Jim Gillespie was recently interviewed on Fox News and had some great insight and opinions on the the housing industry and the state of the economy. Mr. Gillespie continues to call on the government to enact further stimulus incentives to homebuyers to help the country recover economically.
Real Estate Information Archive
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The clock is ticking on the $8,000 tax credit for first time home buyers. In order to qualify for the credit, you must be a first time home buyer OR not have owned a home in the last 3 years. This credit does NOT have to be paid but the closing MUST be before December 1, 2009. That date is going to creep up on you before you know it. If you want a newly constructed home, then that means, construction needs to start sometime in June and no later than July.
For more information and to find out if you qualify, check out, www.GetYour8000.com
Please send comments and feedback to email@example.com or call us at 910-202-2546.
There are many more reasons that I advocate home ownership but my top 6 today are as follows:
1. The 30 year fixed rate mortgage averaged 4.87% with .07 points. This is the lowest since 1970 according to Freddie Mac's Primary Mortgage Market Survey (4/9/09)
2. The national median price of a home is down from $213,000 in June of 2008 to $164,000 in February 2009. Local median prices of homes are down from $218,000 in January 2008 to $178,000 in February 2009 (NAR Housing statistics and WRAR MLS figures)
3.The local average sold price if $230,800 is down 15.6% from our peak year in 2007. (WRAR MLS statistics)
4.Home ownership has been a proven way to build wealth. Over time homeowners have always built more wealth than renters.
5. Benefits of Tax Deductions. You can deduct most of your monthly mortgage payments from your taxable income. As a result, your actual out-of-pocket home costs may be less (depending on your combined federal, state, and local income tax rates).
6. Last but not least - First time home buyer stimulus tax credit of $8,000 good until December 1, 2009.
If you have any questions or comments, I can be reached at firstname.lastname@example.org or 910-233-2840
I've been asked over and over again if our local real estate market has hit bottom yet? The answer: Until that time has come and gone, we simply don't know. Many people are waiting for the market to hit it's lowest point before making a move. The problem with that is that we never know when that point in time will be. Once the market shows clear signs that the bottom has come and gone, we will be well on our way back up. What does that mean for buyers? Well, once the market turns and starts improving, the inventory of homes will begin to get smaller, demand will be higher, and prices will start going back up (more than likely, along with interest rates).
There has never been a better time to buy in this market. There is a unprecedented amount of homes on the market, interest rates are LOW, and sellers are willing to negotiate. It doesn't get any better than this folks!
I welcome your comments and feedback. You can always reach me at 910-233-2840 or email@example.com
And on a personal note, WAY TO GO HEELS!!!!!
Wilmington, NC was recently listed 13th on Forbes 11th annual list of business friendly cities. Those of us that live here already know this is the greatest place to live but it's really nice to have the national recognition from such a prestigious group.
Some of the main contributing factors to our area is the diversity it offers different businesses from tourism to the film industry to the local community and state colleges (Cape Fear Community College and UNCW). Wilmington is also the home of PPD, a world renowned pharmaceutical research company, which has it's World Headquarters right here on the banks of the Cape Fear River in downtown Wilmington.
If you'd like to read the article in it's entirity, here it is;
If you have any questions, please feel free to contact me at 910-233-2840 or firstname.lastname@example.org
If you are planning on applying for a loan anytime in the near future, here are some helpful to avoid credit mistakes many borrowers make during the loan process.
Here's the Top 10:
1. Don't apply for new credit of any kind!
2. Don't payoff collections or charge offs!
3. Don't close credit card accounts!
4. Don't max out or over charge your credit card accounts!
5. Don't consolidate your debt onto 1 or 2 credit cards!
6. Don't do anything to cause a "red flag" to be raised by the scoring system (adding new accounts, cosigning a loan, etc.)
7. Do join a credit watch program!
8. Do stay current on existing accounts!
9. Do continue to use your credit as normal!
10. Do call your loan originator if you receive correspondence with a creditor or collection agency!
For more detailed information about these Do's and Don'ts, just give us a call at 910-202-2546 or email at email@example.com
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