First Time Home Buyer Assistance still available.

There was a good article in the Star and Tribune this morning on the First Time Buyer assistance program that is available through Dakota county. Dakota County has funds available to those who qualify on down payment assistance and financing when a home is bought in Dakota county. See attached article. I have had many clients use this program when the funds have been available. It is another nice alternative in finding financial assistance when buying a home. There are also other programs in the metro area that offer similar assistance. Call me with any questions you may have on this program.

http://www.startribune.com/local/south/114250499.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aUnciatkEP7DhUsl

Home Tax Credits still available

The homebuyer tax credit program has been extended for quailified members of the uniformed services, members of the Foreign Services and employees of the intelligence community.

First Time homebuyers can claim up to 10 % of the home's value ($8,000 maximum), and existing homeowners who buy a new home can claim a credit amount up to $6500.00

A contactmust be signed by April 30th, 2011 and close by June 30, 2011.

Call me for more details

Dakota County First Time Homebuyer Funds

Are you a First Time Homebuyer thinking about purchasing a home in Dakota County? There may be funds available to you through Dakota County Community Development Agency. They are offering up to $10,000 in down-payment assistance at a fixed 4.99 percent interest rate. The funding comes through a special bonding authority from the US Treasury. If you would like more information go to www.dakotacountysda.org or give me a call. I can refer you to a lender who is participating in this program.

Dakota County First Time Homebuyer Funds Available

Dakota County Community Development Agency (CDA) has funds available for First Time Homebuyers purchasing a home in Dakota County. A Low Fixed Interest Rate, currently at 4.99%. Also down payment assitance is available for qualified buyers. Call me for more information.

Limited amount of funds are available-

Housing Tax Credit

Tax Credit Alert... Do not wait too long Buyers and Sellers. You have less than 120 Days to take advantage of the $8,000 First Time Home Buyer Tax Credit or $6500 if you are a move up buyer (selling a current home and purchasing another). You need to have a "signed" purchase agreement to qualify by the end of April. Do not wait too long to take advantage of this incentive. Contact me with any questions on this limited program.

Tax Credit Extension & Expansion is Approved!

BREAKING NEWS!
Tax Credit Extension & Expansion is Approved!

President Obama has approved a bill for the Housing Tax Credit Expansion and Extension. Here’s what it means:

The $8,000 First-Time Homebuyer Tax Credit is Extended!

· Now, qualified first-time home buyers would receive their $8000 tax credit if they sign a purchase contract by April 30, 2010 and close by June 30, 2010.
· The home purchased must be their primary residence
· Buyer cannot have owned a home during the past three years
· Tax credit is up to 10% of the home value (not to exceed $8,000)
· Annual income caps to qualify for the tax credit have increased ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245K for joint filers.
·

PLUS New $6,500 Tax Credit for Current Home Owners Purchasing a Primary Residence

· Eligible home buyers must have lived in their current home for 5 consecutive years of the past 8 years.
· The new home does not have to cost more than the old home.
· Eligible for homes with purchase agreements written by April 30, 2010 and that close between November 6, 2009 and June 30, 2010
· Annual income caps to qualify for the full tax credit ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245K for joint filers.

Changes Chart and FAQs from www.realtor.org (National Association of Realtors® website) are attached.

For any tax credit eligibility questions please contact your certified public accountant.

First Time Homebuyer Tax Credit

First-Time Home Buyer Tax Credit - Deadline is Approaching!

If you've decided to purchase a home and take advantage of the 2009 First-Time Home Buyer Tax Credit. Here's what you have to do to get your benefit:

Close on your home purchase by November 30, 2009,
Ensure that you are a qualified first-time buyer under IRS guidelines,
Decide which year to file under, 2008 or 2009,
File an amended 2008 return or choose to apply the credit to your 2009 tax return.

Contact me for any questions on this.

Home Sales Up month of July

Sales of previously owned single-family homes were up 7.2% compared with June and 5% from July 2008, The National Association of Realtors (NAR) reported Friday. The monthly gain was the largest on record for existing-home sales, which NAR has tracked since 1999.

The Primary Driver is the $8,000 Tax Credit. With only 99 days left to negotiate a purchase agreement and get into a home before the current tax credit runs out.

Time is running out - Call me now to get the process started.

$8,000 Tax Credit

Don't miss out on the $8,000 Tax Credit!!!

The days are counting down to take advantage of the $8,000 Tax Credit for First Time Homebuyers (or if you haven't owned a home in 3 years).

