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Real Estate Buyer Blog  Buyers ... Stay Informed on the Local Market
Ask Questions..Get Answers
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Five Surprising Reasons to Buy a Home Now |
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- Low mortgage rates serve as an equity shock absorber. When buyers borrow at today's record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction.
- Houses are in move-in condition. Home owners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they are in marked contrast to tattered foreclosures.
- Terrific houses are coming on the market. Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties.
- Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market.
- Plenty of programs. Many programs that encourage middle-class families to buy homes continue to exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today's low mortgage rates.
For more inforation about the Lexington, South Carolina Real Estate market, visit my website at www.CharlesStill.com or fill out the following information and I will be in contact with you shortly.
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Timeline for the Homebuyer Tax Credit by Lexington, SC Realtor Charles Still |
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Timeline for the Home Buyer Tax Credit- 70 Days Remaining!!!!!!!!!!
Feb18, 2010 (Bankrate.com)
Time is running short for people who want to take advantage of the homebuyer tax credits.
There are two homebuyer federal income tax credits: the first-time homebuyer tax credit of up to $8,000, and the move-up homebuyer tax credit of up to $6,500. Both come with deadlines.
To collect either tax credit, buyers have to have homes under contract by April 30. That means that both buyer and seller must have signed the purchase contract by that date. After that, there's another deadline: The transaction has to close by June 30.
If you want to collect the tax credit, don't wait until the last half of April to begin looking for a house. Yes, it's possible that you could do it all in a couple of weeks: find a house that you like, negotiate a price and secure mortgage financing. Possible, but not probable.
"Don't wait till the last minute, and be prepared to stay on top of things from the very outset," says Neil Garfinkel, a lawyer with the law firm of Abrams Garfinkel Margolis Bergson LLP, on New York's Long Island.
Below is a timeline for homebuyers who want to complete the transaction on time to collect the federal income tax credit. The following dates aren't ironclad; the real estate agent, lender and title company will know if you need to deviate from this timeline because of your situation or location.
Use this timeline as a general guide and as motivation to take action quickly.
Now: Homebuyers wabting ti take advantage of the tax credit must act now.
Now - Mid-March: Find a mortgage lender and understand what it takes now to qualify for the best rates.
Mid-March: Find an experienced Realtor who can recommend an inspector, title insurance company and attorney.
March 31: Federal Reserve plans to stop buying mortgage-backed securities and rates may rise.
April 2: The new FHA insurance premiums rise to 2.25 percent, equal to $500 for each $100,000 borrowed.
April 15: As the April 30 deadline nears, it will be harder to bargin with seller. Get the deal done now.
April 27: Check your state laws to be sure there are no other roadblocks to signing a contract by April 30.
April 30: Buyer and seller must have a signed purchase contract by this date for the buyer to claim the credit.
For more information on everything dealing with Lexington South Carolina Real Estate visit our website at http://www.WelcomeToLexington.com or fill out the following form and I will be in touch with you shortly.
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Planning to Buy in Lexington South Carolina |
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If you are planning to purchase a home in Lexington, South Carolina, now is the time to start looking. As you may be awary, we still have the Homebuyers Tax Credit that is available to first-time homebuyers as well as repeat home buyers that meet certain restrictions.
From everything I see and read, the market is starting to turn around. It is going to be a slow recovery, but as things improve, the selection of homes is going to be decreasing slightly and sellers with homes in the price ranges and areas that are recovering are going to be less likely to take drastic price reductions. This does not mean that you can't still get a good deal on a Lexington, South Carolina home, but it does mean that there may be slightly less to choose from.
Interest rates are still staying around 5%, but as always the can change daily. While we don't expect to see any drastic incresases in interest rates, we don't expect to see them drop much, if any, either. This means that this is the best time to move forward with the purchase of your first home or replace your existing home.
For more information on everything dealing with Lexington South Carolina Real Estate visit our website at http://www.WelcomeToLexington.com or fill out the following form and I will be in touch with you shortly. |
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Buying a LexingTOSouth Carolina Home in Time to Get the Tax Credit |
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House hunting usually slows down this time of year, as people put their searches on hold during the holidays.
This winter could be different, however, thanks to the extension and expansion of the home-buyer tax credit .
The new law extends the tax credit for first-time home buyers and opens it up to some existing homeowners as well: The credit is now up to $8,000 for first-time buyers and up to $6,500 for repeat buyers.
All buyers must have a binding contract on a house in place on or before April 30. The purchase must be for a principal residence and must close on or before June 30.
To be considered a first-time home buyer, an individual must not have owned a home in the past three years. And to be eligible, existing homeowners need to have lived in the same principal residence for five consecutive years during the eight-year period that ends when the new home is purchased.
