Tracey Bruce

4 Reasons to Sell Now

2010-02-08T18:49:00.000-08:00

Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.

Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.

Source: McClatchy Tribune, Kate Forgach (02/07/2010)

Lender Checklist: What You Need for a Mortgage

2010-02-08T18:34:00.000-08:00

W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan.

Copies of at least one pay stub for each person signing the loan.

Account numbers of all your credit cards and the amounts for any outstanding balances.

Copies of two to four months of bank or credit union statements for both checking and savings accounts.

Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.

Addresses where you’ve lived for the last five to seven years, with names of landlords if
appropriate.

Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.

Copies of your most recent 401(k) or other retirement account statement.

Documentation to verify additional income, such as child support or a pension.

Copies of personal tax forms for the last two to three years.

Visit www.HouseLogic.com

2010-02-03T08:37:00.000-08:00

In a recent article titled "HouseLogic Inspires Smarter Choices" by Wendy Cole in the February 2010 issue of REALTOR Magazine she explains how this new web site helps home owners make the most of their investment everyday.

A sampling of the site's expert advice include:

Good questions to ask before hiring a contractor.

When to make an insurance claim and when to skip it.

Signs of energy leaks.

How to plant trees in the right spot.

Right tools and methods for bathroom cleaning.

How to start a neighborhood letter-writing campaign.

Visit http://www.houselogic.com/ today

2009 Ends with a Bang!

2010-01-25T10:32:00.000-08:00

"Home sales in the last four months of 2009 were up 24.3 percent over the same time in 2008, according to the Columbus Board of REALTORS®. In the month of December alone, 1,464 homes were sold, 150 more than the year before.

“This is great news for central Ohio housing,” said Sue Lusk-Gleich, President of the Columbus Board of REALTORS®. “Sales and home prices are up while inventory, months supply and days on market are down. After more than two years of market challenges, we're excited to be able to be able to make this type of positive announcement.'

The average sale price was $157,130 in December, an increase of nearly 5 percent from the same time in 2008. Residential inventory shrunk 2.7 percent and homes spent an average seven fewer days on the market than a year ago.

“The number of homes listed for sale continues to decline which is what the market needs to occur in order to correct itself. Our inventory skyrocketed in 2007 and 2008, causing home sale prices to decrease. It was simply a matter of too much supply and not enough demand. But 2009 saw a real stabilization of those inventory levels. Accordingly, home sale prices are rising.”

The months supply, an estimation of the number of months it would take to sell the entire current housing inventory, dropped 12.7 percent to 8.99 between December 2008 and 2009. The total dollar volume rose 16.9 percent, to more than $230,000,000 over the same time period."

Extended Home Buyer Tax Credit 2009/2010

2009-11-30T08:09:00.000-08:00

As Part of it's plam to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

Extends the First-Time home Buyer Tax Credit of up to $8,000 to First-Time Home Buyers until April 30, 2010.

Expands the credit to grant up to $6,500 credit to current homeowners purchasing a new or existing home between November 7, 2009 and April 20, 2010.

Here is more information about how the Extended Home buyer Tax credit can help prospective home buyers become a part of the American Dream:

Comparison of Home Buyer Tax Credits

Extended Home Buyer Tax Credit FAQ