Home Buyers $8000 Tax Credit

Tax Credit Time line is ticking – Are you ready?

The internet has brought the convenience of searching for a new home into our living room. These sites permit you to see currently listed homes and there are a lot of them. When you are working with an experienced local real estate agent he/she can help move the process along and save you a lot of time.

Knowing the market is my job.  Knowing what you want and can afford is your job.  Following these 4 short steps will help position your home search and together we will find your new place to call home.

1. Get Your Financing in Line:

Knowing what you can afford is the first place to start.  Talk to a reputable lender right away and go through the pre-approval process. Let me know if you need a good referral. 

2. Narrow Your Search:

Answer the two basic questions:  Where and how much.  There is a lot of inventory to choose from.  Where you want to live and how much you can invest is a must start.  Searching for your new home in Lake Oswego; friends have told you to look at value comparisons in West Linn; love the nostalgia of the close in communities of Portland Heights or Alameda? All nice areas. Once we narrow down we can look at commute time, schools, and other factors that make the community of choice a perfect fit for you.

3. Separate Needs from Wants:

There are must haves and then there are would be nice.  Be honest and realistic about priorities.  Start with the basics.  How many bedrooms do you need; is a separate space for play or office a need or a want;  Traditional home or attached townhome;  Single story or two story; need or want a basement.

4. Consider Condition:

Today, we hear lots about deals out there.  Many of the best values are homes that are not in move in condition.  Decide up front what you are willing to tackle to polish your ‘diamond in the rough’. Dated wallpaper in that mid century modern in Lake Oswego may be easy, but can you finance that fabulous West Linn home that has no appliances and even the bathroom fixtures are gone.

There are many points to discuss when preparing to seach for your new home. If you are ready to take the next step, call or ping me,  I would welcome the opportunity to discuss your real estate goals.

Roberta 503-495-5231

 

Still waiting to buy? That could cost your 1/2 point!

For those buyers sitting on the side lines waiting and wondering when to buy, the answer could be RIGHT NOW.  If you are planning on buying your next Lake Oswego home on any FHA product be aware of fee increases.

If you do not have 20% down and you were planning on the minimum of 3.5% down just in time to get the $8000 tax credit – you clock is ticking.

Effective 4/5/2010 Mortgage Insurance (MI) goes from 1.75% to 2.25%.  OUCH!

More news – Buying a foreclosed FHA home in Lake Oswego or West Linn?  You could get into it with as little as $100 bucks – yes $100 bucks.  FHA needs to move some homes.  Call me.

Being informed is my job.  Informing you is my job.  Helping you is my job. 

Working for you is what I do. 

Call me today.  Roberta Nopson 503-495-5231

Visit my main website at www.RobertaNopson.com

Lake Oswego new construction – what’s selling.

2009 brought a lot of press to the real estate market across the country.  Construction softened as buyers sat on the side lines.  Builders dumped land and many went under.  How did Lake Oswego’s new construction real estate market shake out?

At minimum, builders are hoping 2010 will bring buyers back to the middle to upper luxury market of Lake Oswego.  With just under 100 new homes marketed in 2009, this upscale quality driven buyer still exists they are just few and far between.  High end Homes by Eslinger closed 8 of the 32 homes sold, followed by Rennaissance, Monogram, Silver Oak and Schenbrien.  Still a tough builders market as 5 (16%) of the sold homes were bank owned.  New construction saw an average sales price of $964,753 down substantially from the highs of the past 2 years.  In the price range many trickle up transactions need to happen to move one of these.  Not an entry level market here.

Good news is that Lake Oswego new home inventory has come down and there are only about 60  remaining., with most builders are working closely with contract lenders to offer below market interest rates and terms that are favorable to the buyer.

Lake Oswego is not alone in the lessons learned by builders, buyers, and sellers.  Prudent financial decisions move ahead of the emotion.  Builders have slowed build outs, giving way to the custom home.  The custom home market is headed back to just that; custom to that buyer. 

Looking for more information about the real estate market in Lake Oswego – call me 503-495-5231.

Visit our main website now.

Visit our main website now.

Tax Credit Extended and Expanded

Hot off the Press – 11/5/2009

House of Representatives today joined overwhelmingly, the Senate to PASS and EXPAND the 1st time home buyers tax credit.  The new credit will be expanded to include existing home owners. 

This will have positive impact to the Lake Oswego/West Linn markets among others, that tend to be a more step up communities.  The increased income levels will open the door to more families being able to take advantageous of the tax credits.  

$8000 1st time home buyer extended

$6500 Existing home owners have been added

Income limits for Married filing jointly has increase to $225,000.

Visit my web site for more information.  www.RobertaNopson.com