Relocate America has named Lexington one of the best places to live in AMerica...
Read Article on Lexington Here.......
See all 10 here...
Tuesday, April 28, 2009
Monday, April 20, 2009
New Construction Permits Up- Another Positive Sign?
There is an article in todays Lexington Herald Leader, that says construction activity is up 40% this year from last year. Good news unless you consider it was virtually zero for last year.....but all being told I think this is a good sign, see article here.
http://www.kentucky.com/181/story/766496.html
Pace of building picks up in Lexington
By Scott Sloan and Greg Kocher -
Long associated with only doom and gloom, the economy became the reason for hope last week when Lexington Mayor Jim Newberry pitched a city budget that proposed a 1.5 percent increase in spending for the next fiscal year.
Citing a 40 percent increase in building permits for single-family homes, Newberry said there's "legitimate optimism" about city revenues.
It's an optimism shared by those who follow building trends around Lexington, although it appears to have not yet spread to surrounding counties. Those in the city say the rise in permits might be an indication that the housing business, whose mortgage meltdown fueled the recession, could finally be turning around. .......................................
http://www.kentucky.com/181/story/766496.html
Pace of building picks up in Lexington
By Scott Sloan and Greg Kocher -
Long associated with only doom and gloom, the economy became the reason for hope last week when Lexington Mayor Jim Newberry pitched a city budget that proposed a 1.5 percent increase in spending for the next fiscal year.
Citing a 40 percent increase in building permits for single-family homes, Newberry said there's "legitimate optimism" about city revenues.
It's an optimism shared by those who follow building trends around Lexington, although it appears to have not yet spread to surrounding counties. Those in the city say the rise in permits might be an indication that the housing business, whose mortgage meltdown fueled the recession, could finally be turning around. .......................................
Friday, April 17, 2009
3 reasons why now’s the time for renter’s to become home owners.
If you are currently renting a home or apartment now is the time to consider becoming a home owner. There are 3 very simple reasons why this is true and here they are.
Sellers are motivated and there are some great deals out there
Over the past couple of months I have seen my clients get some great deal on property. I have had clients buy homes for several thousand dollars below appraisal. I have also had customers who have purchased foreclosures that require very little if any work and save a ton of money. In many other cases I have seen sellers make concessions like replacing old carpet, updating fixtures and paying all closing costs and pre-paid’s. The bottom line is if you don’t have a house to sell you are positioned as good as you could possibly be to get a great deal on a home. Make sure you are connected with a great Realtor and they will help you find it.
Mortgage Rates are at Historic Lows
The Federal Reserve is currently purchasing Mortgage Backed Securities in an effort to drive mortgage rates down to boost the housing market. (For an in-depth explanation of this see Marty Preston’s Blog entry titled A Mortgage Pro’s Take on the Market from April 2nd) What this mean to you is that interest rates have dropped to low’s that have never been seen. Take this example; I have a first time buyer client who was renting a 2 bedroom town home in the Hamburg Pavilion area for just over $900 per month. With the help of a local Realtor, we were able to find her a 3 bedroom home less than a mile away. The home was in great shape and needed no repairs. With a 3.5% down payment on an FHA loan (that was gifted to her by her parents) and today’s low rates we were able to get her a payment $10 per month less than her rent including taxes and insurance! At today’s low rates you can own a home for about what you are paying rent. Because of the amount of money the government is pumping into the financial system inflation will soon be on the rise. When it does mortgage rates will be to. Take advantage of the low rates now before it is too late.
The Government is going to give you an $8000 Tax Credit to Buy
As part of the recently passed stimulus package you will get an $8000 tax credit if you have not owned a home in the last 3 years and do it before December the 1st of this year. What this means in very basic terms is as long as you make less than $75,000 if your single and less than $150,000 if your married you will receive a line item credit for $8000 on your 2009 tax return. So think of it this way, if you normally get a refund take that amount and add $8000 bucks to it. If you normally pay, take $8000 away from what you would owe. This is a great incentive and something that everyone who can should take advantage of.
2009 is going to be the year of the first time buyer. The bottom line is if you choose to buy you are going to get a great deal, at a historically low rate and the federal government is going to give you 8 grand to do it. If you would to get to get pre-approved and receive a FREE Home Buyers Handbook give me a call today!
Happy Home Buying!
