DeAndrea "Dee Dee" Jones The Hampton Roads Real Estate Lady!

After a day of showing property in Hampton Roads I was left baffled at how many sellers do not bother to unclutter or just simply clean up their homes. I went to a home in Norfolk, VA in which I literally stepped over underwear to show the bathroom and had to tell my clients to imagine a shower with out hanging bras. I had gave a days notice so this was not a last minute appt. We looked at a few more homes then wandered in a home in Chesapeake, VA that had to be owned by a person with DISPOSOPHOBIA the fear of getting rid of stuff. This is not the actual home but it looked this bad.

It only takes a moment to council sellers on the proper way to show a home so it will Sell. This is a buyers market and appearance is everything. Take the time to clean of the counters and refrigerator. Its Spring the best time of the year to clean out drawers, closets, and get rid of stuff even furniture you do not need. If its in good shape sell your stuff on ebay, or craigslist.

For more info on the proper way to sell your home call

Dee Dee Jones

Wainwright Real Estate

The Hampton Roads Real Estate Lady

http://DJonesSellsHomes.com

I am originally from Southern California, I have lived in Louisiana, Illinois, and now Virginia. Today, was so funny. It finally snowed in Hampton Roads, VA and you would have thought the world was coming to and end. The News talked as if the mother of all storms had hit. School District started calling at 5:45am that school would be on a 2 hour delay. Two of my kids school buses never showed up. I just knew that I would go out side to see my car buried in 4 inches of snow. I thought I would need to fine my ice scraper and shovel. To my surprise I was greeted by a very cold wind, a half inch of snow, and a thin layer of ice. The neighborhood looked slightly powdered in sugar. So that made my 3 kids extra excited.

My youngest do not remember Illinois having to shovel snow and spinning on black ice which is the worst thing. But I know by 5pm this snow will be melted and gone for another few years. There were reports of 39 accidents in Hampton Roads. But, In the end the North East, Mid West, and even the Carolinas would be laughing at what we call a snow storm down here in the 7 cities. Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach.

Dee Dee Jones

Wainwright Real Estate

The Hampton Roads Real Estate Lady

http://DJonesSellsHomes.com

For those of you who asked about updated Tax Credit info here it is: http://www.federalhousingtaxcredit.com/ for more info.

Tax Credit for Homebuyers
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction - a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
Tax Credit Versus Tax Deduction
It's important to remember that the $8,000 tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a homebuyer were to owe $8,000 in income taxes and would qualify for the $8,000 tax credit, they would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a homebuyer is liable for $4,000 in income tax, he can offset that $4,000 with half of the tax credit... and still receive a check for the remaining $4,000!
Phase-out Examples
According to the plan, the tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.

To break down what this phase-out means to homebuyers who are over those amounts, the National Association of Homebuilders (NAHB) offers the following examples:

Example 1: Assume that a married couple has a modified adjusted gross income of $160,000. The applicable phase-out to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time homebuyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

Example 2: Assume that an individual homebuyer has a modified adjusted gross income of $88,000. The buyer's income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

Remember, these are general examples. You should always consult your tax advisor for information relating to your specific circumstances.
Homes that Qualify
The tax credit is applicable to any home that will be used as a principle residence. Based on that guideline, qualifying homes include single-family detached homes, as well as attached homes such as townhouses and condominiums. In addition, manufactured or homes and houseboats used for principle residence also qualify.

Higher Loan Amounts
More good news - there is an extension on the additional tier of conforming loan amounts which had been first established in 2008. This tier of home loans are those greater than $417,000, and with a maximum that depends on the area, but is not greater than $729,750. These loans will again be eligible for rates that are slightly higher than conforming loan rates, but less expensive than the standard "jumbo" loan rates.
FHFA News Release -

For more info go to http://www.federalhousingtaxcredit.com/ for more info.

I will be sure to update you with more info as more changes come.

Dee Dee Jones

Wainwright Real Estate

http://DJonesSellsHomes.com

Has anyone taking the direct buy free look orientation or bought a membership?

I admit it looks and sounds great. But besides Sam's Club I hate to pay monthly for anything.

Their website boast, that they are "the #1 way to buy direct for your home. Discover how you can purchase home furnishings and appliances directly from the manufacturer."

The commercials outline huge discounts of course I know it is a commercial. They weigh the pros & cons of wholesale vs resale.

They even mention discounts on contractors.

So If you know anything about this program. Please pass on the info. Thanks in advance for sharing.

Dee Dee Jones

Hampton Roads Real Estate Lady!

http://DJonesSellsHomes.com

Everyone is focused on the $7500 tax credit but do you know about the other state and government programs and there impact on the economy.

Foreclosure Relief- This will offer a refinance program that will help struggling homeowners stay in their homes. Yeah Less Foreclosures!!!

FHA Modernization - maximum loan will increase to 115% of median home price in area up to $625,500. This means will be seeing a lot of FHA buyers in 09.

Mortgage Revenue Bonds-States will be given the authority to issue an additional $11 billion dollars to be used to refinance subprime loans and help more first time buyers obtain a mortgage.

GSE Government Sponsored Enterprises- will regulate the industry helping buyers secure financing for homes in high priced markets such as California and the North East. And will become a viable alternative from interest only loans.

LIHTC Low Income Housing Tax Credit and Bonds-helps construct and rehabilitate affordable housing. This will also create more jobs. Open up home ownership opportunities to more people.

Community Development Block Grants -The legislation provides $3.9 billion in grants to state and local governments for the purchase of foreclosed homes and the rehabilitation or redevelopment of residential property. This also will create and sustain more jobs.

For more information on these programs go to http://www.federalhousingtaxcredit.com/how.php

Dee Dee Jones

The Hampton Roads Real Estate Lady

Http://DJonesSellsHomes.com