Relocate With Jen: North Carolina

First things First! Thank you for keeping us all safe.

Yes that's true the $8000 tax credit is still available for some buyers.  Who? -- Returning military! Yes our soldiers returning from duty outside the USA can still receive the $8000 tax credit. Since our soldiers were away serving our needs abroad and unable to take advantage the credit they  received an extension until 2011.

Like all tax credits there are still guidelines & deadlines.  The Buyer or Seller must be have a home under contract by April 30th 2011 AND must close by June 30th 2011.  There is a section of the Home Builder Association Tax Credit Site that explains the terms of the extension.

If you pair this tax credit with the incentives offered with the VA loan program --you can get a really sweet deal on a new home or sell & take advantage of the $6500 upgrade tax credit.

The VA backed loans offer a

• 100% financing (no down payment)
• Great Rates
• Seller must contribute to certain loan related expenses
• Termite Inspection required.
• Most homes qualify
• Property will be inspected by a VA Certified Appraiser.
• Buyer must have Certificate of Eligibility.
• Many returning or disabled military qualify to have certain loan related fees waived.*

You must have a Certificate of Eligibility. If you need to apply or if you are wondering if you qualify check out eligibility.  (You do not need to use VA financing to receive the tax credit )

* ask you lender how this applies to your situation.

If you need help buying or selling feel free to give me a call. 

Find me at www.RelocateWithJen.com or Call 919-210-6295

Are you STILL searching online! Other Buyers may be VISITING your favorite homes while you are LOOKING online! You may already know the $8000 Tax Credit Deadline is looming and you MUST be under contract to receive it.  Although thousands of buyers start searching online at some point you must go see homes.  The current stats from Centralized Showing proves that buyers are taking action now.

Centralized Showing Service (CSS), is the company used by Realtors & MLS members in the Triangle to schedule showings for all properties for sale.  It doesn't matter if you looking at new homes, re-sale, or distressed sales all appointments go through CSS.

 CSS has tracked more than 4000 showings in the Garner Area in 2010- that's about 8 Showings per home per month. 

Facts about Garner:

• over 128 homes have SOLD since January 1^st
• over a 140 homes are currently UNDER CONTRACT
• Top selling & showing price range $160,000 ~ $200,000 Averaging over 9 showings monthly

60% of Garner's Sellers contributed to the Buyer's closing costs so far in 2010 ranging from $400 to over $7500.  It seems that both Buyers & Sellers are working together to get the best terms.  

Check out the chart below -- This is straight from CSS- 27529 zip code -- All homes priced $100,000- $300,000 between New Year's Day (1-1-2010) and Today ( 4-19-2010).

This is a scan of the actual CSS report -- If you don't see your price range or if you need information about a different part of the Triangle area call or email.

The Most Popular Neighborhoods

(Both the Highest # of Sales & Highest Under Contract Activity)

Heather Hills-- Cleveland Springs --Adams Point - TunBridge -- Turner Farms

Thinking About Selling? Wondering how your home stacks up to the competition! Call or Click to recieve a Free Home Value Report complete with a up to date market data about your neighborhood.

Your Trusted Real Estate Advisor! 

 Jennifer Marks, Broker CNE SFR

(919) 210-6295

Jennifer Marks Earns NAR Short Sales and Foreclosure Certification

Buyers and Sellers Benefit from REALTOR^® Expertise in Distressed Sales

Garner NC 3/15/2010 - Jennifer Marks with Real Living Realty Experts has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS^®offers the SFR certification to REALTORS^® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures.  For many real estate professionals, short sales and foreclosures are the new "traditional" transaction.  REALTORS^®who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

"As leading advocates for homeownership, REALTORS^®believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results," said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. "Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it's extremely important to have the help of a real estate professional like a REALTOR^®who has earned the SFR certification for these kinds of purchases."

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS^® stay current on national and state-specific information as the market for these distressed properties evolves.

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As a Buyer or a Seller in today's market you DESERVE to know your options!

Contact Jennifer Marks, Your Trusted Real Estate Advisor

 at (919) 210-6295 or via email Jennifer.Marks@RealLiving.com

Why pay on time? to be stabbed in the back again, and again.

Recently one of my credit cards dropped my limit. - No big deal never used card for purchases it was the "holder" of my debt with a "fixed rate".  In hind sight that should have been a red flag. One statement later - my interest rate was increased on the same card.  Was I being targeted? Had I missed a payment?   The nice customer service rep explained it was not me, it is a "reflection of the economy" and that many accounts have been affected.  

I have read Suzie Ormond and listen to the Clark Howard. I kept my balance on all the cards under 80% of maxed out (limit) & made sure all cards were paid. Always pay the highest interest card FIRST and everyone else got the minimum.  My lesson had been learned -- I knew if I fell into the over 80% category - they bank would pool me with the maxed out or delinquent accounts and all my terms would be changed.

Then shady got greedy; the credit card company dropped my limit so low I was almost maxed out and the following month, they could then doubled my interest rate.

Talk about kick a dog when it's down.  

