ViewAugustaHomes.com Blog

2010 Homebuyers Tax Credit Ending Soon

Sat, 20 Feb 2010 03:00:00 GMT

Just a quick reminder for those first time homebuyers and move up buyers that qualify for the 2010 tax credit. Time is beginning to run a little short. There are two critical dates that you must know. Under the 2010 Homebuyers Tax Credit law you must have a binding contract in place by April 30, 2010 and then must close the transaction on or prior to July 1, 2010. Keep in mind, there are certain qualifications that all buyers must meet in order to collect the credit of up to $8000.

Costly New FHA Loan Guidelines

Thu, 21 Jan 2010 03:00:00 GMT

There are some big changes coming for FHA buyers in 2010. The Federal Housing Administration which guarantees about one-third of home loans in the U.S. just announced several significant changes that will make the cost of getting an FHA insured loan higher. I've listed some of the changes below. While it's not been said exactly when the changes will begin, some could take place as soon as this spring.

Buyers will begin paying a premium fee of 2.25% up from the previous 1.75%.
Sellers will be allowed to contribute no more than 3% of the sales price towards a buyers closing costs.
Buyers with a FICO score less than 580 will now be required to make a 10% down payment up from the previous 3.5%.

FHA Loans

Wed, 20 Jan 2010 03:00:00 GMT

Real estate investors and the Realtors that work with them are very familiar with what is commonly known as the the 90 day rule which prohibits FHA financing on a property that the current seller has owned for less than 90 days. HUD had relaxed the 90 day rule for one year beginning February 1, 2010 to assist in the sale of foreclosed homes.

As a buyer, you may be asking what does this mean to me? It allows a buyer that is using FHA financing to now buy a home that a real estate investor has recently bought then remodeled and put back on the market for sale without having to wait for the 90 day time period to expire.

I regularly work with investors in the Augusta Georgia area that will buy a REO or bank owned property and invest tens of thousands of dollars into a remodel before placing it back on the market for resale, most of the time below market value for a quick sale. Experienced investors can have a home completely remodeled and ready to be sold in 30-45 days, which can cause a time period of up to 60 days that a great home was available but could not be purchased by FHA buyers.

Of course there will still be conditions that must be met to ensure there is no type of fraud involved in the transaction. Legitimate investors that do quality remodels welcome these conditions and should have no problems meeting them.

Short Sales in Augusta

Fri, 08 Jan 2010 03:00:00 GMT

If you are a homeowner in today's trying housing market and are no longer able to make your mortgage payments, let us help. We now have a short sale specialist available to help guide you through your available options to help avoid foreclosure. There may be solutions available that traditional real estate agents are not trained in and therefore may not be aware of that can help you avoid foreclosure. Call or email today for a no obligation consultation so we can help.

Savannah River Site (SRS) Tours

Tue, 05 Jan 2010 03:00:00 GMT

You can't live in the Augusta area for very long before learning that SRS is actually the U.S Department of Energy Savannah River Site nuclear facility. Have you ever wondered just what is done at SRS? If so, the Department of Energy is offering 23 tours throughout 2010 that will be free to the public. You learn more and register for one of the tours by clicking here.

New Augusta MLS Provider

Fri, 25 Dec 2009 03:00:00 GMT

If you are searching for homes in the Augusta Georgia market you may not have realized that you are missing out on new listings. Earlier in December the Augusta multiple listing service ( MLS ) provider was changed and the old MLS provider was no longer updating listings. At www.ViewAugustaHomes.com we are linked to the new MLS and have all current listings that are submitted by all local real estate offices. If you would like access to the current listings in the Augusta market, just use our free Search Listings tools 24 hours a day for the all of the latest homes being offered for sale. We also have many other free services and tools on our website, and are constantly updating the site to provide you with the latest technology for buying or selling a home.

Tragic day for Police

Mon, 30 Nov 2009 03:00:00 GMT

I would like to step away from real estate for a moment. Today is has been a day filled with sorrow and fury for me. Those who know me, know that I spent many years of my life as a deputy sheriff. That's what makes it very personal for me when I hear that 4 officers have been slain.