103 days left!! --- only 59 days if you allow the minium 45 day closing timeframe.

If you are considering buying a home now is the time. There have been questions whether the Tax Credit will be extended, at this point it is unknown, it may be extended, reduced or eliminated. The opportunity right now is great-- low interest rates, low prices on homes and a $8,000 incentive.

Call me with questions on this program or homes that are available.

New Home Sales Soar

Lori's Market Update

Good news out today- New Homes Sales for June soar to 11%. This is above expections of 2.3%for the month. Existing home sales have seen 3 straight months of gains- this may be due to the availability of the $8,000 tax credit,lower interest rates and sale of Foreclosure properties.

Time is limited on this tax credit- Call me for more information.

First Time Homebuyers take Advantage of Incentive

Results are in and looks like First-Time Homebuyers are responding well to the $8,000 federal stimulus first-time buyer tax credit. Many First Time Homebuyers are taking advantage of the Foreclosures and Low prices and we are seeing an increase in activity with multiple offers on many properties. This is a great opportunity for many First Time Homebuyers were it is the first time they have been able to enter the housing market. Mortgage applications rose in synch with the 5 percent increase in buyer activity. The numbers are telling us that half the homes sold in February are the result of first-time homebuyers.

If you would like more information on the $8,000 First Time Homebuyer Credit please go to my website. www.HomesByLoriHuckle.com

Home Affordability on the Rise!!!

Owning a home hasn't been this good in a long time,... what? All we hear about is all the negative news in the media on the housing market and how the values have dropped in home prices. This may be true, and in some areas the values have been hit harder than others. The good news is that the affordability to own a home hasn't been this good in years. Interest rates are low, and home prices have adjusted that homes once again are more affordable. With the new Stimulus package available to First Time Homebuyers the added $8,000 in the pocket is a nice little boost. The thought is if we can get the First Time Homes moving it will help the rest of the housing market recover.

Please read the following article.

If you have any questions on the New Tax Credit please give me a call.

http://talk.realtor.com/2009/03/04/home-affordability-on-the-rise/

New Stimulus Package Plan- Home Improvements

There are many other parts to the stimulus package that have not received as much attention as thee First Time Homebuyers Tax Credit, but can still benefit a large number of homeowners.

There are increases and extensions for tax credits to stimulate "qualified energy efficient improvements" in exiting homes. The expanded credits cover improvements made to air-conditioning systems, or natural gas and propane furnances and water heaters. These improvements can save you money $$$$

Senate OK's $15,000 Bonus for Homebuyers!

This is a change from the current $7500.00 Tax Credit for First Time Homebuyers.

Please read attached article.
http://www.realtor.org/RMODaily.nsf/pages/News2009020501?OpenDocument

These are great incentives to buy...now is the time. Great Interest Rates, good inventory, and now bonus incentives. Let's get this market moving!

Any questions on this programs or other programs available please give me a call.

First Time Home Buyer $7500 Tax Credit

Time is running out! There is only 24 days left to take advantage of the FTHB tax credit for 2008. This temporary tax credit incentive is available for purchases of a principal residence on or after April 9th , 2008 and available through July 1st, 2009. The FTHB is defined a an individual who has not had ownership in a principal residence in the previous 3 years.

Call me for more information.

Five Ways to Fund a Down Payment

I often get the question..."How much money do I need for a Down Payment on a home?"

Some people may be surprised that it only takes 3% (January 1, 2009 it raises to 3.5%) to fund a down payment for a FHA loan.

Here are the TOP 5 ways to get a Down Payment to Purchase your Home.

1. The New Tax Credit- for a limited time only, the government will give 1st Time Homebuyers (who have not owned a home in the last 3 years) a tax credit up to $7,500, when purchasing a home.





2. Gift Funds- a gift from a relative is permissible for either a FHA or conventional loan.





3. Down Payment Assistance- many programs have been eliminated, however there is still some assistance available for quailified borrowers. Ask me for more details.





4. Borrow against your 401 K - if you conribute to your company 401k you may be able to borrow against your retirement funds. Check with your HR benefits Specialist for details.





5. Save and Sell- Save your tax refund, sell items you no longer need on Ebay or Craig's List. Take on a part time job or work over time hours. Even a small amount saved can add up over time.

Investment in a Home has always been a good sound investment. It can result in tax savings and appreciation over time. Ask me for more information.

