Colleen Barlow

Let's face it... our homes require maintenance and we often can't do it all ourselves. So you need a plumber, or an electrician, or a handyman -- a roofer, a carpet installer, a painter; how do you find a good one? The saying "you get what you paid for" is generally true, but there are decent contractors who won't overcharge for their services. Where can we find these invaluable people?

1. Friends' Recommendations: The number 1 way to find a good contractor or service provider is through personal referrals. Without a doubt, sites like Facebook and Twitter help us to easily query our network to ask for their recommendations. In fact, advertisers are quickly catching on to this trend. My son works with a hip advertising agency in L.A., and he's focused on this very thing. Friends are happy to share their good experiences with a contractor. Just be certain that they used their services within the last year or so. Personnel at companies change over time.

2. Websites: I, personally, love www.AngiesList.com . Although you have to pay for this service, I find it a wonderful resource. Consumer's Check is another great site: http://www.checkbook.org/ . The gold standard for many years, Consumer Reports, has great suggestions on things like what questions to ask potential contractors: http://web.consumerreports.org .

3. Your Favorite Realtor: As a Realtor, I recommend contractors to clients all the time. In working together to get their homes ready to sell, I put together a list of recommended repairs and updates which includes photos and recommendations for multiple contractors for each item. Since my job involves continually prepping homes, I get the opportunity to use the services of lots of contractors who work on home maintenance and updates. Also, real estate agents often share their favorite contractors with each other all the time. I keep every email that another agents sends with their recommendations. I use these to compile my list of favorte contractors. Your favorite agent might just be a great resource for recommendations. If you're local, just send me an email if you need my assistance.

4. Better Business Bureau: Consumers are encouraged to file a complaint with the Better Business Bureau when they have a problem with a contractor. You can search their site to research potential contractors at www.bbb.org .

5. Lawsuit Filings: In Maryland, you can go online to the state's website to search the list of court cases to see if a contractor/company has had any lawsuits filed against them recently. Be sure to check the status of the suits, though. Although there are unscrupulous contractors out there, there are also unreasonable consumers who file frivolous lawsuits. This site might be helpful: http://casesearch.courts.state.md.us/inquiry/processDisclaimer.jis

6. State Licensing Authorities: In Maryland, you can check to see if a contractor is licensed by going to: https://www.dllr.state.md.us/cgi-bin/ElectronicLicensing/OP_search/OP_search.cgi?calling_app=HIC::HIC_qselect

What are your favorite sources for contractor recommendations? What other websites do you use to research companies?

AP is reporting that the homebuyer credit extension has passed the House -- homebuyers will have until September 30th 2010 to close on properties that they put under contract by April 30, 2010. This would certainly be a good thing for those buyers who haven't been able to close on their homes for one reason or another. One of my clients almost fell in to this category when the seller, who lives in Canada now, had to get the U.S. Embassy to notarize some paperwork at the last minute. Fortunately we closed on that property today.

Enjoy,

Colleen Barlow, Realtor

W.C. & A.N. Miller Realtors, a Long & Foster Co., 10200 River Rd., Potomac, MD 20854

Phone: 301-717-1663

It appears that there's little hope for an extension of the now infamous "Homebuyer Tax Credit". Every
Realtor, Settlement Attorney, and Lender is crazy busy through Wednesday as you've got to settle by 6/30 to be eligible for the credit. Although the credit certainly seemed to boost home sales in the $800K and below price range, the reality of the situation is that it's still a great time to buy a home. In most cases buyers can negotiate the list price down these days.

For example, if you had purchased a home for $800,000 this month, you would have been eligible for the 1% tax credit ($8000). That was the maximum buyers could receive with the credit. Don't get me wrong, $8000 is a lot of money, but if you're looking to buy a home now all is not lost. Even though the credit is going away, there's still plenty of room for negotiating the sales price down somewhat in today's market. Interest rates are still incredibly low. Jumbo loans are available again, and the rates on those are even amazing.

Personally, I'm optimistic that things are turning around for our economy as a whole. Although home sales continue to be slow in the over $1.2 million price range, homes under $1.2 million sell fairly quickly if they are well maintained and staged to show well. Buyers are out looking. My Open Houses have been very, very busy over the last several months. That's a good sign. I'm hopeful that although the tax credit is ending, we'll continue to see the local housing market recover nicely.

Wish you and yours all the best,

Colleen Barlow, Realtor

W.C. & A.N. Miller Realtors, a Long & Foster Co., 10200 River Rd., Potomac, MD 20854

Thankfully, the President signed the law extending the $8000 First-time Home Buyer Credit and adding a credit of $6500 for other "Repeat" Home Buyers. Thanks to Scott Schaub of M-Point Mortgage Services for this summary of the new law:

$8,000 First-time Home Buyer Tax Credit at a Glance

•· The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

•· The tax credit does not have to be repaid.

•· The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.

•· The tax credit applies only to homes priced at $800,000 or less.

•· The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

•· For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

•· For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

•· To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

•· The tax credit does not have to be repaid.

•· The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.

•· The tax credit applies only to homes priced at $800,000 or less.

•· The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

•· Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

With interest rates at historically low rates, and the home buyer credits, it's an amazing time to buy a home. Even if you can't sell your current home for what it might have sold for back in 2005, you'll save money on the new home and the closing costs on both selling your current home and buying your new home. In most cases, it makes more financial sense to move now, and not in a couple of years when people believe home values will have risen slightly.

I'm happy to run the numbers for you if you like. I can tell you the probable sales price for your home, and the closing costs on both selling your home and buying a new home. Please just call me at 301-717-1663 or email to Colleen.Barlow@LongandFoster.com .

Warmest regards,

Colleen Barlow, Realtor

According to Yahoo Finance... WASHINGTON (AP) -- To prevent inflation from taking off, the Federal Reserve will need to start boosting interest rates quickly and aggressively once the economy is back on firmer footing, Fed officials warned Tuesday.

"I expect that when it comes time to tighten monetary policy, my colleagues and I will move with an alacrity that, if needed, will be equal in speed and intensity" to when the Fed was slashing rates to battle the recession and the financial crisis, said Richard Fisher, president of the Federal Reserve Bank of Dallas.

Although I've never been able to predict the future, one thing is certain: Mortgage Interest Rates are at a historic low right now. Home prices are lower than they were. Most "experts" are predicting that home values will slowly begin to rise now, and there are some indicators that seem to show that trend beginning around the country. If you're thinking of taking advantage of the 1% up to $8,000 federal tax credit, you need to close on your new home by November 30th. All in all, it seems that now really is a very good time to buy, if you can afford to do so.