Boy...the response that I have received concerning the Home Buyer Tax Credit has been overwhelming! If there are that many home buyers out there considering buying....this seems to have given them an incentive to go buy, at least locally, where our market tends to still be decent. A few of the more common questions that I have been asked are:
1. How do I sign up? A. There is nothing you have to do to "sign up". It will be part of your 2008 income tax.
2. Do I have to take the money? A. No, this is optional.
3. How do I repay? A. Repayment is interest free and at $500 for the next 15 years and will be rolled into your income taxes each year. So in 2009 if you took the tax credit in 2008, you would have $500 to repay to the IRS, meaning that if your refund was to be $1500, you would be paying back $500 and receiving $1000. So it is like an interest free loan for 15 years.....not bad if you think about it!
4. What if I owned a home in the last three years, but the person that I am jointly buying with now has never owned? A. I am checking on this one and will respond when I get the correct answer.
Here is a link with additional info:
http://www.federalhousingtaxcredit.com/
If you would like a list of properties emailed you to you:
http://www.betsysellscr.com/New_Listings_Emailed/page_1744655.html
With the new buyer $7500 tax credit and this special.....it can make it easier than ever to get into a home for little/no money down.!
FHA LOANS LOCKED IN THE MONTH OF AUGUST WILL BE ELIGIBLE FOR A SUMMER PRICING SPECIAL……. FREE FIRST YEAR 1% BUYDOWN.…… THE TEMPORARY BUYDOWN PROVIDES A START RATE 1% BELOW THE NOTE RATE FOR THE FIRST YEAR……
How can this help buyers?
Buyers who anticipate increases in future income
Buyers who are wanting to purchase their first home and want a way to transition over time from a rent payment to a mortgage payment
FHA IS A GREAT FINANCING TOOL…..THIS IS YET ANOTHER PERK TO MAKE IT EVEN BETTER!
Available for the month of August at Skogman Mortgage only. For more information contact Betsy Harrison at 319.431.8518 or visit www.betsysellscr.com .
Just passed by congress last week is a bill that will allow any buyer that has not owned a home in the last three years (perfect for first time buyers) to claim a $7500 tax credit! How does it work?
1. You must NOT of owned a home within the past three years and is a US citizen filing taxes.
2. You must buy between the dates of April 9,2008 and July 1, 2009.
3. The program does have income limits of Gross Income of $75,000/yr (Single Buyer) or a Joint Gross Income of $150,000/yr (Married Buyer)
4. A refundable credit means that if a taxpayer pays less than $7500 in federal income taxes, the government will write a check for the difference.
5. The credit essentially serves as an interest-free loan to be repaid over 15 years. $500 per year from taxes.
This is a GREAT program....for anyone having questions or wanting to learn more....please contact me directly.
Also...any one who has purchased a home since April 9, 2008 and meets all other requirements....make sure that you receive the credit come tax time next year!
This is a very important part of the community, and one that I am a member of, so if you can join Tyler-----please do!
The Arc of East Central Iowa was one of many sites in downtown Cedar Rapids that sustained severe damage after the recent and historic flooding. Hundreds of thousands of dollars are needed to renovate and rebuild The Arc's offices and programs.
For decades, The Arc of East Central Iowa has served countless people. Today, there are more than 600 individuals and their families who have relied on The Arc for respite and other services to lead inclusive and independent lives. Tyler Smothers is one of those individuals. He and his family have received services from The Arc for more than 20 years.
Now, Tyler wants to help the organization that helped him by embarking on his “Tour de Flood 2008” cycling tour. On Sunday, Aug. 10, Tyler is getting out of his wheelchair and riding his bike around the trail at Cedar Lake in Cedar Rapids, Iowa. His usual workout is one 45-minute lap. Tyler is going for an all-time best of three laps.
He's challenging himself and he's challenging you to make a donation to his "Tour De Flood 2008" bike ride. These funds will also go toward programs of The Arc that Tyler and his friends are committed to and want to revive, including CHOICE – an after-work enrichment program - and the Unified softball league.
Click here for more information about The Arc of East Central Iowa
If you want to get top dollar for your property, you probably need to make all minor repairs and selected major repairs before going on the market. Nearly all purchase contracts include an inspection clause, a buyer contingency that allows a buyer to back out if numerous defects are found or negotiate their repair.