Market update in the Twin Cities

Twin Cities Housing Update:


Per the Minneapolis Area Association of Realtors for the week of November 3, 2008



"The big let down in home sales that many of us have expected following the recent drops in consumer confidence has yet to materialize in the Twin Cities housing market. For the week ending October 25, there were 602 pending sales, up 17.1 percent over the same week last year. Despite the uncertainties swirling in the general economy, home sales continue to post year-over-year increases every week. Lender-mediated sales continue to grow market share, as 51.1 percent of pending sales for the most recent reporting week were foreclosures or short sales, which should mean continued declines in median sales prices."

"New listings for the same week were down 2.0 percent from the same week in 2007, and the total number of active homes for sale is down by 9.2 percent year-over-year."



This is a clear sign that the market is improving and continuing to correct. The real estate market needs to clear out the foreclosure inventory and this is happening with the over 50% of all sales bank-owned or lender mediated.



I often get the question, "when will we hit bottom in the real estate market?" I wish I could look into a crystal ball and give you an answer, but I will try the next best thing. What experts are saying is this, "One year from now, we will not be seeing any appreciating values. Best case scenario, we will maintain current property values. Some will say that we have hit the bottom already, or are very close. Some feel we have another 6-12 months beofre we see the bottom. The truth is we wont know when we hit the "bottom" until it has already happened (or probably 6 months later). There is no way to time the market- similar to the stock market. Real Estate is and has always been a Long Term investment. With all the positive things going on in the market - great Buying opportunities for First Time Homebuyers and move up buyers, low interest rates, good inventory, the time has never been better to invest.

Important Things to Look for in a Real Estate Agent

• Knows the Market- you want an agent who is informed on the changing market, not just what is for sale in a particular neighborhood. Someone who knows the trends in the area, is knowledgeable on the neighborhoods, and educated on how the market is changing.




• A Great Listener- you want an agent who really listens to your wants and needs. In the fact finding process your agent may ask you a lot of questions- this is to get an idea what you are looking for and your goals and motivations. This is an important step in the home buying process. One who really listens is very important quality to have and can save you time in your search.




• Help you Figure out what you can afford- you want an agent that can run some numbers for you and provide a list of qualified lenders that you can discuss pre-approval with. You want an agent that will stick within your budget and look at those houses in that price range.

• Help you Narrow your Search- it is great to start your home search on the internet, you can get a list a mile long of homes of interest. When the time is right an agent can really help you sort through that list. A good agent will help you weed through the properties and set up the showings. An agent may also preview properties for you.




• Help you determine an offer price or evaluate an offer if you are selling. - a good agent can gather market information or comps on the properties that have recently sold in the area. A CMA is put together with this information so you can make an educated decision on your offer.





• Help you get more value from the Property- a good agent has a trained eye when if comes to looking a properties and their values. They can advise on what improvements would bring more value to the property or what can distract from the home. Also a good agent knows contractors or experts in the field that they can refer for expert opinions.





• Will be with You from Start to Finish- From the inital fact finding meeting, showing properties, the offer, working with the mortgage lender and title company all the way to a smooth close. A good agent will represent you in all stages of the home buying process.





• Market your property agressively- a good agent will use innovative marketing ideas to help sell your property for the best price. Offering staging tips, quality photographs of the home, various internet marketing venues (ask me about marketing at the Edina Kiosk), MLS and other creative outlets. Offering open houses and broker opens. You want a good agent to represent you in selling your home and one that can get the job done.

"Working for you, Working with you." is my motto.

Let me help you in your Home Buying or Selling Process.

Buy Now or Wait? How about a $7500 Tax Credit!

This seems to be a Hot Topic among First Time Homebuyers and their agents. Should I buy now or wait until later? Here is some good news that may help you in making that decision. The Housing and Economic Recovery Act of 2008, signed into law on July 30,2008, offers a $7500 First Time Home Buyer Credit to those who qualify. The law provides a tax credit equal to ten percent of the qualified home purchase price. This credit is essentially an interest- free loan that is required to be repayed over time (without interest) over a 15 year period. What a great incentive to purchase that First Home!

For more information on this program please call me for details, or you can check out the website maintained by the National Association of Homebuilders at http://www.federalhousingtaxcredit.com/

If you have closed on a recently purchased home, after April 9th, 2008, you can also qualify for this program.

Welcome ...

If you are a 1st Time Home Buyer, owned a home in the past, or perhaps have not bought a new home for many years -things have changed and continue to change in the market!!! This Blog is set up as a resourse in helping you understand the real estate market and many of the changes that are happening. It is a interactive tool, just post your question or comment. Check back and I will keep you updated on the local real estate news! Enjoy!