Prairieville, LA

Today, I woke with a sense of gratitude. Gratitude for all of the Veteran's that have sacrificed so much for me. Without these men and women, I would not be able to sit here and enjoy the laughter of my children while they are getting ready for school, kiss my husband goodbye as he leaves for a job that he loves, or help a young couple find their first home. Think of all the small everyday tasks that we enjoy.

We get to experience these moments because a Veteran fought for our freedom.

I ask you this... Next time you see a Veteran, shake their hand, say thank you, buy them a cup of coffee. A small gesture of kindness is just a drop in the bucket for what they have done for us. With that being said, I think I will make my way to the local donut shop to buy a round of coffee and donuts for the gentlemen that I know hang out there in the morning.

Happy Veteran's Day to all who have served and fought for our freedom. Thank you!

Today, November 10, 2009, the Marine Corp turns 234. Happy Birthday Marines!

Thank you to all who have served for your tireless dedication in keeping our country safe.

Some people spend an entire lifetime wondering if they made a difference in the world. But, the Marines don't have that problem. [Ronald Reagan, U.S. President; 1985]

The first time home buyer's tax credit that was scheduled to expire on 12/01/2009 has been extended until May 1, 2010.  The income limits for this have also been increased!

Here are the specifics:

• Purchasers must be first time home buyers.  This means that you must not have owned a home in the past three years.
• The credit is for 10% of the purchase price up to $8,000
• Adjusted Gross Income limits are now $125,000 for single filers and $225,000 for joint filers
• Purchasers must have a contract signed by April 30, 2010 and will have until June 30, 2010 to close
• The credit is only available for the purchase of principal residences priced up to $800,000 or less

There is also a new tax credit for "long time resident" homeowners!

Here are those specifics:

• Purchasers must have lived in their primary residence for five consecutive years in the past eight years
• Tax credit for existing "long time resident" homeowners will be 10% of purchase price up to $6,500
• Stipulations for dates, Adjusted Gross Income limits and purchase price remain the same as for First Time Home buyers

This is good news. Many people will now be able to purchase their first home or possibly move up to a bigger home.  The move up part of this is crucial to the continued growth real estate market .

Please note:  I am NOT a tax professional!  These are the rules and regulations as I understand them as a Real Estate Professional.  If you have any questions or unique situations, please contact your tax professional.  If you do not have one, I will be glad to give you some recommendations.

If you have slowed down your efforts find your new Ascension Parish home because you figured that you could not complete your sale in time to qualify for the $8000 first time homebuyer tax credit, put on your shopping shoes! Not only is the credit extended till next April, it's now offers some new provisions that will help you as a first time buyer and also help existing homeowners who want to move by offering a $6,500 tax credit. The redesigned credit allows you to make more money and still qualify ($125,000 for single, $225,000 for married, phase out of credit for incomes up to $20,000 higher.) For repeat buyers, the only consideration is that they must have used their current home as a primary residence for 5 of the last 8 years.

By extending the credit to more potential buyers, the credit will help everyone. First time buyers typically buy homes at the lower end of the price spectrum, while current homeowners often are ready for a more expensive house when they are making their second or third purchase. Some folks who are ready to move have been put off by the prospect of a slow sale, so have put their moving plans on hold. With the new credit available, there will be a renewed interest in both starter and move-up homes.

Right now in Ascension Parish, the average home price hovers around $217,500 for new homes and $208,782 for resales. There is a 3 month supply of homes under $100K and about a 5 month supply of homes up to $250,000. For homes in the $351-400K range, the inventory is 18 months, while homes over $400 have a 40 month supply. The new credit is likely to open up more buying opportunities for entry level buyers and encourage the sellers to buyer properties that are likely to be more costly. It is good on properties up to $800,000.

Though the new credit is good through April 30, 2010, you are only required to have a contract in place, but the closing need not be complete until July 1, 2010. Currently, the credit that was due to expire on November 1 required the closing to be complete by that date. Given that the whole loan-appraisal-closing ritual now takes longer, some buyers were likely to be clogged in the pipeline as the credit expired, while others put off the purchase figuring they would make it through in time. With the new credit, buyers with contracts have three months for the process to be completed. This means you can buy in confidence right up to April 1, with the knowledge you will be able to claim the credit.

This is also good if you want to buy a newly built home. Even if you are just looking at the floor plan today, you have plenty of time to buy one of the beautiful homes now under construction in Prairieville, Gonzales, Sorrento, or Geismar. Builders have tended to construct model and a small quantity of homes so they are not left with unsold inventory, but could easily build more to accommodate buyers like you New home sales are on course to approach 500 homes in the parish this year.

Sandy Ogburn-Sandlin and her team at Re/Max Excellent Properties can explain all the details of the new credit to you, as well as show you the best new and resale homes in Ascension Parish as well as neighboring cities in the Greater Baton Rouge market. It's likely that homes will move quickly with the new incentives in place, so contact Sandy's Team today to jumpstart your housing search!

Ascension Parish is booming these days, with its 6.7% unemployment over 2% lower than the national average, as new businesses going up all over town. If you happen to be one of the unlucky people who lose their job, you have to figure how to stay afloat until you return to work. If you have a mortgage, you want to save your home while taking care of your other bills too. These days, many households already have two wage earners, so if one loses a job, there is no one else who can jump into the job market to help out.

Ideally, you should have three to six months in savings to carry you over in case of emergency, but many people live paycheck to paycheck without this safety net. Finding a new job is often taking longer so having savings will not spare you from what every homeowner needs to do: develop a game plan for making it through till income returns to normal. When your income is down, you must the order in which you pay your bills, but every creditor feels like they should come first. You need to first pay your mortgage, insurance, utilities, and other necessities like food, followed by your car note, then your loans and credit cards. If you have no reserves, obviously you will have to modify the list.

When you income changes and you have having difficulty paying your mortgage, there are programs designed to help make it through and avoid what will happen if you cannot ultimately pay: foreclosure. Before you get to that point, it's good to ask yourself if you want to keep the home. You may realize that the maintaining the home always made things tight for you. Though the current real estate market can be challenging, you might consider selling. If you owe more on the home than it is worth, you may ask your Realtor® about selling it on a short sale, where the bank agrees to accept less than the loan value as full payment. In any case, the time you are off is a good time to prepare the home for sale in case you would later decide to that. Even though you might not be able to afford costly remodeling projects, you can paint and declutter - tasks you may have need to do anyway.

If you want to keep your home, you need to take advantage of available resources. This means contacting your lender (or an outside housing counselor who will do this for you). Your lender may be able to help you if you contact them early and agree to reduced payments, forbearance (where you don't have to pay for a short time), or a loan modification.

For some of these plans to work, you need some income. This may mean that you accept a job that pays less than what you were making but is enough to cover the house payment and your other basic expenses. There is no point of jumping through all the hoops to get a loan modified if you will default in a few months because the payment is still too high for you.

Some people who have tried to get help say contacting the lender is more than a notion. Though lenders say they want to work with customers, many distressed borrowers report that they can't reach them, don't hear back from them, or wait forever, only to be told that they don't qualify or that they should apply to the Federal Making Home Affordable program. This is why it is often a good idea to talk with a HUD-approved counselor who might be able to get in touch with your lender or at least help you explore other resources before foreclosure looms.

In trouble with your mortgage due to job trouble or any other reason? The State of Louisiana has many resources to help you. Want to discuss your situation with a knowledgeable Realtor®? Sandy-Ogburn-Sandlin and her Team can talk to you about selling your home at short sale. We can show the best homes in Ascension Parish, as well East Baton Rouge Parish or Livingston Parish.