Panama City, FL

I recently met a buyer who shared a GREAT story about how the tax credit helped him and his girlfriend and I wanted to share it with everyone. If you are a first time homebuyer who is still worried about whether or not this is the time to buy maybe this will help you see just how GREAT a time it is to buy a home for reasons other than low prices and low interest rates.

I met a guy who recently bought a home and unfortunately for me, I was not the buyers agent however, I felt his story was one that needed to be shared. Mr. Buyer and his girlfriend decided to take advantage of the buyers market after renting for several years. They found a WONDERFUL house in a GREAT neighborhood and with their low interest rate, they're mortgage payment was VERY comfortable for them. They both had good jobs and were very excited about their new home. Within weeks of the closing the unimaginable happened. Mr. Buyers Girilfriend was laid off permanately. :( Since they had just bought the home and new furnishings they really didn't have much time to restock their savings for an incident like this. Lucky for them they had not filed their taxes yet. So immediately they contacted their bank to find out what they could do and that is when they realized that they could take advantage of their $8000.00 tax credit. They filed their taxes and within a few weeks they had their tax return plus an additional $8000.00. This was just what they needed. They not only managed to pay their bills for two months while Mr. Buyers girlfriend searched for a job but they also had money left over to put into their savings for another rainy day. YEAH!!!!

So I ask you, Could you use $8000.00?

I meet many first time homebuyers who have little to no money to put down or pay closing costs and occasionally they're biggest concern is whether or not they will have a job in a couple months. While I try to avoid playing the "What if" game with my buyers, I think that is a very valid concern with the current economic situation. I've struggled with overcoming this objection with my buyers. However, after hearing this story I now realize that this is not an objection, this is just another reason why first time homebuyers NEED to buy.

Looking for the most bang for your buck? Want the most home for the money? We have a way that you can buy more home for the money. It is quite simple..... choose your neighborhood wisely. Let me explain. Recently the City of Cedar Grove Florida dissolved, leaving the city with Bay County. On the surface, not much has changed but if you are like I am, you will look further to see the monthly savings from living in the county over living in incorporated Panama City or Lynn Haven.

Here is how it works..... First let's assume that the home price in Bay County is $275,000 and the assessed value after the homestead exemption $197,500. $200 per month utilities

By living in Bay County, the millage rate, (the way your taxes are calculated) is lower than living in the "city". Also, there are no longer city franchise fees on your utilities and telecommunications. These fees can be up to 20% of your utility or phone bill!

The chart below shows the difference.......
Municipality Millage Rate Yearly taxes Monthly taxes Utility and Tele taxes

Bay County 10.615 $2095.17 $174.63 $0
Panama City 15.1105 $2984.32 $248.70 $36.44
Lynn Haven 13.6992 $2705.60 $225.47 $42.44
Callaway 12.8605 $2539.95 $211.67 $42.44

As you can see, living in Bay County can up to $95.00 over living in Lynn Haven Florida, $110.00 over living in Panama City. With interest rates the way they are today at around 5%, you would pay the same for a lesser home in Panama City since you are paying extra fees in Panama City. A $275,000 home in Bay County is the same as a home in Panama City for $253,000.

We have two great neighborhoods in Bay County, Cherokee Heights and Bylsma Manor Estates with a great selection of homes. Visit our website at www.knowpayneknowgain.com to see what we have for sale.

We just closed on another short sale in Panama City, FL. This one was a USDA Rural housing loan that took from December 16, 2008 until last week to close. We had approval to close in less than 60 days. Short sales are nothing more than a process and we have a great system to process short sales.

If you need help with your Panama City, Lynn Haven, Panama City Beach home, call the Payne Group today. We can help!!! For more short sale information, visit www.ShortSalesinPanamaCity.com

To view all listings all the time... www.KnowPayneKnowGain.com

Jeff Payne, Broker Associate/Short Sale Specialist
Keller Williams Success Realty
850-392-1770

Email ThePayneGroup@kw.com to be put on our foreclosure alert list

An associate of mine has recently been focusing diligently on helping home owners in the Panama City area with short sales and asked for some assistance with their new website.

Not being one to turn down a request for help, I am pleased to announce a new website dedicated to homeowners in need of assistance during these difficult economic times.

The Panama City short sales site and team has information and agents available to help those in need during their time of hardship.

They understand not only the business of short sales, but also the emotional stress many feel when making this difficult decision.

If you are a home owner in need, contact them today. They are here to help.