Greenwich Real Estate News - First-time homebuyer tax credit: 5 essential tips for new buyers

With the revised first-time homebuyer federal income tax credit currently in effect, now is the perfect time to consider making that big purchase, your first home.

"Buying a home is one of the biggest financial commitments a person can make, but first-time homebuyers and qualified return buyers are in an ideal position to take advantage of unique opportunities in the market, such as low interest rates and the choice among an abundance of for sale homes.

But before you sign on the dotted line, Country Estates Anad Manors a Greenwich real estate firm offers some helpful tips to ease the transition into homeownership.

Learn about the first-time homebuyer federal income tax credit

If you are considering purchasing your first home, or have not owned for at least three years, learn the parameters of the temporary first-time homebuyer tax credit, which is one of 10 provisions of the American Recovery and Reinvestment Act signed into law on Feb. 17, 2009.

According to FederalHousingTaxCredit.com -- a consumer Web site created by the National Association of Home Builders -- for those who qualify and purchase before Dec. 1, 2009, the bill provides a tax credit of up to $8,000, calculated at 10 percent of the purchase price. Unlike the previously available credit from 2008, the money does not have to e repaid, as long as the homebuyer does not resell the house for at least three years. "The tax credit can help make the American dream of homeownership a reality for potential buyers who previously could not afford the investment," says Young. He adds that potential homebuyers should consult with a professional tax advisor for full details on how the tax credit may benefit them.

Calculate what you can afford

Before you start searching for your new home, know what you can afford. According to the U.S. Department of Housing and Urban Development, your total monthly mortgage payment -- which includes principal, interest, taxes and insurance -- should be about 29 percent of your monthly gross income.

What you can afford is also based on, among other things, how large of a down payment you can make and how much money you can borrow. You can start estimating this figure by using an affordability or loan calculator found on the Internet. These calculators can help compute what may fit comfortably within your budget based on factors such as annual income, annual debts, interest rates and credit score. Though Internet calculators and statistics are good references, it is recommended that you consult a financial advisor to determine exactly how much you can afford.

Choose a neighborhood

After you determine your home buying budget, think about where you want to live. Are you going to stay in your current neighborhood, or do you want to hit the open road and start fresh? No matter what, you should thoroughly research the demographics of the area. Some additional factors to consider are how far you will be from work and shopping -- and if you have children, do some careful research on schools.

Make a wish list of needs and wants

Early in the home-searching process, list your basic needs such as minimum square footage, number of bedrooms and bathrooms, location and of course, the price you can afford. Web sites of leading real estate brands should have guided property searches that allow you to choose one or more of these criteria. If there are features that you would love to have in your home, but could live without, put them on your "want" list. This includes things like a pool, big yard, extra bedroom, etc.

Work with an experienced real estate professional

Searching for and purchasing your first home is an exciting experience, but it can be overwhelming. To help each step in the home buying process run smoothly, consider working with a seasoned real estate professional. Choosing a professional who is knowledgeable in your local and national markets, has access to the newest listings, and can help you negotiate prices, will increase the chances of finding your dream home.

Tips for Buying a Home from a Builder

More often these days, people go to “parade of homes” events or talk with their friends and family and decide to buy a home directly from a builder instead of looking for another home. This way they get exactly what they want and it is brand new. Buying a home can be challenging though and buying from a builder has its own challenges. Here are some tips for buying from a builder to help make the process easier and more enjoyable for everyone.

Shop around for a lender
You may think it is easy to just go with the builder’s lender, but this may not always be the best choice. They may overcharge you or not really listen to your concerns and needs. It is best to shop around for the right lender that will best fit your needs.

Obtain legal advice
When buying directly from a builder, sometimes they just write up an agreement that is best for them and not the buyer. Make sure to ask plenty of questions and know your rights. Also, make sure you get an agreement that works for you as well.

Hire a home inspector
It always a good idea to hire a home inspector when buying any home. Home builders have certain requirements but it is a good idea to make sure everything is done properly and any repairs are made before you purchase the home.

Ask around about the builders
Make sure the builders have a good reputation for building good quality homes with good construction. It is a good idea to ask other people that went with the same builder or to ask your agent for information on the builders.

These tips will help make the buying process easier for everyone. Buying a home can be challenging, but it should also be an enjoyable and rewarding experience as well. These tips will help make sure everyone is on the same page and help make sure there are fewer problems in the future.

Do It Yourself Home Improvements to Avoid for Home Buyers

When you have finally bought the home that is right for you and your family, you may want to update it or remodel some and you may want to save money by doing it yourself. There is much to consider and think about when you are planning to make home improvements by yourself. If you are not careful you could end up costing yourself money instead of saving money. Here are some do it yourself tips to avoid to help save you time, money, and worries in the future.

Make sure to always check on codes and obtain a permit
Without getting your house up to code or obtaining a permit, you are violating the law. Also, if someone finds out that you did not get a permit, you could have to start over and this will cost even more money.

Always make a written plan for work
If you do not write out your plan for the work that you will be doing, you may underestimate the time it takes to complete a job. This will not only cost you more money, but will make some areas of the house hard or impossible to use.

Make a budget
Under budgeting for the improvements or repair work may cost you more money in the long run. It is important to know if you have enough money for the jobs you plan to do and also budget for unexpected.

