Have We Hit Bottom Yet?

http://www2.timesdispatch.com/business/business/2011/jan/21/tdbiz03-fourth-quarter-home-sales-in-virginia-ar-788519/


Although home values dropped in 2010 throughout Virginia, the last three months (4th quarter) saw an uptick and prices began to rise. "The market appears to be stabilizing, according to a report released Thursday by the Virginia Association of Realtors."

New Construction Slump Continues and No End In Sight

http://www2.timesdispatch.com/business/business/2011/jan/20/TDBIZ01-year-end-housing-data-show-recovery-is-far-ar-785871/

Current indicators are leading economists to believe we are still years out from a healthy new construction market for builders.

"Homebuilders broke ground on a total of 587,600 homes in 2010, just slightly better than the 554,000 started in 2009, the Commerce Department reported Wednesday. Those are the lowest annual totals on records dating back to 1959."

"In a healthy economy, homebuilders break ground on more than 1.5 million units a year."

People are still waiting for the real estate market to hit "rock bottom"...with that said, if you know you want to build your next home, your financial house is in order, and you plan on being there for some time, this may be the time to build your dream home. Builders are offering more incentives than ever and offering fantastic prices on new construction. Let me know if I can be of assistance in any capacity!

Tax Credit/Deduction Update

Here are the highlights of the housing benefits  included in the tax compromise that President Obama signed recently:

Private mortgage insurance is tax deductible.  The agreement extends through 2011 a provision allowing home owners to deduct these insurance premiums.  To qualify for the full deduction, homeowners must have an adjusted gross income of $100,000 or less.  Taxpayers with an AGI of $100,000 to $109,000 can claim a partial deduction.  Borrowers can’t deduct premiums on home loans that closed before 2007. 

Tax credits are available for energy-efficient home improvements.  Home owners who installed insulation, new windows or other energy-saving improvements in 2010 are eligible for a tax credit worth 30 percent of the cost’ up to a lifetime maximum of $1,500.  Those who make improvements in 2011 still get a tax credit, but it is capped at $500. (source:  USA Today)

Teesie Howell

Loan Officer

Presidential MortgageGroup

4701 Cox Road Ste. 365

Glen Allen, VA.  23060

217-4925 (direct)

804:512-1578 (cell)

804:270-1855 (fax)

teesie.howell@presidential.com

Renter's Can Take Advantage of This Buyer's Market TOO!

http://www2.timesdispatch.com/business/business/2011/jan/13/TDBIZ02-renting-in-a-buyers-market-can-be-a-good-m-ar-771118/

If you are not in a position to buy just yet, but plan to do so sometime in the future, there ARE options out there. Today's Richmond Times Dispatch has an article discussing just that...with the amount of inventory, lengthy time on market, and depressed sale prices, there are TONS of MOTIVATED seller's out there.

A lot of them just want to cut the bleeding, and it could be a great opportunity to get in a home or area that you desire..."there is no commitment, no mortgage, no maintenance. These homes tend to be in good shape because their owners got them spruced up to sell. And often, at the end of your lease, you can be first in line to buy the home, if you decide it's right for you."

Just something to think about for those of you out there not in a position to buy just yet...and I am MORE than happy to extend my services to you in this endeavor, so please do not hesitate to ask.

"Get Financial House In Order Before Buying House"

Before you set out to purchase your new home, take the time to get your finances in order. Attached is a helpful question and answer session in today's Richmond Time's Dispatch, discussing obstacles we can all relate to.

   http://www2.timesdispatch.com/business/2011/jan/11/TDBIZ02-get-financial-house-in-order-before-buying-ar-766051/