Need a Comparative Market Analysis (CMA) or Appraisal? Online Appraisals Are Close But Not Perfect.

Are you needing a comparative market analysis (CMA) or appraisal for your exisiting home or a home you are looking to purchase?  

Web sites such as Zillow.com and Trulia.com can offer instant values on properties with little more than the click of a mouse; however, these online appraisals are close but not perfect.  Real estate Web sites may be helpful tools in estimating approximate values, but public data can only tell so much about a home and cannot always factor in upgrades, additions or the general condition of the home.  Use the values found on these Web sites only as a "starting point" and never take them too seriously. 

If you would like to know the value of your home or a home you would like to purchase and need a comparative market analysis, please contact me and I will be glad to assist you. 

Credit Reports Under Extra Scrutiny

Credit reports are under extra scrutiny.  If you are a buyer under contract hoping to close before Nov. 30 when the first-time home buyer credit expires, you should refrain from buying items on credit.  Lenders are running credit checks prior to closing day and any increase in credit card or other debt can jeopardize the loan.  Don't even check out a new large purchase because an inquiry on a credit report could scare a lender.  What it comes down to is ... don't look until you've closed...stay out of the stores.

Financial Reasons to Purchase a Home Now . . .

There are a number of personal and emotional reasons to buy a home. But there are also some strong financial reasons to purchase a home now and make the investment. Here are just a few of those reasons:

• Increase Your Net Worth: Few things have a greater impact on net worth than owning a home. The Federal Reserve Board of Consumer Finance found that the average net worth of renters was just $4,000 compared to homeowners at $184,400.
• A Big Tax Deduction: One of the largest tax deductions available is the amount of interest paid on a mortgage. In fact, a $150,000 home at a 5.50% interest rate can add up to approximately $8,000 in first year's interest!
• Long-Term Appreciation:  Despite market ups and downs between 1950 and 2002, US home prices appreciated at an annual growth rate of 4.8%. Even if you calculate a modest appreciation of 3%, a home purchased today for $150,000 will grow in value to $364,000 over 30 years.
• In addition, don't forget that the government is offering an $8,000 tax credit for first-time buyers through November 30, 2009.   If you're thinking about purchasing a home, don't miss out!

Extension of First-Time Homebuyer Tax Credit?

The National Association of REALTORS® is calling upon its 1.2 million members to urge Congress to extend the successful first-time homebuyer tax credit into next year.  Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to NAR.  REALTORS®, the leading advocates for homeownership and housing issues, will be writing to their Senators and Representatives to tell them of the successes with the tax credit thus far, and press them to extend and expand it now.

NAR 9/09

7 Tips for First-Time Home Buyers

Here are 7 tips for first-time home buyers.  The housing market is different than it was before the financial collapse in 2008.   Here are seven bits of wisdom from economists and financial planners along with my "twist" for anyone contemplating a home purchase today:

1. Old-fashioned basics are more important than ever. The safest way to purchase a home is to put down 20 percent on a fixed-rate, 30-year (or less) mortgage.  First step in the home buying process...visit a local lender to become pre-approved.  If you don't have a favorite lender, contact me for some recommendations.
2. Don’t become overconfident about income growth. Even though buyers in their 20s and 30s will likely see their incomes grow more quickly than previous generations, it is important to act sensibly when borrowing.
   
3. Anyone contemplating adding children to the family should calculate whether they could live on one income because having both halves of a couple work may turn out to be impractical.
4. Include a maintenance budget. Even new homes need upkeep and repairs.
5. Buyers who can't afford their dream home now should opt for a starter home where they can save money each month for what they really want.
6. Consider a property that can be expanded and improved down the road when money is available.
7. No two buyers are the same, but they should all feel confident with the loan they enter into, no matter the size of the mortgage.

Tri-Cities, Washington Market Statistics as of September 16, 2009

Tri-Cities, Washington Market Statistics as of September 16, 2009. Curious about the Tri-Cities Market? As of September 16, 2009 there are 1052 active listings. Last year at this time there were 1348. Excellent news for sellers or homeowners considering selling in the Tri-Cities! Total contracts written year-to-date are 2565. Last year at this time there were 2502. Number of residential sales year-to-date are 2103. Last year at this time there were 2129. Average sold salesprice is $189,122. Great numbers for the Tri-Cities!

Relocate to Tri-Cities, Washington

Why relocate to Tri-Cities, Washington? If you are planning to relocate to the Tri-Cities or even considering it . . . the Tri-Cities is a great place to raise a family, start a new business, continue your education, or retire. Residents enjoy the Tri-Cities' unique local flavor, excellent school system, virtually non-existent traffic congestion, low crime rate, annual precipitation of less than seven inches, diverse outdoor recreational opportunities, and limitless regional attractions. Families have many housing choices from established neighborhoods to new construction developments. Whether you have animals and love the country life, or want to live next to a golf course, on the river, or near shopping and business, there is a home waiting for you in Tri-Cities, Washington.

Home Buyer Tax Credit Countdown Begins

The first-time home buyers tax credit ends Nov. 30. Is it possible to buy in the next two weeks and still close in time to collect it? Yes it is, but don't wait too long as you would want to avoid the possibility of a mad rush to close as the deadline nears. There is talk of pushing for an extension and an expansion of the credit.