Source - Triad MLS

The following numbers are the sold homes in each county for Oct - 2008 vs 2009

Source - Triad MLS

Some of our realtors and associates may have already heard the news...but to any of you who have not...here is the latest information that we have just received from one of our lender affiliates.

He says that Congress has just approved an extension of the first-time home buyer's tax credit, sending the bill to the White House for President Barack Obama's signature.  He's expected to sign the measure as early as tomorrow.
 
The House voted 403-12 to pass the bill after the Senate unanimously approved the measure last night.
 
The bill extends the $8,000 first-time home buyers' tax credit that was set to expire at the end of this month.  The credit will apply to all house contracts entered into before April 30, 2010 and closed by June 30, 2010.
 
It also creates a NEW $6,500 credit for existing property owners looking to sell their home and buy another during the same period of time.  This is available to those who have been in their current residence for a consecutive five-year period.
 
The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000.  The maximum allowed home purchase price is $800,000.
 
Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, would have until April 30, 2011 to claim the tax credit."

Let me know if you have any questions regarding this information. I hope all buyers and sellers everywhere will benefit by this in some form or fashion.

Have a great night! :o)
Angela Lawrence  (336) 909-2638

Dell came to Forsyth county back in 2005 with the agreement it would create 1700 jobs within 5 years of the plant opening.  Forsyth county and city of Winston-Salem paid $$$ of incentives to Dell for opening a plant in Forsyth county.

Then Dell announced in October 2009 that they would close their plant starting as early as next year 2010.  Which is not so good news for the job situation in the Piedmont Triad.

I guess only one positive that has come out of this, Dell has sent a letter to Winston-Salem and Foryth County leaders confirming that they will repay $26.5 million in incentives. 

Everyone has their own opinion as to whether a home should be listed or not during the holidays; however the answer depends mostly upon the circumstances of each individual seller but there are some great reasons to keep that home on the market a little longer. 

TAX CREDIT: Of course by now we all know about the fast approaching deadline for the first time home buyers tax credit.  With up to $8,000 to gain there are still plenty of buyers willing to shop in this fourth quarter cooler weather.  I think we will continue to see a slight rise in sales at least between now and Nov. 30th.

DECOR: Have you ever noticed how much better your home looks when it's tastefully decorated for the holidays?  Ever notice how drab a home feels after the decorations go down?  Your home will show better than ever during the holidays but be sure to keep it tasteful.  Don't go overboard and take away from the grand features of your home and be careful not to make your rooms appear small by adding too much.

AROMA: There is nothing that will turn off some buyers more than the unpleasant odors of cigarettes, pets or laundry baskets so why not take advantage of the lovely aromas that come with the holidays such as the smell of hot cider and fresh baked deserts.  Even the candles and decorations we use for the holidays have the pleasant smells of the seasons...the smell of evergreens, cinnamon sticks, gingerbread and so on.  Strive to keep a clean home of course...but use the pleasant aromas to make buyers want to stay a while...rather than send them running out holding their nose.

POSITIVE ENERGY: Starting in fall with the changing of the leaves and the nice crisp air, most people in general seem to be happier during the holidays.  There is a spirit of giving, sharing and caring.  With everyone in a better mood the whole purchasing experience tends to go more smoothly and makes for quicker more successful closings.  Sure beats the tempers that seem to more easily flare in the heat of summer.

CASH TRANSACTIONS: I tend to see more cash transactions near the end of the year.  Some investors who have sold other properties previously will be limited for time in which to close and take advantage of their 1031 tax deferred exchange.  Certain organizations also tend to be more giving around the holidays and may purchase properties near year end, even residential for special uses.  Such uses may be for church parish, group homes, christian retreats for those suffering from health, marital or financial stress.  Many times these properties are paid for with cash as well.

Whatever your reason is for selling, I wouldn't give up just yet.  Give your home the best chance to sell but set some limits for showings as I'm sure you may not want to be bothered during a holiday feast.  There are many great reasons to keep it on the market a little longer and you can always take it off in January if you need a break with plans to relist in early spring.  Talk to your agent for great tips for staging and selling your home.  Best to you on a successful closing!

Blunder #1 - Trying to time the market to buy or refuse to buy.

There is no accurate prediction as to when it may be the right time to buy a home.  If you have lender approval and are ready for home ownership, then do it.  All the time waiting to time the market, you could be building equity, getting tax deductions and reaping the other advantages of owning your own home.

Blunder #2 - Making an offer with no contingencies in place.

In most cases, you will put down earnest money (a good faith deposit) on a home.  Make sure you have contingencies in place to receive your earnest money back - such as if the home does not appraise, lender does not give you loan approval, major structural issues are found during the inspection, or if the seller did not disclose material facts, etc.

Blunder #3 - Not speaking with a lender before viewing homes.

With tighter lending restrictions now in place, you definitely must know how much home you can afford and if a lender will actually lend you the $$$ for a mortgage loan.   By getting pre-approved, it tells the seller that you are a strong buyer and not just someone "kicking tires" thus the seller will be more likely to negotiate.

Blunder #4 - Not thinking about if you have to sell the home later on.

You must think about resale later on.  Find a home in a sought out location and amenities that future buyers will want.  Even though you may think you will be in the home for a long while, you never really know what life changing things could happen in the near future to shorten your length of stay. 

Blunder #5 - Not reading the fine print.

At closing, there will be tons of documents to sign.  Lucky for you, there are only a few documents that are critical, you may request a copy of these ahead of closing so you can review and ask questions before closing.

Blunder #6 - Not doing your homework on the neighborhood.

Finding a great neighborhood will increase your home's value.  Visit the neighborhood several times a day, talk to neighbors and ask their opinion of the area.  Chosing a home close to your work and shopping can be a good fit for your lifestyle too.  Even if you may not have children, good schools districts raise property value.  (See blunder #4).

Blunder #7 - Not doing research on a foreclosure or fixer-upper.

Even though you may find a bargain, beware of the pitfalls.  Repairs can be stressful and very costly.  Get estimates on repairs and renovations to make sure they will pay for themselves.

Blunder #8 - Purchasing a home you cannot afford.

Even though a lender pre-approves for you a large payment, it still may not be a good idea to max out, since this could lead to trouble later on.  To play it safe, your payment should not be more than 28% of your monthly income.

Blunder #9 - Buying the first house you see.

This is definitely common sense.  You could miss out on a good deal or regret your purchase.  Of course you don't have to visit every home on the market, but at least compare a minimum of 3 homes before making an decision.

Blunder #10 - Not getting a home inspection.

Don't leave it up to to your friend or relative to give their blessings, instead hire a license professional inspector.  The home may look great but it is a mistake to assume.  Even new homes have problems.  Make sure you are there during the inspection so the inspector can explain issues. Prices of home inspections vary in this area, ranging from around $300 to $500 depending on the size and age of the home but it is money well spent in the long run.