Wednesday, July 1, 2009

It's Been A While!

Sorry there has been no post by me since late March, but my elderly father, back in New Hampshire, had been going thru some health problems since mid March and finally passed away May 11 at age 93 1/2. He lived a long and fruitful life and was very active until being hospitalized in March. He still mowed his own lawn, got out the snow blower to clean off the driveway and did a lot of "puttering" around the house almost to the end! About the only thing he couldn't do anymore was drive a car. He couldn't pass the eye exam and lost his license at age 87. My Mom is still around, living in New Hampshire and she's 87 and just got her drivers license renewed for another 3 years.

But enough about me. How about you? If you're a first time home buyer (or have not owned a home of your own for the past 3 years), are you ready to take advantage of the $8000.00 first time home buyers credit, established by TARP, as part of our economic recovery program? You must close on your home by midnight, November 30, to get the credit and under some programs, the $8000.00 can be used as part of your downpayment. It would seem to be a great way for a first time buyer to fullfill their dreams of home ownership, while also helping the U.S. economy to get back on it's feet.

Also, for anyone who has been following this, or worrying about this, you may know, that our company, CENTURY 21 Town & Country, filed for Chapter 11 Bankruptcy Protection in March. Well, we exited bankruptcy protection yesterday morning,
June 30, and we are back, stronger than ever, with our 7 remaining offices, Troy, Birmingham, Rochester, Clarkston, Shelby Township, Clinton Township and Grosse Pointe and 500 agents. So good news for all of us, first time homebuyers and for the many agents working under the umbrella of CENTURY 21 Town & Country and our owner, John Kersten.

Saturday, March 21, 2009

Spring Has Sprung!

Remember last March when we got all of that snow? I think it was like the 4th snowiest March on record. This March, nothing, as the month came in like a lamb and may go out like one as well!

On the real estate front, interest is picking up around our CENTURY 21 Town & Country Troy office. Our 80+ agents in Troy, including me, are being kept hopping by a huge increase in phone calls over the past 3 weeks, people wanting to look at houses! There's been a similar increase in home showings in March. So there is a pent up demand out there. Here in Troy though, in February, the median sales price was 170,000, compared to about 220,000 in February, 2008. That's not unusual though for this time of year, as the higher priced homes, that will bring the median sales price up, don't usually come on the market until April, even May. That's why it's best to get your home on the market now, to avoid the rush. Yes, sales prices are down considerably from where they were 3 or 4 years ago, but you're also going to get a nice bargain on the new home you buy!

The last I checked on Thursday March 19, 30 year, fixed rate mortgages were running at about 5.50% with a 720 credit score and no points with a 20% downpayment. With a point, that rate was down to 4.75% with the 720 credit score and 20% downpayment. An FHA 30 year fixed rate mortgage, with a 620 credit score and 3.5% down, was running at 5.75% with no points, 5% with one point. For all of the latest on mortgage rates and for the best advice and service possible, give my pal Dave Tumey of Cambridge Mortgage a call, at 248-526-2210!

Another good point to make on the housing market is, with these rates, you can't miss! People have been buying up foreclosed and bank owned homes and that market is starting to deplete, which means that the time is coming, when buyers will have to stop looking at foreclosures and bank owned properties and start looking at good, solid private owned homes! IT WILL HAPPEN!! Oh, and happy spring!

Wednesday, February 18, 2009

Good News!!

Well, here it is, mid February and already there's severral pieces of news! First of all, there's a big benefit for first time home buyer, in the new, Economic Stimulus Bill. First of all, let me state that the bill defines a "first time homebuyer" as a person who has not owned a home for at least 3 years. Now for the good part. If you're a "first time homebuyer" and you buy a home between 1/1/2009 and 9/1/2009, you'll receive up to an $8000.00 credit on your federal income taxes. So you'll receive a credit on your taxes of 10% of the purchase price of the home up to $8000.00! In other words, purchase a home worth $150,000 and you'll receive the $8000.00 credit. Purchase a $70,000 home and you'll receive a credit of $7000.00. This is a great way for first time buyers, to get into a home more easily AND the credit does not have to be paid back.

Another piece of good news on the financing front, FHA has increased the size of their loans in our area under the new Economic Stimulus Bill to $297,500. That's an increase in the amount that FHA will finance of about $26,000. So for those thinking about buying a home in the $300,000 range, you can now get FHA financing! We're all still waiting on the analysis of President Obama's home mortgage recovery plan, which was announced in Phoenis this afternoon!!

Finally, you may have heard this on the radio or seen the story on TV or read about it in the newspaper. The company where I am an "independant contractor" (a salesperson working strictly on a commission basis), CENTURY 21 Town & Country, did file for Chapter 11 bankruptcy on Thursday, February 12. This has no affect on me whatsoever, nor does it affect my clients. CENTURY 21 Town & Country has been the top producing firm, in the entire CENTURY 21 worldwide system for 13 consecutive years. Our service and committment to quality is unquestioned. As a company, we will emerge from Chapter 11, even stronger and more viable than before and will continue to serve our clients with unparalled service and quality, for many more years to come!!

We are not the first, large local real estate firm to file for Chapter 11 bankruptcy protection in the past several years, nor will be be the last. It's all a result of the current economic conditions in the real estate industry. Many other companies nationwide have filed for Chapter 11 and have emerged stronger and better companies after their re-organizations. Why just yesterday, Donald "You're fired" Trump, filed for Chapter 11, again! So I look forward to and CENTURY 21 Town & Country looks forward to serving the public and our cherished clients, not only now, but in the weeks, months and years to come!

Friday, January 23, 2009

Interesting Stuff

Well, again it's been a while since I've posted. I vow to try to post at least once a month in 2009 and by the way, I hope everyone out there had a good Holiday season and a happy start to the new year! I got to visit New Hampshire, again (3 times a year now), to visit my parents who celebrated their 65th wedding anniversery just before Christmas. They had actually been displaced by that huge ice storm that whalloped New England on December 11. They're home was without electricity for 8 days. My folks tried to stick it out for 3 days without heat, but that was enough and they went to a shelter which had been setup in their community. By the time I got there to start my 2 week vacation, they had been back home for 4 days. Also, you could not believe the destruction I saw. About a half mile south of my parents home, a large elm tree snapped in half and abviously took some utility wires with it, then about a mile north of their home, not only did a large oak tree split in half under the weight of the ice, but a utility pole along the side of the road split in half and toppled over. No wonder my favorite 93 year old and 86 year old were without power for 8 days!

Just thought I'd let you know of something exciting on the real estate front. If you are a first time buyer, you can take advantage of a First Time Homebuyers Credit which has just been setup since the first of the year, as part of the Economic Recovery Act. If you have purchased or will purchase a home between April 8, 2008 and July 1, 2009 and you are a first time homebuyer, or have not owned your own home for the past 3 years and are buying now, you are entitled to a credit of $7500.00 on your federal income tax. It's like an interest free loan of $7500.00, in that you have to repay the $7500.00 to Uncle Sam, over a 15 year period. This is for the purchase of a main home. It's not good for vacation homes or rental properties.

There are some other stipulations for getting this credit, but it's worth checking out at this website: http://www.IRS.gov and there's more good news. Right now the powers that be in Washington under the new administration, are talking about waiving the payback rule. In other words, if they approve the rule change, you would be able to get the $7500.00 First Time Homebuyers Credit and NOT have to pay it back. So stay tuned! I'll have more on this, as it becomes available. In the meantime, visit that IRS website or contact my favorite mortgage banker, Dave Tumey of Cambridge Mortgage at 248-526-2210.