Just to clarify the homebuyer tax credit for 2009. If you have not owned a home in the last three years you qualify as a first time buyer. The credit counts as tax paid so if you purchase a home in 2009, when you file your taxes at the end of the year you can receive a refund of that $8000. If you already have a refund coming the $8000 would be added to the refund. For example, you file your taxes and you have paid in $2000 from your paychecks and you owe $1000 in taxes, your refund would be $9000 (your $1000 + the $8000 tax credit)
So if you are thinking of buying a home this would be a good time. Rates are low and the tax credit is for this year only.
Happy house hunting.
Saturday, April 04, 2009
Thursday, January 22, 2009
Friday, December 26, 2008
Giving Back to El Paso
I have started a new program for 2009, designed to give back to the people of El Paso. I call it "Move With A Purpose." I believe very strongly in giving back to the community. There are many ways to do it, donations, volunteer your time, etc... Anything you can do to make a difference.
In 2009 I am going to donate 20% of every real estate commission earned to a local charity. In order to participate and help make a difference just go to my website http://www.ricksnowsellselpasohomes.com/ and click on Move With A Purpose. If you are buying or selling a home, register here and help make a difference in El Paso.
I am looking for additional charities to add to my partner list, so if you know of a good cause let me know and we'll get it added to the list. My goal is to give away as much money as I can in 2009. Help me out.
Thursday, December 18, 2008
El Paso Affordable for Investors
According to an article in the NuWire Investor, a news and educational resource devoted to educating and updating investors on the news, trends and opportunities in the alternative investment marketplace, El Paso is an affordable alternative for real estate investment.
Just what we've been saying all along. It's STILL a great time to buy real estate in El Paso, Texas. If you are interested in investing in El Paso real estate visit my website.
www.RickSnowSellsElPasoHomes.com
Just what we've been saying all along. It's STILL a great time to buy real estate in El Paso, Texas. If you are interested in investing in El Paso real estate visit my website.
www.RickSnowSellsElPasoHomes.com
Sunday, September 16, 2007
Tuesday, August 21, 2007
Buying and Selling
With everything going on with the mortgage world people are wondering what is going to happen to our real estate market. Well, the truth is that lenders went hog wild giving everybody and their brother credit without requiring down payments and with crazy loan programs that set many people up for failure.
And that's what we got...failure of many, many people to repay their loans and to go into foreclosure. For those of you that don't know how the lenders do business; banks, credit unions, and mortgage companies loan money to consumers to buy homes. Then they package up millions of dollars of loans and sell them to FannieMae, FreddieMac, and other investors (this is the secondary market) to generate more money to make more loans. The loans they make must meet the guidelines of the secondary market or they can't be sold. The original lenders make money from the fees they charge to set up the loan and often times they charge a fee to keep collecting payments and servicing the loan for the new purchasers.
Well, with the shakeup of the subprime market(loans for people with less than 20% down and less than perfect credit) caused in part by so many foreclosures, investors are less willing to purchase those packaged loans from the lenders, so now they can't generate more money to make more loans.
Okay, back to "what does this mean to me". If you are buying it means:
1. You may be required to come up with a down payment.
2. You should get fully approved by your lender prior to entering into a purchase contract, to avoid spending money for inspections, appraisals etc, only to find out you can't get a loan.
3. You should look into VA or FHA loans that can allow minimal downpayments.
If you are selling it means:
1. Fewer buyers will qualify for loans to buy your home and it may be on the market longer for that reason. Longer market times mean more inventory for buyers to choose from.
2. Greater inventory means you may want to consider incentives to get buyers interested in your home.
3. You may want to be more aware of curb appeal issues that may cause buyers to pass on purchasing your home. Repairs should be done instead of offering credits to the buyer.
If you have money to invest or are in a position to use some of the equity you have in your current home to invest in other real estate, this is the perfect time to make that move. Of course everyone has different investment goals and risk tolerances that have to be considered, and before you jump in I recommend an investment consultation.
And that's what we got...failure of many, many people to repay their loans and to go into foreclosure. For those of you that don't know how the lenders do business; banks, credit unions, and mortgage companies loan money to consumers to buy homes. Then they package up millions of dollars of loans and sell them to FannieMae, FreddieMac, and other investors (this is the secondary market) to generate more money to make more loans. The loans they make must meet the guidelines of the secondary market or they can't be sold. The original lenders make money from the fees they charge to set up the loan and often times they charge a fee to keep collecting payments and servicing the loan for the new purchasers.
Well, with the shakeup of the subprime market(loans for people with less than 20% down and less than perfect credit) caused in part by so many foreclosures, investors are less willing to purchase those packaged loans from the lenders, so now they can't generate more money to make more loans.
Okay, back to "what does this mean to me". If you are buying it means:
1. You may be required to come up with a down payment.
2. You should get fully approved by your lender prior to entering into a purchase contract, to avoid spending money for inspections, appraisals etc, only to find out you can't get a loan.
3. You should look into VA or FHA loans that can allow minimal downpayments.
If you are selling it means:
1. Fewer buyers will qualify for loans to buy your home and it may be on the market longer for that reason. Longer market times mean more inventory for buyers to choose from.
2. Greater inventory means you may want to consider incentives to get buyers interested in your home.
3. You may want to be more aware of curb appeal issues that may cause buyers to pass on purchasing your home. Repairs should be done instead of offering credits to the buyer.
If you have money to invest or are in a position to use some of the equity you have in your current home to invest in other real estate, this is the perfect time to make that move. Of course everyone has different investment goals and risk tolerances that have to be considered, and before you jump in I recommend an investment consultation.
Friday, August 03, 2007
North East Development
We'll hold off on the official congratulations to Hunt Communities until after the final City Council approval, but it appears that the planned unit development in the North East will be started in the near future. Hunt will add this to several other development projects going on in El Paso.
The selection of a local company to be the master developer for the project is, I believe, a testament to the maturity and growth of El Paso. The El Paso Association of Home Builders should also be pleased that a local company, that will continue to support other local builders through subcontracting, has won the bid. A project of this magnitude that can be bid on and won by local business shows that El Paso isn't just a little hick town on the edge of Texas. No longer will we be the stepchild of the rest of the state.
The North East project, the Medical school, the outlet mall, what's next? How about our sister city's selection as the top maquilladora center in Mexico. This helps El Paso as well since many of the top management in the maquillas buy homes in El Paso.
Even though everyone's talking about a housing slump, the future of El Paso real estate looks bright to me.
The selection of a local company to be the master developer for the project is, I believe, a testament to the maturity and growth of El Paso. The El Paso Association of Home Builders should also be pleased that a local company, that will continue to support other local builders through subcontracting, has won the bid. A project of this magnitude that can be bid on and won by local business shows that El Paso isn't just a little hick town on the edge of Texas. No longer will we be the stepchild of the rest of the state.
The North East project, the Medical school, the outlet mall, what's next? How about our sister city's selection as the top maquilladora center in Mexico. This helps El Paso as well since many of the top management in the maquillas buy homes in El Paso.
Even though everyone's talking about a housing slump, the future of El Paso real estate looks bright to me.
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