Tuesday, June 30, 2009

MLS activity sees a spike in the last 24 hours

In the last 24 hours in our local MLS, there have been 51 new listings and 75 went under contract or sold. That is the best ratio I have seen all year. Generally there have been more new listings than homes sold each day. A good sign!

Monday, June 01, 2009

New Walkthrough Video of this North Arlington Home


More good news for 1st time homebuyers!

First-time homebuyers will be able to get short-term loans so they can quickly make use of a new $8,000 tax credit to pay for some of the costs of buying a home purchase. FHA just released details of a plan in which borrowers who use FHA loans can get advances from lenders that let them effectively receive the credit in advance, so they don't have to wait to get the money from the IRS.

Most borrowers will still have to come up with the FHA's required 3.5 percent down payment, unless they work through a state or local housing agency or an approved nonprofit. But there are many other potential uses, such as for closing costs and fees, or to beef up the down payment beyond the minimum level.

Any buyer who has not owned a home in the past three years is considered a first-time buyer and eligible for the program. Borrowers can claim the credit by filing an amended 2008 tax return or can wait for their 2009 return.

The tax credit was included in the economic stimulus package signed by President Barack Obama in February. It is not available to individuals with incomes above $95,000 or couples with incomes above $170,000 and expires Nov. 30.