What does the Stimulus Package mean to me – the first time home buyer?

You can read over the stimulus plan for yourself it is all right here (House Bill part A) and here (House Bill part B) for your entertainment. It is broken into two sections because it is HUGE (don’t open links if you are on dial-up, the package would of expired by the time you got to read it.) I think they want to bore the public to death with all the verbiage to hide all the garbage that is going elsewhere. But I am not here to talk politics; I vowed not to bring politics into this little blog of mine. I don’t need the endless bantering about the democrats and the republicans.

I just want Frederick First time home buyers to know what’s in it for them. You have heard of that old radio station WII FM (What’s In It For Me.) Well here’s the low down on it.

• $8,000 Tax Credit
• You got less than one year! This offer expires 12/01/2009
• Must be your principal residence.
• This is a tax credit and you can get a refund for unused amount when you file.
• You can’t earn more than $75,000 by yourself or $150,000 jointly
• First time buyer is defined as not owning a home in the last three years
• No repayment unless you sell before owning for three years
• Effective date 1/1/2009 – NOW!

Here’s the document that outline the changes from the previous credit. You can see it for yourself.

Now what do you need to do? Well, get off the fence first of all. Everyone has been waiting for the golden opportunity. Unfortunately without Madame Cleo Tarot card, we can’t look into the future. (That’s a joke, her cards didn’t work either.) If we knew when the market was going to peak or stop tumbling, we would all be Warren Buffet, but we are not. We are sitting close to the Perfect Storm for buyers. The sellers had their day in the earlier part of this decade. You have near rock bottom prices on homes, a tax credit worth 8 grand, interest rates at the best they ever been and an inventory full of possibilities.

• Contact a local lender and get pre-approved
• Contact me to send you a list of homes that meet your needs
• Contact your friends to show them your new home

Have a great day

Housing Market in Frederick MD

We are starting to close in on another year.  It’s hard to believe that 2007 is almost in the bag.  The Frederick Fair is here, the leaves are about to fall, and I mean fall, since it has been so dry.  Time sure flies when you’re having fun….  The Frederick County housing inventory has climbed to 2338 as of right now.  The new homes to the market have pretty much been flat all year with an average of 18 new listings every day.  Granted some of the listings were ones that were previously listed with another agent.  Sellers have been pretty frustrated in this market.  They haven’t been getting the price that they truly wanted.  It’s not the agents fault…the market determines the price.  With Foreclosures in Frederick County on the climb, (Currently 95 in Preforeclosure and 226 in Foreclosure status according to RealtyTrac.) pricing is a moving target.  Unfortunately, foreclosures and short sales are your next appraisal and it will impact your sales price.  You will need to lower your price, if you want to move on to the next step…this is a reality.  Loans are harder to get and also harder to keep together.  With all the changes the Mortgage market is going through, sometimes they are disintegrating before they get to closing.  So here, as the seller you will also need patience.  Lenders have been giving out money way too easily and now we are paying for it.   Paying for in a sense that we have been spoiled.  We have been used to lenders jumping through hoops to give out money.  Now they make the buyer jump through hoops to get the money…not as easy any more. 

Here’s a chart of a few numbers over the past year.

Past market updates;

• Frederick MD Real Estate Market Update
• Market Conditions around New Market MD
• Market Conditions Frederick MD

The Frederick Fair – List of events!!! (2007)

Look, Look!!! Do You know what that means? The fair is coming, the fair is coming… I know I sound like a kid waiting for Christmas…I am!!! This is the first vendor trailer getting ready to pull into the Fair Grounds.

I love the Frederick Fair. Not the rides, not the cotton candy, not the cows, not the contest…but the FOOD. OK, if you haven’t noticed my petite figure, I like to eat. It’s one thing I have in common with everyone I know. Ya gotta eat sometime!!! The fair is only 9 days long…and I need to get my share of all the goodies until next year. Some of my favorites;

1. Hemp’s Meats – Pit beef sandwiches are top notch!!! Then the pulled pork, then…ohh I can’t take it.
2. Butterfly Potatoes – Like one continuous potato chip with cheese and ketchup (Heinz only)
3. Gyros – This guy is from Bethel Park, PA and works it by himself all week. I don’t know how he does it, but keep on doing it!!!
4. Sweet Potato Fries sprinkled with a little bit of cinnimon – Just added Favorite, Thanks Des!
5. Funnel Cakes finishes off dinner if I can walk at this point.
6. (saving this space for future Frederick Fair Foods)

I tracked down all of the events for this year from the The Great Frederick Fair.

• GRAND STAND EVENTS
  • Sept 14th – Horse Pull – 7 PM – FREE
  • Sept 15th – Gretchen Wilson – 7:30 PM – $50
  • Sept 16th – Oak Ridge Boys – 7:30 PM – $35 & $40
  • Sept 17th – Tractor Pull – 6:30 PM – $20
  • Sept 18th – Demolition Derby – 7 PM – $20
  • Sept 19th – Gary Allan – 7:30 PM – $30 & $35
  • Sept 20th – Rockin Road House – 7:30 PM – $30 & $35
  • Sept 21st – Lonestar – 7:30 PM – $35 & $40
  • Sept 22nd – Joe Nichols – 7:30 PM – $30 & $35
• SPECIAL NIGHTS
  • Sept 14th – Pay-One-Price Rides – 5PM to close
  • Sept 15th – Pay-One-Price Rides – 9AM to 5PM
  • Sept 18th – Pay-One-Price Rides – 2PM to close
  • Sept 19th – Carload Night Lot D – $45
  • Sept 20th – Pay-One-Price Rides – 2PM to close
  • Sept 22th – Pay-One-Price Rides – 9AM to 5PM

See you at the Fair!!! (I’ll be the one with the cheese on my shirt, and a smile on my face!)

Market Conditions Frederick MD

Wow…what a whirlwind we are in right now.  Countrywide was on the verge of Bankrupcy and the Feds stepped in and helped bail them out.  I haven’t watched this unfold as closely as a my friend Brian Brady does.  He is known as the Most Opinionated Mortgage Broker.  I listen to him like most investor listening to Jim Cramer on Mad Money.

What I do know…something has to happen now that Federal Reserve Cut Discount Rate to 5.75%.  For a while it was looking like like the rates were going to continue to increase.  This will help the marginal buyer afford the home.  Prices are still coming down in this Real estate slump in some parts of Frederick County but are pretty stable in some areas.  We have an election coming up next year and most people have a feeling of confidence during this time.  I would guess that this will help spark some sales in Real Estate around Frederick County. 

 Here’s some of the activity in the area.  I accumulate these numbers from Metropolitan Regional Information Systems and RealtyTrac.

Under Contract have dipped in the last few weeks…this is normal.  Everyone is finishing up their vacations and getting ready to head back to school.

Foreclosures in Frederick County are steady. 

I will leave you will this…Jim Cramer’s meltdown.  He is so passionate about his theories. 

[youtube=http://youtube.com/watch?v=rOVXh4xM-Ww]

 With all the changes in the market, now would be a time to check back with your lender to see if you can save some money on your mortgage. 

• Preferred Mortgage Lenders in Frederick MD

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