Greg Saffell - Kent Wa - Homes - Condos Buyers Rep - First Time Buyers Seniors

New loan modification programs could help this increasingly common problem with homes in Kent WA and across the United States. With one in five homeowners "underwater", some predict that thousands will just walk away from their homes during these economic hard times. Almost 20% of homeowners or 8.3 million people are upside -down on their mortgages and another 2.2 million are nearing that point known as "negative amortization". Personally, I hope these predictions are wrong and that most homeowners will find a way to stay in their homes. These new loan modification programs may help thousands retain ownership, but time will tell.

CNN Money has just published an article on this topic asking five homeowners with mortgage troubles whether they intend to "stay and pay" or "just walk away". Read the interviews and then ask yourself "what would I do"?

Greg Saffell

gregsaffell@comcast.net

New Loan Modification Programs May Help Thousands Retain Ownership of Homes in Kent Washington and Across the United States

Maybe you've seen Kent Washington's Town Square Plaza, maybe not. The next time you visit Kent Station just walk towards downtown and you'll find a large open area with a huge granite sphere in the middle with water bubbling at it's base. Measuring over five feet in diameter and weighing in at over 12,500 pounds, the Rotary International Centennial Ball is the largest of it's kind west of the Mississippi. Honoring a century of global projects the rotating ball fountain was a gift to the city from the Kent and Kent-Sunrise Rotary Clubs. The ball was fashioned from a 20-ton quarry block of green granite from India by Seattle artist, Stuart Kendall. This photograph shows the fountain in action with the King County Regional Justice Center in the background.

Greg Saffell

(206) 617-2247

REMAX Performance Plus

Information About Kent WA Real Estate

gregsaffell@comcast.net

Being a Real Estate Agent in Kent Washington can be a scary business. Not just here in Kent WA, either- all over the country. It's very important for those who work in the real estate business to know their market well. If they specialize in a particular geographic region they should know all about the homes within that area. The most reliable way to accomplish this is to drive the neighborhoods and visit as many properties as possible. Knowledgeable real estate agents do this research every day.

However, in the course of this research you can encounter interesting and unexpected situations, like this warning sign. Fortunately this was posted on a house nearby and not on the one that I was previewing. If this sign was attached to a home that I had intended to enter, I would think twice even if I believed it to be safe. This is a scary sign. Luckily, this is not the norm for Kent, Washington- it's a very safe community.

Greg Saffell

(206) 617-2247

REMAX Performance Plus

Information About Kent WA Real Estate

gregsaffell@comcast.net

Real Estate can be a scary busuness, in Kent Washington and across the country.

Is now the time to buy a home in Kent Washington? If you are in a position to buy a home today, this is the time. Home prices are at relatively low levels, inventory is abundant and interest rates are low. If you are currently renting, you can be fairly sure that your rent will increase over time. As a homeowner on a fixed-rate mortgage, you're assured that your payment is "fixed" for the duration of the loan. Home ownership isn't for everyone but it sure makes economic sense for most of us. A fun way to measure the merits of renting vs. buying is to use the Ginnie Mae calculator. Ginnie Mae is a federal agency whose goal is to increase the availability of affordable housing. You can find information at the Ginnie Mae website, then scroll down and click on buy vs. rent calculator. Have some fun with that and then call me when you realize you need to find a home today.

Greg Saffell

(206) 617-2247

REMAX Performance Plus

Information About Kent WA Real Estate

gregsaffell@comcast.net

Should you buy a home in Kent Washington?

There is now just over 5 months left to take advantage of the $7500. temporary tax credit for first-time home buyers. This credit began April 9, 2008 but will end on July 1, 2009. If you are a first-time home buyer waiting for the right time to jump, now may be the time before this opportunity is missed.

Homeownership has always been part of the American dream, and it remains the best way for an individual or family to build wealth over the long term, even in this current market. Like other investments, housing is subject to cycles. But over the long-term, real estate has consistently appreciated, even through periodic adjustments in local markets. On a national level, home appreciation has increased 4 to 5 percent annually and in King county home prices remain more than 50% higher than they were in 2002.

Homeownership provides financial advantages over other investments. These include tax benefits such as deductions for mortgage interest and real estate taxes, and capital gain exclusion for principal residences. Rent payments will increase over the years, but fixed-rate mortgages won't.

• The tax credit is available for first-time home buyers, which includes people who have not owned a home that is their primary residence for a least three years.
• The credit depends on how much money the home buyer makes. To receive the full tax credit amount of $7500., the income limits are $75,000 a year for single taxpayers and $150,000 for married taxpayers filing jointly. For partial credit the upper limit is $95,000 and $170,000 respectively.
• The home purchase must occur from now until July 1, 2009.
• Qualified home buyers claim the credit when they file their income tax return. The credit is refundable, which means if their tax liability is less than the credit, they will get a check from the IRS for the difference.
• The tax credit works like an interest free loan with up to 15 years to pay it back. For example, a home buyer claiming the full $7500. credit would repay the loan at a rate of about $500 a year.

Interest rates are at historic lows and due to the housing downturn, there is a large selection of homes on the market to choose from, and prices are more competitive than they have been in years. Find out more about the tax credit here.

If you are in the market for a home in Kent, Renton or the surrounding area, please contact me in any manner you prefer.
Call or text me on my cell phone @ 206 617-2247
Email @ gregsaffell@comcast.net
I'm available 777. 7am-7pm 7 days a week.

Published by Greg Saffell/South Sound Surfer
Home buyers need to take advantage of the tax credit now