The Secret is Out!

One of the most exciting provisions of the Housing and Economic recovery Act of 2008 was the First-Time Homebuyer Tax Credit. The credit was expanded as part of the most recent economic stimulus bill (The American Recovery and Reinvestment Act of 2009).

What You need to keep in mind:

A first time buyer is defined as someone who has not owned a home in the last 3 years.

Single taxpayers with incomes up to 75,000 and married couples with incomes up to 150,000 qualify for full credit

If you are married, both spouses must be first time buyers

For Homes purchased Between April 9, 2008 and December 1, 2009

The credit amounts to 10% of the purchase price of the home not to exceed 8,000.

The tax credit does not need to be paid back if you continue living in the home as your primary residence for 3 years without selling it.

Combine this tax credit with low home prices and interest rates, it is indeed an ideal time to purchase a home now!

If you need a reputable lender to work with, please contact me I work w/ the best in the industry.

Our current housing inventory in Clark County is approx. 16 months and this is one of the reasons why we are experiencing the best "Buyer's Market" in 30 Years. It's an opportune time for First-Time buyers, move-up buyers and investors! One of my most recent clients just purchased an REO home from me in a fantastic neighborhood in Vancouver, this home is approx. 2100 sq ft. and the sale price was 199,000 (it's well under $100 per sq. ft). The mortgage payment approx. 1,000.00 per month!

REO's and distressed sales (Short Sales) are driving the market and at the same time pushing down property values and once the inventory shrinks, home values will go up again. Banks are motivated sellers and they understand why it's more advantagous to sell sooner than later esp. with current market conditions. The approx. market time for an REO property is 60-90 days. They are hot and they move fast (some sell over-night).

If Foreclosures interest you, timing is of the essence...make sure that you get pre-approved right away so that you can take advantage of the golden opprtunities that are around you and there are many!

These are two lenders that I highly reccomend in case you haven't had the opportunity to get pre-approved. They are both excellent!

Tami Edwards (Met Life) (503) 803-1480

David Kilkenny (Alpine) (360) 921-6281

Should you sell now? No, unless your goal is to move-up and purchase a home in a neighborhood that you could not afford last year!

How can one find these great deals? work with a realtor...banks do not sell directly to consumers, they list their inventory w/ their preferred agents.

If you have established trust with an agent and are considered a preferred client, you will be able to get regular updates on properties that have not yet hit the market and seize these opportunities, you will benefit greatly from an insider's knowlege. 

Any other questions, feel free to pick my brain, I am an approved agents for many banks and will be glad to share my knowledge with you.

Best wishes,

Isabel

(REO Certified and Trained)

IF YOU HAVE KIDS, THIS IS ONE EVENT THAT YOU DO NOT WANT TO MISS! THIS YEAR (2008) IT TAKES PLACE ON WEDNESDAY (OCT. 29, 3-5pm).

WE HAVE BEEN GOING EVERY YEAR SINCE WE MOVED TO CAMAS WHICH WAS EXACTLY 5 YEARS AGO, AND I AM NOT EVEN A FAN OF HALLOWEEN! BOO BASH IS ONE OF MY FAVORITE FAMILY EVENTS BECAUSE YOU CAN TRULY FEEL THE SPIRIT OF COMMUNITY IN CAMAS!  THAT WAS A MAJOR REASON WHY WE DECIDED TO RAISE OUR KIDS HERE AND BUILD MEMORIES.

ALL THE BUSINESS ARE OPEN  HANDING OUT CANDY & DRESSED UP IN THEIR FAVORITE HALLOWEEN COSTUME  THEY TRULY GO OUT OF THEIR WAY TO MAKE THIS DAY A FESTIVE EXPERIENCE FOR THE KIDS AND THEIR FAMILIES. YOU WILL SEE EVERY COSTUME IMAGINABLE AND RUN INTO FAMILIAR FACES OVER AND OVER AGAIN....IT'S GREAT!

NATURALLY, THE CANDY RUNS OUT LATER IN THE DAY SO MAKE SURE THAT YOU ARRIVE RIGHT ON TIME OR SLIGHTLY EARLIER. PARKING CAN BE A STRUGGLE,  WE USUALLY ARRIVE PRIOR TO 3pm TO MAKE SURE THAT WE GRAB A SPOT BEFORE THE MASSES.

