Interest rate update from Coldwell Banker Mortgage
30 year fixed mortgage 4.875%
15 year fixed mortgage 4.25%
FHA 4.91%
VA 4.89
Coldwell Banker Survey Identifies Multi-Generational Homes As a Trend in Real Estate
Furthermore, the Coldwell Banker® January 2010 survey respondents cited financial drivers as the No. 1 reason why home buyers or sellers are moving into a house with other generations of their family (39 percent). Twenty-nine (29) percent said that health care issues are the primary reason, and six percent cited a strong family bond as the main factor.
“While saving money is certainly an incentive for buying a home that accommodates multiple generations, the benefits go beyond just financial reasons,” said Diann Patton, Coldwell Banker Real Estate Consumer Specialist. “With two or three generations living under one roof, families often experience more flexible schedules, quality time with one another and can better juggle childcare and eldercare.”
Communicating with family members and consulting with their real estate professional is key, as well. “Talk to everyone involved and determine how comfortable the family members are about sharing bathrooms, office space or common areas, and let that guide your search,” Patton advises. “All of these topics are incredibly important in finding the right kind of home to fit the family – like one that has four bathrooms or one that has three.”
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Seven Important Facts
Seven Important Facts about Claiming the First-Time Homebuyer Credit
If you purchased a home in 2009 or early 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time resident purchasing a new home.
Here are seven things the IRS wants you to know about claiming the credit:
1. You must buy or enter into a binding contract to buy a principal residence located in the United States on or before April 30, 2010. If you enter into a binding contract by April 30, 2010, you must close on the home on or before June 30, 2010.
2. To be considered a first-time homebuyer, you and your spouse if you are married must not have jointly or separately owned another principal residence during the three years prior to the date of purchase.
3. To be considered a long-time resident homebuyer you and your spouse if you are married must have lived in the same principal residence for any consecutive five-year period during the eight-year period that ended on the date the new home is purchased. Additionally, your settlement date must be after November 6, 2009.
4. The maximum credit for a first-time homebuyer is $8,000. The maximum credit for a long-time resident homebuyer is $6,500.
5. You must file a paper return and attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit with additional documents to verify the purchase. Therefore, if you claim the credit you will not be able to file electronically.
6. New homebuyers must attach a copy of a properly executed settlement statement used to complete such purchase. Buyers of a newly constructed home, where a settlement statement is not available, must attach a copy of the dated certificate of occupancy. Mobile home purchasers who are unable to get a settlement statement must attach a copy of the retail sales contract.
7. If you are a long-time resident claiming the credit, the IRS recommends that you also attach any documentation covering the five-consecutive-year period, including Form 1098, Mortgage Interest Statement or substitute mortgage interest statements, property tax records or homeowners insurance records.
Indicator Suggests Remodeling Upturn in 2010
“Driven Masters of the Trade”!!
Every agents dream is to have a reliable, trustworthy source to help expedite your closings.
DMT Construction Company, L.L.P.
“Framing to Finish”!!
General Contractors#DMTCOCLO14C5
· Specializing in kitchens & bathrooms!
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· Work Orders & more……
Owners: David Mastandrea/Ryan Cress
Cell: (206) 799-8029/ (206) 714-8398
Comments from your local Realtor:
Doug garvey: Realtor C/B Danforth & Associates Inc.
“ I have used Dave for many years for my own home projects and referred him to my clients as well. he is professional with experience & expertise and very detailed oriented”
Please Call for your appointment!!
Big News!!!
The Seattle Market is moving from a Soft to Standard designation along with 49 other markets in the country!
This information just came out and will go into effect just as soon as it can be updated into our system.
This means that LTV restrictions will be lightening up and qualified buyers will be able to make smaller down payments! This should take some of the pressure off the appraisers too.
Overall, we are moving from 231 to 181 soft markets, a drop of 50 which is much more aggressive than our major competition.
