Home Buyer Tax Credit Renewed- Modified for The Better
November 7th, 2009 Categories: Buy A Charlotte Home, Charlotte First Time Home Buyers
First Home Buyer Tax Credit Extended, Move Up Buyers Get New Tax Credit
It is official. President Obama signed the bill Friday. The bill extends the existing first home buyer credit through April 30-and creates a new credit, I call it the “Move Up” home buyer tax credit of $6500 credit for qualifying “move up” buyers, and it increases the income limits to qualify… welcome changes and a shot in the arm for home Buyers and Sellers.
The bill extends the current $8,000 first time homebuyer tax credit (which was due to expire at the end of November) through April, 2010-however this is a “contracted by” date and you must close by July 1, 2010.
It also includes a tax credit of up to $6,500 for qualified move up buyers- you must have used the home as your primary residence for 5 of the last 8 years- and increases the borrower income limits for both credits to $125,000 for individuals and $225,000 for couples.
Home buyers will qualify for the full credit as long as they have entered a binding contract by April 30, 2010 and they close the transaction by June 30, 2010. The tax credit is limited to homes with a purchase price of $800,000 and below.
More details as we learn them but this is more that we had last February… lets go buy a home!!!
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Charlotte NC- Good Housing and Economic News
October 26th, 2009 Categories: About Charlotte, Buy A Charlotte Home, Charlotte Business, Charlotte First Time Home Buyers
Unemployment DOWN, Existing Home Sales/Home Prices UP, Charlotte On The Rebound?
Yes, it is too early to declare the recession over. However, these are some encouraging signs–more than the “just getting worse slower” We have strong economic reports and increasing home prices again… the details below
Mecklenburg County Unemployment fell .3 % from August’s 11.3 to 11% in September
The region, Charlotte/Gastonia/Concord dropped .2%. Hickory/Lenoir/Morganton region dropped .5% to 14.1. In all, unemployment fell in all 9 counties I watch closely.
The Charlotte Chamber of Commerce announced that job creation is well ahead of 2008’s pace, and jobs are growing here faster than the last few years, hopefully signs of good times ahead. Area employers announced new jobs of 11,527, up from 9,552 last year. This good news was tempered by substantially lower capital investment numbers-from $1.75 billion in 2008 to $784M through the first3 quarters of 2009
The energy sector is growing as the world sees a larger commitment to nuclear power coming and Duke Energy’s HQ here makes all the difference. Health care is strong here as well , with two major hospitals competing and Premier Health Care relocating corporate headquarter’s here…Personally, we’ve moved several doctors this year.
Johnston and Wales University announced plans to expand its Uptown presence building a 30,000 square foot recreation center. The building will house a gymnasium, locker rooms, and places for student activities to meet…we’ll keep an eye onit. Johnston and Wales opened in 2004 in Charlotte with the plan to close its Richmond and Charleston campuses.
Wells Fargo reported increased earnings,$2.6B for the 3rd quarter, even as credit losses rose and Bank of America reported record 3rd quarter losses of 2.24B… and that Ken Lewis wouldn’t be getting a bonus in 2009.
Housing Prices Bottomed and Moving Back Up Slowly
Charlotte is a part of the well regarded Case-Shiller 20 city Home Price Index, and has had the 5th least price drop of the 20 major cities measured. This summer, Charlotte’s price index had 3 consecutive months of increasing home prices through July, the latest month reported. Home prices are still down more than 9% from a year ago, but they are moving in the right direction. Prices have now risen 3 months in a row and 4 of the last 5 months, Charlotte home prices hit bottom and are bouncing back.
ED NOTE: August C-S report slightly lower prices in August-still nearly 2% above February low
The number of foreclosures fell 6% in NC in the 3rd Quarter according to Realty Trac, the soure for foreclosure information.
