dothanhomesearch.com

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Here is what Dan Green, author of The Mortgage Reports, has to say. Don’t know that I necessarily agree, but his numbers make a strong case. Only time will tell.

In April, the number of MLS-listed homes that went under contract rose by an astounding 7 percent. It’s the biggest one month jump in Pending Home Sales since October 2001, not coincidentally, the second-to-last month of the Early 2000s Recession.

via How We Know That Existing Homes Sales Will Boom Through Summer 2009 | The Mortgage Reports.

Related posts:

1. Dothan real estate market - June 2009 Sales report
2. Monday Market Snapshot - Dothan real estate picture on June 8, 2009
3. Monday Market Snapshot - June 1, 2009

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Details on exactly how first time home buyers will be able to use the money (up to $8,000) still need to be worked out, but according to the press release from HUD referenced below, once the buyer has put down their 3.5% down payment, this money could be used toward closing costs, or even used to increase their down payment. There will be no need to wait until filing of their 2009 tax return to use this tax credit. Buyers will be able to use it at the time of purchase. This is a good thing!

Rest assured, as soon as we know the details on how you will be able to use this money, we will post it here. Look for more information in the coming few days!

Today’s announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to “monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate.

via HUD News Release 09-072.

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1. 78% of First-time Home Buyers say now is a good time to buy
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3. Home Seller Series - You’ve Got Three Weeks to Sell Your House

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Median list price has dipped below $165,000 for the first time since we started tracking it on a weekly basis last July. Odds are the $164,900 figure is the lowest in several years. Same for average price per square foot. Hopefully, this is a sign that prices are relaxing and we can clear some of the glut of homes on the market around Dothan.

Related posts:

1. Monday Market Snapshot - June 29, 2009
2. Monday Market Snapshot - June 22, 2009
3. Monday Market Snapshot - June 15, 2009

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Today Trulia released the results of a survey conducted by Harris Interactive® showing that U.S. home buyers are twice as likely to use online sources than print sources to find open house information. When asked what sources they have used or plan to use to find open houses, 62% of U.S. home buyers reported using online sites, compared to 53% who use information from real estate agents, 36% who use neighborhood signs and 31% who reported usingprint sources, including newspapers and local flyers to find open houses. 91% of all home buyers attend/plan to attend open houses. To check out the full study results, click here.

via Buyers twice as likely to search for open houses online than in print.

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

You have probably heard that various ad around that April is CENTURY 21 Open House month. CENTURY 21 Key Realty is participating this weekend with nine open houses around Dothan. See map below.

Don’t forget to register for the $221,000 down payment to be given away!

Related posts:

1. Buyers twice as likely to search for open houses online than in print
2. Open Houses today, January 18
3. Twilight Open House - 2810 Peachtree Drive

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

We are pleased to announce the addition of a page here on Dothan Home Search specifically dedicated to our area schools. When you visit dothanhomesearch.com/schools, you will see a map of area schools, and be clicking on a specific school location, you’ll get some general information as well as a couple of links to school test scores, demographic information, and reviews. The page is not quite completed, but we are adding more schools and links daily until it is.

The link to the page will show up on the sidebar under the “Inside Dothan Home Search” section of links.

Is there school information you would like to see missing from this page? Let us know by leaving us a note below and we will look into adding it!

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3. Follow us on Twitter!

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Part of the new economic stimulus package just signed by President Obama aims to stimulate the housing market. This post is not to debate the merits of the plan, or even this specific provision of it. The purpose of this post is to give you, our Dothan area home buyers, the information you need to be able to take advantage of the $8,000 tax credit. Here is everything you need to know.

Who gets to use it?

First-time home buyers are eligible. First-time home buyers are defined as the folks who have not owned a home in the three years prior to purchase. In addition, the credit begins to phase out for purchaser’s making over $75,000 ($150,000 joint return) a year. The credit disappears at the $95,000 ($170,000 joint return) income level.

What kind of house can you buy?

Any single-family residence that will be used as your primary residence is eligible.

How much of a tax credit will I get?

The credit is for 10% of the purchase price of your home, up to $8,000. For any home under $80,000, you would get a 10% credit. Over $80,000, and the credit is the full $8,000.

How does this tax credit work?

Basically, this credit goes toward your Federal income tax bill for the year. So, when you fill out your tax return early next year, you will be able to deduct this credit from the income tax you owe. Look at your tax return for 2008, or, if you haven’t completed it yet, look at your return from 2007. Look for the line that shows the total tax you owed (Line 61 on Form 1040, Line 37 on Form 1040A). You will get to deduct 10% of the purchase price of your home, up to $8,000, off of this amount. There will be a line in the “Payments” section of your return to do this. If you didn’t owe that much in taxes, then you get whatever is left as a refund! Keep in mind that when we talk about taxes owed, we are talking about your total Federal income tax bill, not any amount that comes up in the “Amount You Owe” line of your return. 

Do I have to pay it back?

No. Not for any home bought after January 1, 2009 and before December 1, 2009. There is a recapture clause, which states that if the home is sold within three years of purchase, the entire amount of credit is recaptured on sale. This applies only to homes purchased in 2009.

Any way you look at it, this is a pretty sweet deal for home buyers. We’ve got a strong team of REALTORS®  waiting to answer your questions and help you find a home.

Related posts:

1. It’s Official! HUD will allow monetization of $8,000 First time home buyer tax credit
2. Alabama’s homes reach most affordable level in 16 years - Birmingham Business Journal:
3. 78% of First-time Home Buyers say now is a good time to buy

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Highlights

• The number of homes for sale in and around Dothan is at its highest level since November.
• Days on market is approaching six months
• Pending sales and 30-day sales numbers are up

Related posts:

1. Monday Market Snapshot - June 29, 2009
2. Monday Market Snapshot - June 22, 2009
3. Are we about to have another housing market boom?

Posted by Charles Woodall | Currently No Comments »

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Highlights

• Pending sales dropped slightly this week
• Sales in the last 30 days were up over 20%
• Median list price is up slightly, and seems to be stuck around the $166,000 level

Related posts:

1. Monday Market Snapshot - June 29, 2009
2. Monday Market Snapshot - June 22, 2009
3. Are we about to have another housing market boom?

Posted by Charles Woodall | Currently No Comments »

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

As reported in Monday’s Dothan real estate market report, pending home sales in our area are at their highest level since last July, and up better than 50% since the first of the year.

The number of visitors to this website is up almost 40% since the first week of January. Two of our associates had their best month ever in January.

Lots of positive signs out there right now for the Dothan real estate market.

Related posts:

1. Dothan real estate market - June 2009 Sales report
2. It’s Official! HUD will allow monetization of $8,000 First time home buyer tax credit
3. Buyers twice as likely to search for open houses online than in print

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