Click to read an article that discusses a reader’s question about investing in real estate and whether or not it is a good choice. In our local market on the Treasure Coast, we are experiencing higher rents than mortgage payments. Investment properties can be purchased and rented hassel-free with cap rates of 5-10% depending on the property. This is a great source of annual income as well as the benefits of depreciation and property value appreciation over time. Ask me how you can find a property like this.
Cash Buyers are back in the Market
Cash Buyers are buying houses in the worst hit markets around the U.S. Does this mean we are seeing the bottom when it comes to home prices? Read this article and ask your Realtor what they have been noticing in your market.
ATTENTION ALL SNOWBIRDS – Its 80 degrees in February in South Florida!
Well, while you are stuck indoors due to the snow and waiting to be shoveled out, maybe its time to consider moving to a better climate. Prices are at all time lows and baby boomers are still going to retire. So if retirement is in your future remember, while most of the nation is under snow and ice, we are enjoying 70s & 80s degree weather in February with 0″ of snow. Hope to see you soon in the Sunshine State!
FHA Extends Home Flip Waiver
FHA has chosen to extend the 90 day seasoning waiver and 20% profit cap on flipped homes in which the buyer is purchasing with a FHA loan. This is great news for investors who still want to flip properties.
NFIP & Tax Credit Closing Deadline Extended!
Last night, the Senate 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. NAR members sent more than 250,000 letters to Members of Congress encouraging them to extend the program.
Additionally, Congress passed an extension of the closing deadline for the Homebuyer Tax Credit, 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 will be no gap between June 30 and the date the President signs the bill into law. Extending the tax credit closing deadline will help provide additional stability to real estate markets across the nation.
Our Government Affairs team worked closely with Congressional leaders on both sides of the aisle to enact this important legislation.
NAR is still working on restoring the 502 single-family rural housing loan guarantee program. Language is included in H.R. 4899, the Emergency Supplemental Appropriations bill, that is currently in conference between the House and Senate. We expect the House to pass that bill shortly and are hopeful the Senate will do the same when they return the week of July 12. When that bill passes, the program will be restored through the end of the fiscal year.
Rent Vs. Buy
Good article discussing consumer’s behavior in a down market and the decision rather to rent or buy. Also, check out the rent vs. buy calculator link at the bottom.
Tax Credit & NFIP Extension Update
Congress voted to add the Tax Credit & National Flood Insurance Program extension for the required closing date on pending contracts written prior to April 30, 2010 so buyers can still receive the $8,000 tax credit. The National Association of Realtors is going to bat for the home buyers that are purchasing bank owned homes and short sales that are taking longer than 60 days to close. It was a great success and proof that hard work pays off. Home buyers that went under contract by April 30th and will qualify to receive that Tax Credit now have until September 30th, 2010 to close on their deal. It is projected that this extension will help over 150,000 home buyers!
Keep in contact with your representatives and make sure we get this tax credit extended. This is the first hurdle to get the extension put on HR 4213. The bill still needs to receive 60 votes to pass.
Hello world!
Hello! Welcome to Integrity Realty’s blog. You will be able to find answers to common problems that come up in residential real estate transactions. You will also be able to find tips you can follow when making your next purchase or selling your home. Out blog is meant to be a one stop resource to educate the public on all things real estate as well as informing our community about the important news and exciting events in our local community! Make sure you follow us on our blog, facebook & twitter. We have included some helpful links on the right hand side. If you have a questions or suggestion, please feel free to submit it by email to: ReeltorBinner@gmail.com
