The homebuyer tax incentive has been extended and expanded to include more than 1st time homebuyers! A MUST READ!!

In a major victory for NAHB that will boost the fledgling housing recovery and help struggling business owners nationwide, Congress today approved legislation that will extend the first-time home buyer tax credit beyond its Nov. 30 deadline and expand it to a wider group of home buyers. The bill also provides relief to cash- strapped home builders by providing broader tax benefits for businesses with net operating losses (NOLs).

The legislation, which will be signed into law shortly by President Obama, will: Extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30. Expand to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence. Increase income eligibility limits to claim the full credit amount to $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return.

NAHB’s consumer-oriented Web site, www.federalhousingtaxcredit.com, is being updated right now, and will provide complete details on the enhanced home buyer tax credit after the bill is signed into law by the President.

NAHB will launch a set of resources to help you understand and promote the new tax credit over the next couple of days. Check www.nahb.org/taxcreditresources early next week.

You’ve done your homework, and you’ve determined how the government’s stimulus incentives can best meet the needs of your family.

BuyersHouseRealty will work by your side to locate your next home and also give you 75% of our commission, which means even more than the tax credit to you, if you buy your next home using our services. On ave. our clients receive more then $6,000 dollars after closing. You can use that check for closing cost, new furniture or to take a vacation.

Learn more and visit us at www.BuyersHouseRealty.com (FAQ) Contact us now at 512.663.9519, before your time runs out!

“The Real Estate Deal”

www.Buy75.com

Homebuyer Tax credit appears close to an extension – 10/29/2009

Washington (CNN) — Senate leaders have reached a tentative deal to extend the first-time homebuyers’ tax credit that was originally passed earlier this year as part of the stimulus bill, Republican and Democratic sources told CNN on Wednesday.

The agreement would extend and expand the credit to include current homeowners who want to move, according to the sources.

The original credit in the stimulus bill is set to expire at the end of November and offers a tax credit of $8,000 to first-time homebuyers.

Senate sources told CNN they have tentatively agreed to extend that $8,000 credit for first-time buyers until the end of April. In addition, they are adding a $6,500 credit for some current homeowners who buy a new residence by then.

To qualify, current homeowners must have lived in their primary residence for five continuous years.

Senators have not agreed on how the tentative deal would come up for a vote, but sources from both parties said they are considering adding the housing credit to a bill that would extend unemployment benefits.

House Speaker Nancy Pelosi has indicated she also is interested in extending the homeowner credit, but House leaders have yet to endorse any one bill.

 You’ve done your homework, and you’ve determined how the government’s stimulus incentives can best meet the needs of your family. BuyersHouseRealty will work by your side to locate your next home and also give you 75% of our commission, which means even more than the tax credit to you, if you buy your next home using our services. On ave. our clients receive more then $6,000 dollars after closing. You can use that check for closing cost, new furniture or to take a vacation. Learn more and visit us at www.BuyersHouseRealty.com (FAQ) Contact us now at 512.663.9519, before your time runs out!

Home Buying 101

Purchasing a home is one of your most expensive investments and there is important information that every homebuyer should be made aware of, to protect their investment.  The following information provides an excellent starting point for both the first-time homebuyer and the most experienced Austin Area homebuyer to become better educated about purchasing real estate, and protecting their investment.

• A seller’s agent, or the listing agent, represents the seller, not the buyer, and his or her loyalties are to the seller. They must tell the seller anything you tell them, even if it hurts your negotiating position. Furthermore, the seller’s agent earns double the commission when you elect to NOT have a buyer’s agent represent you in a transaction.  Remember that, although possibly helpful in other areas of the home-buying process, a seller’s agent cannot be your advocate or assist you about a property’s value because he or she works for the seller, and, by law, is obligated to act in the best interest of the seller. In addition, if you work with the seller’s agent he or she MUST disclose to the seller anything he or she knows about you that would affect the seller’s decision making.

• A buyer’s agent or buyer’s broker (aka buyer’s agency) represents the buyer in a real estate transaction. The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement.  Under this agreement, the buyer’s agent owes his fiduciary responsibilities to the buyer.  This essentially means that the agent owes all of their loyalties to the buyer.