OUR KIDS ARE NOW 6 AND 9, WITH MY SON BEING THE OLDEST...I OFTEN WONDER HOW MANY MORE YEARS WILL HE CONTINUE TO ENJOY THIS YEARLY EVENT...HOPEFULLY, HE WILL HAVE LOTS OF WONDERFUL MEMORIES OF THIS GREAT TOWN WE CALL HOME!

I HOPE TO SEE YOU THERE RAIN OR SHINE!

GIVE YOURSELF A PAT IN THE BACK IF YOU HAVE MADE THE WISE DECISION TO PURCHASE A HOME IN TODAY'S MARKET!

THESE ARE SOME TIPS THAT WILL HELP YOU BECOME A SMART BUYER!

1. GET PRE-APPROVED ONLY BY A PREFERRED LENDER!

2. NEVER, NEVER MAKE AN OFFER WITH OUT A BUYER'S AGENT (IT COULD COME BACK TO BITE YOU)!

3. MAKE A LIST OF YOUR NEEDS VS WANTS

4. ASK YOUR AGENT LOTS OF QUESTIONS AND ALWAYS ASK FOR THEIR ADVICE (THEY ARE THE EXPERTS)

5. FIRST FOCUS ON THE COMMUNITY AND THE NEIGHBORHOOD THAT YOU LIKE AND WANT TO LIVE IN 

6. NEXT FIND THE HOUSE, BE PICKY BUT NOT UNREALISTIC

7. READ THE PROPERTY DISCLOSURES BEFORE MAKING ANY OFFER AND HAVE YOUR AGENT REVIEW THEM

8. HAVE YOUR AGENT PREPARE A CMA BEFORE ANY OFFERS ARE SUBMITTED.

9. LEARN AND READ THE PAPERWORK AS YOU GO ALONG

10. BE PATIENT!

11. EXPECT A 45 DAY CLOSING (MOVING DAY)!

12. CONGRATULATIONS!!!

Folks, it's sad but true! The programs that provided buyers with down payment assistance as much as 3% down and up to 6% (including closing costs) known as "Neamiah" will be gone as of Oct. 01, 2008! President Bush signed a bill July 29 to ban this program as of today (Aug. 02) there are only 59 days to get people off the fence and purchase the home of their dreams. My most recent clients (First-time buyers) used this program and were able to keep almost all of their cash (15,000) in their pockets for improvements on the home or how else they decide to spend it. Neamiah is not just for First-Time Buyers, anyone that makes a purchase under 343,000 (loan limits) is eligible (verify with your lender).

If you know of anyone on the fence, please get them off...You will be doing them a Huge favor considering that rents are up 15% across the U.S.A. and climbing! There will be other programs coming on course, but none that I am aware of providing the same type of assistance as "Neamiah". The reality is after October, if you want to purchase a home you need to start planning ahead and saving for a down payment minimum 3.5% down...Don't miss the boat, speak to a lender as soon as possible and have them set you up quickly so that you can start investing in your financial future!  This program will be gone shortly...the clock is ticking. The time to act is now!

If you missed the boat and would like to explore other options, call me today (360) 606-9715 or e-mail me isabeld@johnlscott.com I will be glad to be of assistance.

When I started thinking about buying a home, it was somewhat scary because there was so much that I did not know so I decided to go to a bookstore and purchase a book on home buying (your first home). I must have read that book non-stop at least 5 times, I did not learn everything because it was still a little overwhelming, but I gained the confidence needed to ask questions!

1) Purchase a book just to get the basics

2) Hire a buyer's agent to help you sort through the inventory and guide you through the process (it's free). Work with someone that you like and trust!

3) Don't ever hesitate to ask questions (esp. in contracts) a purchase and sale agreement is 18 pages long! Know your contingencies and time-lines, it's crucial!

4) Know what you can afford and get pre-approved by a preferred lender

5) Once you find the right home, don't wait to purchase, home prices are down 25% but they will come back up!

6) It is more important to buy the neighborhood than the home!

7) Make a logical purchase, not an emotional one.

8) Be present at the inspection (esp. if you have concerns) 

9) Buyer's remorse is real, but it's temporary...

10) Go Out and Celebrate!

Purchasing your first home is extremely rewarding, and it is a steppping stone towards your next house. Your first home most likely will not be your "dream home", but it will a step towards that goal...Congratulations! You are about to make the soundest long-term investment in your life.

