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first time home buyers: So you think you outsmarted the crowd because you skipped the $8,000 first time homebuyers tax credit - 09/08/09 10:38 PM
 
There has been a lot of speculation recently regarding the proposed continuation of or even extension of the $8000 tax credit.  In a recent post, one author even hypothesized that by foregoing the tax credit, homebuyers could actually save more money.  The rationale being that demand would sharply drop off and prices would follow.  This may be true in her area, but it is not true in Louisville.  
Jeff Belonger, one of the nation's top FHA experts and former Louisville resident, also disagrees.  In his detailed response below, he captures the problems with this reasoning.  In short, you are … (11 comments)

first time home buyers: Open Letter to First Time Home Buyers - 08/05/09 11:04 PM
Dear Procrastinating First Time Home Buyers:  
I know you.  I've seen you in the mall on December 23rd. I've watched you race through town en route to the airport; screeching up to the terminal just in time to prevent your mom from giving up and getting in the cab.  I even saw you run over the neighbor's cat on your way to the post office on April 15th.  (Actually, disregard that last one.  I'm sure it was just a large stick).  You excel when the stakes are high.  You thrive on knowing you'll succeed where mere mortals would stumble.  Your … (91 comments)

first time home buyers: How do Buyers Agents get paid? - 07/15/09 10:06 PM
The Question As a result of low interest rates, high inventory, and tax incentives, I have been working with a lot of first-time home buyers in Louisville recently.  During our initial meeting, I always try to explain the Agency Relationship and how I will represent the buyers from this point forward.  I also give insight into the process of buying a home and try to answer any questions they may have. 
One question that is always on their minds is ..."How do we pay you?" 
Short Answer You Don't.
Long Answer A typical Kentucky real estate transaction works as follows.  A seller places his or her for sale … (9 comments)

first time home buyers: $8000 First Time Home Buyer Tax Credit - How the Modified Version Affects Louisville Home Buyers - 05/29/09 11:23 PM
$8000 Tax Credit History The current $8000 tax credit has been motivating first time home buyers to start looking for homes. However, there is one perceived problem with the program.  The money is not available until after closing.  This means buyers still have to come up with a minimum down payment of 3.5 %.  This requirement prevents many from taking advantage of the current market.
Kentucky recently addressed this issue by creating a $4500 Down Payment Assistance program through KHC.  Again, this excludes many Louisville area buyers because of income limitations. 
What the industry has been clamoring for is a change to … (9 comments)

first time home buyers: Shepherdsville Homes are Flying Off the Shelves - 05/25/09 11:13 PM
Shepherdsville investors and first-time home buyers are coming out of the woodwork and snatching up homes.  With low interest rates, great selection and incentives for first time home buyers, the message has started to get out.  Now is a great time to buy Shepherdsville Homes!

I was contacted by a young couple early last week who were interested in seeing homes.  Due to his work schedule, Saturday turned out to be the best time to go looking.  Over the next few days, we emailed properties back and forth to confirm an itinerary. 
What was easy a few months ago, has suddenly become a little difficult.  Despite the fact they had only … (5 comments)

first time home buyers: $4500 Down Payment Assistance Money for Kentucky Home Buyers - 05/10/09 10:42 PM
First-time home buyers who obtain a KHC (Kentucky Housing Corporation) home loan will be eligible for $4,500 towards down payment and closing costs.  The program was announced recently by Governor Steve Beshear and is effective May 1, 2009 - November 30, 2009.  Unlike the $8000 first-time home buyer tax credit offered by the federal government, this is a loan.  However, the terms are very favorable and the money is provided at the closing. 
Plan Highlights The loan is in the form of a second mortgage on the home. Principle and Interest payments are deferred until July 1, 2010. The loan is repaid … (11 comments)

 
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Erik Hitzelberger, --Louisville-Middletown Real Estate

Louisville, KY

More about me…

RE/MAX Alliance - Louisville REALTOR-Luxury Homes

Address: 10302 Brookridge Village Blvd #103, Louisville, KY, 40291

Office Phone: (502) 921-3989

Cell Phone: (502) 921-3989

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