My New Blog

Great News for Jacksonville Military Personnel! The House of Representatives voted unanimously Monday to extend the deadline for the home buyers' tax credit for one group of Americans.

HR 3590 will allow eligible military personnel and foreign service and intelligence officers to apply for the $8,000 tax credit for one year beyond its current November 30 deadline.  Those meeting the underlying requirements for the credit must also be serving overseas or have spent at least 90 days deployed outside of the country during the current calendar year.  It is expected that about 350,000 military personnel and an unknown number of federal employees may be affected by the new law.

The bill, introduced by Representative Charles Rangel (D-NY) because it was thought that families serving overseas were being passed over for this one-time opportunity to  purchase a home.  It passed the Housed passed with 416 votes and 16 abstentions. 
 

Congratulations! You’ve made the step to becoming a homeowner. It’s a pleasure to work with you at this incredible time. I am here always to assist you with the process. However, for your convenience you can use this quick guide as reference.

1. Prepare for the hunt. Figure out how much home you want to spend, your wants and needs in a home and its location.

2. Shop for a loan and receive a preapproval. You should speak with a lender to familiarize yourself with different loan products as well as the loan process, documents required, current rates and how much mortgage you are comfortable paying.

3. View homes and decide on a home that suits your needs.

4. Make an offer. We will make an initial offer with hopes that it is accepted, but if not we will continue to negotiate until both parties come to common terms, or an accepted offer.

5. Within 5 days of receiving an accepted offer, you will make formal application for a loan and complete the loan process. Your lender will also request documentation from you and your Realtor such as information regarding the home, ordering an appraisal, verifying employment, bank statements, W-2’s etc.

6. Within 10 days after acceptance, we will set up a home inspection through a licensed home inspector to inspect your new home and assure that all things are functioning as intended. A WDO (wood destroying organisms) can also be conducted at the same time, but must be done within 20 days of an accepted contract. The WDO checks for damage that may be caused by termites, wood rot, etc. This is a buyer’s cost which is usually paid at the time of service.

7. Obtain homeowner’s insurance atleast 5 days prior to the closing date. It is best to try several companies for quotes. Your auto insurer is always a great start, but always shop for the best deal.

8. Closing time. Bring all funds required at closing in a cashiers check along with 2 forms of identification as well as your writing hand. There will be many documents to sign. You will receive copies of all of the documents you sign at closing. The closing agent or attorney will review these documents with you.

9. Move in and enjoy your home. Don’t forget to have your mail forwarded as well as connect all utilities.

Elite Realty Group of Jacksonville

I wanted to thank everyone for their continued support.  Due to our success, we have choosen to open our own Brokerage- Elite Realty Group of Jacksonville.  This modern realty company will specialize in Foreclosures, Bank owned properties, first time buyers, military buyers and sellers, property and asset management.  We are exited to expand our venture using the expertise and training that we have obtained throughout our careers.  I will keep you all posted!

Meantime, please feel free to contact us at (904) 374-3235. 

I'm sure that many of you have heard about the next tax credit that has been released. Well, here's the details:

*The credit allows for 10% of the purchase price up to $8000! 

*The buyer must purchase the home for their principal residence on or after January 1, 2009 and December 1, 2009. 

*According to the Federal Housing Tax Credit website, they define a first time buyer as one that has not purchased their principle residence with the past 3 years.

*This tax credit is NOT a loan and does not have to be repaid like the 2008 Tax credit.

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

Several of my clients already received their 2008 tax credit and could not be mroe thankful for the extra credit to invest back into their home! So what are you waiting for??  You don't even have to pay your tax credit back over the next 15 years!  Call me today to start your dream search!

Just a quick note for all the buyers who have been holding out on purchasing a home...

Feds lowered the prime rate again by .50% to make a total of 1.25% over the last week.   Don't push your luck!  This is a great time to purchase a home-lowest interest rates since 2005 and more inventory to choose from!

Email or call me with any questions! Happy hunting.

Brittany Stewart

(904) 254-0798

www.BrittanyStewart.com

As 2007 comes to an end, we ponder what the new year will bring for the real estate market.  Many economist attempt to predict what will happen within the next year stating that the market will pick up by summer 2008. More importantly, what will happen to Jacksonville's market?  I still stand by the fact that Jacksonville has not suffered as badly as other parts of the Sunshine state and I am optimistic that the market will increase in sales but maybe not as much in appreciation.  San Marco, Oak Hill Manor, Cecil Field (up 300+% in sales and volume sold), Downtown/Northbank, Ponte Vedra Beach-West of A1A, Southwest World Golf Village (up 105% in sales) were all up in sales and volume from 2006.

As always, its a great time to buy.  Buyers who are considering purchasing instead of renting, should evaluate their current household costs in comparison to purchasing their own home.  I closed several homes in the month of December and I was amazed when my customers were thrilled that their mortgage payments were going to be slightly more than their rent!  And with interest rates as low as 5.75, I'm hopeful that the market will continue towards a healthy market for 2008!