This exceptionally maintained home sits on an over-sized double lot in popular Stones Edge. Priced to sell, this 1900-2000 Sq Ft home has no wasted space and it is ready for its new owners. Downstairs features a spacious family room, large eat-in kitchen and formal dining room. The master suite and 2 additional bedrooms are upstairs along with a large bonus room over the 2-car garage. The kitchen features solid surface counter tops and all stainless steel appliances. Washer and dryer convey. The family room features a gas log fireplace and easy access to the large fenced back yard, ideal for entertaining family and friends. Minutes to downtown, UNCW, I-40 and Wrightsville Beach.

This beautiful brick villa is in the Chambertin section of Turtle Hall of Greenville Loop Rd and conveniently located to area shopping and dining and minutes to Wrightsville Beach. There is a detached 2-car garage attached to the home. A breezeway and the garage have permanent steps to storage area above. Beautiful hardwood floors are in the kitchen, foyer, hallway and formal dining room. The sunken den has beautiful picture windows and a gas log fireplace. The brick patio and court yard are ideal for entertaining and relaxing. The back yard is full of azaleas. Master suite has garden tub, separate shower and 2 walk-in closets. HOA covers front yard maintenance, and amenities include neighborhood gazebo, picnic area and boardwalk.

This spacious 3 bedroom, 2 bath, 2 car garage home is situated on a quiet cul-de-sac lot in popular Carriage Hills which is close to Halyburton Park and minutes to area shopping, dining, and area beaches. This 1400-1500 square foot home features a large living and dining room area, breakfast nook and open floor plan with split bedroom floor plan. Neighborhood amenities include pool, clubhouse, tennis courts, and playground. All you need to do is move in!

This spacious and beautifully maintained home is inviting from the moment you pull into the quiet cul-de-sac street. This well appointed home has between 2100-2200 heated sq ft, a spacious downstairs master suite, beautiful hardwood floors, plantation shutters throughout, volume ceilings with skylights and fireplace in the great room. Ideal for entertaining or every day family life. This home also features a formal dining room, a spacious kitchen with granite counter tops and breakfast nook. For your enjoyment outside, you'll love the large deck with a sunken hot tub or take a dip in the new in ground pool. A fenced yard on a spacious .48 acre private lot and minutes to great schools, shopping, dining and area beaches. Exterior recently painted and a home warranty is included for added peace of mind.

This 1,111 square foot, 3 bedroom, 2 bath home with a one car garage is in excellent condition, and in a great neighborhood. The interior has been painted, brand new hardwood floors are in the kitchen, dining area, living room, and hallway, and new carpet has been installed in the bedrooms. Enjoy the rocking chair front porch or entertain with family and friends in the fenced backyard. Minutes to area shopping, dining, and Wrightsville Beach. This is a great value in this neighborhood.   Hurry and don't miss the tax credit.

This immaculate 1482 sq.ft. 3 bedroom 2 bath condo is in model home condition with all new flooring and new paint. This downstairs end unit is minutes to Wrightsville Beach, downtown Wilmington, and UNCW and also includes a detached 20x12 garage in addition to the 2 assigned parking spaces. All appliances are included with washer, dryer, refrigerator, and range. A 2-10 warranty also conveys to the new owner for added peace of mind. HOA dues include community pool, exterior maintenance and insurance, yard maintenance, trash removal, termite bond, and night watchman services. Ideal investment, second home, or for your college student. This is by far the biggest bang for your buck in the area! Hurry and get your tax credit!

During the real estate boom, the use of FHA mortgages dropped to around 2%.  That figure has shot up to 25% and even higher in some markets.  Any substantial changes to FHA lending requirements could affect in some cases, the most active segment in many real estate markets (First Time Homebuyers).

Congress is pressuring FHA to tighten the standards toward borrowers.  The options on what they will do to tighten these standards are broad:

          1. Increase FICO score requirements

          2. Increase amount of down payment

          3. Reduce seller contribution to closing costs

We'll certainly be keeping a close eye on this and let our clients know of any changes but in the meantime, if a FHA loan is something you were considering, you might want to act sooner rather than later.

As always, for all your real estate needs, we're just a phone call away,  melaniecameron@seacoastrealty.com or 910-202-2546

Check out the full article at:

http://rismedia.com/2009-12-29/8-ways-to-get-out-of-debt-and-start-saving-for-the-new-year/

Questions or comments, call or email us...910-233-2840 or melaniecameron@seacoastrealty.com

If you have any questions or comments, please give us a call or email at 910-202-2546 or melaniecameron@seacoastrealty.com

Beautiful brick home in an Intracoastal Waterway access community. This lovely home is ideal for entertaining family and friends. This split bedroom floor plan features large rooms, an open floor plan, granite counter tops in kitchen, and a master suite with 2 walk-in closets, jacuzzi tub and separate shower. Extra large screened porch and deck overlook the back yard, in-ground pool and koi pond. The access to the ICWW is perfect for launching kayaks or canoes and is at the end of Holiday Hills Drive. Minutes to area shopping and beaches, this is a great deal. All offers are subject to lender approval.

