Downsizing? Home Buyer Tax Credit Can Help!

The Tax Credit is Also For Those Who Wish to Downsize

The tax credit is not just for those buying a bigger home, it also works for those wanting to downsize

When the First Time Home Buyer Tax credit was extended and expanded most people thought the expansion was only for home owners who wanted to move up, those who wished to buy a bigger, more expensive home. In fact, the expansion simply includes those who have owned a primary residence and lived in it for at least five years consecutive years out of the last eight years.

If current home owners want to downsize they can use the tax credit toward their new home, regardless of whether it costs less than the home that they are selling, regardless of whether it is a smaller home than the one that they are selling.

It is an anomaly that everyone assumes the tax credit is only for purchasing bigger and better. Many people, especially those whose children have grown and left the nest, want to downsize. After-all, who doesn’t want to make life simpler these days?

If you have been considering selling your home and moving into a smaller space, consider doing so before the tax credit expires. Place your new home under contract by April 30th and close by June 30th and you could have a few extra dollars in your pocket.

FIRST TIME HOME BUYER TAX CREDIT

For more information please contact me at 818.269.5550.

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Selling Your Home? An Inspection Can Make or Break Your Deal

Be prepared for what a home inspection might reveal when selling your home...

Home inspections can often make or break a deal. If possible sellers should have one done ahead of time so repairs can be made and a home can be in its best possible condition. However, often a seller does not do a home inspection first and is caught off guard by a long list of repairs presented in the due diligence portion of the contract process. The most common home ailments that show up in the home inspection process are:

•  Faulty electrical wiring
•  Roof damage
•  Plumbing issues
•  Poor drainage
•  General lack of upkeep

These are issues that can add up to a potential home buyer walking away if a seller is unable to step up and make the repairs or commit the money to make the repairs. Examine these aspects of your home yourself, if you know everything is in good condition and the work that has been done to your home has been completed by professionals then you can rest easy, otherwise be prepared to make repairs in order to sell your home. 

Read article on HOME INSPECTIONS.

For more information please contact me at 818.269.5550.

You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com

FHA Hard At Work to Insure Its Stability

The FHA is doing its part to insure that it will be able to keep financing new homes

The past few years have not been easy in the housing sector and the FHA is working hard to assure its stability in the market. Created to insure that people could purchase affordable homes and catering mostly to the first time home buyer, the FHA is an integral part of the real estate business and keeping the association healthy is important to communities around the country.

The changes that the FHA is making to insure its survival are as follows:

• · The mortgage insurance premium will rise. It will now be 2.25% of the loan amount as opposed to 1.75%.
• · New Borrowers will have to have a FICO score of 580 or more to qualify for a 3.5% down payment, those with a score of less that 580 will have to put a 10% down payment toward their new home.
• · Seller concessions are being reduced to 3% from 6%, to limit any inflation that can occur on the price of a house.
• · FHA lenders are going to be carefully scrutinized to make sure that they are adhering to FHA rules and regulations.

The FHA has helped to put many people into new homes since its inception in 1934. Its changes reflect its desire to continue to help many more for years to come.

For more information about FHA

 

For more information please contact me at 818.269.5550.

You may also visit my wesbite: http://www.caroledelacruzrealty.com/

or email me at: carole@caroledelacruzrealty.com

It's a buyer's Market When It Comes to Real Estate

It is a buyer’s market when it comes to real estate. It is not the best time to be a seller, but to be a buyer the conditions could not be better. Low interest rates, home values and inventory all point to buy, buy, buy. The only thing standing in the way is money, but if people can get money and they are in the right place at the right time, buying real estate is a great idea.

If the real estate market were a car the first time home buyer would be in the driver’s seat. Not only to first time home buyers get to take advantage of low mortgage rates, low home values, and a decent inventory of homes for sale, but they also don’t have to sell a home before they buy a home.

There may not be a better time to be a home buyer, especially a first time home buyer, for a long time. The first part of 2010 displays ideal conditions to get out there and start looking.

For more information please contact me at 818.269.5550.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com

Relocating can be much easier with the right Realtor

Moving to a new home can be quite an ordeal, whether you are moving within the same area or across the country. To make a complicated and often stressful situation easier choosing a qualified and experienced real estate broker can make all the difference.

A qualified Realtor can:

• Help you locate the best neighborhood to suit you and your family’s needs. He will know the area and will match it with your considerations and needs.
• Help you settle in faster by matching your interests and hobbies with the appropriate groups. He will also point you toward the right doctors, schools and professional areas that will set you out on the right foot.
• Will have the answers to your questions. He will have survived relocation many times with many people and have the answers you are looking for.

Keep in mind that choosing a Realtor with a solid reputation, a track record behind him and the knowledge you need to not only succeed in your real estate transaction but adjust to your new surroundings will make your entire move run much more smoothly. Do your homework and the real estate broker you choose will do the homework on your new environment.

For more information please contact me at 818.269.5550.

You may also visit my wesbite: http://www.caroledelacruzrealty.com/

or email me at: carole@caroledelacruzrealty.com