What is a short sale?

Short sales are becomming more common in the real estate market, especially in markets experiencing a “bubble”.  For buyers who owe more on their home than the current market value (bought when the market was at a high), selling their home can be a financial impossibility.  Contacting the lender and explaining the circumstances, is the first step to arranging a short sale.  In some instances, the lender will take less than what is owed on a home mortgage in order to avoid foreclosing. The seller will be required to agree to certain terms and will walk away with no cash but will be out from under an overly mortgaged property.

Granite counters may present health risk

According to an article in the NY Times, there is potential that granite countertops may leach radon gas into your home.  Radon is an odorless, colorless gas, produced in decaying granite, that is the second leading cause of lung cancer in the US.  Not to worry, there are lots of ecofriendly options that are just as beautiful.  Consider solid surface, quartz, soapstone, concrete or recycled glass as alternatives.  To read the article go to: http://www.nytimes.com/2008/07/24/garden/24granite.html?_r=1&oref=slogin

What is the difference between home staging and home decorating?

There is a common misconception that staging a home for sale is the same thing as decorating.  The truth is that staging a home is a process by which the home is strategically furnished and decorated to draw attention to the homes best features.  Having a home that is overly decorated can sometimes actually draw attention away from the best details by getting buyers to focus on the items in the room instead of the room itself.

Chatham County average home prices rise

The official real estate qarterly report showed the average sales price for homes in Chatham County was 1% higher over the same quarter in 2007.  Inventory is up over last year so sellers should be prepared to have their homes staged and in the best showing condition possible as there is still competition for buyers.

Farmer’s markets, good for you, good for the planet

If you live in the triangle, there is a farmer’s market somewhere every day of the week.  Downtown Durham, Downtown Raleigh, Chapel Hill at University Mall, Carrboro, Southern Village, Fearrington Village, and Pittsboro all offer farmer’s markets.  Buying local insures that the food you eat has had little impact on the environment (it hasn’t been shipped across the planet).  Not only do you help the planet, you will find some of the freshest, highest quality produce available.  Many of the farmer’s who come to market are farming on a small scale with organic practices.  Expect to pay about the same prices as you see at the grocery store, but expect to get more in the way of quality and freshness.

First time homebuyers get tax credit

If you are having trouble making sense of the latest housing bill you are not alone.  First time homebuyers should know that they will receive a tax credit of $7500, essentially, an interest free loan.  If you are wondering if you qualify as a first timer, you or your spouse may not have owned a home in the last three years.  You must close by July 2009 to take advantage of this program.

Zoysia lawn: an ecofriendly solution

Four years ago, I had a zoysia sod lawn (El Toro variety) installed. The hotter it gets, the greener it gets.  We have no sprinklers and right now my lawn is a lush, green.  Last week my son cut the lawn a bit short and it looked a little brown.  My husband feared it was damaged and put out sprinklers.  Within a half hour, the grass was green again.  This lawn really requires little to no watering.  It does go dormant for the winter but we see that as our time to not have to worry about lawn maintenance.  When the county bans watering, you will be glad you made this choice.

104 New jobs for Chatham County

A Canadian company, Uniboard will begin manufacturing laminate flooring in Moncure in the near future.  Uniboard will invest $140 million to expand a vacant manufacturing facility in the area.  104 new jobs will be created with an average salary of $45,000 plus benefits.

credit repair tip

If you have a collection on your credit report, you probably think the best way to fix it is to pay the collection company.  If you pay the collection, then that will stay on your report for some time.  The best way to repair a collection is to go back to where the debt originally occurred.  Tell them that you will pay the debt if they send a letter to the collection company stating that the debt was turned over to collections in error.  Then pay the debt.  You will need to get a copy of the letter sent to the collection agency, and then send that to Transunion, Equifax and Experian and request that it be removed from your credit report.

2008 First time homebuyer tax credit

New legislation is making buying your first home a little easier.  Read the details below.

      

 

HOUSING

 

 

 

 AND  ECONOMIC  RECOVERY  ACT  OF  2008

 

 

First

 

 

 

‐time  Homebuyer  Tax  Credit

 

 

 

FEATURE	H.R.      3221     Housing      and  Economic  Recovery  Act  of  2008
Amount      of  Credit	Ten      percent  of  cost  of  home,  not  to  exceed      $7500
Eligible      Property	Any      single‐family  residence  (including  condos,  co‐ops)  that  will  be  used  as  a  principal  residence.
Refundable	Yes.       Reduces  income  tax  liability  for  the  year  of  purchase.   Claimed  on  tax  return  for  that  tax  year.
Income      Limit	Yes.        Full  amount  of  credit  available  for  individuals  with  adjusted  gross  income  of  no  more  than  $75,000  ($150,000  on  a  joint  return).   Phases  out  above  those  caps  ($95,000  and  $170,000,  respectively).
First     ‐time  Homebuyer  Only	Yes.        Purchaser  (and  purchaser’s  spouse)  may  not  have  owned  a  principal  residence  in  3  years  previous  to  purchase.
Recapture	Yes.       Portion  (6.67  %  of  credit)  to  be  repaid  each  year  for  15  years.   If  home  sold  before  15  years,  then  remainder  of  credit  recaptured  on  sale.
Impact      on  District  of  Columbia  Homebuyer  Credit	DC      credit  not  available  if  purchaser  uses  this  credit.
Effective      Date	Purchases      on  or  after  April  9,  2008
Termination	July      1,  2009
Interaction      with  Alternative  Minimum  Tax	Can      be  used  against  AMT,  so  credit  will  not  throw  individual  into  AMT.