Tag-Archive for ◊ first time home buyer tax credit ◊

• Wednesday, June 02nd, 2010

Murfreesboro, TN (Rutherford County) is one of the fastest growing communities in Tennessee and is located about 38 miles south of Nashville, TN. This medium-sized community is loaded with everything you need as a family, single professional, or retiree. Homes for sale in Murfreesboro range from $45,000 – $1,000,000 plus. Murfreesboro’s wide-range of diversity includes new construction, garden homes, custom estate homes, farms/land, and historic homes in downtown Murfreesboro.

Murfreesboro, TN is loaded with historical significance and homes for sale are near shopping, beautiful parks, a dog park, churches, nature trails, restaurants, Stones River, and some of the best public schools in Middle Tennessee. Home to Middle Tennessee State University and several large employers, locals rate Murfreesboro as one of the best places to raise a family.

The Bob Parks real estate agents are considered the most respected in Middle Tennessee real estate not only because they are committed to excellence, but some of them are Middle Tennessee natives for many generations. I’d be proud to be your Murfreesboro Realtor.

My website  allows you to search for your next dream home regardless of which real estate company has listed it.

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• Sunday, May 02nd, 2010

An unexpected super surge in sales in March 2010 has many of us in the industry, and many buyers and sellers jumping for joy. As consumer confidence continues to rise, buyers and sellers continue to become more adapted to the current market, and real estate professionals continue to exude professionalism in our continually correcting market, real estate sales are abounding in a positive and promising way.

According to Lawrence Yun, NAR chief economist, it is positively promising to see an expansive home sales rebound in nearly every corner of America. This rebound has two resounding trends: “Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running,” he said. “The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure.”

This spring time sales surge has birds singing in the Real Estate industry, but behind the sunshine there is a cloud looming. What happens after the tax credit ends? According to NAR Chief Economist Yun:

“With home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears,” Yun said.

With any luck, this statement will resonate to be true, and every home owner in even the farthest reaching corners of America will breathe a heavy sigh of relief. When looking at each region of America, the correction is resoundingly positive and numbers across the board have increased, even if only nominally. Here in the South, existing-home sales showed an increase of 7.1% for an annual level of 1.97 million in March 2010 and are 13.9% higher than in 2009. The median home value was $154,800, up 5.2% from March 2009.

With 4 days left to get contracted and benefit from the Home Buyer Tax Credit, I am gearing up for a busy week. If anyone needs help buying or selling, or just needs some positive words of wisdom about real estate…feel free to call me:)

Happy House Hunting!!!

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Jackie HogencampMurfreesboro Realtor

Office Phone: (615) 896-4040

Cell Phone: (615) 507-9349

Fax Number: (615) 523-8787

E-mail Jackie Hogencamp

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Author: admin
• Monday, April 26th, 2010

An unexpected super surge in sales in March 2010 has many of us in the industry, and many buyers and sellers jumping for joy. As consumer confidence continues to rise, buyers and sellers continue to become more adapted to the current market, and real estate professionals continue to exude professionalism in our continually correcting market, real estate sales are abounding in a positive and promising way.

According to Lawrence Yun, NAR chief economist, it is positively promising to see an expansive home sales rebound in nearly every corner of America. This rebound has two resounding trends: “Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running,” he said. “The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure.”

This spring time sales surge has birds singing in the Real Estate industry, but behind the sunshine there is a cloud looming. What happens after the tax credit ends? According to NAR Chief Economist Yun:

“With home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears,” Yun said.

With any luck, this statement will resonate to be true, and every home owner in even the farthest reaching corners of America will breathe a heavy sigh of relief. When looking at each region of America, the correction is resoundingly positive and numbers across the board have increased, even if only nominally. Here in the South, existing-home sales showed an increase of 7.1% for an annual level of 1.97 million in March 2010 and are 13.9% higher than in 2009. The median home value was $154,800, up 5.2% from March 2009.

With 4 days left to get contracted and benefit from the Home Buyer Tax Credit, I am gearing up for a busy week. If anyone needs help buying or selling, or just needs some positive words of wisdom about real estate…feel free to call me:)

Happy House Hunting!!!

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Author: admin
• Tuesday, April 20th, 2010

The First Time Home Buyer Tax Credit:

As the tax credit winds down, we are seeing many people who have not yet committed to a property scrambling to get in under the First Time Home Buyer’s Tax Credit deadline. The tax credit is part of the Worker, Homeownership, Business Assistance Act of 2009.

As it stands, the tax credit of $8000 for 1st time home buyers, and $6500 for existing home owners who meet certain guidelines, is set to end on April 30, 2010. In order to receive the credit, there must be a binding contract in place on a property by April 30, and it must be closed on or before June 30.

In order to qualify, a “first time home buyer” must be a person who has never owned a home OR who hasn’t had an interest in a principal residence in the last 3 years, the home that is being purchased must be the purchaser’s principal residence, and there are certain income guidelines that must be met.