• A buyer’s agent represents the buyer, not the seller, and looks out for your best interest.  It is the Buyer’s agent duty to get the best deal for the buyer. A buyer agent earns the same seller-authorized commission split that is offered across the board to any agent who brings a buyer, so the Buyer’s DO NOT pay any fees or commissions to the buyer’s agent.  Although the benefits of a buyer agent are obvious, remarkably many individuals do not know they can have their own real estate agent look out for their best interests.  Simply put, there is no benefit to not have your own agent representing you, the pitfalls are far too great to go it alone, and not have an expert educate/represent you in the home buying process, exclusively. 

The Art of Negotiating

The process of negotiating your home purchase, while exciting, can prove to be quite a stressful experience.  You don’t have to be real estate guru or a poker faced deal broker in order to get a good deal on a new home.  Having a negotiation strategy prior to making an offer is strongly recommended.  Simply making an offer to see what happens is a passive approach.  Here are some key tips to negotiate the best price you can without offending the seller and sabotaging the deal.

Do your homework
Knowledge is power in negotiations.  Investigate what, where, and how you are purchasing your new home.  Get to know the market conditions, home prices, demographics, property taxes, school districts etc. in your search areas.  This information will better prepare you to make an offer that the seller can not refuse. 

Look “under the hood”
It is important to learn as much as you can about the subdivisions in your area.  Review the common amenities.  Check with the city to see what is planned and what is planned for the future.  This is especially important concerning vacant land.  Read the Home Owners Documents to ensure that there is nothing you object to.

What’s the rush?
If you are buying a home, don’t be in a hurry. You may find the perfect home at the first weekend open house, or it might take you six months to buy a home. When you find a home you want to “Make an Offer” to buy, you’ll need a CMA (comparative market analysis). Seller’s also use a CMA when setting the asking price. You may be shocked to realize the asking price is a bargain. Or, it might be grossly overpriced.

Start low, but Don’t Lowball
The low-ball offer is a commonly used and highly ineffective approach to home buying.  “What can it hurt, if I offer 20-30% below the asking price?”  Unless the asking price is grossly out of line, a very low first offer insults the seller, who might not even make a counteroffer.  Typically,

How to make an offer in Texas

Although you can Google “How To Make An Offer”, it is a wise choice to base your information on how to make an offer in Texas, as there are some specifics about Texas real estate that differ from the rest of the country, and of course this could affect you getting the best deal.

Verbal offers are not legally enforceable when it comes to the sale of real estate.  Therefore, you need to enter into a written contract, which starts with your written offer.  This offer covers all of the terms and conditions of the purchase, including offer price. BuyersHouseRealty has the standard forms (including One to Four Family Residential Contract (Resale)) that you will need in order to complete your offer.  As our client we will answer all of your questions concerning this process.  There are also important items that the seller must disclose and these items will be addressed prior to submitting your offer. 

The Home Buying Checklist

o Pre-Approval with a lender.  Have your lender fax a Pre-Approval letter to BuyersHouseRealty.
o Select your Dream Home and place an offer.
o Review and sign contract, addendums, Seller’s Disclosure and appropriate paperwork.  (Your option money and earnest money check will be due within 24 hours after your contract has been accepted.) 
o Complete loan application.  (Give checks for appraisal fee & credit report to lender at loan application)  Due Date
o Setup Property, Termite and /or Septic inspections. 

Home Buying Website Checklist – 7 Sites Worth Saving…

by Brandon Cornett

The Internet can help home buyers find the information they need to make smart financial decisions. But finding the right websites can take hours. The following list of essential websites will save you time and energy.

AnnualCreditReport.com
Long before you start looking at houses, you need to look at your credit. Mortgage lenders will analyze your credit, so you should do the same. You can start by requesting copies of your credit report from all three credit-reporting companies: Experian, Equifax and TransUnion. According to the Fair Credit Reporting Act, you are entitled to one free credit report per year. To request your credit report from all three companies at once, visit the website listed below. www.annualcreditreport.com

Mortgage101.com
If you need to brush up on your mortgage knowledge or use an accurate mortgage calculator, this is the website for you. Mortgage101.com is loaded with helpful tools, information and advice. Here’s how the owners describe the site: “Mortgage101.com is a leader in educating online consumers about the mortgage process … Developed in 1996, the website is visited by over 750,000 consumers monthly, connecting them to an online network of over 700 mortgage companies.” www.mortgage101.com