On Sunday morning at approximately 8:15 a.m. Officer Ronald Owens, Officer Tina Griswold, Officer Greg Richards and Sergeant Mark Renninger sat at a Forza Coffee shop in Lakewood Washington prior to their shift completing paperwork, when Maurice Clemmons allegedly walked in and opened fire killing them in a cowardly fashion. Somehow Clemmons was walking the streets after being sentenced to over 90 years in prison as a teenager. After that sentence was commuted, he has had a steady diet of violent crime and as recently as 6 days ago was released on bond for raping a child. Apparently, he has now taken the lives of 4 people who served their community as police officers.

Unfortunately, this type of story is not that uncommon today as some people see officers as targets. You don't have to look back very far to see that 4 officers were killed in Oakland California on March 21, 2009 and 3 officers were ambushed and killed in Pittsburgh Pennsylvania on April 4, 2009.

If you ever wonder how dangerous law enforcement really is, just visit www.odmp.org. That is a really good website that is dedicated to honoring fallen officers.

It's sad that in today's society, we must wait for an officer to lose his life to be honored and violent criminals who re-offend within days of being released from prison are provided too many opportunities and are treated with leniency for the crimes they commit.

Please pray for those fallen officers and their families.

Who's New in Columbia County

Mon, 30 Nov 2009 03:00:00 GMT

As we near the end of 2009, Columbia County has continued it's growth even through tough economic times. These are a few of the new faces you can see or soon will see as you travel around the county.

Grovetown welcomes Gateway Shopping Center at Lewiston Road and I-20 features a new 156,000 square foot Wal-Mart.

The Village at Hereford Farm is now open and is located at the intersection of Hereford Farm Road and Columbia Road. It features a new Food Lion grocery as the anchor store. There will be additional shops opening soon.

The Villages at Fury Ferry Station is located at the intersection of Furys Ferry Road and Evans to Locks Road and will be anchored by a new Food Lion.

Not to be outdone, Riverwood Town Center is located at the intersection of Washington Road and Riverwood Parkway in Evans. With it's Lowcountry architectural design it will have a new Publix as the anchor store.

A new Georgia State Patrol post is located on Chamblin Road. The $1.8 million, 10,500 square foot building serves as the troopers new home and was built to replace the dated previous post which was located in Thomson. This is a great addition to the already outstanding public safety services we enjoy in Columbia County and the CSRA.

Augusta Commission Runoff

Mon, 30 Nov 2009 03:00:00 GMT

This is a reminder to Augusta voters that Tuesday December 1st is a very important date. The Augusta Commission District 1 seat will be decided in a runoff between Matt Aitken and William Fennoy. In a race such as this, every vote counts. Make sure that your opinion does not go unheard!

Home Sales Up In October

Mon, 23 Nov 2009 03:00:00 GMT

According to just released numbers by the National Association of Realtors, home sales are up again for October. And not just up, but an impressive increase of 10.1 percent for existing home sales. These numbers are certainly being driven by the First Time Buyer Tax Credit and historically low interest rates. This is causing a decrease of inventory in some areas of the country and that's actually causing bidding wars according to some buyers. Locally, the Augusta market inventory is holding steady, so I'm not sure anyone is quite ready to say that a buyers market is just around the corner. But at the very least we can say the numbers are heading in the right direction.

2010 Homebuyer Tax Credit Passed

Fri, 06 Nov 2009 03:00:00 GMT

The President has just signed the 2010 Homebuyer Tax Credit Extension and Expansion Bill into law. What does this mean to you as a buyer? Simply this, if you have not owned or had an interest in a primary residence in the past 3 years you will qualify for the first time home buyer $8000 tax credit. As for the current homeowners wondering what all of this means, if you have used your home as a principal residence consecutively for 5 of the previous 8 years you too will qualify for a tax credit. Current homeowners will qualify for a tax credit of $6500. For all homebuyers, there are some other limitations and qualifications that will apply. One example, there is a firm limit of $800,000 for the home being purchased, anything in excess of that will not qualify for the tax credit. Now for one of the most important parts of the new law for all of those potential buyers that have been riding the fence and waiting to see if the tax credit would be increased or extended. Under the new law you must have a binding contract in place by April 30, 2010 and then must close on or prior to July 1, 2010.

Should I Buy a Home Now?

Thu, 22 Oct 2009 03:00:00 GMT

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.