Details were just announced today that FHA will allow buyers to utilize their $8,000 tax credit at closing, to put down more than the required 3.5%, reduce closing costs or buy down their interest rate. Click below to read the full story! Contact me today to see how you can benefit from this!
http://www.realtor.org/press_room/news_releases/2009/05/tax_credit?lid=ronav0019
Conditions really couldn't get any better for first time home buyers, so happy house hunting!
Just a little rant about something's that been bothering me for some time now! Why, oh why, does the majority of our local media give the national housing market so much attention, with very little focus on our local housing market? Yes, the national housing market is, and should be, of interest to many, but I think that you'd also like to know what's going on in your area of Columbus, maybe even more so, right? There are many local resources these media outlets could be utilizing to gain insight to our local market, including CBR (the Columbus Board of Realtors), and local industry professionals, such as myself, yet it seems like most of what you hear is the doom & gloom of the national housing market. I've seen first hand that our market isn't all bad here in Columbus and the surrounding areas. Yes, there are some areas that are still reporting decreasing property values, but on the flip side, some areas are showing increasing property values, and homes (taking into consideration price, location & condition) can and are, still selling, sometimes in under 30 days. I think the $8,000 tax credit currently offered may be partially responsible for this, and perhaps made some buyers seek out housing, when they may have previously planned on waiting another year or so before purchasing.
Contact me if you'd like more information on your specific area!
The CBR (Columbus Board of Realtors) is sponsoring an event tomorrow featuring 250 + open houses on properties all listed under $125K in the central Ohio area and the surrounding counties! Look for the "Super Sunday" Open House signs. Check The Dispatch tomorrow for a listing of the featured properties! Take advantage of the $8K tax credit!
The Franklin County Auditor's office can give you an estimate as to how these levies, if passed, will affect your real estate taxes. Check it out!
http://franklincountyoh.metacama.com/altIndex.jsp
This year's Parade of Homes will take place July 11 - 26 at Tartan Ridge in Dublin, Ohio.
http://www.biaparade.com/ for more info.!
As of late last week, 30 year fixed mortgages hit another all time low (since tracking began in 1971 anyway) at 4.85%! Still a great time to buy, if you're in the position to do so! I anticipate seeing lower interest rates for a good part of 2009!
The NAHB (National Association of Home Builders) recently did a study regarding how long the components of a house should last. "The true longevity of any household material depends on maintenance, use, quality of installation & climate conditions." Keep in mind you should only use these averages as a general guideline! Here are just a few of the items that the study reported on:
100 Years or More
Brick exterior - lifetime of the home
All wooden floors - lifetime of the home
50 - 100 Years
Slate roofs - 50+ years
Kitchen cabinets - up to 50 years
Vinyl floors - 50 years
30 - 50 Years
Thermostats - 35 years
Wood windows - 30 years
10 - 20 Years
Aluminum windows - 15 - 20 years
Asphalt shingle roofs - 20 years
Faucets & kitchen sinks - 15 years
Gas ranges - 15 years
Dryers & refrigerators - 13 years
A/C Units - 10 - 15 years
Electric or gas hot water heaters - 10 years
Furnaces - 15 - 20 years
5 - 10 Years
Heat & smoke detectors - 5 - 10 years
Dishwashers - 9 years
Microwaves - 9 years
Carpet 8 - 10 years
Information courtesy of Realtor magazine, February 2009.
I've talked to so many people lately who are afraid of losing a little money on the sale of their home, in order to take advantage of the great deals out there, and buying a new one. I completely understand that point of view, but here's some food for thought. Ok, so you may not make much of anything (or even have to bring some cash to the closing table), but what you may lose on the sale end, you will most likely make up, and maybe then some, on the purchase! Interest rates are still low, so there is still plenty of time to take advantage of the great buyer's market that we currently find ourselves in. If you've thought about selling your current home in order to buy a new one, contact me so I can go over the options available to you that will best fit your needs!
Here's a shout out to a wonderful woman who's re-designed my blog for me! I think you'll agree that it's much more contemporary and user friendly! I'm still working on getting my links added back in, but should have that completed in the next few days.
Visit Jan's website to see what other awesome things she can do!
http://www.jannypie.com/
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