Is the First Time Home Buyer Credit Coming Back?
August 30, 2010 by Katie Wethman · Leave a Comment
With the precipitous 27% drop in July housing sales, the first time home buyer credit is getting renewed interest from some heavy hitters in Washington, including Secretary of Housing and Urban Development Shaun Donovan, according to The Hill. Though admitting that just one month of numbers was too little data to say whether the credit [...]
Just how important are today’s low interest rates?
August 12, 2010 by Katie Wethman · Leave a Comment
I work with a lot of first time buyers, who often ask me “How do we know the market won’t drop further? I think I should wait to buy.” My answer is always the same: I don’t have a crystal ball, but I look to the job market as a reliable leading indicator for the [...]
Mortgage Rates Hit Historic Lows: Should I Refinance?
July 16, 2010 by Katie Wethman · Leave a Comment
Back in 2008, I wrote a blog post about refinancing, and given that rates are once again reaching (new) historic lows–in the 4.5% range for 30 year fixed money up to $729,750!–I thought it was time to revisit, and update, the post. When deciding whether to refinance, the best thing to do is calculate the [...]
Breaking News: Closing Date Deadline on First Time Buyer Credit Extended to 9/30/10
July 1, 2010 by Katie Wethman · Leave a Comment
Late Wednesday, the Senate voted to approve the extension of the settlement date for eligible first time buyers to “before October 1, 2010.” The House had approved the measure earlier in the week, and it’s expected to be signed into law imminently. This is great news for anyone who had a lender that dropped the [...]
What are the zip codes for North Arlington?
June 23, 2010 by Katie Wethman · Leave a Comment
There are 11 zip codes in Arlington, Virginia. Route 50 is roughly the dividing line between North and South Arlington. The odd zip codes are North: 22201, 22203, 22205, 2207, 22209, 22211, 22213, etc. The even zip codes of 22202, 22204, and 22206 are South Arlington. You can view a map of Arlington zip codes [...]
FHA to cut Seller Contribution to Closing Costs to 3% of Sales Price
June 4, 2010 by Katie Wethman · Leave a Comment
Within the next few months, it’s going to get a little tougher for FHA buyers. Starting sometime this summer, FHA will make official its announced policy of limiting the seller contribution to buyer’s closing costs (aka “seller subsidy”) to 3% of the purchase price, down from 6%. What fees make up the buyer’s closing costs? [...]
Foreclosure Properties: A Good Investment?
May 27, 2010 by Katie Wethman · Leave a Comment
The nation’s housing market is bracing for another wave of foreclosures. The past few years saw waves driven by subprime loans, but inventory was partially mitigated by the temporary demand created by the first time buyer credits. Now experts are concerned about the “shadow inventory” that banks allegedly have been holding back, and new waves [...]
When’s the Best Time of Year to Buy a Home?
May 17, 2010 by Katie Wethman · Leave a Comment
Potential home buyers always ask me “When Should I Buy?” or variations on the theme such as “I’ve heard it’s better to buy in winter.” The answer to when is the best time of year to buy depends on your goal. Are you trying to get the best selection? Are you trying to maximize your [...]
Does the Health Care Bill Have a Tax on Real Estate Sales?
April 26, 2010 by Katie Wethman · Leave a Comment
In a word, yes. But according to FactCheck.org, few taxpayers will be subject to the new tax. But beware DC and Northern Virginia homeowners…the numbers indicate that more of us are at risk of being subject this tax. Few people realize that buried in the recent health care legislation is a tax that affects home [...]
Is the $8000 First Time Home Buyer Tax Credit Going to Be Extended?
April 16, 2010 by Katie Wethman · Leave a Comment
Alas, my crystal ball is in the shop. But I CAN tell you the same thing I recently told the Washington Examiner about the upcoming expiration of the credit: the administration and Congress are under a lot more pressure now to control spending than they were this time last year. Last year it was all [...]