I have become a savvy person with my credit card over the last 18 months because I am trying to pay them off. The debt I created in my early 20's by moving too many times, shopping, lack of medical care, school - you name it, I charged it.   I do not claim to be innocent-I have owned up to my debt - that does not mean I deserve to be taken advantage of.

I am not the only one on the banks S**t List.

Relaxing with my Sunday morning paper and coffee, there was my answer in the Work & Money section of the N & O "Banks had time to make changes".  Mary Cornatzer had an article talking about Congress' new bill to improve credit card regulations and the February deadline!!! Ugh. 

Then it hit me - the customer service rep that said "reflection of the economy" really meant - "hey lady --we have to charge you up the wahzoo now because the rules change in February"

There must be something I can do besides just wait and watch the bills spike.  Pay it all off in one swoop was not financially possible. Google to the rescue-  Articles from both Bloomberg & Time set me straight, I am not being targeted - we all are.

• A Brief History of Credit Cards
• How Banks Plan to Limit Credit Card Protections
• Credit Card Bill Playin Fair Not Foul

The changes in the banking industry affect all areas of lending - truthfully a credit card is a loan.  Similar to the improvement in the mortgage market, new credit card regulations have been created to prevent the predatory attacks within the banking industry.

 To name a few:

• You will have to "opt in" to over limit transaction on your debit or credit card.  Yes, you may get declined at the register or the pump. 
• You will have to receive a separate notification changing the terms to your account.
• Interest rates cannot be increased unless you blatantly do not pay ( 60 days+ late)

(More examples Check out this article  Stop Buying Crap )

 I agree it does need help - The bill will help protect the public from banks that randomly change the terms of written agreement to meet there own financial goals.  No other industry allows you change the terms to a written agreement or contract at will.

 In May the card act was passed and instead of making the changes, the credit card companies spent the past few months raising interest rates and adding new fees.  If purpose of the regulations was to help protect the public why were the changes not IMMEDIATE. Basically, Congress told the crooks we will raid you in spring so start behaving now. Over all I think these changes will be for the best, I am just concerned about HOW & WHEN it will be implemented.

This slack action is costing me money I do not have.  My minimum before these improvements totaled $275/mo now the total over $500.  This is money I could have used to build by business or pay down the balance. I know I am not alone; many Americans have lived beyond their means for too long.  I wonder how many people will just choose to be cash only, or give up because they cannot afford to make even the minimum payment. 

I have not made a credit card purchase in 18 months.  Cash & carry is tough.  As a real estate agent I am lucky - I can control my expenses more easily than some because I have no employees to pay.   These changes have caused me to grow more slowly and definitely more calculated. Other small business' may not be as lucky, without a line of credit and spiking interest rates many may be force some to shut their doors. How will these changes effect buyers, sellers and credit scores? I guess time will tell.

READ YOUR STATEMENTS THIS CAN HAPPEN TO ANYONE WITH A BALANCE.

I will get you the full details once I see that it has updated on the IRS site.  In the mean time if has PASSED the Senate and is on the road to EXTENSION.

Dear Mr President -- Please Sign!!! A short term extension sound like a great idea. Buyers still need to Act Now or loose this opportunity.

RISMEDIA, November 6, 2009-After the Senate gave final approval last night without a dissenting vote, the House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the home buyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow.

The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.

For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.

The legislation takes effect December 1 and is not retroactive. Both credits are available only for primary residences, not second homes or investment properties.

In the House debate, Speaker Nancy Pelosi (D-Calif.) took the floor to say the home buyer tax credit was helping a new generation of Americans live out their dream of home ownership and financial independence. Debate on the home buyer credit was overwhelmingly positive and the legislation passed 403 to 12.

However, several leading economists have voiced concern about the $16.7 billion cost of the credit and the wisdom of spending up to $400,000 per home buyer to stimulate real estate sales and White House support for extending the credit has been lukewarm at best. However, it is virtually certain that the President will sign the legislative package, which contains an expansion of unemployment benefits as well as the tax changes.

In the Senate, the homebuyer tax credit was amended to a bill expanding unemployment benefits by 20 weeks for those who have exhausted their benefit. The latest unemployment numbers are due out tomorrow and Congressional leaders are rushing the unemployment bill to the White House so that the President can show compassion by signing on the same day more job losses are announced.

The legislation included provisions added to address complaints of fraud. The Internal Revenue Service is given greater authority to oversee the process to root out fraud, and provisions are added in response to past abuses of false sales or underage buyers. An investigation by the Treasury Department's Inspector General for Tax Administration found that more than 580 children, some as young as four years old, had received $627,000 in first-time home buyer credits. The IRS has identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time home buyer tax credit.

The legislation also contains a provision supported by the National Association of Home Builders which will help larger companies strapped for cash with net operating losses (NOL). Ordinarily these companies can carry back these losses for only two years to qualify for a tax refund. The provision would make this process extend the carry-back to five years for either 2008 or 2009. The tax break will now apply to losses in either 2008 or 2009, and the income cap will come off.