Friday, December 18, 2009

Ready to Buy?

I recently read a great article on RISMedia about the fact that interest rates on the benchmark, 30-year fixed-rate mortgage recently dropped to a 38 year low. Combined with the newest tax credits, this means it is a great time to buy a home. Not sure if you are ready? Mary Ellen Podmolik gives 5 questions that may help you decide.


Q: Why are rates so low?
A: Since early January, the Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae in an effort to stabilize the housing market by making homes more affordable for consumers. The Federal Reserve Bank of New York, which is managing the program, plans on purchasing $1.25 trillion of securities.

Q: Are rates expected stay this low?
A: It’s hard to tell, but don’t count on it because the lending landscape is likely to change next year. In September 2009, the Fed said it would gradually wind down the purchase program, ending it by March 30, 2010. That has some in the mortgage lending industry worried.

In a recently published mortgage survey, more than 60% of Bankrate.com’s panel of experts predicted that rates will move higher over the next 30 to 45 days. How much higher is anyone’s guess. Last year at this time, the average 30-year, fixed-rate mortgage was 5.53%.

Q: Why do different mortgage surveys come up with different average interest rates?
A: It depends on which lenders are in their sample, when the survey was taken and whether the rates quoted are the posted rate, the application rate or the commitment rate. Also, some surveys take into account the points paid to secure the rate.

But regardless of the survey, the general consensus is that rates are ultra-low right now and may be the lowest the market will see.

Q: What else does a consumer need to know?
A: The lowest rates are offered to the most credit-worthy customers who can make sizable down payments. Shop not just for the interest rate and the points involved but also for the fees involved, which can vary widely from one lender to another.

If you’re refinancing, remember the bigger the loan, the greater the payoff for finding a lower interest rate. Savvy customers put in their paperwork with a lender and set a “strike” interest rate at which to lock in the loan, a good move considering rate volatility.

Several refinancing calculators are available online that let borrowers plug in all the required numbers and determine the monthly savings and how long it will take to recoup the expense of a refinancing.

Q: So is now the best time to buy a home?
A: It depends on personal situations. Homebuyers certainly have a lot of factors working in their favor right now—low interest rates, plenty of marked-down homes for sale and an extended and expanded federal tax credit that will expire in the spring.

Give me a call and we can discuss if the time is right for you. I have extensive knowledge of the area and communities and would love to help you with all of your real estate needs!

Thursday, December 10, 2009

Great News!

I'd like to share some great news with you. One of my listings went under contract after only 14 days on the market! Another is under contract now. Both are great homes and have new owners looking forward to making a new home.




287 Heathwood Drive


130 Landis Street

Are you trying to sell property? Want and need results like these? Give me a call!



Wednesday, December 9, 2009

Great Ways To Save on Your Energy Bills Year Round

It's the time of year you want to be spending money on loved ones, not bills, so I wanted to share with you some great ideas on how to shave your energy costs!

Fireplace: Sure, it's lovely to gather around a nice blaze, especially when it's good and cold outside, but according to the Department of Energy, lit fireplaces can suck up to 24,000 cubic feet of furnace heated air up your chimney each hour. That heat is replaced by cold air coming in, making your furnace work that much harder. All you have to do is turn your thermostat down a little when you use the fireplace, and crack a window in the room, while keeping the door shut to keep it from sucking up too much warm air from the rest of the house. Make sure to close your damper when its not in use!

Heating System: By spending $75 to $100 for a tune up and sealing ductwork to prevent air leakage could save you hundreds on your heating and cooling bills. Natural Gas powered heaters should be tuned up by a heating contractor every 2-3 years, while oil burning furnaces need it every year, as they burn dirtier.

Energy Star products: 20% of most electrical bills come from running our appliances. But by replacing your fridge, washer, and dishwasher with Energy Star products means you will save quite a bit on your bills, as the newer appliances use energy much more efficiently, therefore keeping more money in your pockets!

