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!