Real Estate Information Archive

Check out this video from Keller Williams Realty with great information on making a decision about buying or selling a home. Once you have all the facts, give us a call to help you meet your goals!

Happy New Year, Neighbors!

Well, 2008 is over!  While the real estate year was challenging along with the economy in general, Eastern North Carolina stayed strong as a contender for most favored place for families relocating for better quality of life, for retirees, and for second home buyers.  We continue to get requests every day for information about New Bern, but the story is often , "We have to sell our house first"......

On the bright side, there is a large inventory of homes on the market to choose from and interest rates are at record lows. If you are a buyer or considering a second home or investment property, this is definitely the market you have been waiting for.  That's why they call it a BUYERS MARKET!

If you are a Seller and are feeling you should wait until the market comes back, consider this.  While you may not get quite as much on the sale of your home as you wish, you will more than make up for it on when you get a great buy on your new home. Chances are, what you save on your new home will compensate for the lower sale price on your existing home.

A professional Realtor^® tackles a "SHIFTING MARKET" by researching the current statistics and studying the trends in order to provide better service to every client!

Now more than ever, having a trusted and skilled real estate advisor on your side can make a huge difference.  It was easier in the old days to "ball park" real estate, but now you should be asking for real estate statistics from your Realtor^® so you can make informed decisions. 

These charts , STATE OF THE MARKET 2008 (Chart 1, Chart 2) were compiled by my Realtor^® partner, Dianne Dunn of Keller Williams, and she graciously allowed me to share them with my Trent Woods neighbors. Remember, knowledge is power and does give us the edge when making decisions.

 Buying and selling Real Estate are among the most  important decisions you will ever make, so call a Professional Realtor^® today to get your free consultation!

Your Real Estate Consultant,

Donna Harmatuk

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 go 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.

The Housing and Economic Recovery Act of 2008 was just signed by President Bush with some amazing benefits for first time homebuyers. Call everyone you know who wants to buy their first home (or who hasn't owned one in three years), this is too good to miss - it's a $7,500 tax CREDIT (not deduction but a credit).

If you have not owned a home in three years, you qualify as a first time home buyer. If you buy a home after April 9, 2008 and before July 1, 2009, you qualify for this credit. Call your friends who just bought a home since April 9th and tell them they may take $7,500 off their tax bill if they qualify. It has to be your principal residence, so rentals do not count.

The tax credit is 10% of the cost of the home, up to a maximum of $7,500. This is not an additional deduction that lowers the amount of income to be taxed, it is a tax credit. In other words, you take $7,500 off your tax bill. But there is a catch; the credit you receive now is actually an interest-free loan that must be repaid.

The loan has no interest, and will be paid back over 15 years. You get the credit on your 2008 taxes, but you start paying it back on your 2010 taxes that are due in 2011, so you get at least two years without a payment. You pay back 6.67% of the credit each year, so for a $7,500 credit the payment is $502.50 per year. If you stay put for 15 years, you pay it off with no interest.

What happens if you sell the house? You pay the balance back at the closing. So, you get $7,500 now, and pay the rest of it back if you make money on the sale of your house. What happens if you do not make enough money when you sell your house? They forgive the rest of the debt.

Other restrictions stipulate that you have to buy your first house in three years before July 1, 2009, not have super high income, not use bond financing and buy anywhere in the US.

If you'd like to learn more about this program, please call me!