Seal Air Leaks: At a pretty low cost of materials ($30-$50) you can save 10% on your heating bill. Fill in cracks with caulk, use expanding-foam sealants to fill in larger gaps around plumbing and electrical work, especially where pipes enter your house through exterior walls. Look for those energy suckers that may escape your attention, like exterior wall sockets and switches by using fitted insulation pads in the plates. Caulking and weatherstripping around windows or even using a kit to to apply a discreet plastic wrap on windows that can be peeled off in spring will also catch a lot of heat that would normally escape.

Spruce up the attic: The Department of Energy tells us we can reduce our heating and cooling needs by 30% by just installing a couple hundred bucks worth of new insulation, especially if your home is more than 25 years old. Don't just concentrate on the attic, check to see how much insulation you have in crawl spaces, ceilings, and basement walls. A small investment can keep your home warmer and cooler without costing as much to do so.

Pellet Stoves: Let's face it, its not getting any cheaper to heat our homes with gas or oil, BUT a clean burning pellet stove can cut costs drastically. They look like wood-burning stoves but are fueled by small pellets made from super concentrated sawdust. There are freestanding models as well as fireplace inserts. Costs run about $2000 for the stove and $6 for a 40 lb bag of pellets. In a couple of years though, your benefits will be a heating bill that is HALF as much!

Cheaper Showers: Heating water counts to up to 11% of utility bills, and if your water heater is more than 10 years old, that number could be greater. Switch out for newer more energy efficient models. Or, by paying out a bit more in the beginning, buy a solar water heater. They are more expensive, but last about 20 years, and pay for themselves in about half that time.

Windows: A lot of your heating a cooling costs might be as a result of heating and cooling escaping right out your windows. Installing storm windows can help quite a bit, if you are not ready to buy a new system. Triple track windows cost about $100 each, and can reduce heat loss by 25% or more!


Come back often for more posts on how to save money around your home. And if you are ready to buy or sell, give me a call, I can walk you through the process!

www.bobbies.remax.com

Source: This Old House

Friday, December 4, 2009

New Guidelines On Short Sales

As a REALTOR who's stayed in the business by adapting, I'm always interested in the newest ways to help my current and potential clients. I just read an article by Deborah Ball on the new Short Sale Guidelines from the U.S Treasury Department. RE/MAX has been diligently working establish these guidelines which make Short Sales easier and more efficient for all involved.

The Treasury's announcement Monday comes on the heels of more than a year's work by RE/MAX leadership to persuade federal lawmakers to address the need for a simpler Short Sale process.


The U.S. Treasury Department's long-awaited guidelines to streamline Short Sales will have a significant and positive impact on families facing foreclosure, according to RE/MAX International Chairman and Co-Founder Dave Liniger.

Here's the key to this exciting news: it simplifies procedures, provides financial incentives for Short Sales, and wait for it, wait for it - sets limits on the time frame lenders can take to respond. This is HUGE! Alphabet Soup version of this news is called: The Home Affordable Foreclosure Alternatives Program (HAFA), part of the Home Affordable Modification Program (HAMP).

It may not be perfect, but it's a huge step toward creating a much more attractive opportunity for people, something that is long overdue.



Here are some of the program's key guidelines:

• Lenders must respond to Short Sale requests within 10 business days of receipt of the offer package.
• The seller will be released from all liability for repayment of the mortgage debt.
• Subsequently, the seller is entitled to a relocation incentive of $1,500, which will be deducted from the gross sale proceeds at closing.
• The lender will be paid $1,000 to cover administrative and processing costs for a Short Sale or a deed-in-lieu.
• The property must be listed with a licensed real estate professional who does regular business in the community where the property is located.
• The lender is prohibited from requiring, as a condition of approving the Short Sale, a reduction in the agreed-upon real estate commission.
• The investor will be paid a maximum of $1,000 for allowing a total of up to $3,000 in Short Sale proceeds to be distributed to subordinate lien holders, or for allowing payment of up to $3,000 to subordinate lien holders.