Hire a professional if needed
Trying to handle a job that you are under qualified for can not only be costly, it can be unsafe and dangerous for everyone involved. If you really are not sure whether or not you can complete a job by yourself, it is always best to consult a professional.

These tips will help you to avoid mistakes and more problems when you go about improving, repairing, or remodeling your new home. This will save you time and money and also worries far into the future. This way you can work on getting your home just how you want it with peace of mind.

Greenwich Real Estate News - Uncle Sam wants to help the First-Time Greenwich Homebuyers

The U.S. Housing and Urban Development Secretary Shaun Donovan on May 29 announced the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of an FHA-insured home.

He said this action will help stabilize the nation’s housing market by stimulating home sales across the country. The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit up to $8,000 for purchasing their first home. Families can access this credit after filing their tax returns with the IRS. The new announcement detailed FHA’s rules allowing state Housing Finance Agencies and certain non-profits to “monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments.

Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. You may visit the HUD web site to learn this new rule.Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent down payment on the purchase of their home. Now the lenders can use the tax credit as additional down payment, or closing costs, which can buy down the interest rate.

In addition to the borrower’s own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the down payment. This action permits the first-time homebuyer’s anticipated tax credit under the Recovery Act to be applied toward the family’s home purchase right away.

The Administration’s homebuyer tax credit is estimated to stimulate 160,000 home sales across the nation -101,000 of will be first-time buyers to receive the credit. .Homebuyers should beware of mortgage scams and carefully compare benefits and costs when seeking out tax credit monetization services.

For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges.

FHA will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary.

Greenwich Real Estate News - Landscaping tips to Sell Your Home

If you are trying to sell your home, you know that much work goes into the process. You have repairs to do, an agent to hire, open houses to hold, plus all the future plans and packing for your new home. When trying to sell your home, the outside of the home matters as much as the inside. If a buyer does not like the outside they may not even bother coming inside. So here are some landscaping tips and advice to help you make your home look even nicer and ready to sell.

Ask your Greenwich real estate agent for advice
Real estate agents have experience with what buyers like and what may turn them off. They are a great resource in helping you to get the right curb appeal to sell your home.

Add some contain plants to decks and patios
These areas are right where a possible buyer will enter and leave your home, so having eye catching beautiful plants are a good idea. They may also lead the buyer to think about possibilities they could do with the home if they bought it.

Buy fresh mulch
This will help your place look inviting because everything will look new and attractive to a possible buyer. Plus, it does not cost that much and is easy to apply.

Add color plants both outside and inside
Adding color will help draw in a buyer’s attention and also makes the house look nice and well maintained. These are all things that will make a buyer feel more comfortable about looking at your home.

Repair faucet links and plumbing problems
If a buyer sees a faucet leaking even outdoors, they may be concerned about plumbing problems and other concerns and may pass up your home, so it is a good idea to make these repairs to not scare buyers off.

When selling your home it is a good idea to care about how the inside of your home looks, but the outside may be what attracts a buyer from the start, so it is important that the outside looks good too. With these landscaping tips, you may be on your way to a sale and on to your brighter new future in no time at all.

Greenwich Real Estate News - Exterior Staging

When you’re trying to sell your home, you know how important staging is. Potential buyers want to see a home’s potential. That means taking out clutter and a lot of personal decorations, such as family snapshots. Buyers need to be able to picture the home as their own.

The same is true of the exterior of your house. A cluttered, unfinished backyard can kill a sale as easily as a cluttered home can. One of the first things that a buyer will see is the front of the home. You can boost your curb appeal considerably by doing a little landscaping. Plant some shrubs or trim the ones already in place. Plant some colorful flowers (annuals are cheap and easy to plant). Make sure that walkways aren’t overgrown and that the grass is cut short. Watering regularly in the weeks before showing your home can assure a green lawn.

Space sells. That’s true not only inside your home, but outside as well. Move lawn furniture to create a more open look if you have a small yard. Clear clutter and cut down weeds. Put any children’s toys into storage, including pool toys and small climbers.

Putting in some new plants can also help you to set the stage for potential buyers. Be sure to label as many plants as you can—buyers will appreciate knowing what plants you are using. Many home and garden stores have blank stake labels that can be slipped into the soil next to the plant. Make sure any weeding and pruning is done before potential buyers arrive. Putting in some mulch can give flowerbeds a very fresh look, adding to the exterior value of your home.

Rent a pressure washer to clean off decks, lawn furniture, patios and walkways. Refinish the deck if needed. It doesn’t take long, but will drastically improve your chances of selling fast. If any lawn furniture is rusty or has chipping paint, scrape it down and apply some new paint. Arrange a seating area, clean off the grill, and even buy a new lawn piece or two, if needed. Your goal is to create an area that looks perfect for barbecues, get-togethers with family and friends, or even just lounging after a long day of work.

Part of staging the exterior involves working on the house itself. Clean any debris from the roof and clean out the gutters. Spray down the siding. Touch up the paint job if needed. Make sure windows are clean from the inside and out. Another thing to consider is how your yard looks from the inside of the house. Look out windows, and make sure that your yard is arranged for maximum impact. This is often the first impression buyers will get of the backyard—make it count.

Staging your yard shouldn’t take more than a weekend, but it can radically change the look of your home. While the front of the home, the curb appeal, is important, don’t overlook the ways that a few hours of work can perk up the rest of your yard as well.