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Archive for July, 2009
College student ask should he buy or rent?
Below is a great article I found about buying or renting for first time buyers. Why is it great, it’s not written by a REALTOR, it’s written by a junior in college who is a research intern. His perspective is from a twenty-something, not someone trying to sell you a home. However, it is amazing how many of the things he points out are things Buyer Representatives working with first time buyers try to stress to their new clients.
By Tyler Morrison, Research Intern
As I go into my junior year at the University of Maryland College Park I have this persistent thought of the “real world” that lingers in the corners of my mind. With everyone talking about how bad the economy is and one facet in particular – the housing market – I feel like Alice or Dorothy, totally lost. When I graduate what do I do? Should I buy a house and start a family like the American Dream suggests? Or should I continue to rent and save up what little I can after I get my first job and see how the market goes?
Click below to read the rest of his article!
.http://www.ltrealty.com/Research%20Firt%20Time%20Buyer%202.htm
By the Research staff of the National Association of REALTORS®.
Will the American Clean Energy & Security Act affect your home purchase or sale?
CLARIFICATION! The REALITY of the American Clean Energy and Security Act
The U.S. House of Representatives recently approved the American Clean Energy and Security Act, sponsored by Reps. Waxman (D-CA) and Markey (D-MA). The bill includes NAR-supported provisions, championed by Rep. Perlmutter (D-CO), that exempt existing homes and buildings from the bill’s energy labeling program. The bill as amended does not require an energy audit or upgrades. (The bill has passed only the House. NAR is working closely with the Senate to make additional improvements.)Here are the Legislative Facts:
- Does not create a federal energy audit requirement for real property;
- Exempts existing homes and building from any federal guidelines for new construction energy efficiency information labels.
- Prohibits the implementation of any labeling during a sales transaction.
Additional information:
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What’s happening to the housing inventory?
In Baltimore, Carroll and Harford Counties of Maryland, the June 2009 statistics are in! The available inventory in all three counties is actually down from June of 2008. The number of homes pending (under contract waiting to go to closing) and the number of homes sold compared to June of 2008 have both increased in all three counties as well! Also, keep in mind, market conditions are very neighborhood oriented. Contact Leah if you would like market information on your neighborhood!
Many of us in the real estate industry actually working with buyer clients feel this is partly due to the $8,000 Buyer’s Tax Credit. Many first time buyers are able to purchase a home with a small amount of cash, only 3.5% of the sales price through FHA financing. The sellers are contributing towards the buyer’s closing cost, and once they close, they can file with the IRS and obtain their $8,000 credit, which many plan to use to help them “move in”. Some are planning to purchase additional furniture, buy that lawn mower they don’t own since they live in an apartment, and other necessities. We are also advising them to consult their tax advisor and to put some of that tax credit away in that “emergency fund” we advise them to have.
Remember, while there are all kinds of discussions going on in Washington, the current $8,000 tax credit will expire December 1, 2009!
Like statistics? Here you will find the details for days on the market, sales prices and more for Baltimore, Carroll and Harford Counties Maryland. http://www.ltrealty.com/statspage.htm
Who are the first time home buyers?
Nearly one-quarter of first-time buyers are single females who purchased their first home on a median income of $47,400.
Source: 2008 NAR Profile of Home Buyers and Sellers.
Copyright National Association of REALTORS®, Reprinted with permission
Did You Know: Size of Home Purchased
Copyright National Association of REALTORS®, Reprinted with permission.
