NOW THROUGH APRIL 30, 2010
Qualified FIRST TIME HOME BUYERS can receive a credit of up to $8,000. Qualified REPEAT BUYERS can receive a credit of up to $6,500. For homes purchased between November 7, 2009 and April 30, 2010.
TIME IS RUNNING OUT
1. Please contact me for your free homebuyer’s packet. I have included a number of articles about why it is a good time to buy, the tax benefits of home ownership, and the homebuyer’s tax credit. You will also find a valuable pamphlet - Homebuyer’s Toolkit – which can help guide you through the home buying process.
2. The homebuyer’s tax credit has a deadline of April 30, 2010. You must have a signed purchase contract on your new home on or before this date and close by June 30, 2010. The home buying steps leading up to completing the signed purchase contract will take time, as you will see in the Homebuyer’s Toolkit. You definitely do not want to be in a rush to meet the April 30th deadline. The sooner you can access your finances, receive pre-approval for a mortgage amount, and consider your wants and needs in your home, the sooner we can begin looking at available homes.
3. During these first few months of 2010, it is a great time to buy your home. First, the Prescott and tri - cities area has an abundance of homes listed for sale – five times the inventory now compared to when the housing market was so hot in 2005-2006. That makes it a good buyer’s market. Second, interest rates are low – a 30 year mortgage rate in the 5% range. As the economy recovers from the present downturn, everyone is forecasting that interest rates will rise. And third, the federal government is offering the homebuyer’s tax credit to help stimulate the economy and allow more people to own a home.
4. As you read through the material, two of the questions that come to mind is how do you start the process to get pre-approved for a home mortgage and how much home can I afford? If you do not have a mortgage lender in mind, please call me and I can provide you with a list of lending institutions and mortgage brokers who will sit down with you to help with the pre-approval process and the price of home you can afford. Also, click on the “Calculators” tab on this website, enter your information, and it will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying.
5. With a mortgage pre-approval in hand, you are now ready to begin your home search. With a phone call, I can find out your wants and needs in your first home and begin searching the Multiple Listing Service (MLS) for possibilities. I also have the capability to list all your new home’s criteria in the MLS, and you will receive an email with all the current and newly listed homes that meet your wants and needs.
6. After we have a list of possible homes, the fun part begins – visiting the properties. I would like to have the opportunity to represent you in your home purchase. You may call on For Sale signs and talk to the real estate agent who has the home listed, but remember that the listing agent has a fiduciary duty to represent the seller in the transaction – not you as the buyer. As an Accredited Buyer Representative (ABR), it is my duty to represent you – the buyer. In the vast majority of the home buying transactions, my compensation is paid from the commission that the seller has agreed to pay the listing agent. There is no conflict of interest – the listing agent is more than happy to pay part of the commission to a real estate agent who is bringing a qualified and ready buyer.
7. My motto is “Service you deserve”, and I will provide you with excellent home buying service from our first contact through the final closing; when you have the keys to your new home.
Contact me today and let's get started!
Mary Jo Gugelman, Realtor, ABR, GRI