Income limits have risen as well. According to the Internal Revenue Service's Web site, www.irs.gov, the home-buyer tax credit phases out for individuals with modified adjusted gross incomes between $125,000 and $145,000, and between $225,000 and $245,000 for people filing joint returns.
The inclusion of move-up buyers might inspire homeowners to take action and list their house if they've been putting it off. If they are happy in their current home, it is not likely to entice them to sell, but if they have been considering moving up or downsizing, it might cause them to go ahead and make the move.
If you're thinking of purchasing a home, here are five tips:
Don't procrastinate
Start your house search now. Getting an early start will give you a better chance of finding the right house before the credit deadline.
When first-time buyers thought that the credit would expire Nov. 30, people scrambled to find properties in September and October and in some cases there wasn’t inventory to fit their needs or they felt to rushed to make a decision. Before you start house hunting, get preapproved for a mortgage and do a realistic assessment of what you can afford.
Buyers who have to sell an existing home should price it aggressively from the beginning to drum up interest and get a buyer as soon as possible. Pricing the home to high will cause it to sit on the market and the homeowner may not get it sold in time to take advantage of the tax credit when purchasing their next home.
Don't count on another extension
Some people may think that because the tax credit was extended, it will be again, but that is not likely to happen. All the sources that I have talked to seem to feel that when this tax credit ends, it will not be extended again.
Be mindful of interest rates
Interest rates are low right now, but will likely rise in the coming year. While we can’t say for sure when they will rise or by how much, we do know that higher rates will affect your monthly mortgage payments and the affordability of the house you are buying.
Average rates on 30-year fixed-rate mortgages have been hovering around 5%. But when the Federal Reserve stops buying large amounts of mortgage-backed securities next year, interest rates could rise. The Fed plans to end its purchase program in March.
Communicate with your lender
Make sure you're speaking with your lender regularly to avoid any delays. If the lender asks for any additional documentation, turn it in as soon as possible. Delays in getting your lender the information they ask for will delay the closing and could jeopardize the closing.
Think twice before pursuing a short sale. That's where someone sells a home for less than what he or she owes on a mortgage, with permission of the lender. The process can be lengthy and unpredictable because the homeowner's lender has to approve any deal and it can get complicated when there is a second mortgage associated with the property.
Don't take shortcuts
Don't forgo any of the steps you would normally take just to make the tax-credit deadline. That means making sure the house is a good fit and is in the right location and getting a home inspection. Skipping steps could cost you in the long run.
Don't let the tax credit get you to make a decision to buy a house that you wouldn't otherwise want to buy. Don't shortcut the process to get the tax credit.
For more information on everything dealing with Lexington South Carolina Real Estate visit our website at http://www.WelcomeToLexington.com or fill out the following form and I will be in touch with you shortly.
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You don't have to be a millionaire to buy a house |
More than 70% of homes sold during the third quarter were deemed affordable. Now is a good time to buy.
By Les Christie, CNNMoney.com staff writer
Last Updated: November 20, 2009: 10:01 AM ET
NEW YORK (CNNMoney..com) -- The Great Recession has
ravaged savings and boosted unemployment rates, forcing people
become more conservative with their cash. It has also made homes a lot more affordable -- at least for those people still working.
The typical American family, making the nation's median income of $64,000 a year, could afford to buy 70.1% of all homes sold in the United States during the third quarter, according a quarterly report from the National Association of Home Builders (NAHB) and Wells Fargo (WFC, Fortune 500).
That's down slightly from the previous quarter, when 72.3% were considered affordable, but way up from the third quarter of 2008 when only 56.1% qualified.
The NAHB judges a home to be affordable if a family making the metro area's median income could buy it if they devote no more than 28% of their gross pay toward housing costs.
The affordability pushed many buyers into the market last quarter. Plus, they wanted to take advantage of the $8,000 homebuyer's tax credit that was scheduled to expire on Nov. 30.
Those that procrastinated, however, got lucky: The credit was recently extended and expanded to include more buyers.
"At a time when housing is at its most affordable, we applaud the recent actions taken by Congress and President Obama to stimulate housing by extending the federal tax credit beyond its Nov. 30 deadline and expanding it to a wider group of eligible home buyers," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.
"With interest rates now lower than last quarter, the tax credit will encourage even more home buyers to enter the market and help stabilize housing and the economy by creating new jobs, stimulating home sales, reducing foreclosures, cutting excess inventories and stabilizing home prices."
