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first time home buyer: First Time Home Buyers - The ACTUAL DOLLAR COST of Waiting to Buy - 11/13/09 09:10 AM
I suck at math, which is why I went to law school rather than business school, a decision I still periodically regret. So I am eternally grateful to Charles Dailey for posting this link to HIS post on one of my comment pages. It QUANTIFIES the cost of waiting to purchase a $125,000-$250,000 home, assuming that the buyer (i) misses the tax credit window; and (ii) the interest rate on the mortgage increases 1/2 point, such as to 5.5% from 5.0%.
Ouch. I knew it wasn't a small number, but $13,928.74 to $19,857.47 is a lot of money. Like, buying-a-car-kinda money. And this just assumes a 1/2 point … (4 comments)
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first time home buyer: Windsor Court Condominiums - Great Condos in the Heart of Richmond's Historic Fan District! - 09/14/09 09:20 AM
Well, it's that time again. Sunday morning, and I'm gearing up for the stand-by Sunday Open House. This Sunday - and every Sunday except holidays - I'm holding open the Windsor Court Condominiums, located smack-dab in the middle of the Historic Fan District. Here are some quick facts about the project:
The actual address is 1608-1614 Grove Avenue, in between Vine and Lombardy. There are 24 total units located in three different buildings set back around a GORGEOUS central courtyard - two "wing" buildings, 1608 Grove and 1614 Grove, and the "main building at 1610 Grove. Each unit has a minimum of 2 … (0 comments)
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first time home buyer: Buying a Home NOW - Some Validation from USA Today - 09/14/09 09:08 AM
I feel a teensy bit validated, now that USA Today is featuring an article on the two reasons to buy a home NOW - the historically low interest rates AND the first time home buyer tax credit. Of course, this "buy a home NOW!" advice only applies to people who have stable jobs, consistent income, some money to put down, and were planning to buy a home in the foreseeable future anyway.
As always, if you need an agent in Richmond, Virginia, I am happy to help with the home buying process. Otherwise, best of luck in your hunt for the perfect home!
… (1 comments)
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first time home buyer: First Time Buyers - Some Gentle Encouragement and Some Possible Properties - 08/26/09 12:51 PM
Folks that follow my blog (hi Mom!) know that I have posted in the past about the first-time home buyer tax credit. The credit gives eligible individuals $8,000 in a bottom line CREDIT on your 2009 tax return. In fact, you can even amend the 2008 tax return to get that money sooner.
I've continued to hit this topic ad nauseaum because many people do not seem to know that the credit expires November 30, 2009. What that means is any eligible first-time home buyer must have CLOSED on the purchase of a home by November 30, 2009 in order to receive what is basically free money from the federal … (2 comments)
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first time home buyer: Tick Tock, Tick Tock...That's The Sound of the First Time Home Buyer Tax Credit Running Out.... - 07/17/09 09:01 AM
I don't think lots of buyers know that the First Time Home Buyer Tax Credit EXPIRES November 30, 2009. If your purchase isn't closed by that date, you are out of luck, do not pass go, and certainly do not collect the $8,000 tax credit the federal government is handing out to savvy first time home buyers.
What does that mean? Well, let's work backwards on the time line and make a few assumptions:
The offer date is NOT the critical date. The ratification date, the date the contract is accepted, is the date from which all critical next steps are … (0 comments)
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first time home buyer: First Time Home Buyers - Why Are You Waiting? - 05/18/09 10:12 PM
I am a little bit flummoxed. Right now, housing affordability is the best it's EVER been, since the National Association of Realtors has been tracking the statistics. Interest rates are at record lows, under 5% in many instances. The Federal Government is still making 3.5% down payments, under 5% interest rate financing available to buyers through its FHA program. AND there is a federal first time home buyer credit available of $8,000, which means eligible individuals or couples filing jointly will get an $8,000 credit on their 2009 tax return. That is essentially $8,000 in free money back from the government, just for doing … (7 comments)
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first time home buyer: Top 10 Mistakes First-Time Buyers Make - 04/16/09 02:03 PM
Once again, this is not something I wrote - d*mmit! - but I think the article is both well-written and timely. We're seeing lots of first-time home buyers getting into the market, based on a combination of (i) affordability; (ii) inventory; (iii) record-low interest rates, and still readily available federal money; and (iv) the $8,000 first-time home buyer tax credit. But as this article points out, there are plenty of pitfalls for the unwary.
So beware. There are great values out there, but know thyself. Don't buy a banged-up foreclosure unless you are very handy, or willing and able to manage contractors.
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first time home buyer: Richmond Real Estate - Things Are Looking Up! - 04/04/09 10:27 PM
Wow. The last few days have been azy-CRAY. I'm exhausted, truth be told. Now don't get me wrong, I'm not complaining. Being busy in this - per the media - "AWFUL" market is a good thing. It's hard to predict if the trend is going to last, but based on the current activity, at least in the sub-markets I specialize in here in Richmond, maybe things are turning around. Here's what I've personally done in the last five days:
Written an offer; Received two more; Had multiple showings on each of my listings; Held two well attended Agent Previews; Attended the … (2 comments)
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first time home buyer: Stimulating the Housing Market - We Need More Properly Structured Incentives! - 03/29/09 05:57 PM
D*mmit. I hate it when someone writes a piece on a topic I wanted to address, AND does it better than I could have. That exact circumstance occurred in today's Commentary section of the Richmond Times-Dispatch, in a piece titled "More Must Be Done to Revive Homebuilding" by Russ Parker, the past president of Parker & Orleans Homebuilders and the past president of the Home Builders Association of Richmond.
Now, personally, I think the title of the piece would more accurately have been "More Must Be Done to Revive HOME BUYING," both because that seems to me the focus of his suggestions and … (2 comments)
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Melissa Loughridge Savenko
Richmond,
VA
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RE/MAX Commonwealth
Address: 509-511 N. Meadow Street, Richmond, VA, 23220
Office Phone: (804) 353-4455
Cell Phone: (804) 986-3993
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