RE/MAX leaders have been advocating Short Sale improvements for quite some time. In September, Liniger met with Housing and Urban Development Secretary Shaun Donovan and other U.S. housing officials to discuss the need for prompt action. A meeting with Sen. Harry Reid (D-Nev.) also moved the process along. RE/MAX Associates have embraced training in Short Sales and foreclosures. The network accounts for nearly 60 percent Certified Distressed Property Expert designees. That education will continue to play a vital role in this constantly changing market.



If you or anyone you know may benefit from these new guidelines, give me a call!

Thursday, December 3, 2009

Let's have Green Holidays

Last post I talked about some benefits of making your home Greener. With the holidays just around the corner, I'd like to give you some ideas about environmentally friendlier items you might not think of!

Decorations:
Indoor/Outdoor LED light strings. These use 90-95 percent LESS than the old incandescent bulbs, and they also shine longer.

Herbal Wreaths. Available from McFadden Farm (embed), for about $25 you can get an herbal wreath made from fresh organic herbs. Festive and handy!

Gifts:
Stockings made from recycled sweaters, these are one of a kind gifts that you can buy online or if you are sewing savvy, make yourself!

Another DIY idea, recycled light bulbs. All you need are some bulbs that no longer work, some wire, and paint. Fabric paint works well, but you can also use acrylic; just make sure its completely dry! Simply paint the bulb and use the wire to wrap around the base and make a hook or loop, then you can add these as ornaments to your tree!

Continuing on that thread, one thing I have done in the past is take old glass items, like the hurricane glass from atop old kerosene lamps, or really any interesting shaped domed glass, and using a combination of fabric paints and acrylics, painting an image of Santa or a snowman on the glass. (You'll see that the outward curve of the glass helps highlight the rounded tummy of both.) Don't be afraid if you don't believe you are artistically inclined. You don't have to be a Picasso to make a lovely gift or ornament for your own home.


For other great gift ideas, check out uncommongoods they have great items like recycled glass ornaments, recycled cotton scarves, and my favorite, plantable gift tags that are embedded with wildflower and perrennial seeds.


Monday, November 30, 2009

Continuing to talk about tax credits and breaks

First, I hope that you all had a wonderful Thanksgiving! I hope you enjoyed the long weekend, I sure did!

I want to share with you today some information about other forms of tax credits and breaks that you could possibly take advantage of. So, you're not buying a new home yet, and maybe you already drive a more fuel efficient vehicle and don't need to trade in a clunker. There ARE other ways to get tax breaks based on energy efficient products!

From RISMedia:
"Federal stimulus laws allow homeowners to get a tax credit of 30% of the cost of energy efficient windows, doors, water heaters, air conditioners and furnaces, up to a maximum of $1,500. So if you max out the credit on your new A/C, you can’t use it for one of the other items. But if you don’t use any or all of the credit this tax year, you can buy a qualifying item and claim the credit or any remaining credit in 2010," said Amy McAnarney, an executive director at H&R Block’s Tax Institute. The items have to be installed by Dec. 31, 2010, for taxpayers to claim the credit. McAnarney also cautioned buyers not to take a company’s word that an item qualifies. She said to get a copy of the manufacturer’s statement."

"Another credit allows homeowners to get up to 30% of the cost of solar energy systems such as solar water heating and solar power, small wind systems and geothermal heat pumps if they are installed by Dec. 31, 2016. It’s separate from the credit for windows, doors and air conditioners, so homeowners can use both."

There's no cap on this amount of credit. So, while installing any of these items may cost a bit at first, you are more than likely to get quite a bit back through tax breaks and possible rebates through energy rebate programs. These systems practically end up paying for themselves, since they also reduce your energy bills, and in the long run, that equals more money in your pocket!

So, if you are looking to up the level of Green in your home, or just need some new  major appliances, check into manufacturers claims to see which brands and products qualify for tax breaks and deductions. And as always, check back with us at Bobbie Talks Real Estate for more great information on all types of things!

