$8,000 homebuyers tax credit extended. Not just 1st time buyers.

President Obama signed an extension and expansion of the first-time homebuyers tax credit on Friday.

The $8,000 credit was scheduled to lapse on Dec. 1 but will now be in effect through the end of June. Homebuyers must sign a contract before April 30 and close by June 30. The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.

The bill also made more homeowners eligible to claim the credit on their taxes. First-time buyers -- those who have not owned a home in the past three years -- still qualify for an $8,000 rebate. But now people who want to trade up can also qualify. Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.

Full story by Les Christie, CNNMoney.com

If you would like to take advantage of this credit. Please call Dave at 321-508-2669

Foreclosures Down

New foreclosure filings in Brevard County were down in September to their lowest level this year. A preliminary count shows there were 688 new foreclosure filings last month, down from 772 in August and 862 in July.

That's the second consecutive month of declines. Full Story By JOHN MCCARTHY • FLORIDA TODAY

Homes For Under 100k

Five years ago, a buyer asking to look at homes for sale under $100,000 might have been laughed out of Brevard County. Today, that same buyer would have a wide selection of properties to choose from. The availability of the price point comes just in time for first-time buyers hoping to close on a home by Nov. 30, the final day to qualify for the federal government's $8,000 income tax credit. Full Story By Anne Straub. Florida Today.

If you are interested in taking advantage of the tax credit and falling prices, let me work for you.

Dave Silver

Devin Realty Inc.

www.DevinRealty.com

$399 Flat Fee MLS Listing

• List your home in the MLS and Realtor.com the #1 tool for Buyers on the Web.
• One year listing ($100 per additional year)
• 3 Free Listing Modifications ($20 per additional Modifications).
• Enter up to 10-16 Property Photos depending on MLS board (Photos taken by the Owner)
• MLS Submission Form (Filled out by the Owner).
• Custom Web Page for your own personal marketing campaigns until your home sells.

• You decide how much to offer an Agent that finds a Buyer for your home (Typically 2-3% of the selling price).
• If you find the Buyer yourself, pay no Buyer’s Agent Commission.  

For more information on this product go to www.399mlslisting.com or contact Dave Silver at 321-508-2669

Are we seeing the light at the end of the tunnel?

New home sales rose last month at the fastest clip in more than eight years as buyers across the country eagerly took advantage of bargain prices -- a clear sign, economists said, that the real estate market may finally be bouncing back.

Historically low interest rates and a federal tax credit for first-time homeowners also helped push home sales to their highest level since November, the Commerce Department reported Monday.  Full Story by Florida Today and Wire Reports

Air show expected to pack Brevard beaches

A new air show is coming to the beach in Brevard County, providing a spectacle for viewers and, organizers hope, a boon for the tourism industry during a traditionally slow period.  Full Story by Keilani Best of Florida Today

Energy Efficiency Tax Credits. Do You Qualify?

Homeowners don't need to be in the housing market to take advantage of government incentives to stimulate the economy. They may be able to claim tax credits for making improvements to their current home.  Full Story  By Anne Straub for Florida Today

Existing Home Prices Up In May

Brevard County existing home sales shot up 19 percent in May, the Florida Association of Realtors reported today.  Median 

prices fall 24%.   Full Story by Wayne T Price.

Owe More Than Your Home Is Worth? This May Help.

     One out of five homeowners currently owes more on his mortgage than the house is worth.  If you are among them but you can afford your payments and aren't planning on moving in the next few years, stop worrying.  You are rebuilding equity with every payment you make, and home prices will eventually rebound, bringing you above water again.

     Refinancing may also be an option.  The government's new mortgage-relief program allows people who owe as much as 105% of their home's value to get a new loan, as long as their current mortgage is held by Freddie Mac or Fannie Mae and they can provide proof that they will be able to afford the new payments.  Homeowners who are struggling financially may also be able to get their loans restructured.

     Your last resort is a short sale, in which your lender lets you sell the house for less than you owe.  But that sometimes might drop your credit score as much as 200 points, making it tough to get another loan at terms you can afford.

ACTION PLAN:

To see whether you're eligible to refinance or restructure your loan, 

go to www.mortgagereliefonline.com.  

Contact your lender if you're struggling to make your payments.

You're more likely to get help if you reach out before warning notices start coming out.

Contact your local real estate professional for comparable short sale 

prices in your area.

Craig Matters, Money Magazine

If you are upside down on your mortgage and would like more information on the choices available to you, please call Dave Silver, Devin Realty Inc.  321-508-2669 

Trading Up In A Buyers Market

Falling home prices are a great opportunity for homeowners, especially in the high end markets, that are looking to trade-up.   Even though your home sale price may be lower than you paid, the smaller loss on sale of your home can be compensated by greater savings on your next purchase. 

  

If home prices were to drop by 10 percent, here's what it could look like if you decide to trade up.

Home Price=$300,000

Sell at=$270,000  ($30,000 loss)

Home Price=$600,000

Purchase at=$540,000 ($60,000 savings)

If you are interested in taking this opportunity to trade up your home, and would like some further information, please contact Dave Silver at Devin Realty  321-508-2669

Estimating Clients Affordability Range

Traditionally, real estate and mortgage professionals have encouraged homeowners to stretch – to shop for homes at the upper end of their affordability range.  Full Story  by Ralph Roberts

Residential lots are hot

It might seem surprising in this market, but in investment real estate, residential lots are hot right now, especially in markets that saw the highest increase and biggest drops in the past few years.  Full Story  by Kenneth R. Harney

Get a great deal on a short sale

Short sale- When a lender allows a seller to sell their home for less than is owed.

If you're in the market for a home today, you're almost guaranteed to be looking at some short sales. Nationwide, 14% of homeowners are currently underwater on their mortgages, calculates real estate website Zillow.com. 

Short sales are a great way to get a great deal on a house that just a few years ago, may have been out of your price range.  Although short sales are becoming more common in this market, there are a few difference that you should know that will help the process go as smooth as possible.  Full Story   By Joe Light, Money Magazine staff reporter