First Time Buyers

Tax Credit Closing Date and Flood Insurance Extensions Pass-Finally!

July 1st, 2010 categories: Cincinnati Ohio, First Time Buyers, Real Estate Buying

FROM:          NAR Government Affairs
RE:              Tax Credit Closing Date Extension/Flood Insurance Extension
DATE:          30 June 2010

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623) . The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.

NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.

For additional information on the extension visit www.realtor.org/government_affairs

Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.

For more information on the flood insurance program visit www.realtor.org/government_affairs

Posted by Kathy Koops | Discussion: No Comments »

Home Buying 101

June 28th, 2010 categories: Cincinnati Ohio, First Time Buyers, Real Estate Buying, Real Estate News

Some professional advice for home buyers:

Keep Your Home Purchase on Track

You’ve found your dream home. Make sure missteps don’t prevent a successful closing. Read
Understanding Real Estate Representation

Whether you’re buying or selling, it’s important to choose representation that meets your needs in the transaction. Read
4 Tips to Determine How Much Mortgage You Can Afford

By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. Read
7 Tips for Improving Your Credit

Here’s how to clean up your credit so you get the least-expensive home loan possible. Read
7 Steps to Take Before You Buy a Home

By doing your homework before you buy, you’ll feel more content about your new home. Read

Visit houselogic.com for more articles like this.

Posted by Kathy Koops | Discussion: No Comments »

The Big Real Estate Question-Will It Close by June 30th?

June 7th, 2010 categories: First Time Buyers, Real Estate Buying, Real Estate News

Buyers bought and sellers sold- will the deal close in time to be eligible for the Tax Credit?

I recently heard somebody mention that if you didn’t close your “tax credit” purchase by the mandated date of June 30th- the government would extend the deadline.

Not true!

I’ve checked with several different lenders and closing company attorneys, as well as the NAR site, and nobody knows anything about a closing date extension.

Buyers hoping to qualify for the tax credit(s) needed to have an accepted purchase contract by April 30th and close by June 30th. Many of these closings have been scheduled for the last week of June-which does not leave any time to resolve any last minute issues. If you are one of the many hoping to close at the end of the month-stay on top of your lender and title company to resolve any problems now rather than later. Normally your Realtor is managing the process-but you are the lender’s “real client” -so you have more control than we do.

Posted by Kathy Koops | Discussion: No Comments »

Cincinnati Real Estate Scoop!

May 6th, 2010 categories: Cincinnati Ohio, First Time Buyers, Real Estate Buying

What’s your favorite real estate flavor?

Location or Price?

Location is the real estate mantra for many -but is real estate about location or price? Or both? The home buyer tax credit whipped home buyers into an April buying frenzy. The greater Cincinnati housing market saw a spurt in pending sales for Butler County with 525, Clermont County-306,Hamilton County-1348 and Warren County- 330. And while first time home buyers drove the market over 72 of the pending sales had list prices at $500,000 or above. So while the pricing and location of affordable housing is attracting many new buyers into the market- the question is whether current home owners are comfortable enough with real estate prices to make a move.

The upper end of the market ($500,000 +) is worth watching as an indicator of market recovery- so stay tuned for details as the real estate evolves from tax credits to normal buyers.

Posted by Kathy Koops | Discussion: No Comments »

Pending Sales for Cincinnati Real Estate

May 5th, 2010 categories: Cincinnati Ohio, First Time Buyers, Real Estate News, Real Estate Stats

The home buyer tax credit(s) impacted home sales in greater Cincinnati.

Mid month pendingsreflected buyers trying to get out and take advantage of the credit. The pendings reported for the whole month show the “rush” many areas experienced the last 2 weeks of the month.