Extremes of affordability
All real estate is local, of course; it doesn't matter much to someone buying in Peoria what homes sell for in Pawtucket. The fact is, though, that housing markets across much of the nation have been and remain quite affordable for most working households.
In Indianapolis, for example, the median household income is $68,100 a year. Figuring conservatively that no more than 28% of household income should go to pay for housing expenses, buyers could afford a house costing well over $250,000.
Although, they could do much better: The median home price in the Indiana capital -- which has been the nation's most affordable town for 17 consecutive quarters -- was a mere $105,000.
Affordability is highest in the industrial Midwest, where home prices have been kept down by slow population growth -- even population loss -- and wages that remain relatively high.
The second most affordable metro area found by NAHB and Wells Fargo was the Youngstown, Ohio, area. The median home price there came in at just $72,000 last quarter and the median income was $54,300. That meant some 93.9% of homes sold were affordable.
At 92.2%, Detroit was the third most affordable metro area with household income averaging $57,100 and the median home selling for $84,000.
The least affordable metro area was New York, where prices are high (a median of $425,000) and income is moderate ($64,800). Only 19.2% of homes sold there were affordable to households earning the median income.
Second least affordable was San Francisco, followed by Honolulu and Santa Ana, Calif.
One man's meat . . .
What's good for buyers is pure poison for sellers, who are the big losers as affordability improves. Prices have fallen more than 30% from their peaks, according to the S&P/Case-Shiller Home Price Index and many people selling their homes these days are taking losses.
According to data from Zillow.com, the real estate information Web site, 27% of all sellers during the quarter received less than what they paid for their homes.
The losses were especially common in erstwhile bubble markets. Nearly two-thirds of sellers in the Orlando, Fla., metro area took losses; as did 60% of Lakeland, Fla. sellers; and 57% of those in Stockton, Calif.
Less than 5% of Fayetteville, N.C., sellers took less than what they paid; and slightly more than 5% of those in Yakima, Wash., sold for less.
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Is Now the Right Time to Buy a Lexington South Carolina Home |
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Roth on Real Estate December 8, 2009, 4:01PM EST text size:
If You Don't Buy a House Now, You're Stupid or Broke
Interest rates are at historic lows but cyclical trends suggest they will soon rise. Home buyers may never see such a chance again, writes Marc Roth
By Marc Roth
Well, you may not be stupid or broke. Maybe you already have a house and you don't want to move. Or maybe you're a Trappist monk and have forsworn all earthly possessions. Or whatever. But if you want to buy a house, now is the time, and if you don't act soon, you will regret it. Here's why: historically low interest rates.As of today, the average 30-year fixed-rate loan with no points or fees is around 5%. That, as the graph above—which you can find on Mortgage-X.com—shows, is the lowest the rate has been in nearly 40 years.In fact, rates are so well below historic averages that it should make all current and prospective homeowners take notice of this once-in-a-lifetime opportunity.And it is exactly that, based on what the graph shows us. Let's look at the point on the far left.In 1970 the rate was approximately 7.25%. After hovering there for a couple of years, it began a trend upward, landing near 10% in late 1973. It settled at 8.5% to 9% from 1974 to the end of 1976. After the rise to 10%, that probably seemed O.K. to most home buyers.But they weren't happy soon thereafter. From 1977 to 1981, a period of only 60 months, the 30-year fixed rate climbed to 18%. As I mentioned in one of my previous articles, my dad was one of those unluckily stuck needing a loan at that time.
Interest Rate Lessons
And when rates started to decline after that, they took a long time to recede to previous levels. They hit 9% for a brief time in 1986 and bounced around 10% to 11% until 1990. For the next 11 years through 2001, the rates slowly ebbed and flowed downward, ranging from 7% to 9%. We've since spent the last nine years, until very recently, at 6% to 7%. So you can see why 5% is so remarkable.So, what can we learn from the historical trends and numbers?First, rates have far further to move upward than downward; for more than 30 years, 7% was the low and 18% the high. The norm was 9% in the 1970s, 10% in the mid-1980s through the early 1990s, 7% to 8% for much of the 1990s, and 6% only over the last handful of years.Second, the last time the long-term trends reversed from low to high, it took more than 20 years (1970 to 1992) for the rate to get back to where it was, and 30 years to actually start trending below the 1970 low.Finally, the most important lesson is to understand the actual financial impact the rate has on the cost of purchasing and paying off a home.Every quarter-point change in interest rates is equivalent to approximately $6,000 for every $100,000 borrowed over the course of a 30-year fixed. While different in each region, for the sake of simplicity, let's assume that the average person is putting $40,000 down and borrowing $200,000 to pay the price of a typical home nationwide. Thus, over the course of the life of the loan, each quarter-point move up in interest rates will cost that buyer $12,000.
