Pat Hensley

How will the 2009 Stimulus package help Housing?

We hear so much about the stimulus package on the news. I get asked daily "exactly what is in this stimulus package for me? How will it help the economy?"

Below is a quick breakdown of just a few proposals that are in debate right now. We are waiting to see if any of the proposals will be passed and what modifications will be made. ....Raleigh Capital Lawn

• Encourage lenders to offer a 30-year fixed rate mortgage at 4% for a limited period of time. The loans would only be available to credit-worthy home buyers and homeowners seeking to refinance.

• Increase the home buyer credit to $15,000 and make it available to all home buyers. Under current law, that the credit is to be repaid by buyers over time, assuming they don't sell their home for three years after claiming the credit. Income limits for this credit, are bound to be imposed.

• Postponing a foreclosure for three months to allow some troubled borrowers to keep their homes by buying them time to work out a new loan agreement with their mortgage service. One loan modification plan would require that lenders reduce housing payments for delinquent borrowers to 31% of gross monthly income.

• In one proposal, Lenders could achieve the above by lowering mortgage rates as low as 3% for five years, before increasing at an annual rate of 1 percentage point until they hit the prevailing market rate. Loan terms could be extended as long as 40 years. In exchange, the government would share up to 50% of the losses if a borrower who gets a modified loan ends up defaulting anyway.

• Obama has proposed a foreclosure prevention program, and many believe that could be part of a plan he announces in the coming week. His plan will include a proposal to lower mortgage costs. Whether the housing measures listed above, proposed by Republicans on the Senate floor, are intended to be in addition to Obama's proposals or as replacements isn't clear yet.

The housing market is tied to so many jobs, from construction, the furniture industry and manufacturing, just to name a few. I hope the money for the proposals is well spent. I also hope it will be effective in stimulating growth in our economy. Pat

Source: CNNMoney

919-280-4567

View all Homes for Sale in the Raleigh/Cary Areas: http://pathensley.remax.com/default.aspx

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If you are looking for the beat place to buy a home in Cary, NC for 2009, then you may want to begin your Home Search in zip code 27519. All price ranges are doing well for 2009.

MLS statistics for January 2009 show there are 68 Homes currently Under Contract getting ready to close in Zip code 27519. The next hottest selling zip codes, running in a distant second place, are 27511 and 27513 with 21 Pending Home Sales.

The Cary Housing Market is still hot and off to a great start for 2009. Mortgage interest rates are hovering around 5% for a fixed 30 year loan. Statistics from our local MLS show Home Values in Cary have increased slightly. However, there are Bargains out there is you know where to look. Give me a call and I will share these some insider secrets on where the best deals are right now.

Now is a great time to buy a home.

You can begin your MLS Home Search for any Home for Sale in Cary and surrounding areas at www.TriangleNC.com.

Get your Free a customized list of Homes for Sale, sent directly to your inbox. Just go to...and complete the easy form http://www.trianglenc.com/buyer-listings.asp You will receive up to the minute lists of homes complete with photos and addresses.

Have a great day. pat@PatHensley.com 919-280-4567

Cary Home Sales for 2008 are broken down into prices ranges below. The data was taken from our local Triangle MLS.

As you look at the numbers you will see the highest demand for Cary housing has been in the $200,000 to $300,000 price range and the $300,000 to $400,000. The data also shows us that resale homes held their own.

Price Total Homes Sold Total New Homes Sold

$200,000 to $300,000 457 28

$301,000 to $400,000 395 147

$401,000 to $500,000 228 102

$501,000 to $600,000 119 56

$601,000 to $700,000 84 48

$701,000 to $800,000 59 37

$801,000 to $900,000 22 14

$901,000 to $1,000,000 12 8

$1,000,000 to $2,000,000 14 6

$2,000,000 to $3,000,000 1 0

Over $3000,000 0 0

I can break down the statistics for you by neighborhood, time of year... Just give me your criteria and I am happy to send you the stats free of charge.

919-469-6530 pat@pathensley.com

The first question I get asked when I'm working with a New Home buyer client is "where is the best place to live in town?"

Home buyers should keep the answer in mind as they continue to shop for their new home.

Below are my recommendations based on my 19 years of home selling experience and it's backed by our local MLS data.

When it comes to resale, the old saying "location, location, location," is still the best guide when looking at your home purchase as an investment. In hard times the location will help sell your home faster and for money over any other feature. Buy the nicest home you can in the best neighborhood in town. By nicest, I mean in a price range and condition you are most comfortable.

The Hottest Selling Areas of our market are:

1. Inside the beltline (I received multiple offers on a home I just listed for sale)

2. parts of N Raleigh...close to North Hills and areas near and around Wakefield

3. Cary...all areas but areas closer to Morrisville are hot because of New Homes Selection

4. Holly Springs

5. Wake Forest ...newer sections close to and around Heritage

Pat

Home shop 24/7 at www.TriangleNC.com 919-280-4567

Get on our VIP Hot List to receive automated emails about homes as they hit the market. www.4LatestList.com

Get Pre-Approved First Before Buying Your Next Home

"If you owned a home before, you would know that getting pre-approved for a loan is a must and a very important step towards buying your home. Now that interest rates have dropped dramatically in the past few weeks, now is a great time to think seriously about buying a home,"

Getting pre-approved will avoid major disappointments later. Pre-approval is easier than you think. The lender is just as important as me, your Realtor. Your lender will check your credit and verify your income and employment. The following are some questions that you need to answer on your loan application in order to know what you qualify for:

• How much will you be able to borrow?

• How much of a down payment do you need?

• How much will your monthly payment be?

Buying your next home will be much easier and enjoyable knowing that you can get financing for the home you love. A good lender will also give you a pre-approval letter, which is a valuable piece of paper when you start negotiations on a home. If there are multiple offers on the home of your dreams, a home seller will lean toward the buyer with the strongest ability to purchase their home.

Your credit report and credit score holds the key to how much house you will be approved to purchase. Here is a breakdown of an approximate value that each aspect of your credit adds or detracts from a credit score.

Use this as a guide:

35% - Your Payment History

30% - Amounts You Owe

15% - Length of Your Credit History

10% - Types of Credit Used

10% - New Credit

Ready to take the first step? I work with several strong mortgage lenders in the Cary and Raleigh areas. If you would like a no obligation loan review, go to www.4monthlyPayments.comand fill out the form. One or more of our mortgage lenders will be happy to give you a free consultation.

Have a great day. Visit me on-line at www.TriangleNC.com 919-280-4567