I recently shared 10 top reasons to buy a place before the end of the year and now here is some info for first time buyers. You may be qualified to receive up to a $7500 credit on your first time home purchase if you meet the guidelines!
C.A.R.(Chicago Association of Realtors) has prepared an easy-to-read “First-Time Homebuyers Tax Credit” FAQ sheet.
Here is the link: http://car.affiniscape.com/associations/6001/files/FAQ_Tax_Credit.pdf
Monday, December 8, 2008
Wednesday, December 3, 2008
Rubloff Chicago/Special Managing Broker
I agree with Eric Rojas. Darlene Little, managing broker at Rubloff is indeed very special as Eric states in Chicago Agent Magazine. Eric wrote:
"There are a few reasons that differentiate Darlene Little, my managing broker at Rubloff. First of all, Darlene is an accomplished leader within our industry and has been president of CAR. Her guidance and contacts come from the highest levels of our profession. Secondly, our managing broker is not actively selling real estate, which I believe makes her career advice more objective. And third, Darlene is simply a great lady to talk with and easy to approach; she gives it to you straight. "
To that, I would like to add that Darlene truly cares about all of her agents and will do whatever it takes to guide them to be the best. She will 'go to bat' for them when necessary and is a valuable professional in the Real Estate Industry.
"There are a few reasons that differentiate Darlene Little, my managing broker at Rubloff. First of all, Darlene is an accomplished leader within our industry and has been president of CAR. Her guidance and contacts come from the highest levels of our profession. Secondly, our managing broker is not actively selling real estate, which I believe makes her career advice more objective. And third, Darlene is simply a great lady to talk with and easy to approach; she gives it to you straight. "
To that, I would like to add that Darlene truly cares about all of her agents and will do whatever it takes to guide them to be the best. She will 'go to bat' for them when necessary and is a valuable professional in the Real Estate Industry.
Saturday, November 15, 2008
Chicago Real Estate: Why Buy Now?
Timing Issues:
Seller’s that have been on the market for awhile are very motivated to make a deal and do not want to be on the market over the winter months.
Hard to predict the bottom of the market but worst may have passed ant the government is actively trying to revive the housing market and at some point they will succeed.
Rising dollar and dropping oil could indicate ending of current down cycle for housing.
A lower purchase price for the buyer who is waiting for further deterioration in value would be lost to increased mortgage rates.
Fewer buyers in the market make seller’s more flexible.
You must be actively “in the market” in order to take advantage of good deals and to be able to spot them.
Looming inflation will bring higher real estate prices.
Buyer’s have a greater selection of properties with current inventory levels and have to make fewer compromises to get what they want in this environment.
If you are renting, you are losing your homeowners tax break.
Tighter qualifications make a good buyer a precious commodity to would be sellers and therefore they command a stronger negotiating position.
Many predatory loan products have been taken away and consumers should have more confidence about not being duped into bad loan scenarios.
Rates are historically lower in the fall than in the spring.
Fed could increase rates to combat inflation.
And if you buy now you are smart. Real estate is still a safe investment
(suggested by Rubloff agents)
Seller’s that have been on the market for awhile are very motivated to make a deal and do not want to be on the market over the winter months.
Hard to predict the bottom of the market but worst may have passed ant the government is actively trying to revive the housing market and at some point they will succeed.
Rising dollar and dropping oil could indicate ending of current down cycle for housing.
A lower purchase price for the buyer who is waiting for further deterioration in value would be lost to increased mortgage rates.
Fewer buyers in the market make seller’s more flexible.
You must be actively “in the market” in order to take advantage of good deals and to be able to spot them.
Looming inflation will bring higher real estate prices.
Buyer’s have a greater selection of properties with current inventory levels and have to make fewer compromises to get what they want in this environment.
If you are renting, you are losing your homeowners tax break.
Tighter qualifications make a good buyer a precious commodity to would be sellers and therefore they command a stronger negotiating position.
Many predatory loan products have been taken away and consumers should have more confidence about not being duped into bad loan scenarios.
Rates are historically lower in the fall than in the spring.
Fed could increase rates to combat inflation.
And if you buy now you are smart. Real estate is still a safe investment
(suggested by Rubloff agents)
Friday, October 24, 2008
Staging Chicago Single Family Home
I went to a broker open house the other day in Hamlin Park (60613). The home is new construction and priced just under $1.4. This home was recently staged by a company out of the Chicago area. I know this company charged a move-in fee and a move-out fee for the furniture and they will also earn a percentage of the sale. The seller of his home will be paying almost alot for staging.
The problem with the staging (in my opinion) is that no consideration was given to the style of the house. The stager obviously bought all the furniture from a consignment store or estate sale. It looked old fashioned and used and did not match the home or the area. It does look like someone lives in this house though in reality it is vacant and never lived in. I now know that if a seller pays for staging, he should specify what type of decor he would like and not leave it up to the designer who might use just what he has on hand.