My Website 

Wednesday, November 25, 2009

Market Steadily Stabilizes

The market IS steadily getting better. Data concerning the previous tax credit shows that it did just as intended. Sales have jumped in recent months, trimming the inventory, and stabilizing home prices noticeably. It's a fragile and slow recovery, one that's expected to continue now with the extended tax credit. Existing home sales surged in October, making the sales activity highest since February, and sales are 23.5% higher than this time last year.




We're getting closer to a general balance between buyers and sellers, as the inventory of homes steadily drops. It is now at the lowest level in two and a half years. Home prices are starting to stabilize and may even start to rise in the second half of 2010. A lot of these numbers are on the national level. Real Estate is a local industry, what happens in NYC, or Pheonix, or Seattle, may not have much impact on those of us living in the Carolina's and the Upstate.



An article from RISMedia shows that in the South, which is still a general area,

"existing-home sales rose 12.7% to an annual level of 2.30 million in October and are 25.7% higher than October 2008. The median price in the South was $151,100, down 6.3% from a year ago."



Interested in knowing what the market is like in your area? Visit my website and give me a call!

Tuesday, November 24, 2009

The Housing Market

The housing market has had its ups and downs over the years, and while lately it's been down, this quarter things are really looking up. House purchases usually slow down in the winter, but this year thanks to the tax credit, we are seeing a lot more interest from qualified people ready to buy, especially since the new credit extends to existing homeowners who meet the criteria (see earlier post). Many homeowners who've been thinking about putting their home on the market are taking that step now.


Are you thinking of taking advantage of the new tax credit? Don't wait too long. Just because there has been one extension, that doesn't mean we'll get another. This credit won't be around forever.



Start looking now, by contacting an agent to help you find available homes that fit your criteria and price range. Another reason not to wait are mortgage rates which are still low but are expected to rise next year.



Don't, however, skip steps in a rush to make the deadline. Buying a home is still a huge decision. You want to make sure that the home is right for you by having all the proper steps taken during the buying stage.



When you're ready, give me a call. Just tell me what you need and we'll see if I'm the right REALTOR® for you. This goes for sellers too! Call or email me to find out what the market is like in your neighborhood. I look forward to earning your business!

Friday, November 20, 2009

The extended and expanded tax credit


I'm sure many of you have been hearing all about the First Time Home Buyer Tax Credit offered earlier this year. The credit was supposed to expire at the end of this year. But thanks to many in our industry pushing for more time and more benefits,  The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.  So what does this mean to you? Let me break it down:


Let's start with the First Time Homebuyer.


    If you have not owned a principal residence in the 3 years prior to purchasing any kind of home -new or resale- you may qualify. You must purchase the home on or after January 1, 2009 and on or before April 30, 2010. However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.


    The actual credit amount depends on the price of the home. It's equal to 10% of the purchase price up to a maximum of $8000. Any home, as long as the purchase price is equal to or less than $800,000. There are income limits, for homes purchased after November 6 and  before April 30, 2010; $125,000 for single taxpayers and $225,000 for married couples filing jointly. The credit is also refundable. This means if the home buyer qualifies, the credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.
   
  


Now for the repeat buyers.


To qualify for this tax credit, buyers  who have owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.


The amount of credit is 10% of the purchase price up to $6500, again, as long as the purchase price is equal to or less than $800,000. Income limits are $125,000 for single taxpayers and $225,000 for married taxpayers filing joint returns.




Some interesting facts on both:


--Married couples are not eligible to claim the first-time home buyer tax credit if either spouse has previously owned a home. They may, however, qualify for the repeat home buyer tax credit.


--Neither the first-time home buyer tax credit nor the repeat home buyer tax credit have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.


--Taxpayers must submit a copy of the HUD-1 settlement statement and IRS Form 5405 to claim either the first-time home buyer tax credit or the repeat home buyer tax credit.


