TAX CREDIT TO BE EXTENDED COMES WITH AN INTERESTING TWIST

I'm so happy to write about the new bill that has passed for the First Time Homebuyer tax credit privilege to be extended to APRIL 30, 2010! And the interesting twist is that, current homeowners can receive up to a $6,500 tax credit! The catch is that the property must be the owner's primary residence, with a minimum occupancy of 5 years, which really isn't too much to ask for, is it?

Pending contracts have a closing deadline of July 1, 2010, for buyers to take advantage of the tax break.

According to www.Realtor.org, the response to the current tax credit law, has generated a lot of money back into the real estate industry and the economy as a whole. Projections are high as $22 Billion. It's also predicted that 2 million people will take advantage of this real estate incentive. It would make sense to extend such a great offer, to get even more people from off the fence about buying now, in these recession times.

Nice incentive, indeed.

Generous Tax Credit Stimulates Real Estate Sales Before November 30

According to www.CNN.com, the deadline of November 30 has galvanized a significant upswing in real estate sales. Great for the economy, (first-time) homebuyers, and agents, it's not known yet whether or not the Tax Credit privilege will be extended to a later date. Homebuyers who purchase real estate prior to November 30, are qualified to recieve an $8000 tax credit. This perk was implemented by the government to push buyers and sellers who were on the fence, because of the worst economy that has hit since the Great Depression.

Mortgage rates and home prices are so favorable at this point, the article mentions that even more renters are most likely qualified for purchasing, without going outside of their financial means. It's encouraging "3 million renters who are now financially well-qualified to buy a median-priced home," without being strapped for cash.

On the flip side, foreclosures and short-sales are still predicted to be on the rise, as many homeowners seek resolution for not paying mortgages. This huge flaw has taught many future and current homebuyers to not go outside of one's budget. With so much inventory available, homebuyers can make sound decisions that won't leave a negative impact in their pocketbooks.

Is Someone Representing you and working for YOUR Best Interest??

I want to share with future homebuyers, the importance of working with a buyer's agent. Unfortunately, there are way too many times that a homebuyer(s) is under the impression that the Realtor is working for them as the purchaser, when in fact, the Real Estate Agent is working for his Client, the Home-Seller. What that means is the Real Estate Agent for the Seller will work his/her hardest to get TOP DOLLAR for the sale of that house; it is the Seller's Agent's job to ensure the previous owner walks away from the Closing Table, with THE MOST MONEY IS HIS/HER POCKETBOOK. As a result, the buyer of the property is most likely paying a lot more for that house than he/she would have paid IF the purchaser would have hired an agent to represent them as the Buyer's Agent!

Homebuyers, make it your duty to hire a real estate professional to work on your behalf. Make sure that the Buyer's Agent will be willing to effectively negotiate for you, verify property conditions and potential hazards, assess the market value and give you honesty, client-loyalty, refer you to AT LEAST 3 mortgage professionals to lock down the best rate and obtain a bank commitment that is LEGIT! The Buyer's Agent should also be available and provide consistent, helpful feedback to his/her buyer client.

4 Bedroom - House for Rent $2200 per month includes all utilities

House in Hempstead on quiet block, tree-lined street is for rent. Four large and spacious bedrooms, total asking rental price = $2,200 per month. All utilities are included!!!!!!!!!!! Minutes away from Long Island's Hofstra and Adelphi Universities. Very close to Molloy College, and just minutes away from Long Island Rail Road. A short walk to the bus stop. The rental includes all of the utilities (Heat, Gas, Water, and Electricity) with access to Front and Back Yards, and Street Parking. Small Pet is acceptable. Back yard includes a dog-run !

Iva Rowe

EXIT Realty by Open Gates

575 Uniondale Avenue

Uniondale, NY 11553

Office: 516-292-9100

Direct: 516-884-6928

e-mail: irowe1@hotmail.com