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My Blog
I ran across this article today on the first-time buyer tax credit.
http://articles.moneycentral.msn.com/Taxes/CutYourTaxes/ACrazyComplexCreditForHomebuyers.aspx
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We've seen a real increase in activity just in the last week or so. This is good news. The stock market also rebounded a little. I never thought I'd see the day that I'd be happy to see the DOW hit 7,000! Interest rates are even lower, which is great if you are in a position to refinance. It's also a great time to buy! All we need is for folks to get a little confidence back. Don't miss out on the great opportunities!
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Yes, there is some. The good news is our local market here in the Delaware Valley has fared pretty well. The precentage of foreclosures is far below other markets, such as Arizona and Florida. Home values overall have not dropped substantially (2-3%); and homes are selling, perhaps not as fast as we would like, but they are selling. Everything is relative. Your home may sell for less, but you'll also pay less for the home you are buying. Mortgage money IS available to qualified buyers. Gone are the 100% financing and no-doc options, so you'll need a down payment. FHA is a great option for those with less than perfect credit and less cash. FHA loans can be done with as little as 3.5% down and you can do up to 6% in seller assist. The 3.5% can even be in the form of a gift. And let's not forget the $8,000 tax credit for first-time buyers! Homes must settle before 12/1/09 to be eligible. Contact me to find out more, or call John Gamlin, Trident Mortgage, at 610-388-9683.
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This is the phrase I think of everytime I hear someone like Rush Limbaugh, and even people I know personally, judging those who have been affected by the downturn in the housing market. As far as I know, even the brightest economists did not predict how deep this downturn in the real estate market and economy would be. Why do so many people fault the average American for not predicting it? The average American could not possibly have foreseen this downturn. It almost seems as though some people would rather blame the "little guy" than the corporate hierarchy that deliberately sold homeowners mortgages they knew they didn't understand. Having worked for a couple of national builders, I witnessed it firsthand. Many new home buyers didn't know what their loan terms were going to be until after they were under contract, at which point their only option to get out of the contract was to forfeit thousands of dollars in deposit money. They were often younger buyers who had never experienced anything but increasing home values. New home salespeople were trained to sell the notion of future equity. Not to mention, most people don't go into homeownership planning for castrophic illness or job loss.
What we are experiencing in this country is unprecedented. Of course some homebuyers bought more house than they should. I certainly understand why homeowners who didn't make that mistake resent bailing them out. What is the alternative? If we do nothing, short sales and foreclosures will continue to be a drain on our overall economy for many years to come, which affects us all. Every time a home in a community sells for less due to short sale or foreclosure, the rest of the homes in that neighborhood are worth less. I see it every day. It is time to stop pointing fingers and step up to the plate for the good of the entire country.
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(610)388-9685
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