Nationally, existing Home Sales up 9.4% from August pushed by first home buyer tax credits. It’s happening here in Charlotte too…as home sales under $200k are about 66% of our market in September as reported in the CarolinaMLS.
Charlotte Job creation up, housing sales up, home prices up… Take that Washington Post! Happy Monday!
Terry McDonald, Charlotte NC
Related Videos and Posts
Charlotte Homes – An Introduction to Charlotte, You Tubes #1 Video Charlotte NC
Charlotte Custom Homes Luxury Homes- Charlotte update and Luxury home report combined
Charlotte Homes For Sale- A Market Report Through 3 Quarters 2009
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First Home Buyer Alert
Yes, there is still time to get in before November 30, The TAX CREDITS WERE EXTENDED! hopefully you are far enough along and getting ready to make an offer. The IRS is not flexible, their deadline for contracts is April 30, Closings July 30, 2010. Call me and I’ll help you put it together. 704-351-1519
Home buyers, our $500 Gift card program has been extend to 12/31 and now applies to All Home Buyers who close begore 12/31/2009. Use us as your buyer agents, and within a few days of closing receive a $500 Gift card good at Ikea, Pottery Barn, Crate and Barrel or Lowe’s Home Improvement Center. Call me today and we’ll get you started.
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Charlotte Things to Do- Weekend Update October 10
October 9th, 2009 Categories: About Charlotte, Buy A Charlotte Home, Charlotte First Time Home Buyers
Beer Lovers- Charlotte’ own Oktoberfest,
Saturday 2 to 7:00, take that DD! Metrolina Trade Expo
Disney’s Beauty and The Beast
continues at Imaginnon- great reviews in the paper and from neighbors! 704-973-2828 for times.
Novello Festival of Reading continues Schedule here
Carolina Panthers Play Washington Redskins Sunday-
come early and tailgate in the city, plenty of tickets will be available outside, don’t pay over full ticket price! If you wait till kickoff, prices drop dramatically. 
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Time is running out- it is closer than you may think to buying that first home AND receiving the$8000 Tax Credit..have Fun, buy a house and get $8000 Cash back–we can do it! Have a great weekend!
Search for Charlotte Homes, Townhomes and Condos (First)
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Charlotte First Home Buyers
September 17th, 2009 Categories: Buy A Charlotte Home, Charlotte First Time Home Buyers
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Charlotte First Time Home Buyers
How about a Facebook Page just for First Time Home Buyers?? The folks at TerryMcDonaldRealEstate.com have put together a terrific fan page to learn all about the first home buying process. Become a Fan and be notified of new home offerings, great resales and general steals and deals on homes.
First Home Tax Credits Expire Soon
You need to act fast. The deadline for the $8000 tax credits is closed on a home by November 30, 2009, which means you need to be looking NOW, and buying in the next 30-45 days- the next two weekends would be perfect.
So- time to get in gear. Call the McDonald Team at 704-351-1519
Related Posts
Avoiding Sandtraps and Land Mines Buying Your First home
First Home Buyer Tips
Charlotte First Home Buyer Homes For Sale
See all posts at our FaceBook page for First Time Home Buyers
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Introducing The NEW TerryMcDonaldRealEstate.com
September 14th, 2009 Categories: Buy A Charlotte Home, Charlotte First Time Home Buyers
| Quick Search Charlotte Homes | Charlotte Condos and Townhomes |
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Charlotte, NC.Change is Afoot!
Our associated Charlotte Homes and Real Estate partner has all New diggs at TerryMcDonaldRealEstate.com
The new site offers a combined blog and website, on the latest Wordpress version, with a custom Thesis design. First comments was it looked like the New York Times…. not a bad start! And we’ve already had our first comments.
