Tax Credit for First Time Home Buyers

"GOOD COMMUNICATION IS AS STIMULATING AS BLACK COFFEE...AND JUST AS HARD TO SLEEP AFTER." Anne Morrow Lindbergh And communication on the new $789 Billion Stimulus Plan has been flying fierce over the past week, resulting in late nights for Congress and probably more than a few cups of coffee. President Obama is certainly hoping the new plan will wake up the struggling economy, and breathe some life back into the housing market as well.
The tax credit in the Stimulus Bill has been scaled down to $8,000 from its previous level of $15,000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November. It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000, and buyers will have to repay the credit if they sell their homes within three years.
In addition, there's news that the Obama administration is trying to hammer out a new program to subsidize mortgages to fight the credit crisis. The plan would seek to help homeowners before they fall into arrears on their loans, whereas current programs only assist borrowers that are already delinquent. There are no details yet on this plan, but I will be monitoring this news closely in the weeks ahead.

Davis Weekley Homes Founder Generous with Employees

In the midst of all the negative press on CEO’s there are still uplifting stories that keeps hope alive.David Weekley, the founder and CEO of David Weekly Homes, Inc. generously gave to all his employees nationwide a PERSONAL check of up to a maximum of $1000 depending on years of service.

His letter sent with the check stated that not only did he appreciate the hard work during a trying time but that he and his family felt very fortunate and wanted to share with his David Weekley family.

I am proud as a Realtor to sell David Weekly Homes and to have my company name next to them as well. If your next step is buying a new home, I highly recommend David Weekly Homes, and especially the Build on Your Own Lot division.

Contact Chip McClure here in the Dallas Fort Worth area and he will be very happy to help you.

The CEO of Best Buy also shared his good fortune with his staff. The board offered him an additional bonus which he refused. He decided the money should be given to the employees that keep the company moving forward every day.

I will continue to shop at Best Buy and probably will not even check out the competition.If the executives of these two companies care that much about the people who help run the business then I can only imagine how wonderful they treat their clients.

Selling Your Home in a Declining Market

Selling Your Home in a Declining Market
by Richard Daskam - Thu, Jan 1, 2009
Provided by RealtyTimes

Selling a home in a declining market starts with a proper attitude and finding the right Realtor® who is optimistic and knows the right sales techniques in this tough market. Even though most people and economists are down on the housing market (feel it is depressed, that the economic recovery isn't going to happen in the next few months, and consumer confidence is down), it doesn't mean that you can't sell your home.

The truth of the matter is many people will sell their homes between now and this summer. While many sellers and real estate agents take a reactive approach to market conditions, those sellers who take a more proactive and realistic approach to the market will be the ones who sell their homes. These are the sellers who take advantage of this market and move up to their dream home! First, be honest about appraising the condition of your home.

The key to successful selling in a 'declining market' is pricing your home at today's market value, having your home in tip-top condition and being able to work with a prospective buyer on financing needs and terms. Don't let your ego or pride get in the way when determining a price for your home. Put yourself in the buyer's shoes and walk across the street. Curb appeal to a new buyer is a very important and is many-times overlooked.

Secondly, take a leisurely walk through your home jotting down the little things you might do to spruce it up. New carpeting, a fresh coat of paint, new light fixtures, mirrors, etc., are items that will give your home more emotional appeal and does not cost too much. Put away the clutter throughout the home. Rooms free of clutter will appear bigger and the new buyer can visually 'move into' your home much easier. Remember, new buyers are not buying your furniture.

Finally, be patient. The real estate market has changed considerably since the last run-up where homes sold in hours or days. We are now experiencing a more "normal market" where homes take 90-120 days to sell. Remember, inventories are at an all-time high right now. Bank foreclosures are all around you and many buyers will have difficulty qualifying for a new loan. Lenders also have very strict guidelines now and consumer confidence is very low. Allowing for a normal marketing period will do a lot to alleviate your impatience when you have few showings of your home or a lack of offers to review.

A good Realtor® will keep you abreast of market changes, activity on your home and others in the neighborhood, while maintaining a "teamwork" concept that is paramount for a successful sale. Properties need ample time to be exposed to the public and finding the right buyer requires a good understanding of the market as well as sales values. In all honesty, there are no easy answers but one thing is for certain, even in the worst markets, there are people selling homes and taking their equity!

For special reports and money saving tips when buying or selling real estate, log onto: FindRichardOnline.com. Today's Local Market Conditions Report

Realtor & Mortgage Bailout!
Merry Christmas & Happy New Year!

While every other industry is getting some type of financial relief from the government, where is the bailout package for the Realtors and Mortgage companies? Believe it or not, it just came on December 16th 2008. By way of the Federal Reserve lowering rates to historic lows. Now we didn't get a pot-full of money, but we did get a way to help start putting money back in the pot!

Lately there has been talk about the 4.5% 30-year fixed rate mortgage. Will it become a reality? No one really knows, but it is looking much more likely that rates will go that low or even lower. You may have heard that these low rates would only benefit current buyers, and not

current home owners seeking to refinance. Because of this lowering, everyone may

benefit from the lowered rates.

The Fed lowered the discount rate to .25%, and had already announced that they were going to

buy up to $600 billion in mortgage-backed securities. So with all these positive moves, rates are headed down. But, in January, the SEC is meeting and information may be released that could have a significant bearing on rates, potentially for the worse. So how long will this last? No one knows, rates may go back up next week or next month. Don't delay! Let's make hay while the sun shines and take advantage of our current windfall.

Home loan rates are currently in the low-5%'s, and have started to head lower! Nationally, home values are currently at 2003-2004 levels, coming down from their highs. However, this is

not always what we are seeing in our local Dallas / Fort Worth Metroplex area.

Some local areas have lost values, while others have seen little to no loss.

If you have customers waiting for the best time, or for the market to hit bottom, this may be it. This is a great opportunity to call all your customers', present and past to let them know that today is a great time to sell and purchases another home. No one knows if this will last for 30 days, 6 months or even longer. Don't miss historical low rates! If you know anyone who is contemplating financing, now is the time to act. Let's get motivated to make those dreaded customer calls and get busy now! This is our bailout, it is here, we just have to work for it!

Don't forget, the first time home buyer tax credit of up to $7,500 and low down payment programs available for many people today. FHA is going to a 3.5% required down payment as of January 1st, 2009.

So, tell everyone you know that now is a great time to buy a home.

Get everyone you talk to pre-qualified as soon as possible. The best rates are only available to those with little to no credit problems. When rates are quoted, there maybe additional ''add-ons" that can cause the rate to go up. Working on your credit rating and getting customers

pre-qualified as soon as possible may help your customers get the lowest rate possible.

We can advise your customers on ways to help improve their credit scores, but we need

between 30-60 days. So it is important to get started before you have a contract written.

Call me today and let me help you!

Let's get those customers buying, and help them take

advantage of our industry's "Bailout"!

Have a Wonderful & Safe Holiday,

Rich Hebert

Lending Edge Mortgage

817-485-4155

rich@richhebert.com

http://www.richherbert.com/