Louise Scoggins' Blog: Buying

A recent industry report cites that nearly 50% of all homes sales in 2009 were from first time homebuyers, undoubtedly fueled by the $8,000 first time homebuyer tax credit that was implemented earlier in the year. That’s a staggering fact, with first time homebuyer sales increasing 6% in 2009 versus 2008.

NAR Chief Economist Lawrence Yun states that the tax credit is working better that first expected, with an anticipated 2.3 - 2.4 million first time homebuyers this year. Yun also says with the tax credit being extended through next year – and opened up to repeat buyers as well – home values will rise between 3 and 5 % in 2010 (providing nothing unforeseen affects the current economy).

**Note: all you buyers on the fence waiting for it to bottom out,…

After much anticipation, the extension of the $8,000 homebuyer tax credit will be signed by the President as early as Tuesday, providing a sigh of relief to homebuyers desperately trying to close on a home in time to receive the credit, and a new wave of excitement for homebuyers who thought the ship had sailed.

The new homebuyer tax credit will be applied as $8,000 for first time homebuyers closing on a home before April 30th, 2010. Additionally, if you are under contract on something by April 30th, 2010, then you would have until June 30th, 2010 to get the home closed and still get the credit. The $8,000 is literally like cash in hand on your next tax return.

The bill also implements a “move-up buyer” portion. If you are buying your second home, and…

September 1st brought some major changes to the lending industry with both FHA Loan Qualifications as well as some changes to Fannie and Freddie Mac guidelines. These changes are sure to effect a LOT of buyers out there. Agents and Buyers alike: pay attention!

With the demise of yet another major lending institution, Taylor Bean and Whitaker, it’s now highly likely that lenders are going to raise the minimum score required to qualify for an FHA loan. Previously, the minimum score required was 620. It is now likely to be raised to 640. Why, you ask? Well, Taylor Bean and Whitaker held a very large percentage of those 620-score FHA loans, and with them going under, other servicers don’t want those loans. They don’t want to put themselves at risk and…

Is it true? Could it be?? Experts are saying that the Cherokee County Real Estate market may have bottomed out and is starting to show signs of improvement. In the months of June and July, the number of homes sold increased over the number of homes sold in the same months last year. Additionally, the average sales price between the 2 years stayed essentially the same -- $185,000 in July of 2008 and $184,000 in July of 2009. That’s something to be excited about!

Inventory seems to be evening out as well…while there is still over a 10 month supply of homes in Cherokee County, the new home inventory has dropped dramatically as it becomes absorbed by new buyers. Industry expert Eugene James of the research company Metrostudy states, “(Cherokee County) no…

Awesome Craftsman style home now available in Dallas, GA! Low price of $210,000! This gorgeous 4-bedroom, 2.5-bathroom home is located in the Timberlands subdivision, and features an open and flowing floorplan – great for entertaining! Beautiful kitchen has cherry cabinets, decorator tile backsplash, breakfast bar, and eat-in breakfast area. The breakfast area overlooks the large family room with fireplace, and there is also a formal dining room. Hardwood floors flank most of the main level.

Upstairs, you will find the Master Suite with sitting area, dual vanities, walk-in closet, shower and separate soaking tub. The secondary bedrooms are all nicely sized with ample closet space. The fourth bedroom is oversized, and could be used as a bedroom,…

Help! I have several buyers all looking for homes under $100K. Regular, normal families -- not investors -- who want a nice affordable home. These buyers are highly motivated and want to take advantage of the tax credits, low rates, and great prices. They are smart buyers to be doing just that. The problem is that it’s super hard to find a nice home that’s not a foreclosure or short sale under $100K. Even a decent home and we would settle! Or if the home is OK the neighborhood is questionable. The decent ones are short sales and with my buyer’s tight time frames to purchase (each less than 60 days), taking our chances on a short sale is risky at best.

So what’s an agent to do? I have scoured Cobb County Homes for Sale, North Fulton, Northwest Gwinnett,…

Springtime Promises New Credit Scores for All…

Fair Isaac Corporation, the company that makes the FICO credit score used by most lenders, has revamped their scoring systems in hopes of determining what borrower is more likely to default on their loan. Fair Isaac last adjusted their scoring systems earlier this decade, and is now accelerating the release of "FICO '08" under the demand from lenders to have a better way to determine and manage their risks. The new system will be available for lenders to test and / or use this spring.

The new system will look a little harder at the borrower's credit history. FICO '08 will be more forgiving on borrowers who have occasionally defaulted but have overall a good credit standing, and be harsher on the borrower who…