Home Field Realtors Illinois Licensed Real Estate Brokerage

Home Field Realtors, Naperville IL

5 Good Reasons Why Its a Great Time to Buy!

If you are on the fence as to whether you should or should not buy this Spring or Summer then read on my friends!

1. Historic LOW Mortgage Rates!!! Not only are rates incredibly low, your rent is bound to go up at some point. Buy now and lock in your home mortgage rate for years to come...

2. When Prices Come Back (and they will), You Will Have Instant Equity!

3. Leverage Your Investment...the cash you have tied up in non-performing assets can do a lot better in real estate. Say for instance, a 10% return on $25,000 in an investment fund equates to $2,500 profit...a 10% return on a $300,000 house is a $30,000 profit!

4. Historically, more and more housing is created and needed each year in the US...this means that the inventory will tighten.

5. Plenty of Government help! The Obama Administration created an $8,000 First Time Home Buyer Tax Credit so if you have not owned a home in the last 3 years you will most likely qualify...take advantage now, the incentive runs out at the close of 2009.

Visit www.HomeFieldRealtors.com to learn more...

The 2008 Top 5 Highest Home Appreciation Markets Are:

1. Cedar Rapids, IA 8.8%

2. Amsterdam, NY 7.8%

3. Binghamton, NY 7.7%

4. Malone, NY 7.6%

5. Bay City, MI 6.8%

Are you surprised by the results? Let us know what you think!

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Is a Lease Option Agreement Right for You? Visit our website to read more about Lease Option agreements, just click this link...http://www.homefieldrealtors.com/article/view/22095/1/3945/

A Lease Option Agreement provides a renter the opportunity to exercise a "right" to purchase the property at any time during the lease term at a pre-agreed price. In order for the renter to obtain the "Option" to buy in a Lease they must pay an upfront option fee of roughly 1% of the agreed purchase price when they sign the Lease Option Agreement.

Monthly rental payments they make during the lease term will be applied to the mortgage principal. Most lease options last for 2-5 years. If the renter decides not to exercise the option to buy then they forfeit the option fee they already paid.

The question is, whether a Buyer or Seller, is a Lease Option right for you?

As a seller, you could be locked into an agreement for 2-5 years with a tenant that isn't "all that"...meaning, they aren't keeping up with maintaining your property as you expected. Further, you could also be locked into a selling price that might leave you with the short end of the stick when the market turns around. In the interim, you still need to make sure your cash flow is sustainable throughout the life of the lease option agreement. If you have had your home on the market for a long long time without much success, then perhaps you will want to consider a lease option agreement to help get you though a rough patch until the market rebounds. You may find that your renter exercises their option to purchase and you get to sell your house.

As a buyer, a lease option is a fantastic vehicle for you to wait out the market and provide comfort in knowing you could also have a house to buy if you decide to, and not have to move again. The downside, is that if you decide not to exercise the option you lose the option fee - which already cost you thousands of dollars.

Further, if you are a first time buyer, I would suggest you take advantage of the new First Time Home Buyer Tax Credit opportunity in lieu of a lease option...it can be worth up to $8,000! There is plenty of inventory on the market for First Time Home Buyers to choose from so finding that perfect home will not be a problem...

Visit www.HomeFieldRealtors.com to learn more...

The American Recovery and Reinvestment Act of 2009 features an $8,000 tax credit for first-time home buyers who purchase a residence on or after January 1, 2009 and before December 1, 2009. The details include...

*Only available 1/1/09 through 12/1/09 and equal to 10 percent of the cost of the home, up to a max credit of $8,000!

*Buyers claim the credit on their federal tax return

*Only first-time home buyers can take advantage of this credit...you are a first-time home buyer if you have not owned a home in the last three years

*Eligible properties include anything that will be used as a principle residence...homes, condo's and townhomes

*Some guidelines on credit include...gross income up to $75,000 for the full credit, $150,000 if filing jointly. The credit amount is phased down for earning more and not available for those who earn more than $95,000, $170,000 if filing jointly.

*The tax credit does not have to be repaid if the buyer stays in the home for a minimum of three years!

It's a Buyers Market out there folks, with mortgage rates remaining low and purchase prices incredibly low, now is a great time to take advantage of the new government tax credit!

If you wish to receive a flyer on this incentive, email info@homefieldrealtors

Home Buyers May Hit a Home Run This Spring!

On Wednesday February 5th, 2009 the Senate included an amendment to the Economic Stilulus Bill that could signal a recovery for the Real Estate market sooner then we all think. The amendment would provide a Tax Credit to all home buyers of 10% of the purchase price up to $15,000! This would be available for a one year period to all purchasers of primary residences.

In addition, Amendment 353, would provide 30 year fixed financing at a rate of about 4% for anyone purchasing a primary residence!!!

If these two provisions pass, this could spark a dramatic turn around to the Real Estate market in many areas of the country, and right here in the greater Chicago and Naperville area. Please stay tuned for further updates as President Obama and the Senate work to expedite passage of the Economic Stimulus Bill.

Visit www.HomeFieldRealtors.com to search homes via the Multiple Listing Service with Google Map technology, buyer negotiation strategies, purchasing tips and more...