This well maintained single level home on quiet cul-de-sac street in Quail Woods. This 1500-1600 square foot has 3 bedrooms and 2 bath, and 2 car garage.  There is new interior paint throughout and a functional floor plan that features a large great room with fireplace, eat in kitchen and a formal dining room.  The master bedroom features a large walk in closet while the master bath has a dual vanity, separate shower and large tub.  Minutes to area beaches, shopping, and dining. This is a great buy. Hurry and get your tax credit! Home is USDA 100% financing approved!

http://www.cnbc.com/id/34107568

      The National Association of Realtors predicts a 13.6% rise in existing home sales for 2010, much more robust than the 2% increase this year.  And new home sales could rise as much as 38%.  NAR reports that the tax credit for new home buyers is working even better than projected with first timers now accounting for 47% of all home purchasers, up from 41% in 2008.  The organization also predicts home prices will rise 4% in 2010 after declining about 13% this year.

Questions or comments, contact me at 910-233-2840 or melaniecameron@seacoastrealty.com

It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.

In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.

So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.

Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Higher Income Caps in Effect
The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.

First-Time Homebuyer Tax Credit – Frequently Asked Questions
Here are answers to some commonly asked questions about the tax credit.

What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).

Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.

Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.

• You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
• You do not use the home as your principal residence.
• You sell your home before the end of the year.
• You are a nonresident alien.
• You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
• Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
• You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.

Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.

Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.

Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.

For more information on how to benefit from this tax credit, please call me at 910-233-2840 or melaniecameron@seacoastrealty.com

Breaking News: Homebuyer Tax Credit Set to be Extended and Expanded!

Earlier this week, the U.S. Senate unanimously passed an extension and expansion of the homebuyer tax credit. This morning, the House of Representatives approved the agreement reached in the Senate by a vote of 403-12. The bill has now passed both chambers and is awaiting the President’s signature, which could be as early as tomorrow!

Below is a summary of the new modifications in the extension and expansion of the tax credit:

1)  The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010.

2)  A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

3)  Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.

4)  Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.

If you know anyone looking to buy their first home at a time when prices and interest rates are still down, or if you are thinking of buying another home and getting the new $6,500 credit please contact me today.

There was a great article in the Wall Street Journal on October 22^nd, last week.  It covered a broad range of issues from low inventory levels, to the shadow inventory of foreclosures and specific examples of foreclosures and modifications. 

I just read an interesting article in the NY Times about how this coming Spring, the Federal Reserve was going to start weaning the securities market off government support.  The Federal Government has spent about $905 billion dollars buying government-guaranteed mortgages in an effort to keep mortgage rates low and will continue buying until it reaches its target of $1.25 trillion.  The result, will be the need for investors to buys these mortgages and since investors want to make a profit,  we will likely see an increase in interest rates come Spring/Summer 2010.  Interest rates are going to have a far bigger effect on your purchasing power than current property values.  For example, a mortgage for $360,000 at 5% would have the similar payment of a $300,000 mortgage at 6%.  That's a HUGE difference.  I'm not saying this to scare you, but to inform you as to what is going on the industry.   Our goal is to have well informed, educated clients.

If you have questions or concerns, please give us a call.  We are here for all your real estate needs.  Melaniecameron@seacoastrealty.com or 910-233-2840

Have a great week!

http://www.nbnnews.com/NBN/issues/2009-10-19/Front%2BPage/index.html

Comments or questions, please call or email me at 910-233-2840 or melaniecameron@seacoastrealty.com

First time homebuyers have about 1 and a half months to close on a home and take advantage of the $8,000 tax credit.  There are rumors that this may be extended but it has not been done yet and time is ticking.  With high inventory and low interest rates, there's no better time for first time homebuyers to take advantage of this market.

In the month of September, we saw a decrease of 123 homes in our listing inventory.  We have 5,313 single family homes in our MLS with an average list price of $393,620 and an average sales price of $263,425 in September.  We are still in a strong buyers market with a listing inventory of 13.4 months.  The average days on the market in September was 135 and the list to sold ratio was 93.5% (down 1% from last month).

If you have any specific questions about the market or want to take advantage of this great market, just give us a call.  We are here to help you with all your real estate needs.

The practically new split bedroom home built in 2006 shows like a model home and has tones of upgrades. There are hardwood floors in the foyer, family room and dining room, ceramic tile floors in the kitchen and both baths, a screened porch, grilling deck, wired shed, extensive landscaping, central vac system, irrigation system, water softener, gutters and a finished and insulated garage. Located in the beautiful neighborhood of Windswept at the end of a street this home is surrounded by trees and is just minutes to area shipping and dining and 2 miles to Carolina Beach. The master suite has a large walk-in closet, tub and separate shower and there's additional living space in the bonus room over the garage. The house is SPOTLESS! All you have to do is move in.