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2009 Economic Stimulus Plan
18 February 09 03:05 PM | Elena & Kirill Gorbounov(a) | 0 Comments   
Four important points: 1) Tax credit to First Time Home Buyers is $8,000 (tax deduction) and it does not have to be repaid if you live in the property at least 3 years (valid until December 1st 2009). fyi: if you owe less than 8K in taxes then the government will send you the difference in the mail!!! 2) Home improvement tax credit (e.g. if you were to spend $4500 in home improvement that would result in a more energy efficient home then the government will give you a 30% tax write off of $1500 - the maximum). Improvements that qualify ... energy efficient exterior doors and windows, insulation, heat pumps, furnaces, central air conditioners and water heaters. 3) FHA limits raised to $625,500 across US. If you are unfamiliar with what an FHA loan is here are the highlights: 3.5% cash investment, seller subsidy for closing cost is doable, must be principle residence, etc. Another option is purchase a HUD property and they can tack on $35K (i.e. buy a property that is 50 cents on a dollar and use the money to do the necessary improvements to make it habitable). Furthermore, you can add energy efficient fyi: NAR's monthly official forecast as of February 3: Average 30-year fixed mortgage rate by mid-2009: 5.2% Read More...
Mortgage Rates Update - January 25th
25 January 09 12:20 PM | Elena & Kirill Gorbounov(a) | 0 Comments   
January 25th, 2009 According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.29 percent in December from 6.09 percent in November; the rate was 6.10 percent in December 2007. Last week, Freddie Mac reported the 30-year rate was 5.12 percent. Read More...
Northern Virginia Housing Market Statistics - Things that you don't hear
15 December 08 12:08 PM | Elena & Kirill Gorbounov(a) | 0 Comments   
December 15th, 2008 Interesting Points: 1) The DC metro area has the lowest unemployment rate out of the fifteen largest metro areas and about two percentage points less than the national average. 2) According to a national survey conducted in 2004: the average renter's net worth: $4,800. The average homeowner's net worth: $171,000 3) In a recent survey, 8 out of 10 economists stated they believed housing prices would be higher five years from now. 4) An overwhelming majority of economists surveyed - by a better than 5-to-1 ratio - agreed with the statement, "A person can increase their long-term wealth by purchasing a house rather than renting." 5) Over the past 40 years, home values have risen more than 7 percent annually in NoVA. 6) People who purchased homes six years ago have, on average, seen the value of their homes rise over 24 percent, despite recent price declines. 7) Homeowners benefit from the power of leverage. At an annual appreciation rate of 5 percent, a 10 percent down payment on a home will return 94 percent after three years. After five years, it increases to 225 percent. After ten, 623 percent. 8) The median selling price of a single family FSBO in Virginia was $249,500 compared with $313,400 for REALTOR assisted home sales. Is 26% more for a seller's home worth paying a commission for? I'd like to think so. 9) Virginia's population is expected to grow by 500,000 by 2010. 10) RE/MAX Associates averaged 39 percent more transactions than our nearest national competitor. Read More...

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