Andrea Hall\’s Blog

First time home buyers (those who have not owned a home in the last 3 years) will soon be able to use the $8000 tax credit as a part (or all) of their downpayment.   The guidelines are not out yet, but should be soon.   Certain approved HUD entities, such as state and local housing programs, will be able to make temporary bridge loans to buyers for the $8000 tax credit.

This is good news for Sellers as it will put more buyers in the market immediately.   All many buyers are waiting on to purchase their dream home is the money for downpayment or closing costs.   This action by the federal government should put dollars out there for investing in home ownership!   It will be easier for buyers to buy and for sellers to sell!   That’s exactly what we need in this market.

There are lots of opportunities out there for buyers right now–not just in foreclosures and other distressed properties–but in the regular market.   While home prices in the San Antonio area have not fallen much–only about 5%, they have fallen!   That in itself makes it a super time to buy a home!

Get with a mortgage lender NOW and get your pre-approval started–so you’ll be ready when the guidelines are published!   Remember this “free” $8000 goes away on November 30, 2009!

Would you have surgery without a surgeon?   No, I wouldn’t either!   I would want the very best surgeon I could find to give me advice and counsel before I entered into the procedure!   But in the last 27 years I’ve watched Buyers and Sellers enter into the largest financial transactions of their lives without any professional advice!   I’ve watched Sellers & Buyers choose their agent for a variety of reasons,  but mostly for ‘no reason at all’!   They pick the first agent they run into, and then wonder why they’re not happy with the agent or didn’t get the service they thought they should have!   All real estate agents are not created equal!

You should take the same care in picking your real estate agent that you take in picking your accountant, doctor or lawyer!  After all, you are picking the professional that will advise you in one of the largest, possibly THE largest, financial transaction of your life–don’t be cavalier about it!

Choose the finest agent the industry has to offer–choose an agent who holds the Certified Residential Specialistdesignation.   It’s important to work with someone who can provide sound advice and a steady, guiding hand when you need it.   That’s why a CRS agent is the best person for the job!

      A Certified Residential Specialist (CRS) is among the top 4 percent of all agents in the country. CRS agents have achieved a high volume of transactions and advanced training in areas such as business planning, real estate investing, marketing and technology. They must also maintain membership in the NATIONAL ASSOCIATION OF REALTORS ® and abide by its Code of Ethics. Why work with anyone else when you can work with a CRS?  Choose your agent based on experience in the industry, knowledge of your area, or knowledge of the area you’re interested in purchasing in.   The best agent is not always the one who has a huge staff and has  sold the most  homes in town!   Lots of times it’s a REALTOR(r) who manages their  listings themselves, gives hands on, first person attention to their buyer clients, and makes a nice living doing so (but won’t ever be rich!).

 If you need more information on the real estate industry, don’t hesitate to call Andrea Hall, CRS, GRI, e-PRO at 210-508-9718 or email me at andrea@andreahall.com.

Find the new Home Ownership Bill coming out of Congress confusing?   Well don’t!   I’ve got the real skinny!  

Rule 1 = 1st Time Homebuyer = Anyone Who Hasn’t Owned a Home in 3–yes count them–3 years.   It doesn’t mean you’ve never owned a home!

Rule 2 = there are income limits, but they are really, really liberal.    Lots of  people buying in the San Antonio area will qualify!

Rule 3 = It’s actually an interest free loan, not a gift.   It’s designed to ‘get buyers over the years 1 & 2 hump’.   The tax credit is repaid on your tax return over a 15 year period at $500 a year.   Not a government ‘freebie’ but no bad deal either!

Rule 4 = The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.

That’s about all there is to it!   So if you are a 1st time homebuyer and closed your home after April 9, 2008, you are eligible to claim the tax credit on your 2008 return.   Talk to your tax professional for more details on how to claim on your return.

If you’re thinking of buying and meet the 1st time homebuyer qualifications, call me NOW and let’s get started!   Interest rates remain low, there’s plenty of sellers out there wanting to sell!   Take the 1st step now!   Call me at 210-508-9718 and let’s talk or log onto www.andreahall.com and take a browse!!

Welcome to Andrea Hall’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in San Antonio.