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Now’s the time to make a move if you want to take advantage of the homebuyer tax credit, which expires on April 30.  Remember, you have to close by June 30.  That means short sales, which can often take longer than 60 days to close should be a last resort.  Focus on bank owned and non-distressed properties.  Happy hunting!

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If you are interested in taking advantage of the homebuyer tax credit and buy a home in Northern Virginia, the clock is a-ticking.  Seventy days to find your home sounds like a lot of time, but it will surely go by very quickly as you are competing with throngs of other buyers looking to cash in.

A word of caution: beware of writing offers on short sale listings.  These transactions typically take 60 days or more to get to closing after you’ve ratified your contract.  Keep in mind, you must close by June 30 to receive the credit.  If you get under contract right at the deadline of April 30, you’ve only allowed yourself 61 days to get your deal closed.

If you or someone you know would like to buy a home in Northern Virginia, contact me anytime at 703-403-0536 / patrick@patrickduffyrealtor.com.

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Last November, when Congress approved an extension on the first-time homebuyer tax credit, potential homebuyers who missed the original deadline were excited. It was another chance to buy a Woodbridge home for sale and receive an often badly needed $8,000 on their tax return.

Real estate agents were excited as well, because the tax credit extension expanded to include “upgrade” buyers – those who wanted to replace their current home with a bigger one. The possibility of selling a home was higher than it’d been in a while. However, expansion to include upgrade buyers wasn’t the only change.

If you’re hoping to buy a Woodbridge home for sale and take advantage of the tax credit before the new 2010 deadlines, here are a few things to keep in mind:

• Two dates are crucial.  You must sign a contract before April 30.  The closings must be complete by June 30. One of the best ways to make sure things go smoothly is to get pre-approved for a mortgage before you go home shopping. Pre-approval tells you, as well as the seller, exactly how much home you can afford. This way, you don’t waste your time or the seller’s.
• Negotiate without emotion. Potential buyers have lost the home of their dreams because they became competitive. If you’re negotiating for closing costs, housing price or anything else, make sure that your requests are reasonable. Don’t change something “just because.”
• Taxes must be mailed in.  Due to people trying to scam the system, you won’t be able to file your taxes electronically; you’ll have to mail them in. Make sure you’re using the right forms, and, if you need your tax refund by a specific time, you might want to file early.
• Documentation is truly priceless.  Again, thanks to scammers, buyers will have to include a signed mortgage statement, proof of residency and a driver’s license with their taxes.

You still have until April 30 to sign a contract on a Woodbridge home for sale to get the tax credit. Today’s real estate market is beneficial for buyers.  Put it to work for you!

If you’d like to take advantage of the homebuyer tax credit, I can help. Call me right away at 703-403-0536 or email me at patrick@patrickduffyrealtor.com so we can beat the deadlines.

Links:

Approved an extension on the first-time buyer tax credit: http://money.cnn.com/2009/11/06/real_estate/tax_credit_extended/

Get pre-approved for a mortgage: http://personalmoneystore.com/moneyblog/2009/12/03/preapproved-home-mortgage/

Negotiating for closing costs: http://www.lenders.us/mortgage-loans/closing-costs-and-how-to-negotiate-them

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I’m very excited to announce that in 2010, I will be increasing the amount donated to the V Foundation for Cancer Research with each transaction I close!  With each home I sell, a donation of up to $500 will be made in memory or in honor of the person of my clients’ choosing.   I truly believe cures for cancer are in reach and I hope this money puts us one small step closer to finding them.

I still find great inspiration watching Jim Valvano’s speech at the 1993 ESPN Espy Awards.  I encourage you to watch it.

Links:

The V Foundation Website:  http://www.jimmyv.org

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If you’re looking at one of the many Woodbridge homes for sale (and especially when reading about buying a home), you’ve probably already read articles that ask, “How much house can you afford?” and “Can you really afford the mortgage for a new home?” From beginning to end, to get a good estimate, you’ll need to figure monthly payments, loan qualification guidelines, closing costs and much more. Frankly, all those calculations can set your head to reeling.

To cut down on some of the frustration, save a few trees from the paper you’d use up and help give you a better guestimate, I’ve decided to go looking for the best real estate calculators I could find on the Net. Here are my top 3 picks I’ve come across:

#3. Real Estate Calculator Suite – This product seems to be an excellent choice for anyone, whether you’re a homebuyer, seller or even, yes, a real estate agent like me. Sixteen different real estate and mortgage calculators can help you figure out refinancing costs, amortization schedules – even whether it’s better to rent or buy one the Woodbridge homes for sale. Although it’s $40.00, which might seem rather expensive to many, it could more than make up for the time you’d spend staring at a sheet of paper and numbers. To top it all off, it even includes a home inspection form and to do list for movers, tying your buying or selling experience up nicely.

#2. Yahoo! Real Estate Calculators – You can’t beat a search engine for information, and the Yahoo! Real Estate really does a thorough job in collecting a fantastic amount of calculators. Budgeting and finance, mortgage refinancing, deciding fixed or adjustable rate mortgages and more are all available on this one page. The major upside as compared to the Real Estate Calculator Suite is that it’s free.

