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If you have recently decided to move from renter to homeowner, you are not alone. First-time homebuyers made up 41 percent of the market, according the National Association of REALTORS®’ 2008 Profile of Home Buyers and Sellers. And price declines in many markets around the country have created unique opportunities for those considering home ownership for the first time.

As a homeowner, you have security and stability, the freedom to decorate and remodel, potential to build equity and tax benefits. And with interest rates still at historically low levels – 5.22% for the typical, 30-year fixed-rate mortgage (as of early August 2009), combined with ample inventory, now is a great time to buy.
Plus, there are several incentives and programs available specifically for first-time homebuyers.

First-Time Homebuyer Credit
One program that is a great financial opportunity is the highly publicized First-time Homebuyer Credit, which was part of the Housing and Economic Recovery Act of 2008. This federal initiative allows first-time homebuyers to take up to an $8,000 tax credit, which doesn’t have to be repaid, toward a new or resale property purchased prior to Dec. 1, 2009. For new construction, the purchase date is considered to be the date you first occupy the home.

Under this program, a first-time homebuyer is considered to be anyone who has not owned a principal home within the last three years. If you are married, both spouses must meet this criterion. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer. In addition, ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. You are also eligible to claim first-time buyer status if you owned a principal residence outside of the United States within the last three years.

The actual tax credit may vary depending on the purchase price and your income. The credit is generally equal to 10 percent of the home’s purchase price, not to exceed $8,000. In addition, the income limit to receive full credit is $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.

For complete details, visit www.irs.gov and www.federalhousingtaxcredit.com. As always, consult with your tax adviser on how this tax credit may affect you.

State Programs
Many states also have first-time homeowner programs. Under these programs, first-time homebuyers may be eligible for grants for down payments and closing costs. Some states even offer various tax deductions and credits.

Mortgage Loans
As a first-time homebuyer, you don’t have the advantage of using the equity in a previous property to help bridge costs associated with down payment, closing and other fees. Many financial institutions have mortgage products with you in mind. In addition, the Federal Housing Administration (FHA) offers mortgage programs in which your down payment can be as low as 3.5% of the purchase price, and allows most of your closing costs and fees to be included in the loan. Although FHA does not directly loan to consumers, you can work with a FHA-approved lender. For more information, visit www.hud.gov.

Workshops
Besides financial assistance, there are workshops specifically geared toward first-time homebuyers. They provide a wealth of information about the home-buying process, such as how to search for a home, setting up a budget, choosing a real estate professional, loan products, and so on.

The transition from renter to homebuyer is a large step and is arguably one of the largest investments you’ll make, so make sure you take advantage of all the assistance available to make the road to homeownership that much easier.

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I have noticed a trend over the last few weeks/months. When I am on the floor in my office, the phone rings all the time again. It is interested buyers, passers by, and fellow Realtors showing our office’s listings. If I were forced to guess, I would have estimated that sales were up, now it is confirmed.

Another trend I have noticed in the market is the number of expired listings, those that did not sell, is down. I think this is because people have finally come to the realization that their property isn’t worth what it used to be, and they need to price it competitively to sell it. Additionally, “Bank Owned”, those properties being sold in foreclosure by the bank, are being marketed by the banks at rock bottom prices. They are generating multiple offers and actually receiving more than their asking price for the properties. Some are actually investing money in to repairs! That used to be unheard of for bank owneds.

According to the National Association of Realtors (NAR) “The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

NAR President Charles McMillan says there are numerous buyer assistance programs around the country.

‘Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,’ McMillan says.

Last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger down payment.”

Things are definately looking up in our industry and now is the time to buy at rock bottom prices. “NAR’s Housing Affordability Index is in record territory. The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, which makes it the second-highest monthly reading on record after peaking at 176.9 in January of this year.”

If you are a first time buyer, and investor, or a savvy homeowner looking to upgrade while the gettin’s good, call me right away at 386.837.5300. I am happy to help you with all your Real Estate requirements.

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Unlike an automobile, you can’t test drive a home before you purchase it. You have to base your decision on other factors such as layout, condition and much more. And, of course, the seller is obligated to disclose the property’s condition that may alert you to issues such as previous mold, defective water heater or leaky roof. Yet, that still doesn’t always paint the entire picture. Here are six questions you should consider asking the seller to gain additional insight about the prospective home before you make a final decision.

1. Why is the seller selling the house?

This question may help you evaluate the “real value” of the property. Is there something about the house the seller does not like? If so, you may be able to adjust the purchase offer accordingly.

2. How much did the seller pay for the home?

In some instances, the answer to this question may help you negotiate a better deal. However, it is important to remember that the purchase price is influenced by several factors, like the current market value and any improvements the seller may have made to the home. The original purchase price might not have anything to do with the current value of the house.

