Archive for the 'What If Realty News' Category
Buyers & Sellers disagree on values…
Related Posts: Credit & Finance, Florida Listings, Real Estate News, What If Realty News
hiGo figure !
From: HomeGain.com
Homebuyers, home sellers, and real estate pros don’t always agree on what a property is worth, and many buyers thinking that sellers and licensees set the price too high. According to a survey by HomeGain.com Inc., 63 percent of homeowners believe the price their practitioner recommended was too low. About 45 percent of sellers think prices should be 20- to 30-percent higher, and 14 percent believe their home should be priced 30 percent higher. Meanwhile, 21 percent of homebuyers say homes are overpriced up to 10 percent; 32 percent say prices are 10 percent to 20 percent too high; and 6 percent say homes are overpriced by at least 20 percent. Only 18 percent of potential homebuyers believe properties are priced fairly.
Hmmmmmmm….Let’s see …. That means we all have a way to go to meet at a market level where both sides are “somewhat” content.
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30 Year Fixed Rate Click Just up a bit !
Related Posts: Credit & Finance, Government, Real Estate News, What If Realty News
hiFYI ……… The average rate on a 30-year fixed mortgage increased to 5.07 percent this week from 5.04 percent last week. A year ago, the 30-year, fixed-rate mortgage averaged 6.24 percent.
Average rates for 30-year-fixed mortgages hit a record low of 4.96 percent in January, a decline attributed to the Federal Reserve’s move to buy $500 billion in mortgage-backed securities to spur lending by banks.
This week’s average rate on a 15-year fixed-rate mortgage was 4.68 percent – unchanged from last week. Last year at this time, the 15-year rate averaged 5.72 percent.
Average rates on five-year, adjustable-rate mortgages increased to 5.06 percent, up slightly from 5.04 percent last week. Rates on one-year, adjustable-rate mortgages rose slightly to 4.81 percent from 4.8 percent last week.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point for 30-year and 15-year fixed rate mortgages, and for five-year adjustable rate mortgages. The fee for one-year adjustable rate mortgages was 0.6 point.
Mortgage finance companies Fannie Mae and Freddie Mac, which were seized by the federal government in September 2008, own or guarantee almost 31 million home loans worth about $5.5 trillion. That’s more than half of all U.S home mortgages.
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Credit Scoring Info
Related Posts: Credit & Finance, Government, What If Realty News
hi“Good” credit is not a black-and-white matter these days. To mortgage financiers Fannie Mae and Freddie Mac, there’s good credit, better credit and best credit.
That’s because about a year ago Fannie and Freddie added grades of risk to people’s credit scores, which means they will add fees to the mortgages they buy in the secondary market, in order to mark them clearly for perceived risk. Those risk grades can make a loan significantly more expensive.
A score higher than 740 gets the best rates.
“A score between 720 and 739 gets .125 percent added to the rate, a score between 700 and 719 gets .375 percent added to the rate, and a score between 680 and 699 gets .5 percent added to the rate,”
© 2009 Chicago Tribune, Mary Umberger. Distributed by McClatchy-Tribune News Service.
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Wow ! $8,000 tax credit now for new home buyers
Related Posts: Credit & Finance, Government, What If Realty News
hi• The deduction is worth 10 percent of a home’s value up to $8,000, which means all homes worth more than $80,000 could qualify for the maximum amount.
• There is an income limit to qualify. A married couples’ modified adjusted gross income (MAGI) should be under $150,000 and single filers’ MAGI should be less than $75,000.
• Partial tax credits may be available for married couples with MAGI incomes over $150,000 but under $170,000, and single filers with incomes over $75,000 but under $95,000.
• If married couples file separately, they can both claim 5 percent of the home purchase ($4,000 each for a home over $80,000) on their tax returns.
• It’s a tax credit, not a deduction. That means the entire amount goes back to the first-time homebuyer unlike deductions, such as mortgage interest, that are subtracted from gross income before tax is calculated. If qualified for $8,000, the buyer gets $8,000, even if they would not owe that much in taxes otherwise.
• The tax credit applies to homes purchased between Jan. 1, 2009, and Dec. 31, 2009.
• The tax credit does not have to be paid back, providing the homebuyer keeps the property for at least 36 months and resides in the home.
• To qualify as a first-time homebuyer, the purchaser cannot have owned a home within the previous three-year period. However, ownership of a vacation home or rental home does not disqualify the buyer.
• If purchasing a new home, the effective date to receive the credit is the first day the homeowner actually lives in the house. If construction began in 2008, that buyer could still qualify. And if construction begins in 2009 but the owner does not take possession until 2010, the buyer would not qualify.
• The tax credit is not a downpayment, but it could be used toward a downpayment if first-time homebuyers plan ahead. U.S. taxpayers have money withheld from every paycheck for income taxes. If they owe more tax than the amount deducted, they pay the IRS; if they owe less, they get a tax refund.
By anticipating at least an $8,000 refund in early 2010 when they file 2009 taxes, these buyers could cut down on their tax withholding this year and save the money toward a downpayment. There is one caveat, however: Should they not buy a home in the qualifying period, they would still owe the IRS the money, and reducing their withholding amount could result in a high bill at tax time.
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Home Sales are creeping up……..
Related Posts: Florida Listings, Real Estate News, What If Realty News
hiSales of existing single-family homes in Florida rose 13 percent in fourth quarter 2008 compared to the same period a year earlier, with a total of 30,163 homes sold, according to FAR’s latest housing statistics. It marks the second consecutive quarter for increased existing home sales; sales activity rose 5 percent in 3Q 2008 compared to the same period the previous year. Existing condo sales increased 3 percent in the fourth quarter compared to 4Q 2007.
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