Virginia Beach Real Estate

Warning its almost too late to use the $8,000 TAX CREDIT ABOUT TO EXPIRE!

As we flipped the page on the calendar this morning to October 2009, the reality of the expiration of the $8,000 first-time homebuyer credit looms large.

Hey! Early this morning my Outlook reminder popped up a note telling me that the First time homebuyer $8,000 tax break is about to expire. I grabbed my cellular and called all of my first time buyers and got them all in a tizzy. But time is rapidly running out and it does take time to close as we all know. At this point its all but impossible to get a new contract closed at this late date. Hope you are in bed with your lender or it just won’t happen at all.

November 30 is looming in front of us.. We can all pray that the extension will come into effect soon.
As we know Congress is considering several option for our legendary first-time homebuyers out there who are all depending on some sort of tax credit.

Be sure to remind your buyers not to pull and fraudlent stuff, as many have already been caught taking the tax credit when they did not deserve it. Even one 4 year old got the tax credit. Now that is ridiculous, and I hope the parents get fried as those kind of people make a bad name for us all, and could get the tax credit cancelled. Hell even 500 under 18 took the credit and we know that no one under 18 can sign a contract at all much less buy a house.

One of the options being considered is a 12 month extension for military personnel. Bless our military boys and girls heart, the deserve every break they can get. I like the option being considered to expand the credit to all buyers and increasing the credit to $15,000. Boy woundn’t that be a boon to the housing market.

While the mortgage rate is around 5%, there has never been a better time to purchase a new home. It allows so many more folks to enjoy the elusive american dream.

Some of the rules for the $8,000 Tax Credit is as follows:

Buyer may not have owned a primary home in the past 3 years.
This may not be a home purchased from a parent, spouse, or child.
AGI (Adjusted gross income) for the family must be less than $95,000 for single and less than $170,000 if joint.

Most first time home buyers, but not all will be qualified will get the full $8,000.

If you need any assistance in finding your new home, call Tom at a757-587-9856 or stop by my website at MLS HOMES

You will learn a lot here if you read my Great Virginia Beach Home Buying Tips and Traps.

Are you one of the thousands that have been putting off the promise to buy a new home?  Well you could not find a better time to buy with the interest rate gettting ready to start to rise and the thousands of foreclosure Virginia Beach homes on the market.

I will now list a lot of traps that you might be exposed to as you travel thru the treacherous home buying process.

Watch close now, here we go:

One of the most common traps we fall into, is the fact that we are sometimes told that now is your last chance to buy.
No question about it, now is a good time to buy but if you don’t find your Virginia Beach dream home right away, there will be many other chances. So never fear Tom Chambers                     is here to save the day.  You definitely should not let a fear that this is your last chance to buy to muddy up the water.  However if you decide to move now, move as quickly as you feel comfortable, since as we know the higher the interest rate travels, the less amount of house you may qualify to purchase.  But if you have cash, as the interest goes higher, it slows down the other buyers and makes a much better deal for the cash buyer. So higher interest is good for some and bad for others.
Another trap we sometimes fall into is waiting too long. Let’s say we keep waiting around to see what the market is going to do and years later we are still waiting… waiting… waiting…  you tell yourself that self.. if I buy now I may pay too much so you keep coming up with reasons to wait and never really get around to buying at all.

 So bottom line is not possible to time  the Virginia Beach real estate market in regard to ups and downs, so its best to make a buying decision based on whether or not you can afford to buy or whether you can afford not to buy. If you keep saving your money, to get a better downpayment, may give the prices time to rise more than the amount you have saved for downpayment. So sometimes its best to bite the bullet and make the purchase now and gain the appreciation that will occur in upcoming years.
Keep in mind that owning a home is not a picnic, no longer can you call the landlord when the heat pump malfunctions and the taxes and insurance can no longer come out of the monthly payment.  Do you have the time to do the upkeep on a home, as no longer does that mean just cutting the grass, now it includes replacing the roof and other expensive items.  Be careful and do not get pulled into the interest only loan, just to be able to buy more home. Many folks have been caught with their pants down when home sales drop and you have no eqity in the property to cushion the sale.. Since with a intrest only loan you have absolutely zero equity unless the market value goes up during the time of home ownership.  when homes are selling slowly, its almost impossible to refinance a interest only loan as the value may not be there. Contact Tom Chambers         for additional information on any Virginia Beach real estate that you might be interested in purchasing.

All you ever wanted to know about the $8,000 Tax Credit as it applies to  Virginia Beach Real Estate in Hampton Roads.

The $8,000 first time buyer tax credit is almost over. Matter of fact, on about 90 days till the deadline.
You really do not want this opportunity to slip thru your fingers as it may never show its head again in our lifetime.
Since housing sales have risen in the last few months, there is not much reason to believe this opportunity will be extended.

 It is definitely in your interest to make sure your closing is set to finalize not later than the 15th of November.  There

is no time for delay. IF you are not closed by December 1, 2009 you likely will not get this money.
We at Resh Realty Group are very familiar with this all important program, and can walk you thru every step and our

recommended lenders are abosolute experts in getting around all the land mines that may stand in your way.

 For Renters and Landlords:
Are you thinking of renting out your home? As we are all aware, there are pros and cons to selling vs. renting.  We at Resh

Realty specialize in managing property for both residential and commercial. Selling or renting – the Tom Chambers     team at

Resh Realty Group can handle both.  Feel free to contact Tom directly at 757-587-9856 if you desire additional property

management information.