If you are out and about this spring searching for that perfect home, then save m.ericcates.com to your favorites on your phone! When we designed the site, we designed this application specifically for your smartphone! It is optimized to run on a small screen but still gives you all the property information, pictures and a map. You don’t have to call the number on the sign and wait for a returned call to get what you need….just use the app!
Mobile House Hunting!
April 3rd, 2010Home Stretch
March 31st, 2010Well, it is March 31st and you can probably tell by my recent lapse in blogging that it is very busy out there! If you are planning to take advantage of the first time homebuyer tax credit, you need to call me today! There is still time to find your home. Under the guidelines, you need to be under contract by April 30 and close by June 30.
If you are planning to sell your home and purchase another to get the existing homebuyer tax credit, you need to call me today so we can get your home on the market and sold! There are buyers everywhere….so take advantage!!!
You can reach me at eric@ericcates.com or 972-965-8673
BUSY!
March 7th, 2010If you are planning to take advantage of the Homebuyer tax credit….take notice. Buyers are snatching up everything listed! If you are waiting until the last minute to start your search, think again. The inventory may not be there as we close in on the end of April.
And, if you are thinking about selling your home, now is the time! I have sold more listings with multiple offers so far this year than all of last year combined. Buyers are out there and they are eager to lock in their piece of the stimulus pie!
Whether you are a buyer or a seller, call me today to get started!
Snow Day!
February 13th, 2010In case you missed it, the DFW area received about a foot of snow on Thursday! Due to a power outage at the RE/MAX office, I decided to stay home and just enjoy my family for the day. That is a pleasant change from the usual running 90 miles per hour! Movies, candy, lots of food, games and a ton of laughter filled our home today and I truly hope you can say the same! Tomorrow will bring work back to center stage but I am so glad for days like today. I hope you enjoyed your snow day!
New Website Features
January 28th, 2010You may have noticed some glitches in the website function during the past couple of days. Well, that should stop tonight! We have been updating and adding to the site to better serve the needs of our clients and visitors. We have added new search features to each of the individual county and city search pages to allow you to quickly perform very direct, narrow searches. For example, if you want to find new construction homes, just click on the “New Construction Homes” link on any city or county search page. You can do the same for homes with land, townhomes, condos, half duplexes and homes with a swimming pool!
It is our hope that you enjoy these changes and that you are able to use them in your search for your new home!
If you have any suggestions on how we can make this site better, please let us know. Send your comments to suggestions@ericcates.com. Your opinion matters!
FHA is shaking things up…
January 23rd, 2010I have heard quite a bit of buzz this week about things that may or may not happen in regards to FHA financing. I don’t make it a habit of reporting on things in motion until they are finalized, so I will keep you posted on each issue as they are published.
Of all the things I have heard this week, only one point has been adopted. Upfront Mortgage Insurance Premium (MIP) will increase from 1.75% to 2.25%. I received word this afternoon that this change has been set in motion and will apply to all FHA loans originated on or after April 5, 2010. In a nutshell, the FHA charges an insurance premium allowing borrowers to borrower more than 80% of the homes value. The FHA is increasing the amount of premium charged in an effort to better balance its risk against default. So, if you purchase a home and finance $100,000, you will be charged $2,250 for MIP and your actual loan amount would be $102,250. Because this cost is financed into the loan it does not come out of your pocket at closing.
Also, if you sell your home in the first 5 years after purchase, you can contact FHA for a partial refund of this insurance premium.
I will keep you posted on all changes as they occur…
IRS Releases Tax Credit Form
January 19th, 2010If you purchased a home in the last year and you qualify for the first time home buyer tax credit, you are will need to read further! The IRS released form 5405 today. Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, must be filed with the taxpayer’s individual tax return and is used to report the purchase of a home that makes the taxpayer eligible for the credit. In addition to Form 5405, eligible taxpayers must also include with their 2009 returns a copy of the settlement statement, executed retail sales contract (for mobile home purchases) or the certificate of occupancy (for newly constructed residences). The IRS reminded taxpayers in a news release that those who are claiming the first-time homebuyer credit cannot e-file because they must attach a proof of purchase to their returns.
Make sure you attach the required documentation to your return so that you will not have any delays!
I will also answer a very frequently asked question: You cannot claim the tax credit before you buy a house! However, if you want to take advantage of the tax credit, give me a call at 972-965-8673 or email me at eric@ericcates.com and we can get the ball rolling.
Housing Market Update
January 16th, 2010This market is hot, hot, hot! If you don’t believe me, ask my wife. I just walked in the door…at 11:20 pm! Buyers are out in full force and listings are seeing great foot traffic! If you intend to sell your home before the tax credit expires, call me now so that we can get it ready and SOLD! I look forward to hearing from you!
Homebuyer Tax Credit Update
December 23rd, 2009Everyone is asking about the newly extended homebuyer tax credit so I wanted to take a moment to run through the basics…
First Time Homebuyer
- 10% of home value or $8,000, whichever is less
- Income Limits – $125,000 (Single), $225,000 (Married, filing jointly)
- If you earn $125,001-$145,000 (Single) or $225,001-$245,000 (Married), you are still eligible for some of the credit but I would advise you to talk with your tax professional to determine the exact amount of your credit.
Repeat Homebuyers
- 10% of home value or $6,500, whichever is lesser
- Income Limits – $125,000 (Single), $225,000 (Married, filing jointly)
- If you earn $125,001-$145,000 (Single) or $225,001-$245,000 (Married), you are still eligible for some of the credit but I would advise you to talk with your tax professional to determine the exact amount of your credit.
- Must live in your current home for 5 consecutive years out of the last 8 years.
To find out more about the tax credit, go to www.federalhousingtaxcredit.com.Â
If you are ready to take the plunge into homeownership for the first time or the tenth time, give me a call at 972-965-8673. I am glad to help!