#1. CNNMoney.com – CNN isn’t a worldwide news network for nothing, and they’ve taken their complete coverage to calculators. On one page, you have over thirty calculators to figure out everything. Compare costs of living for any area, figure out how much house you can afford, calculate the gain or loss on your home and more. As a bonus, it’s all free, too.

I ranked CNNMoney.com as the top due to the amazing amount of information you can gain in one place. However, that doesn’t mean you can’t try one of the others, or even all three. If you want one of the Woodbridge homes for sale, get to calculating, get informed and see what you can accomplish.

Or, you can contact me, and I’ll do the figuring for you.  Call me at 703-403-0536 or email me at patrick@patrickduffyrealtor.com for more information.

Links:  (if you have a calculator on your website, add it to this list and link to it)

Real Estate Calculator Suite – http://www.realestatecalculatorsuite.com/index.htm

Yahoo! Real Estate Calculators – http://realestate.yahoo.com/calculators

CNNMoney.com – http://cgi.money.cnn.com/tools/

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Halloween is just around the corner, but if you’re looking at the homes for sale in Woodbridge, it’s probably the first-time buyer fears that have your knees shaking. Hey, buying a house seems like such a final thing, so that’s understandable. It could be the biggest change in your life – EVER!

Now that I’ve thrown some scary thoughts your way, let’s take a turn at facing those first-time buyer fears.

Am I crazy? No, you’re a first-time buyer. You may alternate between periods of paranoia, confidence, nervousness and calm, but you aren’t crazy to want to buy one of the homes for sale in Woodbridge.

Is this really the right time to buy a house? The best way to answer this question is with a few questions. Do you have good credit? Do you have a decent job? If the answers to these questions are “yes,” then there’s never a bad time to buy the right house. Especially now, with tons of inventory, record low interest rates and the $8000 tax credit.

What if I don’t pick the right neighborhood? What if I buy, move in, hate it, and then can’t turn around and sell the house? An understandable fear; one of the most common horror stories is moving into the perfect house, right next to the neighbor from the Black Lagoon. This is why it’s imperative to do your research (or, at the very least, tell your real estate agent exactly what kind of neighborhood you want). With the Internet, you can find out everything from the crime rate of an area to the quality of the schools.

What if I lose my job? I won’t say that’s not a possibility. However, keep in mind that you have the same question when you’re renting. The difference is that if you can’t pay the rent, you can be evicted within days, depending on where you currently live. While some lenders may do the same, most lenders don’t want to foreclose and are willing to work with you to keep you in the home and making your payments. In addition, many are willing to wait for at least two months of nonpayment before starting the foreclosure process.

If you’ve been a renter all your life and are looking at the homes for sale in Woodbridge, take a deep breath. Yes, it’s scary and yes, the worries can give you worse nightmares than the freakiest Halloween you’ve ever experienced. However, remember what made you decide to start looking in the first place. If those reasons still exist, go for it!

If you’re looking for that perfect, affordable home, I can make the whole process less scary and fear free. Call me at 703-403-0536 or email me at patrick@patrickduffyrealtor.com for more information.

Links:

Record low interest rates – http://www.cnbc.com/id/32350362

Crime rate of an area – http://www.bestplaces.net/Default.aspx

Lenders don’t want to foreclose – http:/howto-you.com/family/episode-36-why-lenders-dont-want-to-foreclose

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Buying or selling a home has a major impact on many people’s lives. So it’s important not to leave the task to just anyone.

Take advantage of all the benefits that come with working with a full-time Woodbridge REALTOR®. Since selling or buying a home can be a full-time job, it just makes sense to work with an agent that has a full-time commitment.

A full-time REALTOR® can offer:

• Lots of experience – If your agent lives and breathes real estate around the clock, then he or she is better equipped to handle the many surprises that come with buying or selling a home.
• Peace of mind – You could be a first-time home buyer or seller. A full-time Woodbridge real estate agent has the knowledge to lead you through every step, saving you time, money and stress.
• Availability – Since your agent works full time, he or she is available to you when you have questions, concerns or need her for any reason.
• In-depth market knowledge – The real estate market is changing faster than ever. In order to be a successful buyer or seller, you need to be kept up to date. A full-time REALTOR® stays current with what’s happening each and every day.

Whatever your home-buying or home-selling goals, it’s smart to have an experienced, full-time Woodbridge real estate agent working for you. You’ll save yourself headaches, heartache and from making home buying mistakes.

Ready to work with a full-time REALTOR®?  Give me a call today at 703-403-0536 or email me at patrick@patrickduffyrealtor.com.

LINKS

First-time buyer – http://www.lendingtree.com/smartborrower/first-time-home-buyers/

Real estate agent – http://www.wisegeek.com/what-does-a-real-estate-agent-do.htm

Home buying mistakes – http://www.lendingtree.com/real-estate/advice/buying-a-home/common-home-buying-mistakes/

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