Extended Home Credit

As we all know, Congress passed legislation extending the home credit until April 30,2010.  So, what does this mean to the first time home buyer and the repeat buyer.

First time home buyer:

  • First time home buyers purchasing homes between Nov.7,2009 and April 30,2010.  Does not need to close by April 30,2010, but needs to have a written binding contract to purchase by the  April 30th deadline.  Closing by July 1, 2010.
  • Buyers can  not have owned a residence during the 3 years prior to the purchase. The purchase may include single-family homes, condos, townhomes, and co-ops.
  • Maximum for first time home buyers is $8000.  This is based on 2 factors-the price of the home and the buyer’s income. The price is for homes purchased for $800,000. or less.  Income-single buyers with incomes up to $125,000. and those filing jointly with incomes up to $225,000.
  • The tax credit will not have to be repaid if they own the home for 3 years or more.  But, if they sell the home within this 3 year window, then the full credit amount will be recouped on the sale. 

Current home owners:

  • Credit up to $6500 if purchasing between Nov. 7, 2009 and April 30,2010.  Does not need to close by April 30,2010, but needs to have a written binding contract to purchase by the  April 30th deadline.  Closing by July 1, 2010.
  • Would have used the home being sold or vacated as a primary residence for 5 consecutive years within the last 8 years.
  • This is based on 2 factors-the price of the home and the buyer’s income. The price is for homes purchased for $800,000. or less.  Income-single buyers with incomes up to $125,000. and those filing jointly with incomes up to $225,000.
  • The tax credit will not have to be repaid if they own the home for 3 years or more.  But, if they sell the home within this 3 year window, then the full credit amount will be recouped on the sale

If you are wondering what happens if the buyer’s income exceeds the credit limit, are they still eligible for the credit? The credit decreases for buyers who earn between $125,00-$145,000. for the single buyer and for those filing  jointly, it decreases with an income between $225,00-$245,000.  And, for those who make over $145,000 (single) and $245,000(jointly)-they are not eligible for the credit. For specific questions on how to file, please contact your tax professional.

For more information, call Cheryl Cahill, 508-369-3809 or at CCahillrealtor@hotmail.com .

Published in:  on February 20, 2010 at 5:21 pm Leave a Comment

What’s New with FHA?

As of Feb.1,2010, FHA announced that there are and will be several  changes made to help ensure its financial stability. FHA will no longer allow spot condos.  What this means is that unless your condo is on the  HUD  list,  they may not  be able to approve the loan.  And, if your condo is on the HUD list,  the project can not  have any  more that 30% FHA concentration.  I am told that there may be ways around this, but of course, they are expensive and require the  Homeowners Association of the condo or the builder to send the documents to FHA for their review and approval.

Also, FHA  will now require your borrower to get HO-6 Insurance.  What this is, is  that in cases where the master policy does not include interior unit coverage- including replacement of interior improvements and betterment coverage to insure improvements that the borrower may have made to the unit, the borrower must obtain a “walls-in” coverage policy (HO-6 policy) 

The FHA ’s most notable change has been the increase in the up-front mortgage insurance premium from 1.75 to 2.25 percent. a Also, if the buyer needs a FICO score of 580 inorder to qualify for the 3.5% minimum down-borrowers with a score less than 580 will be required to put down at least 10%. And the last chanege has beedn a reduction in seller concessions from 6% to 3% of the mortgage amount.

Most of these changes are still in the best interest of the buyer, but are also in the best interest of FHA.  To view more information on the FHA changes and what may also lie ahead, please go to NAR’s web site. 

For all your mortgage questions, please call First Home Mortgage, Joan Duggan, mortgage specialist, at 781-561-5898.  For all questions call Cheryl Cahill, 508-369-3809 or at CCahillrealtor@hotmail.com.  I will answer all your questions.  I look forward in hearing from you.

Published in:  on February 15, 2010 at 4:08 pm Leave a Comment

Mansfield,MA Real Estate Quarterly Report (Oct-Dec.31,2009)

Properties for Sale                                                                                                       

  • Homes on the market  46
  • Average list price  $422,665
  • Price range  $181,900-$1,199,000
  • Days on market  137

Pending Sales

  • Currently under contract   8
  • Average list price currently under contract   $438,550
  • Price range $240,000-$684,900
  • Average days on market   156

Sold Properties

  • Average sold price $377,830
  • Average original asking price  $394,188
  • Average sold to original list price   95.8%
  • Average days on market  115

As you can see, things are starting to turn around.  Even in this so called “depressed” market, sellers are still getting close to 96% of the asking price.  Lets hope that this continues.  Any questions or if you would like to know what your house is worth-call Cheryl Cahill, Cross Real Estate, 508-369-3809 or at CCahillrealtor@hotmail.com  I look forward in talking with you. All stats are from MLS-pin.

