one of these categories, I would strongly suggest pre-appraising your home.

If you do decide to have your home appraised prior to listing, hear me when I say that the appraised value is one person's opinion.  If you hire 3 appraisers, you will probably get 3 different values.   Just because one person's opinion of value is one number, the market value might be a different story.   What someone is willing to pay for the house is the market value and what your home is ultimately worth.  Don't let yourself get hung up on what an appraiser says your home is worth.  If it takes time for your home to sell, other homes may come on the market and go to closing which will affect the value of your home.

The other thing that is important for you, a seller with appraisal in hand,  to know is the appraisal you have is for your own knowledge.   If a purchaser is placing financing on your home, the purchaser and the purchaser's lender will have their own appraisal. 

The bank will most likely use an appraisal from an appraiser that is on the bank's approved appraiser list.   They want to make sure that the buyer is not paying too much and that they are not lending too much money for a property.

Now with all of that said, Appraisals are very controversial these days with all of the new lending laws and guidelines.  We have appraisers come from out of local areas doing appraisals and it is making the sales and loan process difficult.   I think it is important for sellers to understand that the buyer's appraiser, in most cases, is going to be the appraisal that will be used for financing.

Ultimately it is up to you, if it you believe your home needs to be appraised before listing, you can do that.  Just make sure you listen to your professional REALTOR® to tell you how much your home will sell for!!

Original Post Here

By now, many first time home buyers are aware of the $8,000 First Time Home Buyer Tax Credit.  A first time home buyer is defined as a buyer who has not had an interest in a primary residence within the past three years.  The tax credit provides a credit of 10% of the purchase price of a home to the buyer, up to a sale price of $80,000; hence, first time home buyers are eligible to receive checks from the IRS in amounts up to $8,000!

The tax credit is only in effect for settlements which take place BEFORE December 1, 2009 - i.e., the settlement must take place no later than November 30, 2009.  The tax form with which to apply for the tax credit is IRS Form 5405.

Bear in mind that in today's credit atmosphere, it can take a minimum of 45 days to get a mortgage approved.  Therefore, it would be desirable for first time home buyers to have a home selected and under agreement no later than early October 2009.

What's going to happen as we get closer to the deadline fot the $8,000 tax credit?  All the first time buyers who haven't yet bought a house are going to be in a rush to get their purchase on the books in time to be eligible for the credit.

When is the latest allowable settlement date?  November 30, 2009, which happens to fall on a Monday.  That date is going to be the craziest date for settlements that anyone has ever seen!  It will be hard to reserve a time with a title company to hold the settlements, and there will be delays with financing packages from lenders due to the rush.

Some settlements will be delayed for one reason or another until the following day - and there goes $8,000 out the window.

My suggestion?  If you're a Lancaster County, PA first time home buyer, don't wait for the last minute to look for a home.  Leave plenty of time for your settlement - and don't schedule your settlement for the last day in November.

Brian Schulman offers expert real estate representation for buying and selling homes in Lancaster County, PA.  To learn more, visit http://www.FindLancasterHomes.com/

 

 opyright2009BrianSchulman©

Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA.  To learn more, visit http://www.FindLancasterHomes.com/