Box Realty Market News

What Matters Most

Box Realty Associates chris@boxrealtyonline.com — Mon, 25 Aug 2008 20:12:52 -0400

For First-Time Buyers, Affordability Matters Most
A recent survey of 150 real estate brokers revealed that affordability is the prime concern for first-time home buyers. Additionally, eighty-one percent of brokers reported that first-time buyers consider move-in condition to be very important in their home search.
http://www.inman.com/news/2008/08/21/survey-affordability-matters-most-first-time-buyers

For you Buyers out there, what matters most to you? Feel free to respond on this BLOG.

Foreclosure Bill

Box Realty Associates chris@boxrealtyonline.com — Wed, 20 Aug 2008 17:58:16 -0400

Gov. Easley Signs 3 Foreclosure Bills
Gov. Mike Easley signed three bills on Monday to reduce the number of home foreclosure filings, including one that requires banks to provide 45 days notice before a foreclosure is filed. Easley has said the law could help more than 25,000 families stay in their homes.
http://www.ncrealtors.org/news_display.cfm?nid=727

Housing Bill Defined

Box Realty Associates chris@boxrealtyonline.com — Sat, 16 Aug 2008 16:57:26 -0400

August 12, 2008-Buying smart in today’s market got a little easier recently following the signing of the Housing and Economic Recovery Act of 2008 by President Bush. There are significant benefits aimed at helping buyers, such as a repayable first-time home-buyer tax credit. First-time buyers are important to the health of the housing economy because their home purchases help to stimulate sales up the price points. Through the home-buyer tax credit, buyers who are purchasing for the first time or who haven’t owned a property in the last three years can now qualify for a tax credit equal to 10% of their home purchase price, up to $7,500.

Further qualification requires that the home purchase be made between April 9, 2008 and July 1, 2009. The credit phases out if the buyer’s income exceeds $75,000 for an individual or $150,000 for a couple filing jointly and it must be paid back over a 15 year period in equal installments. The credit can be claimed on the buyer’s 2008 tax return even if the purchase is made in 2009 (it’s important to note that this is a tax credit and not a tax deduction).

Another component of the housing bill includes much needed FHA modernization which aims to adjust loan limits so that they are more in sync with current home values. The bill allows Fannie Mae and Freddie Mac to serve more home-buyers by raising loan limits in high cost areas above the standard conforming limit to 115 percent of the median house prices and up to 150 percent of the conforming loan limit.

The Housing and Economic Recovery Act is expected to play a critical role in strengthening the housing market and overall economy. The last time Congress passed legislation like this in the 1970s, the housing market saw a significant increase in activity. Using history as a guide, Lawrence Yun, chief economist of the National Association of Realtors believes the Housing Act could represent a boost of 10% in the number of homes sold.

The passing of the Housing and Economic Recovery Act marks the beginning phase of the next ten-year housing cycle in which prices in the more affordable markets will only continue to appreciate (affordable refers to homes priced at or below a market’s median housing price). Contributing to rising prices is population growth, the impact of Generation Y, inflation, and growth management. Homes in the more affordable price ranges in many markets have already adjusted and the new housing legislation will continue to boost this positive momentum. Increased sales in the more affordable markets will set a new foundation for housing, helping to stabilize the overall real estate economy.

Glass Half Full

Box Realty Associates chris@boxrealtyonline.com — Wed, 13 Aug 2008 16:22:00 -0400

For Homeowners, the Glass is Half Full
Homeowners are quite aware of the slow housing market, but most of them don’t think the trend is affecting their property, according to recent survey of 1,361 homeowners. Results show that nearly two out of three homeowners think their home value has increased or remained the same in the past year.
http://www.realtor.org/RMODaily.nsf/pages/News2008080802?OpenDocument

Charlotte Market Expands!

Box Realty Associates chris@boxrealtyonline.com — Mon, 11 Aug 2008 16:28:22 -0400

Pending Home Sales Rise, Wider Gains Anticipated
Some improvement is projected for existing-home sales in the months ahead, with broader gains seen by the fourth quarter as buyers take advantage of new provisions provided through the recently passed housing stimulus bill, according to the latest forecast by the National Association of Realtors®
http://www.realtor.org/press_room/news_releases/2008/pending_home_sales_rise

If Your Buyers Are on the Fence, Read This and Pass It On
If you have a prospective home buyer waiting for the bottom of the housing market, there is one factor they need to carefully consider: mortgage rates are rising. This simple consideration can beg the question, is it better to jump into the market now before it hits bottom?
http://www.nytimes.com/2008/08/09/business/09mortgage.html?_r=1&th=&adxnnl=1&oref=slogin&emc=th&adxnnlx=1218460579-DtkNZ/+bj1LmBuS4tX29JQ