Loan Costs
Stay with me now. We are at 5%. As you can see by the graph above, as the economy stabilizes, it is reasonable for us to see 30-year fixed rates climb to 6% within the foreseeable future and probably to a range of 7% to 8% when the economy is humming again. If every quarter of a point is worth $12,000 per $200,000 borrowed, then each point is worth almost $50,000.Let's put that into perspective. You have a good stable job (yes, unemployment is at 10%, but another way of looking at that figure is that most of us have good stable jobs). You would like to own a $240,000 home. However, even though home prices have steadied, you may be thinking you can get another $5,000 or $10,000 discount if you wait (never mind the $8,500 or $6,500 tax credit due to run out next spring). Or you may be waiting for the news to tell you the economy is "more stable" and it's safe to get back in the pool. In exchange for what you may think is prudence, you will risk paying $50,000 more per point in interest rate changes between now and the time you decide you are ready to buy. And you are ignoring the fact that according to the Case-Shiller index, home prices in most regions have been trending back up for the last several months.If you are someone who is looking to buy or upgrade in the $350,000-to-$800,000 home price range, and many people out there are, then you're borrowing $300,000 to $600,000. At 7%, the $300,000 loan will cost just under $150,000 more over the lifetime, and the $600,000 loan an additional $300,000, if rates move up just 2% before you pull the trigger.What I'm trying to impress upon everyone is that if you are planning on being a homeowner now and/or in the foreseeable future, or if you are looking to move your family into a bigger home, then pay more attention to the interest rates than the price of the home. If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime.Marc Roth is the founder and president of Home Warranty of America, which touches just about every part of the real estate industry since it sells through builders, real estate agents, title companies, mortgage companies, and directly to consumers.
For more information on everything dealing with Lexington South Carolina Real Estate visit our website at http://www.WelcomeToLexington.com or fill out the following form and I will be in touch with you shortly.
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Is Buying A Home in Lexington South Carolina Now a Good Idea? |
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Is Buying A Home in Lexington South Carolina Now a Good Idea?
Many people are asking if this is a good time to buy a home in the Lexington South Carolina area. The answer is YES, for the following reasons:
- Unbeatable Invenstment. Even in down markets, over the long tern home prices still appreciate more than the stock market.
- Low Interest Rates. Rates remain at near-record lows; you can lock in a payment that fits your budget.
- Available Loans. Lenders are still eager to make loans to borrowers with good credit.
- Great Selection. With so many homes on the market, you are more likely to get the features that you want.
- Energy Efficient. New homes have the latest environmentally-friendly, cost-saving, advanced technology materials and appliances.
- It’s Your Home. It’s more than a house-it’s a place to raise your family, make memories and call your own.
For more information on everything dealing with Lexington South Carolina Real Estate visit our website at http://www.LexingtonSCHomesOnline.com or fill out the following form and I will be in touch with you shortly.
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First-Time Home Buyer Tax Credit is Slipping Away for the Lexington South Carolina Real Estate Market. |
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First-Time Home Buyer Tax Credit is Slipping Away for the Lexington South Carolina Real Estate Market.
If you are a first-time home buyer in the Lexington South Carolina Real Estate Market that is looking to take advantage of the first-time home buyer tax credit, you are running out of time. In order to take advantage of the tax credit, you MUST close on your home before December 1, 2009. As we get closer to the deadline, most experts expect it to take longer to go from contract to closing as many people are waiting to the last minute.
As you can see from looking at a calendar, November 30 is on a Monday which means that Thanksgiving is on the Thursday before that. There are a lot of people that will be taking the day after Thanksgiving off which is going to make that week a short week for getting things done for a closing. With an increase in the number of people trying to close at the end of November and a short week before that, I suspect there will be a fair number of people that will not be able to close before the deadline and thus miss out on the Tax Credit that is worth up to $8,000. If it were not for the deadline, this would not be as big a deal, but I don’t think the IRS is going to allow anyone to take the credit that close after November 30, no matter what the reason is. With that in mind there are two things you should be thinking about…1) NOW is the time to start looking for the right home and 2) try to close as early in November as you can. Don’t wait until the last minute and then have something come up that you cannot control and the closing get pushed to after the deadline.
For more information on the First-Time Home Buyer Tax Credit, give ma a call at (803) 233-7544 or to start your search, visit your Lexington South Carolina Real Estate website at www.LexingtonSCHomesOnline.com |
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Making an Offer for the Right Price in the Lexington South Carolina Real Estate Market |
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What is the “Right Price” to offer on a home in Lexington South Carolina? Experienced real estate agents have much to teach you.