Saturday, September 13, 2008
New FHA Loan Guidlines and First Time Buyer Credit Info
Here are two very interesting items for those of you considering buying a home in the near future.
If the property you are purchasing has a seller that will accept an FHA Loan, here is some of the highlights that you may benefit from:
FHA LOANS
Minimal down payment 3.5%
100% of the down payment can come from a gift from a relative
No minimum credit scores
No reserve requirements
Seller can give up to 6% in closing cost, pre-paid credit
Loans are assumable to a new buyer at current rates and balances
Allows non-occupying co-borrowers (parents, relative, friend, etc.)
2-4 unit buildings with minimal down payment
Current FHA Loan Limits 09/10/2008
1 unit - $410,000
2 units - $524,850
3 units - $634,450
4 units - $788,450
Another incentive to those who are buying their first home is the tax credit you can receive:
Use the term “tax credit” lightly, because it’s really a loan. First time homeowners will be able to take a $7500 tax credit (or 10% of the purchase price of the home…whichever is lower) on their 2008 returns, which must be paid back, interest free, over the course of 15 years. Here are the details:
· First time home buyers (those who have not owned a primary residence for 3 years prior to their home purchase) who purchase their home between April 9, 2008 and July 1, 2009 will be eligible for the tax credit.
· Singe taxpayers with modified gross incomes up to $75,000 and married taxpayers with a joint modified gross income of up to $150,000 are eligible for the full $7500. Above those incomes, the tax credit begins to phase out.
· This is a tax credit, and not a tax deduction, meaning that it is a dollar for dollar reduction on taxes owed, as opposed to a tax deduction, which reduces the amount of your adjusted gross income that can be taxed.
· The credit is refundable, meaning if you owe $2000 in taxes and take the $7500 credit, you will receive at $5500 refund.
· The credit must be repaid to the government over 15 years or when the house is sold. For those taking the tax credit in 2008, the first $500 payment would need to be made when the buyer files their 2010 tax return.
· This tax credit is basically an interest free loan.
This information has been supplied by RWF Mortgage
If the property you are purchasing has a seller that will accept an FHA Loan, here is some of the highlights that you may benefit from:
FHA LOANS
Minimal down payment 3.5%
100% of the down payment can come from a gift from a relative
No minimum credit scores
No reserve requirements
Seller can give up to 6% in closing cost, pre-paid credit
Loans are assumable to a new buyer at current rates and balances
Allows non-occupying co-borrowers (parents, relative, friend, etc.)
2-4 unit buildings with minimal down payment
Current FHA Loan Limits 09/10/2008
1 unit - $410,000
2 units - $524,850
3 units - $634,450
4 units - $788,450
Another incentive to those who are buying their first home is the tax credit you can receive:
Use the term “tax credit” lightly, because it’s really a loan. First time homeowners will be able to take a $7500 tax credit (or 10% of the purchase price of the home…whichever is lower) on their 2008 returns, which must be paid back, interest free, over the course of 15 years. Here are the details:
· First time home buyers (those who have not owned a primary residence for 3 years prior to their home purchase) who purchase their home between April 9, 2008 and July 1, 2009 will be eligible for the tax credit.
· Singe taxpayers with modified gross incomes up to $75,000 and married taxpayers with a joint modified gross income of up to $150,000 are eligible for the full $7500. Above those incomes, the tax credit begins to phase out.
· This is a tax credit, and not a tax deduction, meaning that it is a dollar for dollar reduction on taxes owed, as opposed to a tax deduction, which reduces the amount of your adjusted gross income that can be taxed.
· The credit is refundable, meaning if you owe $2000 in taxes and take the $7500 credit, you will receive at $5500 refund.
· The credit must be repaid to the government over 15 years or when the house is sold. For those taking the tax credit in 2008, the first $500 payment would need to be made when the buyer files their 2010 tax return.
· This tax credit is basically an interest free loan.
This information has been supplied by RWF Mortgage
Tuesday, August 26, 2008
The Telecourse! Create Great E-Newsletters
August 19th was the first tele-session of Create Great E-Newsletters. It is not too late to sign up for the remaining 3 classes. You can listen to the first one on an mp3 recording and then call in to participate in the rest of download the entire course. It's excellent. Just click on the link below to get more info and sign up.
http://lifetransformationsecrets.com/telecourses/creategreatenewsletters/ad.html
http://lifetransformationsecrets.com/telecourses/creategreatenewsletters/ad.html
Wednesday, August 13, 2008
Create Great E-Newsletters
Here is a link to this great teleseminar. It is free and can be listened to anytime. (I listened to one that I downloaded to my phone at a slow open house one Sunday)
Here's the link to the free teleseminar on Wednesday August 13th: Check it out.
Create Great E-Newsletters
I highly recommend everyone to listen to this. It's Great...You'll Love it! It's full of valuable info, resources and inspiration.
Let me know how you like it.
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