3. What does the seller like most and least about the property?

By asking the seller what he or she likes most and least about the property, you might get some interesting information. In a few cases, what a seller likes the most about a home might actually be something the buyer is looking to avoid. For example, if the seller describes his house as being in a “happening neighborhood,” the buyer might consider this a negative factor because the area may be too noisy or busy for his or her taste.

4. Has the seller had any problems with the home in the past?

It is also a good idea to ask the seller if he or she has had any problems with the home while living there. Has the seller had problems with a leakage from the upstairs bedroom in the past? If so, even if the leak has been corrected, the floor and walls around the bathroom might have been damaged. You should check that these items were repaired properly.

5. Are there any nuisances?

Use this question to find out about barking dogs, heavy airplane traffic or even planned changes to the community, such as a planned street widening. This may give you insight on why the seller is really moving.

6. How are the public schools in the area?

Because the value of a community is usually greatly influenced by the public schools in the area, finding out the buyer’s perception can give you some insight about the quality of the area’s schools.
Knowing all you can about a prospective home will help you make a more informed decision as well as offer. Your real estate professional can be a great resource in helping you get your key questions answered and give you advice on how to evaluate your findings.

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First time home buyers and affordability of housing are driving the market we are in today. According to the National Association of Realtors, first time home buyers accounted fro 53% of the transactions in the month of march and record affordability conditions are helping markets recover.

Why are first time home buyers entering the market? Well, it’s a great time to buy for one thing, plus they can now afford a home. The best reason is the $8,000 tax credit offered from Uncle Sam! That’s $8,000 free money to purchase a home! It doesn’t get much better than that. Call me to discuss.

Source:http://www.realtor.org/RMODaily.nsf/pages/News2009042301?OpenDocument

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Can you believe there is a house in DeBary for sale for under $40,000? Not only that, it is a 2 bedroom, 2 bath, and almost 1,100 square feet! If you have ever wanted to invest in real estate, now is the time! Let me help you find some property to invest in, you will be happy you decided too.

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The only thing certain is change. The world famous Sears Tower in Chicago will no longer retain its name. From now on it will be called the Willis Tower. (I will pause now for all the “whatca talkin’ about jokes). Done? OK, hard to believe how far the mighty Sears has fallen.

Back in Purcellville, VA, where I lived before I moved to sunny Florida, we used to list houses by their Sears Catalog Number. They were the original distributors of the pre-fab houses. Now, they don’t even have a building in Chicago. Apparently they have not really occupied that building for years anyway, but it is another indication of the changing of the guard.

Are you changing with the times or still doing things the same things you did years ago with diminishing results? What is the one thing you can do today differently that will increase your business?

Source: http://narblog1.realtors.org/mvtype/infocentral/2009/03/whatcha_talkin_bout.html

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Those that listen to the constant barage of negativity from the boob tube would think that the real estate market was non-existant! The fact is, there is a ton of activity out there! People are looking and buying, so make sure not to miss out on these great opportunities we just listed:

Check out this and thousands of other homes at www.rickmcbride.com

109 Horseshoe Blvd. in De Leon Springs. Fanstastic 3 bedroom, 2 bath home on 2.5 acres in De Leon Springs for only $175,000! This is a mint property fully fenced and ready for Rover to roam!

115 Homestead Ave. is a large 2 bedroom, 2 bath home in my hometown of DeBary, FL. This is a fantastic property set back and private. It features a large detatched garage and upgrades, upgrades, upgrades!

6260 Winning Woods Trail is a large 5 acre parcel in De Leon Springs, FL that fits into anyone’s budget! At only $89,000 this parcel is perfect for a manufactured home or for building your dream privacy palace. The property features a large existing pond and is ready to be your paradise!

Check out these homes, see our featured properties, and search for property at your leisure at www.rickmcbride.com

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I just installed a link to a property tax calculator on my website! It will tell you your tax rate for any part of Volusia County. Pretty cool! Check it out at rickmcbride.com

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The National Association of Realtors is reporting that first time home buyers are driving sales for February and beyond! For those that don’t know, a first time home buyer can receive an $8,000 credit on their 2009 tax return. Not a deduction, A CREDIT! An $8,000 cold hard cash refund, in addition to all the other advantages such as mortgage interest deductions, some closing costs are deductible, etc.

The great thing about this is that not only do first time home buyers receive this credit, so does anyone who has not owned a home for three or more years! This is valid on all homes that close prior to December, so don’t wait! Hurry now! Contact me to explain this in more detail or to start looking at some of the most affordable homes ever in our lifetime.

Source: http://www.realtor.org/RMODaily.nsf/pages/News2009032301?OpenDocument

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Believe it or not, new home and apartment construction jumped 22.2 in February according to the Commerce Department. So where is all the doom and gloom we hear about daily from the press? Things aren’t great, if you have to sell now it is gloomy, but there are still buyers out there, I see them walk through our door every day. Ever considered investing? Now is the time!

New-home construction logs unexpected gain