Home Buyer Credit Deadline Approaching

There is much speculation on whether or not Congress will extend the current Home Buyer Credit. What we do know for certain is that to obtain the $8,000 First Time Home Buyer Credit or to be eligible for the Move-Up Home Buyer Credit, clients will need to be under contract by April 30th, and closed by June 30th.

Last fall, Congress did extend the Home Buyer Credits - but as of today we have no firm indications that Congress will repeat the extensions. For clients to capitalize on the current Home-Buyer credits, they will want to begin the preapproval process with their lender as soon as possible. It is also important to remember that it takes time to find and negotiate on a home; and once this is completed clients will need to allow about 4 weeks for the underwriting and closing process to be completed.

It's not too soon to begin this process! General real estate indications are reflecting some improvement in the real estate market - see my link "The Skinny" for more on this!

Move Up Buyers Are Stepping Up!

With the recent extension to the homebuyer credits expanding to move-up buyers, we are seeing more of these savy buyers entering into the housing market in recent months. We have the "perfect storm" of ideal circumstances for the move-up buyers - especially those with homes that are marketable to first time home buyers! Interest rates are still at historic lows, and when coupled with the increased inventory of homes on the market and the tax credits, our move-up buyers have been scoring some great deals on their move-up homes!

The most recent 3 of our move up buyers received offers on their existing homes within 10 days of listing with us, which enabled them to make some very competitive offers on their new homes! We anticipate we will see more people taking advantage of the current market, low interest rates, and tax credits to get into the home of their dreams!

The mortgage back securities market has been causing interest rates to be bouncing all over this week! We went for a 30 Year Fixed rate of 4.75% last week, to 5.75% this week. They will continue to fluctuate, but it is creating a sense of urgency among buyers that now it the time to buy! If you are looking to upgrade or buy an investment property, now is the time while rates are still at historic lows! Don't let this opportunity pass you buy, especially if you are first time home buyer! They will also be changing credit restrictions for approval in July, so now is the time!

Greetings! Well the spring market is busy, busy, busy! We are really starting to see things move, which is exciting for both buyers and sellers! The $8000 first time home buyer tax credit is still in play, prices are low, and so are interest rates making it the best time ever to buy! If you are an investor there are some smoking deals in the market place, and real estate is a great investment in your financial future! Call us today to learn more about that! We are also seeing multiple offers on many homes, buyers are getting off the fence and realizing this is the time to move!

It has been a busy couple of weeks for us here at The Vanneste Group! We have put on lots of new listings and had lots of sales, 8 so far in April! People are ready to buy with affordability being incredible with today's low interest rates and home prices! We have some great buys out there that you should take a look at! We also have some new lakeshore that will be hitting the market in the next couple weeks, if you want more information before it goes active give me a call and I would be happy to share it with you. Remember, the first time home buyer tax credit is out there right now too, $8000! Doesn't get much better than that!

We have three homes that will be open this Sunday 04/26/09:

19 East Pleasant Lake Road, North Oaks 1-2pm Sun
557 Spring Hill Road, Vadnais Heights 2-3pm Sun
978 Pond View Ct, Vadnais Heights 12-1:30pm Sun

If you need directions give us a call!

Hope to hear form you!

David
www.Vanneste.com
651-481-6711

Happy Friday! This weekend is Edina Realty's Open House Extravaganza and The Vanneste Group will be out in full force! Come visit us in one of our 8 open houses on Saturday and Sunday this weekend! We have a variety of home styles, price ranges, and areas! Check out EdinaRealty.com for all the times and locations! Hope to see you there!

The real estate world is brimming with activity! At our office along we were up 300 showings from February to March, this means that buyers are out there. The low interest rates and prices are creating a sense of urgency for the buyers in the market place. We also have seen an increase in first time home buyers. We just closed on two homes with first time home buyers yesterday who will be taking advantage of the $8000 tax credit. This is an awesome opportunity to become a homeowner and the deals out there are phenomenal! Call me with any additional questions!

- David