Rates continue to fall

Mortgage rates once again hit record lows this week according to data from Freddie Mac. That marks the third straight week of record lows. Despite positive economic news here in the US that industrial production was up and consumer sentiment hit its highest level scince 2008, the Treasury bond market continued to show strength. The turmoil in Europe continued to overshadow positive data at home. The low interest rates are encouraging demand and applications for mortgages were up 9.2% last week.
**Please note: During this busy season it is imperative that we take the time to have our clients pre-approved before going out to look at properties. This will make things easier for all parties.
**Please see below for purchase loan rates on single-family homes greater than $150,000 with 20% down and 740+ credit scores.

Conf 30 year fixed to $417,000: 3.6255%
Conf 15 year fixed: 2.75%
Conf 30 year fixed ($417,000-$535,900): 3.875%
FHA 30 year fixed: 3.75%
FHA 5/1 ARM: 2.75%
Jumbo 30 year fixed ($528,750+): 4.0%
All rates except FHA reflect 1 origination, 0 discount points. Please note rates do vary by credit score, loan amount, rate lock period, occupancy and loan to value.

Gifts, home deductions, energy credits and tax breaks…

Down Payment Gift a Leg Up to Home Ownership, But Know Tax Rules We explain the tax details around giving the gift of a home down payment. Read
	How to Claim Your 2011 Energy Tax Credits They’re not as much as they used to be, but there are still energy tax credits to be had for upgrades made in 2011. Read
	10 Easy Mistakes Home Owners Make on Their Taxes Don’t rouse the IRS or pay more taxes than necessary — know the score on each home tax deduction and credit. Read
	6 Home Deduction Traps and How to Avoid Them Get an “A” on your Schedule A Form: Dodge these tax deduction pitfalls to save time, money, and an IRS investigation. Read
	What You Can and Can’t Deduct When You Work From Home Working from home can offer many advantages including tax deductions. Just take care what you try to write off for your home office on your return. Read
Visit houselogic.com for more articles like this. © Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®

Who are you working with ..Really?

This come ups from time to time when looking for a contractor, a hair stylist,  a tattoo artist and yes a real estate agent or broker.  All of which have a business license for that particular trade and all should be registered with DPOR. The Department of Professional and Occupational Regulations.  The beauty of this site is that you can see who is has had Complaints against them, violated some sort of rules and regulations and what the status of their license currently is.  In some cases it will tell you how much continuing eduction they have gotten in the last two years (for real estate licensees)

So if you are a home owner looking to Sell or a buyer looking to buy, do your do diligence and  interview several agents but also check the DPOR website for more details on that agent.  You will be surprised at what you will find.

It’s a Great time to buy!

 

Virginia home sales surge ahead (+9%) in February 2012
Posted: 23 Mar 2012 07:11 AM PDT\

 

 

 

 

 

 

In another sign of potential stabilization of the housing market in Virginia, home sales rose 8.6% in February 2012 as compared to one year prior.  This strong increase is after a 2.7% year-over-year increase in January 2012.  Virginia’s unemployment rate of 5.8% in January is the lowest level seen since December 2008 and provides a strong climate for growth in the housing market.

Download the full February 2012 Virginia Home Sales Report below which also highlights:

• Monthly median sales prices only declined 0.9% in the past year.

• Monthly sales volume increased 8.4% between February 2011 and February 2012.

• Average days on market stayed level at 105 days in February 2012.

February 2012 Virgina Home Sales Report

 

Products for your Home…and how do you pay them.

• 7 Home Products You Didn’t Know You Needed

  The products on display at the Housewares show range from the bizarre to the practical and promise to change your life. You be the judge: Will these gizmos help you? Read

• What’s the Best Way to Pay a General Contractor?

  When paying a general contractor, is paper or plastic better? Angie’s List founder shares some tips and advice. Read
• Leak? This is the Week to Plug It

  It’s Fix a Leak Week, which means it’s time to stop being a drip and start saving water. Read
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  (New!)

  Can Granite Film Really Fool The Eye?

  We install a vinyl granite film on an old countertop to see if faux really is fabulous. Here’s what we discovered. Read

Visit houselogic.com for more articles like this.

Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®