First-time home buyers

Don’t let this “perfect storm” of opportunity pass you by!

There is an unbelieveable selection of homes on the market at the most affordable prices in years; interest rates are incredibly low; AND the federal government is willing to pay you up to $8,000 if you close by December 1st.

What are you waiting for???

Contact me today or use my FREE Home Search Wizard which will automatically e-mail you daily any listings that meet your search criteria, as soon as they come on the market!
Maryland Home Search Wizard

Thank you and best regards,

Phillip Cross, e-PRO REALTOR ®
RE/MAX 1st Advantage

Mobile: (443) 677-7114

Bel Air Office:   (410) 638-7895
Parkville Office: (410) 882-6000

First-Time Homebuyer Tax Credit 2009 (Revised)

Congress Enacts Bigger and Better Home Buyer Tax Credit

A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

Enhanced Tax Credit Provides Outstanding Opportunity for Home Buyers

In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.

But time is of the essence for buyers who want to take advantage of this opportunity.

Below is a link to a comparison of the features for New vs. Old Tax Credit
First Time Homebuyer Tax credit

This is not guaranteed to be ALL features. Please check with your tax professional for further guidance.

Pre-Approval: The First Step

One of the most important steps in the home-buying process is being pre-approved for a home loan. Many buyers apply for a loan and receive approval from a lender BEFORE searching for a home. This is called “pre-approval.”

Why is pre-approval important at the beginning of the home-buying process?

* Pre-approval can cut days or even weeks off the closing, because the lender has already conducted its credit analysis and approved you for a mortgage.

* Pre-approval strengthens your offer and negotiating position. A home seller will often choose to accept an offer from a buyer who is pre-approved for a mortgage over one whose financial picture is still in question.

* Pre-approval will determine your price range and narrow your search parameters. Based on your down payment and that pre-approved mortgage amount, you will know how much you can afford before you even start looking for a house.

There is also a significant difference between buyers who are merely “pre-qualified” and those who are pre-approved.

Pre-qualified buyers are those whose lenders have determined how much they can borrow based only on information the buyer has provided to the lender. Nothing has been verified to determine the buyer’s true creditworthiness. The buyer still must fill out a loan application and go through the lender’s approval process.

For buyers who have been pre-approved, the lender has already done a credit check along with verification of employment and deposit. The lender’s pre-approval is a commitment to loan the buyer up to a certain predetermined amount. The only piece missing is the lender’s appraisal of the home to confirm its value.

Buy or Sell First?

The classic dilemma for many homeowners is whether to buy or sell first. There is no “right” answer. It depends on your specific circumstances.

Most homeowners agree that it’s more prudent and less stressful if you sell your existing home before you buy a new one. You can often get top dollar for your home if you are not under pressure to sell. And you’re in a better position to negotiate on the buying side of the transaction. If you have to make an offer contingent on the sale of your home, you often lose negotiating leverage.

If you sell your current home and the home you select isn’t available when you’re ready to move, you may end up with cash in hand in a short-term rental. No one wants to move twice, but it may be well worth it to eliminate risk and have more money to work with.

If you currently own a home I would be happy to provide you with a home valuation so that you know what your home is worth in today’s market. If you provide me with some basic information on your home, I’ll be able to give you a price range. That range will be determined using the information you provide to establish a list of comparable properties in your area as reported by the Multiple Listing Service (MLS). Or I can provide you with a more precise valuation by briefly visiting your home.

Housing Market Rejuvenation?

THE EMERGENCY ECONOMIC STABILIZATION ACT

As you know or at least you have heard by now about the “Bailout or Rescue.”

Basic Synopsis: On October 3rd, President Bush signed emergency legislation to help stabilize financial markets and improve bank dealings with borrowers in foreclosure. The legislation includes provisions that reinsert monies back into credit markets to help future homeowners. The package also includes provisions increasing federal insurance on bank accounts, as well as some limited tax relief for real estate.

The need to sell and buy real estate remains constant. People still relocate as a result of job transfers. Young families still want to move into larger homes. Upwardly mobile families still desire to move into more expensive homes. Empty-nesters still want to downsize.

People need to feel good about making a financial decision as large as buying a home. There needs to be a certain level of confidence. Events such as those surrounding the financial markets erode this confidence.

The $700B bailout, is likely to produce multiple positive economic and psychological effects on the residential real estate market.

There IS hope in sight for our floundering economy! This recent action by President and Congress will help reduce the supply of homes and increase demand. Thereby rejuvenating the housing market – freeing up much needed mortgage funds. Plus the Federal Reserve is considering lowering interest rates again. Lower mortgage rates, reduced foreclosures, and stabilized home prices will mean more buyers.

Don’t be left on the sidelines. Now is the time to act – before home prices start to rise and fewer homes become available.

Tech Savvy Agent

When you choose a real estate agent, you’re selecting someone to represent you in one of the largest financial transactions you may ever undertake.

As the Internet continues to simplify the way people research buying and selling homes, there are many good reasons to choose an agent who can harness the power of technology to provide you with exceptional service, including:

• Sending up-to-date information by email for you to review at your convenience.
• Providing you with an online home evaluation to stay on top of current market value. 
• Emailing new home listings to you as soon as desirable properties hit the market.
• Delivering e-newsletters to keep you informed about market trends and other important matters.
• Showcasing your home on the Web to help you sell it for top dollar.

Whether you’re thinking about buying or selling or simply want to stay informed about the real estate market, using new technology helps me consistently provide you with timely information and outstanding service.