Whats New? Hundreds,if not thousands of Charlotte photos are inside this sight. Our regional pictures and video of Charlotte real estate, many familiar categories, plus some new and quite fantastic pre-set Charlotte home and condo searches- all the real estate things we used to publish here and MORE will now be at TMRE, or TerryMcDonaldRealEstate.com
Charlotte Homes For Sale
Charlotte Homes For Sale blog
Charlotte New homes
Charlotte Condos
Charlotte First Homes- for the First time home buyer
I hope you like the new site and will visit the Charlotte Real Estate blog often tm
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Charlotte NC- Odds and Ends
September 10th, 2009 Categories: Charlotte First Time Home Buyers, Things To Do Charlotte
Tonight- Thursday September 10 in Charlotte
at the EpiCentre’s Alive After Five,
9/10: Rubberband (billed as “Ben Fold’s Brother’s Band”)
Also Tonight, Jason Mraz at 7:00pm. NC Music Factory, Uptown Amphitheater
Last weeks of Alive After 5
9/17: Pink Floydian Slip (you guessed it: a Pink Floyd tribute band)
9/24: Simplified
Yiasou Greek Festival begins today at 11:am, runs all weekend
All of you “who dunnit” fans, here is your chance to meet 2 of the best in the business up at Chapel Hill, fromthe Charlotte Observer:
CHAPEL HILL, N.C. Two crime writers are speaking at the North Carolina Literary Festival…John Grisham and Kathy Reichs will speak Thursday evening in Memorial Hall at the University of North Carolina. In addition, Grisham will speak to reporters earlier in the day. the full story
or New mirrors, check out the vivid photos from Hubble
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First Time Home Buyers Only Have 90 Days left to Buy a Home and Get their $8000 Tax Credit
Charlotte First Home Buyer Tips
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Home Buyer Questions in Charlotte NC
May 9th, 2009 Categories: Buy A Charlotte Home, Charlotte First Time Home Buyers
FAQ’s for First Home Buyers and First Buyers In North Carolina
AÂ Few Key Questions answered by Terry McDonald, NC/SC Real Estate Broker
Why is buying real estate so different than buying anything else? What makes it so complex?
The answer lies in what it is you are buying, and the complications that go with buying “real property.” Most of what we buy is “personal property,” stuff we can take with us as we move around. The “real” in real estate, is short for “real property” distinguished by its permanence, it’s immovability, and typically higher value.
Real property is usually less liquid- harder to resell, than personal property, so you would want to be more sure of your choice or choices. You can borrow substantial amounts of money pledging this asset as collateral-a mortgage.
However, when you take out that loan, the lender imposes a host of conditions, and some of these are quite complicated, from the details in the application process right through to the closing, the lenders are calling the shots. It is the other “Golden Rule”- he with the gold rules, at work. If they say they need A,B, and C to issue you a loan, they need all of those and without all three they won’t commit to loaning you the money. By the end it will be X, Y, and Z, or atleast feel that way. You’ll need W-2’s and if self-employed 2 years tax returns.
There is more…buying good title, surveys, closing costs, etc for the next post. But whether you are 25 or 45, buying your first home is a learning process. No one knows it until they do it.
How long does it take to “buy” a house?  The time from accepted contract, to closing, the exchange of money and move-in time?
This is a term typically set by the buyer, based on certain minimums, for example it takes a full 30-35 days to process your loan application. It can be longer, for example VA loans frequently take 45 days, or shorter if you don’t need a loan you can buy and close within a few days. Generally it is 30-60 days, and more closings occur towards the end of the month.
How much do I need for a down payment?
You get your very best terms from the bank with a 20% down payment, however you can buy with a variety of insurance programs that allow you to buy with as little as 5% down, and through FHA 3.5% Down, or for a Veteran no money down.
What is PMI?
The short answer? PMI is the fee banks require when you have less than 20% DP. I’ll answer that in more detail in the next post.
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Skilled Buyer Agents with Smart Buyers make great deals happen! We provide detailed analysis prior to all offers, and take a lot of the guess work out. Plus, we know where the steals and deals are! The McDonald Team 704-351-1519
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