Heather Goodwin ~ Shreveport Louisiana Real Estate

In an effort to encourage first-time home buyers to jump off the fence and begin looking for a home, the recently passed “American Recovery and Reinvestment Act of 2009” made some changes to the tax credit for this group. The bill, which was signed into law yesterday, gives a maximum $8,000 tax credit to first-time home buyers when they purchase a home as their principal residence on or after January 1, 2009 and before December 1, 2009.

This is a true tax credit in that it does not have to be repaid unless the owners sell before three years. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. This chart by the National Association of REALTORS®, Major Modifications to Tax Credit shows the difference between the earlier credit and the current one.

It's understood that people who have never bought a home are eligible for this incentive. What you may not realize is that anyone who has not owned a home for the past three years is also considered a first-time home buyer and also qualifies for this tax credit when they buy a home this year. Who do you know that falls into this category - you? an adult child who has returned home? someone who divorced 3 years ago and is renting? If you know anyone who would qualify as a first-time home buyer, please let them know about this tax credit. It could mean the difference between staying where they are now and owning their own home.

Thanks to Jason Sardi for this education about FHA 203(K) loans. Although Shreveport real estate hasn't experience as many foreclosures as other parts of the nation, we do have our share. This loan program makes it possible for more buyers to consider purchasing one of these homes.

When You Find The "Almost" Perfect House, But Want To Make It Home.

This should lead it off quite nicely:)

Back in my early days of lending, I recall quite vividly the very first Rehab Loan I did. While I did some legwork in actually knowing the ropes of that particular product before advertising the bejesus out of a very niche loan, I still was caught like a reindeer in some oncoming car's speeding headlights when trying to get them closed in a streamlined sort of fashion. And then, I had it mastered. As my particular luck would have it, most of those programs disappeared shortly thereafter.

The echoes in the back of my head rang of a long-lost product I had only heard about and most of what I heard were borderline horror stories. The FHA 203(K) loan reared its mysterious head and stared me in my wide-eyed glance. I gotta admit, there was major hesitation on my part in even wanting to get involved in such a misunderstood product. I knew little about it and wanted to concentrate more on the Conventional sort of stuff that I grew up with in the industry... at least at that point. Hey, of course I want to corner the market, but not at the risk of looking like an incompetent SOB at the end of the day.

Then, I encountered experts in that very product. I figured, let's roll repair.

After doing more homework than my combined High School & College Education would vouch that I did back in the day, I chose to go after a market that just may make a dent in not only enhancing the housing market... but the very neighborhoods we live in.

This is just a taste of the FHA 203(K) Renovation Loan!

• Add a deck or porch, makes for one heck of a Summertime BBQ.
• Upgrade the electrical system and avoid reading overdue utility bills under candlelight.
• Modernize the kitchen and watch the The Food Channel in a comparable stadium.
• Replace a furnace and heck, it's a furnace. You really don't want that entity breaking down anytime soon!
• Paint the exterior and/or interior. Yours could be the only lavender house in the neighborhood:)
• Install new carpeting. There's nothing like getting rid of stained residue from a German Shepard you never owned.
• Remodel a bathroom. Hey, might as well let loose of your naked body in comfortable surroundings!
• Replace roofing and/or siding. There were 58 mile per hour winds in Pennsylvania today, that stuff may come in handy.
• Refinish wood floors. That's a big selling point for yours truly. I adore wood floors and have an aggressive amount of ShamWow merchandise to prove it:)

Program Features:

• Low down payment
• Buy and remodel a home with one mortgage! You can finance the purchase plus the cost of the improvements with one monthly mortgage payment.
• At least $5,000 in repairs needed to qualify for the 203(K) Loan.
• They can be used for owner occupied 1-4 unit family dwellings.
• Closing takes place before the improvements/repairs are made.
• Money for the repairs and renovations is held in an escrow account and paid out after each phase of work is completed, inspected and approved.
• By the way, they are fixed rates!

Consider this the teaser post to the taste buds of home renovation lending. Yup, I'm your proverbial appetizer.

Jason Sardi

Mortgage Consultant

1-866-262-8720 ext. 229

jsardi@ihmci.com

Located at our Allentown, Pennsylvania office. Pennsylvania Based Mortgage Banker/Broker whose area of service include PA, NJ, NY, CT, DE, MD, VA, SC, FL, MI and IN.

Shreveport Homes Sales Statistics for January 2008/2009

The table below compares the details of the homes sold in January for the Shreveport, Bossier City market. It includes data for single family homes.

January 2009 Absorption Rates - Residential Sales

Inventory of residential housing is down in the Shreveport market, but unfortunately, so are sales. Below I've shown the listing and sales figures of single family homes for the Shreveport area for January 2009.

In total, there are 1790 homes for sale in Shreveport, Bossier City and surrounding areas. Last month only 206 homes actually sold. That's over an 8 1/2 month supply of homes if no more homes come on the market, however, in January, 600 homes came on the market.

Currently there are 105 homes above $400,001 for sale in Shreveport/Bossier. Last month only 2 homes actually sold in this price range. That's over a 52 1/2 month supply of homes if no more homes come on the market. Last month 21 homes came on the market in this price range.

Currently there are 272 homes priced between $250,001 and $400,000 for sale. Last month only 17 homes actually sold in this price range. That's a 16 month supply of homes if no more homes come on the market. Last month 83 homes came on the market in this price range.

Currently there are 541 homes priced between $150,001 and $250,000 for sale. Last month only 71 homes actually sold in this price range. That's over a 7 1/2 month supply of homes if no more homes come on the market. Last month 206 homes came on the market in this price range.

Currently there are 872 homes priced under $150,000 for sale in Shreveport/Bossier. Last month 116 homes actually sold in this price range. That's a 7 1/2 month supply of homes if no more homes come on the market. Last month 290 homes came on the market in this price range.

Source Northwest Louisiana Association of Realtors MLS, Inc 02/09/09. This information is believed to be accurate but is not guaranteed.

In all my writing about neighborhoods in Shreveport, I always try to provide information about the home owners association.  The best way to do this is to give the website address.  Until recently, I could find nothing online for Shreveport's gated community of Acadiana Place.

Well, I'm happy to report that through a Google alert, I now have the URL the Acadiana Place Home Owners Association.

The is the address for the Home Page.

Click on this link to view the members of the board of directors.

Go here if you would like to contact the association.

Ask questions, take a look at the neighborhood covenants, and go visit!  It's a great neighborhood close to just about everything.