Brad Hacker, Senior Mortgage Planner
mymortgagepro
Toll Free Phone (866) 293-0411
Fax (859) 293-0511
Mobile (859) 351-6495
Sellers are motivated and there are some great deals out there
Over the past couple of months I have seen my clients get some great deal on property. I have had clients buy homes for several thousand dollars below appraisal. I have also had customers who have purchased foreclosures that require very little if any work and save a ton of money. In many other cases I have seen sellers make concessions like replacing old carpet, updating fixtures and paying all closing costs and pre-paid’s. The bottom line is if you don’t have a house to sell you are positioned as good as you could possibly be to get a great deal on a home. Make sure you are connected with a great Realtor and they will help you find it.
Mortgage Rates are at Historic Lows
The Federal Reserve is currently purchasing Mortgage Backed Securities in an effort to drive mortgage rates down to boost the housing market. (For an in-depth explanation of this see Marty Preston’s Blog entry titled A Mortgage Pro’s Take on the Market from April 2nd) What this mean to you is that interest rates have dropped to low’s that have never been seen. Take this example; I have a first time buyer client who was renting a 2 bedroom town home in the Hamburg Pavilion area for just over $900 per month. With the help of a local Realtor, we were able to find her a 3 bedroom home less than a mile away. The home was in great shape and needed no repairs. With a 3.5% down payment on an FHA loan (that was gifted to her by her parents) and today’s low rates we were able to get her a payment $10 per month less than her rent including taxes and insurance! At today’s low rates you can own a home for about what you are paying rent. Because of the amount of money the government is pumping into the financial system inflation will soon be on the rise. When it does mortgage rates will be to. Take advantage of the low rates now before it is too late.
The Government is going to give you an $8000 Tax Credit to Buy
As part of the recently passed stimulus package you will get an $8000 tax credit if you have not owned a home in the last 3 years and do it before December the 1st of this year. What this means in very basic terms is as long as you make less than $75,000 if your single and less than $150,000 if your married you will receive a line item credit for $8000 on your 2009 tax return. So think of it this way, if you normally get a refund take that amount and add $8000 bucks to it. If you normally pay, take $8000 away from what you would owe. This is a great incentive and something that everyone who can should take advantage of.
2009 is going to be the year of the first time buyer. The bottom line is if you choose to buy you are going to get a great deal, at a historically low rate and the federal government is going to give you 8 grand to do it. If you would to get to get pre-approved and receive a FREE Home Buyers Handbook give me a call today!
Happy Home Buying!
Brad Hacker, Senior Mortgage Planner
mymortgagepro
Toll Free Phone (866) 293-0411
Fax (859) 293-0511
Mobile (859) 351-6495
Thursday, April 16, 2009
It's Everywhere
Now even the radio ads for cars are making uninformed remarks about the real estate market. Not that a KIA dealer would have any insight or knowledge of ANY real estate market in my opinion, but this advertisement caught me in a strange way.
Really Deep Cheesy Narrator "Would you pay 60% too much for a new house?"
Clueless buyer "Not in this market!"
So that leads me to the natural question, in what market would you ever pay 60% too much for a house?
She must be from Florida somewhere like Miami, or maybe California, Phoenix, or Las Vegas. One thing for sure she was not anyone I know. So if there are any real KIA shoppers out there willing to pay 60% too much, heck even 10% too much for a home, let me know. I have a bunch you can buy. And yes you will only need a job and a down payment.....
Ty
Really Deep Cheesy Narrator "Would you pay 60% too much for a new house?"
Clueless buyer "Not in this market!"
So that leads me to the natural question, in what market would you ever pay 60% too much for a house?
She must be from Florida somewhere like Miami, or maybe California, Phoenix, or Las Vegas. One thing for sure she was not anyone I know. So if there are any real KIA shoppers out there willing to pay 60% too much, heck even 10% too much for a home, let me know. I have a bunch you can buy. And yes you will only need a job and a down payment.....
Ty
Wednesday, April 15, 2009
Commercial Lending
I would like to get someone to talk about their experiences lately with commercial lending, any takers let me know. I am currently in the process so I will throw my two cents in too.
Tuesday, April 14, 2009
FINALLY!!!!
I finally found it, a positive real estate article online. It is pretty generic and basically what we say everyday, but none-the-less....
http://realestate.yahoo.com/promo/10-mistakes-first-time-home-buyers-make.html
The market is really heating up, every agent I talk to is as busy now as ever.....
http://realestate.yahoo.com/promo/10-mistakes-first-time-home-buyers-make.html
The market is really heating up, every agent I talk to is as busy now as ever.....