The trick is not to overspend on pre-sale repairs, especially if there are few houses on the market but many buyers willing to buy at almost any price. On the other hand, making such repairs may be the only way to sell your house in a down market. A Realtor should be able to help you make those decisions and properly disclose things you might not repair. If you would like a no obligation consultation on selling and what needs to be tackled first, plus what will give you the best return....give me a call at 319.431.8518.
So I have been running into this again this week.....July 1st mortgage lending changed....hopefully not-for-good. It is very hard to obtain 100% financing in todays world. The sad part is the for the Lenders getting themselve into this.....we all have to pay! There are a couple of programs still available to first time buyers who would like to own a home with no money down. And I even ran into another this week....if it is not your first home.....there is a lender who will allow 100% financing with seller consessions. If you are looking for a direction to go to find these programs, let me know.
Just because a lender is willing to lend you the world doesn't mean you should take it. Know what you can manage. Don't over-extend yourself.
- Gather and tally your fixed monthly expenses (utilities, credit cards, cell phone, groceries, etc) and subtract that amount from your monthly income. This is roughly what you have left for a mortgage payment.
- Calculate your debt-to-income ratio -- your amount of monthly bills compared to your average monthly income. Mortgage lenders look at this ratio when qualifying you for a loan. If your debt is more than 20 percent of your net monthly income, pay down some bills.
- Understand what a mortgage payment covers. Just remember PITI: principal, interest, taxes and insurance.
- If your down payment is less than 20 percent of the total loan, you may also need to pay for private morgage insurance or what some call PMI.
- Examine your spending habits and try to stretch your monthly mortgage amount by cutting back on non-fixed expenses like entertainment and eating out. You should also build in a buffer in case you lose your job or unexpected expenses arise.
- Consider these rules of thumb about how much house to buy:
- The purchase price should be no more than 2.5 times your gross annual income.
- Your mortgage payment should be less than 28 percent of your gross monthly income.
With the devastating flooding that Cedar Rapids has seen....I believe that it has effected all of us in some way. To see our city in despair has been numbing to say the least. I believe that we are going to need to rally behind our community like we have never done before. With that said, I personally will be donating $100 toward every sale that I have now through the end of the year toward the Great Cedar Rapids Area Foundation for Flood Recovery. My goal is to donate $2000.....that is 20 sales between now and the end of the year. I am asking that you will support my effort by referring my services to any of your friends or family that may be wishing to buy or sell their home in the next months. Together we can rise above .....thanks in advance for your support!
(Also, If you are aware of anyone needing rental property....I do have a few resources for them....as we all know that temporary housing is very hard to find right now)
Any questions please use my cell at 319.431.8518.....as I am having to office from home until we can get back into our downtown building.
Awesome 2 Story in Stoney Point
• 2,760 sq. ft., 4 bath, 4 bdrm 2 story - 
MLS® $269,900
Stoney Point, Cedar Rapids - Spacious 4 bedroom, 4 bath, 2 story Ashworth II plan built by Skogman Homes and located in popular Stoney Point. Features include ceramic foyer, painted trim, hardwood flooring in kitchen and nook, upgraded cabinets, and finished lower level. Main level offers a wonderful two story foyer, formal dining, gas fireplace, main floor laundry,sliders to patio and open stairwell. Upper level offers four good sized bedrooms and closets and full bath. Lower level is finshed with rec room and bath. This home sits on a nice corner lot and has great curb appeal with the front porch.
Property information
So weekly I am in clients houses answering the "age old" question.....What do I need to do to make my home sell quick and for the most money? Here are some tips that I give:
1. Minor bathroom updates/repairs will return 102%. The bathroom is the smallest room....but updates are important to a buyer today. Rid the bathroom of wall paper and dated tub/sink. Fresh neutral paint, a new shower curtain, bath rug, and accessories can go a long way!
2. Landscaping will get you a 100% return on average. The first impression matters A LOT! Trim or replace overgrown shrubs and bushes. Adding fresh mulch or stone can add great curb appeal, along with potted plants and flowers. With flower beds.....try to use the same coloring, just different types of flowers and heights.
3. Minor kitchen repairs and updates could get you a 99% return. Kitchens are usually the most important room in the house......doesn't everyone always seem to end up in the kitchen? Some inexpensive updates can include fresh paint and new hardware on the cabinets, as well as nice new drapes that allow natural light to flow in. Updating lighting to canned lighting and under cabinet lighting always helps to modernize.
If you would like some more tips on getting the most out of your house......I would be happy to provide you with a no obigation consultation. Just call or email me.
