3 Factors to Take Into Consideration Before Jumping Into Housing Market- Feburary 6th, 2010

f you have a good job and good credit, the next few months might be a good time to go house hunting. Fence-sitters take the risk that Congress may let a rich tax credit expire, and that interest rates may rise. Buyers and sellers should consider the following factors as they consider jumping into the housing market.

-Mortgage rates are blissfully low, and that may not last. The rate on a 30-year mortgage averaged 5% last week, according to Freddie Mac. Rates are low in part because the Federal Reserve has been buying up about $3 trillion in mortgage-backed securities and mortgage agency debt. The aim is to hold down interest rates and keep mortgages available. But the Fed is slowly removing that financial crutch as the economy improves. It has no plans to buy any more past March 30, 2010. The likely result is an uptick in rates. Meanwhile, the recovering economy by itself should raise rates as the year goes on. Economists at the Mortgage Bankers Association expect to see a 6.1% rate by year end. Such a rise would add about $104 to the monthly payment on a $150,000 mortgage

-The home buyer tax credit expires on April 30, 2010 and no one knows if Congress will renew it a second time. Expect a clash between the real estate lobby and fiscal conservatives worried about the $1.35 trillion federal deficit. To qualify for the credit, you must sign a purchase contract by April 30, 2010 and close by July 1, 2010. First-time buyers get up to $8,000. “First-time” is defined as someone who hasn’t owned a home in three years. Move-up buyers get up to $6,500 when they purchase a new primary residence. To get the credit, you have to have lived in the old home for at least five out of the last eight years. The credits start phasing out at $125,000 in adjusted gross income for singles and $225,000 for joint filers.

By Jim Gallagher
To read the entire story, visit RISMEDIA

Getaways – 5 Strategies for Happier Family Trips- Feburary 4th, 2010

With spring break and summer vacation on the horizon, now is the time to start planning for quality time together as a family. Here are a few  ideas to get you started.

1. Share your history.
Your children will be out of the nest before you know it. Begin now to share your family history. Whether it’s a visit with your favorite cousins, a tour of your college campus or the scene of your favorite childhood holiday, give your kids a glimpse of the experiences that helped shape the parent you are today. They will thank you later.

2. Share our nation’s history.
Enrich your children’s classroom education with visits to national landmarks, museums and historical points of interest. Each state played an important role in the development of our country. Explore your region’s role in the bigger picture through local resources and expand from there.

3. Get outdoors.
In an era of My Space, Facebook, Guitar Hero and Netflix, take the time to unplug and tune in to nature. There’s plenty of research to support the notion that fresh air and wilderness will soothe the soul of everyone in the family. Camp, hike, bike and explore the countryside. Learn about native flowers, plants, birds and wildlife. Canoe on nearby rivers. Fish local streams. Relax and renew.

4. The family cruise.
If a cruise is on your radar screen, this might be the year to make it happen. A good concept for extended-family getaways, there’s something for everyone aboard a cruise ship. Plus, there’s a cruise line for nearly every budget. With all-inclusive pricing, occasional “kids sail free” promotions and dramatic savings with last-minute bookings, consider a family float on a family-friendly boat.

5. Rent a home or condo.
You’ll have access to a kitchen. Need I say more? For those late-night snacks and early-morning breakfasts, having food stashed in your own refrigerator saves time, money and stress. You’ll also have extra space to better handle naps, early risers or night owls. Plus there’s more room for the whole family’s gear.

To read the entire story, visit RISMEDIA

Cindy's Winter Coat Drive- January 19th, 2010

My heart has been touched by so many events over the past year.  Stories of hope and survival, improbable friendships, and of faith and giving.  There has been a strong message of love and true meaning of sharing what we have with others.

It is my desire and passion to work more closely with Miracle Hill Ministries this year.  Miracle Hill Ministries is a non-profit organization in the upstate of SC dedicated to providing food, shelter and HOPE for those in need.  I want to provide my time, my heart and my energy to those served through this ministry. I truly believe that if we truly love others unconditionally, we can change the not only one life but many around us.  I want to look back on 2010 and feel like I have invested my life by helping others less fortunate than me.

Have you ever wondered whether one life can make a difference to someone else?  I am giving you the opportunity to make a difference in someone else’s life. There are countless families doing without in Spartanburg county.  Many are without food and shelter.  The temperatures are record low this year.  Some homeless are without proper clothing.

My family and I would like for you to search your closets.  We are asking each household to donate two jackets or coats; any size and whether they are children’s, women’s or men’s.  Together with Miracle Hill Ministries, we will be placing yellow plastic bags in your mailbox this week.  Please place these clothing items in the attached plastic bag.  Place the plastic bag by your mailbox.  The bags will be picked up according to the date and time written on the bag.

We appreciate your thoughtfulness and cooperation.  Together, we can change the circumstances of others. 

If you have any questions, please call me at 864-415-4306.

To get involved and make a difference in our community, consider Miracle Hill

The Basics: Extended Home Buyer Tax Credit ~ January 2010

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• • Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
  • Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

To read the entire story, visit Realtor.org

Buttino Real Estate News Archives