--Home purchases from relatives of the taxpayer or the taxpayer’s spouse do not qualify for the tax credit. The IRS defines relatives as ancestors (parent, grandparent, etc.), lineal descendants (child, grandchildren, etc.) and spouses.


There are also exceptions for members of the military, foreign service, and intelligence community


Exemption From Tax Credit Recapture Rules
  • Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
  • However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.
Extension of Tax Credit Deadlines
  • The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010.
  • However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.


Every buyer is different, so speak to your tax preparer to see if you qualify. Then, if you are ready to buy, for the first time or the fifth, call me! Together we'll find the perfect home for you!




Information taken from federalhousingtaxcredit.com



Wednesday, November 18, 2009

Did you know?

I am an agent with RE/MAX, more specifically RE/MAX Realty Associates in Spartanburg. There are many reasons I chose to join RE/MAX, not the least of which it's awesome branding power as well as support and services not available with other real estate franchises. If you are buying, selling, or investing look below at why you should work with RE/MAX:

  • RE/MAX is the #1 real estate franchise in the world!
  • Billions of dollars have been spent promoting the RE/MAX brand and agents.
  • RE/MAX Associates average more sales than other real estate agents
  • RE/MAX has 2 percent of the agents but produces 10 percent of all agents' sales.
  • RE/MAX is one of the most recognized real estate brands and logos around the world
  • REMAX.COM is the most visited real estate franchise Web site."ComScore, Jan.-June 2009; Compete.com, Feb. 2008-June 2009; Hitwise, Jan..-June 2009"

Watch this great video below!



Now that you know RE/MAX is the way to go, how do you choose an agent?



Well, the simple answer, of course, is to just call Bobbie!

I have been working in real estate for over 15 years. The market has fluctuated a lot in those years, there are always ups and downs, and while the market changes, I change with it! Not only do I work to stay on top of the newest resources in the industry, but I am always on the lookout for new and innovative ways to become better at what I do. I am always continuing my education, taking classes and attending lectures to be sure I have the most up to date knowledge and skills. When you work with me, you can be assured that you are working with an agent who knows her business... and is not afraid to keep on top of it! Give me a call if you are interested in buying or selling and allow me to earn your business!

Check back soon for my post on the newly extended & expanded home buyers tax credit!

Gorgeous Listing Reduced



I have several listings on the market, and would like to feature them on my blog every now and then. If you see something you like, or something you would like to pass along, don't hesitate to do so! Give me a call, or head over to my website to search for homes among the thousands on the market in Spartanburg and surrounding areas.

 
The listing I'd like to share with you today is 223 Heathwood Drive. It has JUST been reduced to $164,900!




This spic and span 4 bedroom 3 bath home has lots of updates and is MOVE IN READY! This home has been extremely well maintained! It's situated in a lovely neighborhood with mature landscaping.

Features include:
  • NEW countertops! 
  • NEW flooring in kitchen!  
  • NEW carpet throughout! 
  • NEW hardwood foyer
  • NEW paint inside & out!
  • LARGE bedrooms! All of them! 
  • Eat in Kitchen 
  • Formal Dining
  • Private deck overlooking low maintenance private backyard
  • Lower level boasts Den w/ fireplace, BR, BA, & utility room opening onto deck.
Take a look at the full ad here

Monday, November 16, 2009

Hello and Welcome!

Welcome to Bobbie Talks Real Estate! I started this blog in order to reach out to an audience that is interested in helpful information concerning real estate trends, greater Spartanburg's local market, design in the home, buying, selling, investing, and much more!

I've been in real estate for over 15 years, and am also an interior designer. This “dual-major” background is so important in staging and marketing a property. This is one of my favorite parts of real estate.
Read about my tips to buy and sell property, as well as all the extras in between. I want to share these with my readers with the hope that when you need the services of a REALTOR® you'll contact me, knowing I have the knowledge and expertise to to help you in your real estate needs.

Check back often, I will be posting lots of great information & resources involving all aspects of real estate. The topics will vary, the value will not. Thanks for joining us!

Visit my website at bobbies.remax.com