Market Update

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$Market Update$ Wednesday,12/16/2009 North Texas sees 31% jump in pre-owned home sales: "The jump in residential transactions came as homebuyers rushed to take advantage of the federal homebuying tax credit, which has been extended into the spring." "Home prices have firmed locally and nationally, and that may be spurring buyers to make decisions now, especially given that mortgage rates remain very attractive." Source: www.dallasnews.com(12/08/09) http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-resales_08bus.ART.State.Edition2.4be01fe.html Are you taking advantage of this market opportunity?

$Market Update$ Wednesday,12/02/2009 HUD: Funds for Handyman Specials and Fixer-Uppers The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done until the house has been purchased. HUD's 203(k) program can.... allow you to purchase or refinance a property plus include in the loan the cost of making the repairs and improvements... Source: www.hud.gov http://www.hud.gov/offices/hsg/sfh/203k/sfh203kc.cfm Are you taking advantage of this market opportunity?

$Market Update$ Wednesday,11/25/2009 Fannie Mae: New Affordable Housing Options Fannie Mae announced Tuesday that it has launched several initiatives designed to stabilize neighborhoods and promote purchases by owner occupants and low-income buyers. Fannie Mae’s “First Look” initiative offers buyers who intend to live in the home, particularly low-income buyers, an opportunity to make an offer during the first 15 days the property is on the market. Investors can only make an offer after the first 15 days have passed. Other programs aimed at stabilizing neighborhoods include: Deposit Waivers. Fannie Mae will waive the earnest money/deposit requirement for public entities using public funds to purchase a Fannie Mae-owned property. Individual home buyers who have qualified for public funds and want to purchase a Fannie Mae-owned property do not have to meet the usual earnest money/deposit requirement either. Deposits for these buyers can be as low as $500. Reserved Contract Period. Upon receipt of an acceptable offer, buyers have the ability to renegotiate their offer after obtaining an appraisal. Extra Time for Closing. Buyers receive up to 45 days to close – 15 days more than is usually permitted for purchases of Fannie Mae-owned properties. Source: Fannie Mae (11/24/2009) http://www.realtor.org/RMODaily.nsf/pages/News2009112503?OpenDocument Are you taking advantage of this market opportunity?

$Market Update$ Wednesday,11/25/2009 "After four years of declines, home sales on a national basis finally appear to be turning around..." "First time buyers in particular have stepped up to take advantage of deeply discounted prices, low mortgage rates, and the buyer tax credit..." "What's more, home prices and mortgage payments in relation to income are comfortably below historical levels..." ~Lawrence Yun, Chief Economist of the National Association of Realtors http://www.realtor.org/rmonews_and_commentary/Economy/0909_economy_ buyerhesitation Are you taking advantage of this market opportunity?

$Market Update$ Monday,11/16/2009 The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010). http://www.federalhousingtaxcredit.com/faq2.php Are you taking advantage of this market opportunity?

$Market Update$
Monday,11/09/2009
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the
tax credit of up to $8,000 for qualified first-time home buyers
purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. http://www.federalhousingtaxcredit.com/faq1.php
Are you taking advantage
of this market opportunity?

Market Update

Larry Knox, ABR, GRI