A survey of more than 1,500 sales agents  by Campbell/Inside Mortgage Finance found a record 48.2 percent of home purchases were first-time home buyers in March. This is an almost 2% increase of over even last October (46.9%), when the original Tax Credit incentive was set to expire in November 2009. This recent almost 50% share of market activity by first time home buyers sets a record. And it’s a record that will trickle up to affect the other price points, markets, and demographics that comprise the modern Real Estate landscape.

The Extension and Expansion of the Tax Credit:

In November of 2009 the Tax Credit was extended, and expanded to encompass and benefit a broader range of home buyers and owners…

In order for a purchaser to qualify for the expanded tax credit designed for  home owners who are selling in the current marketplace, there are also income guidelines, and the home being sold must have been consecutively used for 5 of the last 8 years as the seller’s primary residence.

This expanded aspect of the tax credit will benefit those whose home may be being purchased by the first time home owners,  those who are moving move up, as well as those who may be downsizing. Essentially, if a person has had a significant amount of time in their current home, there is tremendous potential to not only make a profit on the sell, but also get that added incentive, thus creating a balanced and thriving market in varied price points, and driving more money into the economy. It’s a win/win:)

With 10 days left and counting, I have seen an increase in showings, calls, and activity across the board. Looks like I’m not the only procrastinator I know. LOL! The beauty of procrastination in this case is that the winding down of the tax credit in conjunction with the Spring boost in sales, is making for an uplifting and promising selling season! With consumer confidence raised, and happy buyers and sellers, we are currently looking at a correcting market on the upswing:)

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Author: admin
• Sunday, April 04th, 2010

   Bob_Parks_Logo_Murfreesboro-TN

I can show you any home on the market in Murfreesboro and Middle Tennessee! Just  Click here to do an MLS Property Search or give me a call and I’ll do the work for you!

Office Phone: (615) 896-4040 | Cell Phone: (615) 507-9349 | E-mail Jackie

True Real Estate professionalism is an ever-changing art in our correcting Real Estate market. We are truly fortunate to be in a changed but healthy market here in Middle Tennessee, and I pride myself on being on the cutting edge of the technology, trends, and changes that we face in the Real
Estate industry currently.

I am in constant communication with my buyers and sellers, and utilize the many tools at my disposal to effectively market my listings, and search for my buyers. I run my business as a high energy, heavily connected, technology-driven entity that has proven to be remarkably effective even as
our market continues to correct its self.

Though I use technology to market my properties, I market my self primarily through referrals. Referrals are the highest compliment of a job well done.

Professional Organizations:
Middle Tennessee Association of Realtors, Tennessee Association of Realtors, National Association of Realtors

Accredidations/Awards:
2007 Rookie of the Year Award
2007 Silver Award in Sales

Education/Licensing:
I hold a bachelor’s degree in Mass Communications, with an emphasis in Graphic Communications, as well as my affiliate broker’s license in Real Estate.

Community Involvement:
* Coach Indoor Soccer, Basketball, JR Pro Cheerleading for all age groups 
* Donate a percentage of each transaction to the Make-A-Wish Foundation
* Active in charitable walks/runs benefiting AIDS, Cancer, and Child Advocacy
* Member of the Chamber of Commerce in Rutherford County

Office Phone: (615) 896-4040

Cell Phone: (615) 507-9349

Fax Number: (615) 523-8787

E-mail Jackie Hogencamp

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Author: admin
• Wednesday, March 24th, 2010

We are all guilty of alittle fence riding. Be it a car, a house, or any other major purchase, all of us can be well, indecisive.

However, now more than ever the Humpty Dumpty inside us all needs to face plant off of that wall on one side or another, and the most savvy of savvy will land on the side of the wall/fence that means making a home purchase.

Record low rates, record low prices, record high inventory, record breaking incentives and tax breaks, and a motivation level that’s through the roof make this the best time imaginable to get off the fence and buy a house. And, it is our job as Real Estate agents, to help push you over the fence:) Not just because it’s our livelihood for now, but because making a choice to purchase a home right now could be not only the best time to buy into the American dream, but a cornerstone in a person’s wealth building strategy. Which means that you will love us for helping you make the leap, and we will continue to build a relationship with you for years to come, continue to do more business with you, and build a mutually beneficial relationship…which is a win/win for everyone involved:)

By and large, the biggest argument that I hear from my first time home buyers who are teetering on the edge of homeownership but are too timid to make the leap is the fear that homeownership comes with a huge price tag above and beyond the mortgage payment (i.e. maintenance and upkeep). Also, I hear people saying that they’d like to be debt-free otherwise before committing to such a large debt. Well. Here are my soapboxes on both of those arguments (and yes, I will recite them while helping you to the other side of the fence) lol:

You are not debt-free right now, but you have to pay rent to live somewhere. That rent could possibly be more than what you would pay to own. Living expenses for shelter are unavoidable no matter what other financial commitments you have (unless you are living with a relative rent free. This argument doesn’t go so far if that is the case). LOL!

