Classic Real Estate York PA

There is much talk and conjecture about the home buyer tax credit.  Here is the latest update as per WBAL news:

WASHINGTON -- Missed out on Cash for Clunkers? Congress has another deal for you: Buy a home before May 1 and collect up to $6,500 from the government. If you're a first-time homebuyer, get up to $8,000.

As part of the government's efforts to encourage people to spend money to help revive the economy, the House voted 403-12 Thursday to expand a popular tax credit for homebuyers. The bill, which also extends unemployment benefits and expands a tax break for money-losing businesses, now goes to President Barack Obama, who plans to sign it
Friday.

First-time homebuyers have been getting tax credits of up to $8,000
since January as part of the economic stimulus package. But with that housing program scheduled to expire at the end of November, the House voted to extend it into the spring -- and to expand it to many people who already own homes.

Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500.
First-time homebuyers -- or people who haven't owned homes in the
previous three years -- could get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.

To qualify there will be income limits but they have not yet been disclosed....stay tuned!

Lancaster County, Pennsylvania  -  We invite everyone to visit our open house at 20 Hardy Court on November 8 from 1:00 PM to 3:00 PM.

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Many people have been asking if we've heard anything new regarding the rumours on extending the current $8000  tax credit program for first time home buyers.

The article below addresses this information.  It looks like we still just have to wait and see...

In the meantime the deadline is really closing in.  Lender sources are telling us that at this stage they will work extremely hard to process loan applications and hope that the November 30th deadline can be met, but there are no guarantees.

The best chance is for homebuyers that are using just one program to purchase a home, for instance, just  FHA or conventional.  However if more than one program is required(e.g. PHFA) in conjunction with a traditional loan program,  there definitely are no guarantees since it takes usually two extra weeks to get a loan processed under those circumstances.

 For typical transactions, lenders need 3-4 weeks to process a package from beginning to end so we are there right now!

As always we are readily available to serve your real estate needs and be a reliable resource for you, so please don't hesitate to contact us.  If you need a pre-approval we will be sure to connect you with one of our very reputable power partners to make it happen.

Read more: http://rismedia.com/2009-10-29/breaking-news-senate-plans-to-extend-and-expand-tax-credit/#ixzz0VQIvVuG4

I received an informative newsletter from Doug Chew, owner of Handyman Matters, and wanted to share this great information with you.

The holiday season is swiftly coming upon us and many people scramble on weekends, trying to get projects completed.

I hope this can help!

Weekend Home Upgrades: Fast, Affordable Fix-Ups

Lancaster County, Pennsylvania  -  We invite everyone to visit our open house at 20 Hardy Court on October 18 from 1:00 PM to 3:00 PM.

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In today's market, credit scores are absolutely crucial and have a major impact on your ability to get a loan or mortgage and the very best possible interest rate.

I hope you find this article to be useful.  

CREDIT IS KING! 

Top 10 Myths About Credit Scores Debunked

Here are the top 10 commonly held myths surrounding credit scores:

Myth #1: A credit score is a credit report. The credit report is a detailed listing of all debts and payments, going back throughout an individual’s entire payment history, Ewing explained. For each entry, it shows the creditor’s name, amount owed, the highest balance owed, the available credit, whether the account is open or closed (and who closed it), the number of late payments and whether the account is in default. A credit score is a number between 300 and 850 that is based on complex formulas incorporating all the data in the credit report.

Myth #2: Those who are not in default do not need to check their credit report. Everyone should check his or her credit report at least once a year (quarterly is not a bad idea in today’s market) to be sure the report contains no erroneous information. Visit www.annualcreditreport.com for a free, no-obligation copy of the report.

Myth #3: Checking a credit report damages credit. Reviewing your own credit information has no effect on a credit score, Ewing said. Neither does a credit report review by a prospective landlord or employer.

Myth #4: Everyone has one credit score. Credit score calculations are compiled using data from three different credit scoring agencies (Equifax, Experian and TransUnion). The resulting scores might vary slightly among the three agencies if they have slightly different information, but they will be similar.

Myth #5: Married couples share a credit score. If all of a couple’s accounts are joint, their scores will likely be similar, but each individual maintains a unique credit record and credit score. On the flip side, after a divorce, ex-spouses need to follow protocol to have creditors remove either party from a joint account.