The next thing you will want to do after finding a property you want to purchase is to make an offer on it. How do you determine what is the right price for a home in Lexington SC? In the article I’ll give you some suggestions on what to think about when choosing as amount for your offer.
Tip 1 – Understand the Lexington South Carolina Real Estate market. The first step is to consider what the market conditions are. The real estate market in Lexington, SC has had some upswings and downswings over the past few years. Is it a buyer’s market right now, or a seller’s market? Is the house likely to sit on the market for weeks, or is it likely to receive multiple offers?
Both currently and in the last few months, look into what other similar houses in the area have sold for. This will give you a basic value of the property to better prepare you to make an offer.
Tip 2 – Understand Your Seller’s Mindset. The goal of making an offer isn’t to offer market price. Your objective is to make the lowest offer you can that would still be accepted by the seller. In order to achieve this, it is important to understand the mindset of the seller. Make sure you check out how long the house has been on the Lexington SC real estate market. If it has been on the market for quite some time, the seller may be willing to lower the price.
An additional option that one might consider is how much the seller paid for the property. It may have some bearing on the seller’s frame of mind, however, it does not have any affect on the value of the property. If the seller is already making a profit no matter how much they sell it for, there likely to be more lenient. If they are loosing big money by selling it, they may be more likely to hold to their price.
Tip 3 – It’s not just the numbers. Your offer must be considered in it’s entirety. Your offer’s success of getting accepted is highly influenced by the clauses and contingencies you add to your offer. Make the best offer possible by working with your agent.
While we are in somewhat of a buyer’s market right now, you need to keep several things in mind.
One – Sales of homes in the Lexington SC Real Estate market are increasing.
Two – There are many homes on the market that are bringing close to their asking price, if not the full asking price.
Three – There are many sellers that have very little equity in the house which means they have very little room for negotiating without having to bring money to the closing table.
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What is an impound account? |
What is an impound account?
An impound account is a trust account established by the lender to hold money to pay for real estate taxes, and mortgage and homeowners insurance premiums as they are received each month.
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Last Updated ( Wednesday, 30 July 2008 )
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appealing your property taxes |
Where can I learn more about appealing my Lexington, SC property taxes?
Contact your local Lexington, SC tax assessor's office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally. Mostly likely, however, you will have to go through a formal tax-appeal processes, which begin with an appeal filed with the appropriate assessment appeals board.
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Last Updated ( Thursday, 04 September 2008 )
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Are property taxes deductible? |
Are Lexington, SC property taxes deductible?
Property taxes on all Lexington, SC real estate, including those levied by state and local governments and school districts, are fully deductible against current income taxes.
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Last Updated ( Thursday, 04 September 2008 )
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Tax benefits to homeowners |
What tax benefits are there toLexington, SC area homeowners?
Homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. People may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt.
Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Any points paid on a refinance mortgage, a loan to purchase a second home or a mortgage on income property must be spread over the life of the loan, according to Edith Lank and Miriam S. Geisman, authors of "Your Home as a Tax Shelter," Dearborn Financial Publishing, Chicago; 1993.
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Last Updated ( Thursday, 04 September 2008 )
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Are points deductible?
If you are a Lexington, SC buyer, and you or the seller pays points, they are deductible for the year in which they are paid only. You also can deduct any points you pay when you refinance your Lexington, SC area home, but you must do so ratably over the life of the loan. Consult your tax or financial advisor.
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Last Updated ( Thursday, 04 September 2008 )
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loss from selling your home |
Can I deduct the loss I suffered when I sold my Lexington, SC area home?
The Internal Revenue Service currently does not allow deductions for losses on the sale of your own home. In fact there's no way to use a loss on the sale of your principal residence to your advantage on your income tax return.
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Last Updated ( Thursday, 04 September 2008 )
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What are the rules on capital gains when inheriting a house?
When children inherit a home, the Internal Revenue Service determines their basis in the property on the date of the owner's death. The cost basis is not the amount the owner originally paid for the house, but the property's fair-market value on the date of the parent's death.
Cost basis is a tax term for the dollar amount assigned to a property at the time it is acquired, for the purpose of determining gain or loss when it is sold.
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Last Updated ( Thursday, 04 September 2008 )
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How do I save on taxes?
Here are some ways to save money on taxes:
* Mortgage interest on loans up to $1 million is completely deductible for the year in which you pay it to buy, build or improve your principal residence plus a second home.
* Points, or loan origination fees, also are deductible no matter who pays them, the buyer or the seller.
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Last Updated ( Thursday, 04 September 2008 )
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