You ever had the question, what are my taxes going to be on new construction? Well Linn County has an estimator out there that will help with that and it can be found at the following link below. You can download the excel version but be sure to update it often as rollbacks and levys change every July. I would assume that you need to enter the property value as the purchase price since the assessed value would not be avaliable as of the time of closing on a new construction. Hope you find this tool useful and enjoy.
IF CLICKING ON THE LINK ABOVE DOESNT WORK, CUT AND PASTE THE ADDRESS INTO YOUR WEBS BROWERS BAR AND HIT GO.
The Cedar Rapids Area Association of Realtors® Board of Directors met this morning and voted unanimously to donate $10,000 to the American Red Cross to help with the disaster relief operation in Parkersburg and other communities affected by the tornados. We hope that other organizations and companies will match our donation!
So with the mess that the lenders got themselves into with the "mortgage boom" of years past, FHA is the new product of choice for a number of buyers. They actually fill in the gaps of where the convention financing pulled their products. So whether you are buying or selling....let me help you with the FHA loan basics. You may ask...why if I am a seller do I need to know about FHA? Because you may need to market you home to FHA buyers inorder to get a quicker sale. If your Realtor does not want to market your home with FHA terms.....you might want to have a heart to heart with them and inform them! (but shouldn't they be the ones informing you?) In the past if you went with FHA financing there were always numerous hoops to jump through...inspection requirements....apprasial issues.....delayed closings...ect. A lot has changed! They changed their requirements a few years back to be able to compete better with the other conventional lenders, but now with lenders "jumping ship" on once popular products, FHA has increased in popularity!
Here are some basics:
Low cash requirements for borrowers- The down payment and all of the closing cost on a FHA loan can be funded by a gift to the borrower or one of our down payment assistance programs. ( Ask me for more info on the assistance programs if you may be interested)
There are no income requirements for FHA loans.
You can have less than perfect credit and still be approved. They actually look at the last 12 months of you payment history...not just your credit score. So therefore you are able to still buy...even if you have a few "dings" on your credit.
A larger share of income qualifies toward the monthly payments
FHA loans are assumable (which can help market your house when you go to sell)
FHA is great for first time buyers or buyers with little or no money to put down.....But you may be surpised that even if you have great credit and money to put down, FHA may still be your best option. If you would like to know if you may qualify for FHA.....please contact me....I would be happy to help!
Happy Summer everyone!!!! My family loves to grill and Memorial Day is no exception. Here are some tips.......and I hope everyone has a safe and fabulous long weekend! (BTW----I am having two listings open on Sunday in Fairfax----just incase your plans have been rained out----come say hi)
Keep your BBQ clean and free from greasy building up - this makes for good cooking and prevents greasy deposits from catching fire. Before cooking, close the lid to the BBQ for approximately 10 minutes, which will help burn off any residue, then open and brush with a good brush to clean off any remaining particles.
Keep a spray water bottle beside the BBQ and give a quick squirt, when necessary, to prevent flare-ups.
Be organized! Make sure you have everything you need close at hand before you begin. More food has been charred when the cook runs into the house to grab the serving platter!
Marinating is a must in our books! Simply marinating your meat for at least 20 minutes not only improves flavour but tenderizes all cuts of meat. (Note: red meat, poultry and pork can be marinated in the refrigerator overnight, but fish should be soaked for no longer than 20 minutes, as marinating actually starts the cooking process in fish).
When marinating, never use the marinating sauce again for basting, as this will cause contamination. If you want to use marinating sauce for basting - remove some before marinating and set aside.
When basting, if the sauce or glaze contains sugar, only apply during the final part of the grilling, since otherwise the sugar will cause burning and charring.
Ten things you can do in ten minutes to have a fantastic flowing day:
Dream
Play a short movie in your mind of your greatest dream or desire
Breath
Close your eyes and take five blissfully slow deep breaths
Smile
Think of something, or someone that makes you smile right now
Gratitude
What are the five things you are most grateful for?
Music
Listen to your favorite song and sign along (yes, out loud ;-)
Picture
Look at your favorite picture as if you haven't seen it for years. Remember...?
Balance
Close your eyes and whisper to yourself five times "All is well"
Health
Stretch your arms, reach up, waaayyyy up, and feel life flowing through you
Knowledge
Open a dictionary at random and learn a new word
Kindness
Before the day ends, say Thank You to three people