Making a commitment to a 15 or 30 year debt for a house can be quite daunting. However, when looking at every incentive, and all of the other positive identifiers in the market right now, it makes the possibility of renting a more daunting alternative. Even with the added expense of taxes, PMI, and home owner’s insurance, with interest rates and incentives, the cost of ownership is so low, that an interest bearing savings account where one deposits the money saved per month from renting could go a long way for a person’s comfort level when dealing with the “what if this breaks” fear… Not to mention that if you qualify for the First Time Home Buyer Tax Credit, you have the potential of an $8000.00 nest egg right off of the bat. And you are building an equitable return on your money when you pay for your living expenses every month pertaining to your home.

As the deadline for the First Time Home Buyer Tax Credit looms, I find more and more people trying to make a commitment to become a homeowner. The time is now. Sieze the day. Take the leap. You won’t regret it :)

 

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Author: admin
• Wednesday, January 20th, 2010

Alright…so in a down market everyone in the real estate industry turns into a creative marketing machine. Volume down, guard up, value added service in check, and creative marketing implementation on lock! So…what are incentives and how do they affect buyers, sellers, and home sales? Incentives are the way in which some agents are electing to get their listings noticed, some sellers are offering to entice scarce buyers, and buyers are reaping the benefits due to all of the above…

Point blank, incentives are enticements for 1 property to be chosen over another. The examples are endless: Closing Costs Paid, Furniture Provided, Discount Points Bought, Landscaping Packages, Outside Living Area Upgrades, Appliance Upgrades…the sky is the limit and the offers can get as benign or as outlandish as you can imagine.

The best incentives seem to be those attached to dollar signs for many buyers. They wanna know how much they can save, how much they can have, and what they can do with it… Buying real estate at this point can be as lucrative as a full-time job if you do it right! Obama’s gonna give ya $8k if you’ve never done it before, your closing costs can be paid which could be as much as 4.5% of the purchase price, you can go from LG to Kenmore Professional Series at no cost to you, and hell- How bout a plasma to mount over the fireplace?

The downside to incentives is that sometimes, appropriating that money to be a reduction in list price coulda been much more effective in luring buyers to the property when the listings are plentiful and the buyers are scarce. Aesthetics are key in this theory as well. A lower priced home with proper staging can lure a buyer just as effectively as a home with tons of freebies and enticements…

So, the money for the incentives might keep a listing at the bottom of the price pond, where it can be overlooked by those skimming the surface of the pond.

I’ve never had a buyer that bought a house just because they were gonna get a plasma tv thrown in…I have had many buyers buy homes that they thought were gonna build equity quickly and were great deals…and yes, I’ve even had buyers who wrote offers on the great deals and asked for the plasma to be thrown into the mix…lol. I suppose at this point in the game, the thing to bear in mind is that each and every real estate transaction will have an enticement afforded- aesthetic, monetary, geographic…but incentives can sweeten the pot. The question is, what is more effective for agents- Fire sales or incentives? What is more lucrative for buyers- lower prices or incentives? And what makes seller’s feel more enticing- bottom line pricing or built-in incentives that require higher pricing?  I need a creative marketing consensus…

 

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Author: admin
• Thursday, December 10th, 2009

Well as expected last Friday, in the face of wonderful employment statistics indicating a continued economic improvement, mortgage rates rose. I’m still in shock that some people are up in arms about it! They went from 4.71% on a 30-yr fixed-rate mortgage to 4.81%. On a 15-yr fixed-rate mortgage the rates went from 4.27% to 4.32%. So, yes, they rose, but are still at historic lows and still lower than a year ago in the same month…

If the Federal Reserve stops buying mortgage-backed securities next March rates will rise, but it won’t be anything Earth shattering. If and when it occurs, rates will go up, however, reknowned financial observers state that it is most likely they will nominally increase, not rise exponentially. Keith Gumbinger, VP of HSH Associates, predicts that when the FED discontinues it’s intervention, it will bolster rates approximately 3/4 of a point for a 30-year conforming loan. He also predicts that at the end of 2010 rates will be somewhere around 6%.

Several real estate experts as well as financial experts contend that the Fed will more than likely continue it’s intervention as long as the housing market’s recovery is teetering…

That said, this is all conjecture. With rates at a record low, continued rate increases projected, home prices incredibly low, absorption rates improving, the extension and expansion of the First Time Home Buyer Tax Credit, and Builder/Seller incentive offers more creative and lucrative for buyers than ever, it truly is the best time to buy!

The continual correction and improvement of real estate trends will continue to fuel consumer confidence, and along with all of the above mentioned motivators, I think that a huge surge in real estate purchases will soon be upon us, and Middle Tennessee will continue to be an amazingly healthy and corrected market. The vast majority of homes that are continuing to sell with a lower absorption rate in Middle Tennessee are under $200k, with the majority of that price point subset that is selling being actually under $150k. It is going to be very interesting to see in mid-2010 how these lower price point absorption rates compiled with the extension and expansion of the Tax Credit to include those who are not first-timers will affect the broader spectrum and all of the price points.

For now though, let’s all take a deep breath and sigh…mortgage rates rose a whole tenth of a percent, but are still under 5%!!!!!!!!!!!!!!!! Amazing. Ok, call me and buy a house now :) lol.

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