Published in:  on at 3:03 pm Leave a Comment

Recycling Household Florescent Light Bulbs

       

  GREEN HOME TIPS – The EPA is encouraging the recycling of all mercury-containing light bulbs after they burn out. 

Compact Florescent Light (CFLs) bulbs and high intensity discharge (HID) bulbs use less energy than traditional incandescent bulbs. However, many of these energy-efficient light bulbs use mercury as an essential component.

 Nationwide, over 670 million bulbs are discarded each year. Disposing of these bulbs in a landfill can lead to the release of mercury into the environment and ultimately contaminate our food chain.

 The good news is virtually all components of a florescent bulb can be recycled. The MA Department of Environmental Protection (MA DEP) website lists numerous free collection sites.  www.mass.gov/dep/recycle/hgmap.htm  You can also call the Mercury Hotline 1-866-963-7287 for more information.

Published in:  on February 13, 2010 at 3:08 pm Leave a Comment

Top 5 Questions You Should Ask Any Home Inspector

Clients are always asking me what should we be looking for in a home inspector. So, here is a list of what I believe to be the top 5 questions.

1. What is included in your home inspection?  The inspection should cover all aspects required by your state.  If there are specific areas of concern-please be sure that you discuss this matter upfront.

2. How long have you been an inspector and how inspections have you done?  And do you hold a license/membership in a professional home inspection association?  Your inspector should be able to provide you with a history, as well as referrals.  If they have a web site be sure to check it for any testimonials.

3. How much do you charge?  Most inspectors will charge according to square footage.

4. How long will the inspection take?  The average time for an inspection can be between 2-3 hours.

5. Can I be present at the home inspection?  You should plan on attending.  We always recommend that our clients be present at the home inspection.  This way you, too, will be able to take notes, photos, and ask questions.

If you have any questions about buying or selling a home, in the Bristol County area, call Cheryl Cahill 508-369-3809 or at ccahillrealtor@hotmail.com

Published in:  on December 1, 2009 at 5:25 pm Leave a Comment

Home Buyers Use the Internet to Search for Homes.

We all know that more and more home buyers are using the internet to search for homes and the numbers prove it.  NAR or the National Association of Realtors has posted some pretty interesting numbers for internet use among home buyers.  In NAR’s most recent survey of home buyers and home sellers they found that:

  • Home buyer’s using the internet to search for homes=87% which is up from 71% five years ago.
  • Buyers who use the internet more frequently rose from 42% to 69% from just five years ago.
  • Home buyers that use the net to search for homes say 87% relied on information from real estate brokers.

“What does this really mean you may be wondering? If your Realtor does not have a major internet presence in the area that you are selling your home, then you better find one that does.  The home buyers are on the internet so  you better make sure your property is on the internet.”

An online presence is a must when it comes to properly marketing homes for sale.  Virtual tours are a great start, but homes for sale videos and individual property SEO or search engine optimization are key.  Buyers need to be able to find your property quickly and easily when they are looking in your area.

How do you know if your Mansfield, Ma real estate broker has a large online presence? Simple, Google the individual broker and or the company to see if you can find them online.  I suggest searching your neighborhood online to see who is actively marketing your neighborhood and keeps up with the stats for your neighborhood.

Please contact Cheryl Cahill, Cross Real Estate, 508-369-3809

 

Published in:  on September 30, 2009 at 3:26 pm Leave a Comment
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Mansfield,MA Watering Schedule

If you live or plan to live in Mansfield,MA, then you better know the water restrictions.  I know it is hard to believe that with all this rain we have had in the past, but Mansfield residents need to work hard at water conservation, particularly during lawn watering season.  The watering season starts June 12 and runs till Sept 1, 2009.

It requires residents to follow a watering on an odd/even schedule.

  • homes with odd street numbers can water on odd numbered days of the month
  • homes with even street numbers can water on even numbered days of the month
  • the hours for using sprinklers are from 5am-9am, and 5pm-9pm on your days
  • hand held hoses can be used at any time of the day/evening
  • well users are exempt, but should work to conserve water as well
  • any questions, please call the Town Hall 508-261-7376

My advice. Check every sprinkler head in the yard. You can inexpensively replace defective heads in about two minutes and save yourself a ton on your watering bill. Why waste your cash and all of our water. Be smart about it. If you see water running down the street every time the sprinklers are on something is wrong. You should be watering the grass not the street and sidewalk. Lowes and Home Depot sell spare parts cheap and they are simple to install

Cheryl Cahill, Real Estate Agent, serving all of Bristol area. Please call 508-369-3809

Published in:  on June 9, 2009 at 5:36 pm Leave a Comment