Gainesville FL Real Estate Blog

It doesn’t matter if you are buying your first Gainesville FL home or are a veteran home buyer, you will have list of ‘wants’ and ‘needs’ for your new home. The ‘wants’ are things that would be nice to have such as a gas fireplace or granite counters. The ‘needs’ are things like, well a ‘bathroom’ or the number of bedrooms to suit your family. It is rare that you will get all your ‘wants’ and needs’ in the home you buy.

The key to maximizing your Gainesville FL home investment today is distinguishing between the types of ‘wants’ and ‘needs’ you’re better off buying as part of the property, and those you could add later without too much trouble and expense. Here’s some information to help you prioritize the amenities on your list.

Location:

Location is the one thing you can’t change about a property. Location is about being in a desirable neighborhood and close to (but not necessarily next to) valued amenities or planned ones — employment opportunities, good schools, shopping, public transportation, major highways, parks and recreation, cultural activities, etc. A good location is also about not being on a high-traffic street, near noise, next to run-down properties, in a flood plain, etc.

Structural integrity:

Make sure the Gainesville FL home you buy doesn’t come with a cracked foundation, pest infestation, drainage issues, mold or other problems that may be difficult and expensive to correct. A home inspection will help you determine if these items are an issue.
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Gainesville home buyers to benefit from more FREE money…

The $8000 first-time home buyer tax credit was scheduled to expire in just a few short weeks…Nov 30, 2009. I say ‘was’, because the Senate voted unanimously to extend the credit on Monday and the House of Representatives approved the extension yesterday afternoon by a vote of 403-12. The extension includes an expanded tax credit to repeat home buyers. The bill now goes to the President for his signature which is expected to happen today. 

Home Buyer Tax Credit Expansion and Extension 

1. The $8,000 tax credit will be extended and available for first-time home buyers through May 1, 2010.
2. A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
3. Prospective buyers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
4. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
5. Limitation on the cost of a purchased home is $800,000. 

If you know anyone looking to buy their first Gainesville home at a time when prices and interest rates are still down, or if you are thinking of buying another Gainesville home and getting the new $6,500 credit please contact me today.

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Will Gainesville Home Buyers Benefit From Stimulus Bill? 

It looks as if our legislators in Washington are finally making positive steps toward fixing the house mess and helping Gainesville home buyers by including housing legislation in the Economic Stimulus Bill.

Yesterday, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences.

Now, the senate expects to debate Amendment 353, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.

If these two provisions are included in the final passage of a stimulus bill they could have a positive impact on Gainesville real estate.

This legislation has passed the Senate, but the entire bill does need to go back to the House, and be signed by the President. There could be many changes before this happens, or not pass at all.

But is it light at the end of the tunnel for Gainesville home buyers and would help the housing crisis immensely as you can imagine.

Visit GatorHomes.com to learn more about Gainesville real estate.

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Fannie Mae and Freddie Mac both announced they will not impose the loan fee increase scheduled to go into effect next month. Fees were to have increased from .25% to .5%, making it even more difficult for Gainesville home buyers to buy homes. The biggest obstacle many ­­­­­­­­­­­­­­­­Gainesville home buyers face is the necessary cash needed for a down payment and closing costs.

Both companies, now controlled by the federal government, had decided to increase fees to boost their finances during difficult times.

Freddie Mac, however, will raise fees next year for riskier loan products, including mortgages that allow interest-only payments for the first few years. Freddie also will require higher credit scores for “piggyback” loans that allow borrowers to make smaller down payments by taking out two mortgages.

Taken together, Freddie Mac said the changes would provide “some relief from the challenges in the current market environment,” but added that it is following lending practices “that are prudent and largely applicable in all market conditions.”