Interest.com
Interest.com provides news, articles tools and calculators — all pertaining to interest rates. Here’s how the owners describe the site: “Interest.com is a trusted resource where you can learn about all aspects of personal financial products, and comparison shop financial products that best meet your personal needs.” www.interest.com

Google.com/alerts
Keeping abreast of local real estate conditions will help you make smarter home-buying decisions. With Google Alerts, you can stay on top of your local real estate scene with virtually no effort. Just set up alerts for key phrases relevant to your area (like “buying a home in Chicago” or “Tallahassee real estate”), and you’ll be notified via email whenever Google finds a new page with that phrase. Many of the notifications will come from news stories published online, which makes this an easy way to stay informed about local real estate developments. www.google.com/alerts

HUD.gov
The Federal Housing Administration (FHA) — which is part of HUD — has been helping people become homeowners since 1934. Their website offers home buying advice, links to related resources and (most importantly) an explanation of your legal rights as a home buyer. Whether you’re a first-time home buyer or a veteran, you’ll benefit from a visit to HUD’s information-packed website. www.hud.gov/buying

NAHI.org
Home inspections are one of the best investments you can make during the home buying process. You’ll only pay $300 to $500 for the inspection, but the peace of mind you get in return is priceless. To find a certified home inspector in your area, the best place to start is the official website of the National Association of Home Inspectors. www.nahi.org

HomeBuyingInstitute.com
If you’re a first-time home buyer, you’ll want to research the entire home buying process so you can have an idea of what to expect. There’s one website that offers a good overview on every part of the home buying process, and that’s the Home Buying Institute. www.homebuyinginstitute.com

Austin-area real estate market slows from summer buying months

Austin Board of REALTORS® releases August 2009 real estate statistics

September 18, 2009 - According to the August 2009 Multiple Listing Service report by the Austin Board of REALTORS®, the Austin-area real estate market has slowed slightly during the first month of fall.

In August 2009, 1,793 homes were sold, a 10 percent decrease from 1,994 homes sold in August 2008. The median home price for Austin in August 2009 was $189,000, a four percent decrease from the same month the prior year.

“It’s fairly normal for our market to slow down in autumn. Although we’ve been encouraged by stable home prices and volume in recent months, we are clearly not out of the woods completely,” said Jay Gohil, chairman of the Austin Board of REALTORS®. “Looking ahead, it will be interesting to see what impact the November 30 deadline for the first-time homebuyer tax credit has on demand this fall.”

On November 30, the tax credit for first-time homebuyers of up to $8,000 expires.  Despite speculation to the contrary, no definitive steps have been taken to extend it. To qualify, first-time homebuyers must close their real estate transaction by that date, a process that requires anywhere from 14 to 60 days or more.  For more information, visit www.austinhomesearch.com.

August 2009 Statistics

• $437,228,429 was the dollar volume of single-family properties sold  
• $189,000 was the median price, a four percent decrease from July 2008  
• 1,793 was the number of homes sold, a 10 percent decrease from one year ago

Tick Tock! 7 days left on the $8,000 tax credit…

Due to the amount of time required to approve a mortgage, October 13th may be the last day to apply for a mortgage and still be able to take advantage of the $8,000 tax credit.  ONLY 7 DAYS LEFT!

 

Federal tax credit of up to $8,000 available to first-time homebuyers who close escrow on or before November 30th, 2009.  Not all buyers will qualify.  Please consult an accountant or attorney for your particular situation.  Visit www.federalhousingtaxcredit.com for complete details.

CENTRAL TEXAS MARKET BOTTOMING OUT?

AUSTIN (Austin American-Statesman) – Central Texas’ new-home market might be bottoming out, according to Residential Strategies Inc. and its third-quarter starts and closings figures, released Thursday. Third quarter home starts were down 5.4 percent from the same quarter last year to 2,239 but up 17 percent from second quarter 2009. “This is a positive sign and perhaps a signal that the successive quarterly decline in activity may be coming to an end,” said Ted Wilson, a partner with Residential Stategies.