If you need my assistance to help you and guide you through the home buying process, I will be honored and if you just have questions, please don't ever hesitate to ask! Contact me today for your "FREE" Get The Facts First Home Brochure.

Our inventory in Clark County is approx. 13 months (varies w/price range) but with this said, homes that feature privacy are still hot items and so are 1 level homes. These homes have very little competition and competition is the key. Do you really know your competition? How does your home show??? Take the time to look at your home through the buyer's eyes and hold off remodeling unless you have a professional help you. I have seen some homes that were remodeling disasters and very buyer unfriendly!

In today's market, price and condition are critical to have a home sell.  It's a buyer's market, buyers want a great deal, wouldn't you??? Pricing a home right the first time is more important than waiting to see if you will get more in a few months. If anything you could lose more substantially by playing the waiting game because the market is still shifting. Don't have a realtor tell you what you want to hear, just simply ask for the truth it could make a difference whether your home sells or not!  Lastly, the most important step to selling a home in any market is for sellers to have a professional agent.  More than ever, both buyers and sellers are looking to their agent to guide them through this transitioning market.

If you are considering selling your home the best time of year is Spring and early Summer. Don't forget always ask a professional for their advice, and price it right and you will be glad you did!

With all the false hype in the media about a supposed "crashing market", it's more important than ever to understand the proper way to analyze what's truly going on.  One of the best ways to do so is to understand pending numbers.  There is no better indicator of how the real estate market is doing right now than pending sales for a specific time period.

When a property is put up for sale, the real estate industry calls it "listed".  When a contact is signed, it is labeled "pending".  A legally binding contract has been signed, but all the conditions have not yet been met.  Conditions could be loan approval, inspection, or the sale of the buyer's current home.

Whatever the conditions, the pending home sales is the most powerful indicator of how strong or weak the real estate market is.  When a property is pended the chance of the property going through closing is very high.

That is why looking at the pending numbers is important in predicting real estate trends.  For example, the media who report on a "crashing market are not fully versed in real estate fluctuations.  Pending numbers are not part of their vocabulary.

So, the next time you hear "the market is crashing", call me to find out the pending numbers in your area.  I will help you weed through the false information with solid numbers.

The definition of a Short Sale is when outstanding obligations (loans) against a property are greater than what the property can be sold for.

The Short Sale process is a lengthy one for everyone involved. The bank can take up to several weeks or months to approve of the offer, however it can make a difference which bank is involved.  The key to a successful short sale is knowledge on the side of the listing agent because they have to be in constant & regular contact with the bank, coordinate all the paperwork necessary, follow the correct protocol and at the same time keep everyone else in the loop.  The buyer's agent should also know enough about the process so that the right questions are asked at the right time in order to avoid wasting your time as a buyer.

This is a situation where you as the buyer has very little to no control and you have to ask yourself if you have the time and personality to weather the storm.  Short Sales can be profitable as long as you don't find yourself in a bidding war with other potential buyers and make sure that before you have your agent submit an offer, that they communicate with the listing agent effectively and ask the right questions before moving ahead!

I personally enjoy Short Sales, they are very tedious and not to mention stressful and they take three times the energy of a normal sale however;  I also receive a lot of gratification knowing that we just saved someone's home from foreclosing...If you would like to learn more about short sales or if you know of a seller in distress please contact me because I understand the heartbreak of losing a home and in most cases I can help.

I have been an investor since my late 20's, and the one thing that I learned in Economics while I was attending College and have practiced throughout the years is to buy Low and sell High. Wheather you are investing in the stock market or Real Estate it's the same philosophy.  My investments have tripled over the years because I knew when to buy, I purchased when prices were down and not when prices are going up...  You will find that most people do just the opposite and they end up following the crowd and miss a huge buying opportunity. Are you waiting to get in when the market stabilizes like everyone else so that you pay the highest possible price for a home? This is what happened a couple of year's ago...so don't get caught up in the hype!

In Clark County that are several screaming deals in every price range, even in the First Time Buyer Market which I never thought that I would see...It's an exciting time for everyone to enter the market and not worry about competing offers, afford better neighborhoods, and name your price on a home!  So What are You Waiting For???  Our Market has dropped about 20%, the time to Buy is Now!