Myth #6: Shopping for a loan destroys credit. It is true that “hard inquiries” - examinations of a credit score in preparation for extending credit can have a small negative impact on credit. However, credit bureaus take into account that consumers might inquire about a loan from multiple mortgage companies or auto lenders. “If multiple inquiries are received from the same type of lender within a 14-day period, the credit scoring companies do not count each inquiry against the borrower,” Ewing explained. But credit card account inquiries to open new accounts are counted individually.

Myth #7: To improve a score, close unused accounts. An important component of a credit score is available credit, or the unused credit that has been offered (on a credit card, for instance) but not used. Closing unused cards removes those available balances from the equation and can actually lower a credit score. Today, some banks are automatically lowering limits or closing accounts to reduce their own credit exposure. Individuals whose debt load is manageable should not experience an extreme effect on their scores.

Myth #8: To boost credit quickly, just pay off bills. Credit scores reflect performance over time. Scores will not change overnight.

Myth #9: For a fee, vendors can fix a bad score. Again, credit scores show historic behavior. Be cautious about companies that claim to “fix” or “repair” credit. “You yourself can remove inaccurate information,” Ewing said. “Beyond that, be aware that some companies send credit scorers a deluge of letters asking that they verify - and in the process, remove all past negative information. If and when truthful information is verified, however, it will quickly return to the credit report.”

 Myth #10: Never get help - it is too hard on credit. It is true that credit counseling, debt settlement and bankruptcy all can cause significant black marks on a credit report. “If you are in real trouble, however, you can and should seek help,” Ewing urged. “Which option you choose will depend on the severity of your situation. Credit counseling can help to manage bills, and lower interest rates and monthly payments to creditors. Debt settlement firms can negotiate to lower the principal amount of your debts, typically providing a faster path to debt freedom than credit counseling. Bankruptcy, an even more serious alternative, should be discussed with a bankruptcy attorney.”

“Credit is important, but knowing the truth about credit might be even more important,” Ewing concluded. “Before taking action that might hurt or help your score, check your facts to be sure your actions will help your financial picture.”

For more information, visit www.bills.com.

 Contrary to our current weather, Spring is here.  With the Spring and Summer seasons, many homeowners are looking into home improvements and possible remodels.

 This article, provided by Realty Times can prove to be helpful if you are contemplating home improvements and give you an understanding of the return on investment you may be able to expect.

  For the second year in a row, Realtors® report that exterior remodeling projects return the most money as a percentage of cost, as detailed in the 2008 Remodeling Cost vs. Value Report.

      On a national level, wood deck additions and all types of siding replacements – upscale fiber cement, midrange vinyl, and upscale foam-backed vinyl – returned more than 80 percent of project costs upon resale. Of these, the most profitable project was upscale fiber cement siding, which recouped 86.7 percent of costs, followed by wood decks at 81.8 percent, midrange vinyl siding at 80.7 percent, and upscale foam-backed vinyl siding at 80.4 percent.

      “Because today’s buyers have much more to choose from in the way of inventory, any home for sale must make a positive first impression,” said National Association of Realtors® President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “As a trusted source for real estate information, Realtors® understand what attracts and motivates their buyer clients, which is why the results of this year’s Cost vs. Value report underscore the importance of curb appeal in the buyer’s eye.”

      The 2008 Remodeling Cost vs. Value Report compares construction costs with resale values for 30 midrange and upscale remodeling projects comprising additions, remodels and replacements in 79 markets across the country, expanding from 60 markets last year. Data is grouped into nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 11th consecutive year that the report, which is produced by Hanley Wood, LLC, was completed in cooperation with REALTOR Magazine, as Realtors® provided their insight into local markets and buyer home preferences within those markets.

      In addition to wood decks and siding, window replacements and kitchen remodels also returned a relatively high percentage of remodeling costs on a national basis. All types of window replacements – upscale and midrange wood and upscale and midscale vinyl – returned more than 76 percent of costs. A major midrange kitchen remodel returned 76.0 percent of project costs, while a minor midrange kitchen remodel returned 79.5 percent of costs.

      On a national level, bathroom remodels, while still a relatively good investment, do not return as high a percentage as in previous years. A midrange bathroom remodel was estimated to return 74.4 percent on resale, comparable to a midrange attic-to-bedroom conversion, at 73.6 percent of costs recouped, and a midrange basement remodel, at 72.7 percent of costs recouped.

      As in last year’s report, the least profitable remodeling projects in terms of resale value were home office remodels, sunroom additions, and back-up power generators, returning only 54.4 percent, 56.6 percent, and 57.1 percent, respectively, of project costs.