Real Estate News for Buyers


Trulia American Dream Survey – Fall 2011

  Bye, Bye To The American Dream? No Way! Despite another lackluster year for real estate, 80% of homeowners still plan to buy again and 59% of renters still aspire to own their own homes. Through the American Dream survey, Trulia has tracked consumer attitudes on homeownership and homebuyer preferences since 2008. This online survey was conducted by Harris Interactive between Aug 30-Sept 1, 2011. by the Trulia Insights Team More … [Read More...]

Landlords Be Aware, IRS Reporting

There will be expanded IRS Form 1099 reporting for rental property owners starting with the year 2011. The Small Business Jobs Act of 2010 requires all individuals who own rental property to issue an IRS Form 1099 for payments relating to their rental properties. Now, by definition, "a person receiving rental income from real estate shall be considered to be engaged in a trade or business of renting property." A 1099-MISC form will be required … [Read More...]

Market stats for Fairfax County for the month of November 2010

Market Conditions for Fairfax County, Virginia Fairfax County is a huge geographic area with many well established neighborhoods and a desirable proximity to DC and surrounding Metro areas, and is a sought after location with it's central access to employment, shopping, and transportation opportunities. Here are some market stats for Fairfax County for the month of November 2010: In November, the total number of active listings on the … [Read More...]

2010 – 2Q home sales — Northern Virginia

The home sales numbers are in for the second quarter of 2010 (April 1 through June 30), and the news is good, but the outlook may not be. Sales are up. Prices are up. Pending sales were up in June. Days on market are down. The unemployment rate is slowly going down. Several major corporations will be keeping, moving, or opening facilities in the Commonwealth. But there are clouds around those silver linings: Foreclosures are up in … [Read More...]

Good Faith Estimate contains some ‘quirks’

As of Jan. 1, 2010, the Department of Housing and Urban Development (HUD) required lenders to provide mortgage borrowers with a new three-page Good Faith Estimate (GFE) to protect consumers who are applying for a mortgage. The intent of the GFE is to educate consumers about the key terms and costs of a mortgage, both at origination and ongoing. A loan originator completes the form, giving the borrower a summary of the loan particulars and … [Read More...]

Congress Passed Homebuyer Tax Credit Extension / Expansion

Buying a home can get bit cheaper for most of the homebuyers — $6,500 cheaper!! ( i.e. As long as you've owned a home for 5 years, you can get the $6500) Remeber: It's a credit, not a deduction so you actually get $6500 that you can use for part of the down payment. Congress and the President have extended and expanded the $8,000 tax credit for first-time buyers. You now have until April 30, 2010 to sign a contract and qualify., and starting … [Read More...]

Buyers Rush to Beat Tax Credit Deadline

The first-time home buyers are flooding the sale market, pressed to finalize a deal before the federal government's $8,000 tax credit offer expires on November 30. Anyone planning to take advantage of the tax credit should act fast because mortgage approvals, residential inspections, and other steps in the buying process typically take about two months, buyers hoping to take advantage of the incentive will need to have a contract by the end of … [Read More...]

8K Homebuyer Tax Credit: HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit

HUD released a mortgagee letter with some further details yesterday. As is typical with these kinds of announcements, there are a lot of unanswered questions in regards to how lenders will implement this stimulus related strategy. ___________________________________________________________________________ WASHINGTON (May 12, 2009) - Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal … [Read More...]

Choosing a Real Estate Agent

The sales agent is not always the one with the most sales under his or her belt, or the most years on the job. The agent is one who listens to you, is easy to get along with, and has the tools and skills to address your unique situation. Every home buyer is different. Some have credit issues. Some are buying from out of state. Some need help selling their current home in addition to buying a new one. Just as buyers have different needs, real … [Read More...]

HUD Announces Revised Downpayment and Maximum Mortgage Requirements

On September 12, 2008, the US Department of Housing and Urban Development (HUD) released Mortgagee Letter 2008-23 outlining new downpayment and maximum mortgage requirements as found in the Housing and Economic Recovery Act of 2008 (HERA). This letter implements three new requirements: 1) mortgagor will pay in cash or cash equivalent not less than 3.5 percent of the appraised value of the property; 2) the variable loan-to-value (LTV) limits that … [Read More...]

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