Wednesday, April 8, 2009
$8,000 Tax Credit for First-time Home Buyers
New $8,000 Tax Credit for First-time Home Buyers
Great news for first-time home buyers in 2009! The stimulus plan that President Obama signed into law contains a new $8,000 tax credit for qualified first-time home buyers. And, unlike the $7,500 tax credit from last year, this credit does NOT have to be repaid to the government, as long as you stay in the home for at least 36 months after the purchase date.
Remember, a tax credit is much more valuable than a tax deduction. A tax credit reduces dollar for dollar the amount of tax you owe. A deduction merely reduces the amount of your income that is taxable. This means the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.
Who?
First-time buyers or anyone who hasn't owned a home in the 3 years prior to a purchase of a primary residence may qualify for a tax credit of up to 10% of the purchase price or $8,000, whichever is less. To qualify for the full credit, the buyer's modified adjusted gross income must be less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a
joint return. Partial credit is proportionally reduced for incomes under $95,000 (single) or $170,000 (married). For married taxpayers, the homeownership history of both the home buyer and his/her spouse are taken into account. This means if you or your spouse has owned a principal residence in the last 3 years, neither you nor your spouse qualifies for the credit.
What?
According to the IRS, a primary residence is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium, or other type of residence. If you constructed your main home, you are treated as having purchased it on the date you first occupied it.
When?
The $8,000 tax credit is available for qualifying home purchases made from Jan. 1, 2009, until Dec. 1, 2009. This is not a typo. To receive the credit you must purchase a qualified home before December 1st, 2009 – not the end of the year.
How?
Unfortunately, you can NOT use the credit as a down payment. To receive the credit, you must purchase a qualified home first and then claim it on either your 2008 or 2009 taxes. If you make a qualified purchase after April 15, or after having already filed your 2008 taxes, you and your tax professional can submit an amendment to your return. To claim the credit, use
form 5405.
Why?
The current combination of lower home prices and lower interest rates makes for an amazing opportunity to buy real estate. Add to that this $8,000 gift from the government, and renting a home just doesn't make much sense.
If you or someone you know is ready to stop paying the landlord's mortgage and start building equity in your own home, give
us a call. We'll run the numbers and see what makes sense for your individual financial needs.
Sincerely,
Wade Kundinger
Royal Mortgage Company, Inc.
(859) 264-8183
wkundinger@insightbb.com
Great news for first-time home buyers in 2009! The stimulus plan that President Obama signed into law contains a new $8,000 tax credit for qualified first-time home buyers. And, unlike the $7,500 tax credit from last year, this credit does NOT have to be repaid to the government, as long as you stay in the home for at least 36 months after the purchase date.
Remember, a tax credit is much more valuable than a tax deduction. A tax credit reduces dollar for dollar the amount of tax you owe. A deduction merely reduces the amount of your income that is taxable. This means the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.
Who?
First-time buyers or anyone who hasn't owned a home in the 3 years prior to a purchase of a primary residence may qualify for a tax credit of up to 10% of the purchase price or $8,000, whichever is less. To qualify for the full credit, the buyer's modified adjusted gross income must be less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a
joint return. Partial credit is proportionally reduced for incomes under $95,000 (single) or $170,000 (married). For married taxpayers, the homeownership history of both the home buyer and his/her spouse are taken into account. This means if you or your spouse has owned a principal residence in the last 3 years, neither you nor your spouse qualifies for the credit.
What?
According to the IRS, a primary residence is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium, or other type of residence. If you constructed your main home, you are treated as having purchased it on the date you first occupied it.
When?
The $8,000 tax credit is available for qualifying home purchases made from Jan. 1, 2009, until Dec. 1, 2009. This is not a typo. To receive the credit you must purchase a qualified home before December 1st, 2009 – not the end of the year.
How?
Unfortunately, you can NOT use the credit as a down payment. To receive the credit, you must purchase a qualified home first and then claim it on either your 2008 or 2009 taxes. If you make a qualified purchase after April 15, or after having already filed your 2008 taxes, you and your tax professional can submit an amendment to your return. To claim the credit, use
form 5405.
Why?
The current combination of lower home prices and lower interest rates makes for an amazing opportunity to buy real estate. Add to that this $8,000 gift from the government, and renting a home just doesn't make much sense.
If you or someone you know is ready to stop paying the landlord's mortgage and start building equity in your own home, give
us a call. We'll run the numbers and see what makes sense for your individual financial needs.
Sincerely,
Wade Kundinger
Royal Mortgage Company, Inc.
(859) 264-8183
wkundinger@insightbb.com
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