Mike Muren

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Now is the time to buy a home with the affordable prices, attractive inventory and low interest rates that insist on going up. I know that this is the time for my son to buy his first home however; he cannot afford to do so. Instead of waiting until he can which will be at the same time the housing prices are raising along with the interest rates I have decided to assist him with his home purchase.

After recognizing the benefits for owning versus renting I learned that he is paying close in rent what he would pay for a mortgage minus the tax benefits of ownership.

The IRS allows parents to give up to $13,000 annually to their child (or anyone else) without incurring a gift tax, Conceivably, a married couple could give four times that - up to $52,000 to their child and their child's spouse, tax free. Giving more than $13,000 to one person would eat into your lifetime gift-tax exclusion, which is $1 million for individuals.

The newly extended and expanded home buyer tax credit is also an incentive for me to help my son buy a to house now. The deadline - both for the first-time home buyer tax credit of up to $8,000 and the existing homeowner credit of up to $6,500 - is April 30, 2010. (The credit only applies to homes purchased for $800,000 or less.)

If you decide to do this please remember the following:

Lender will require documentation

Make sure any transfer of funds to your child happens before they apply for a mortgage loan.

Mortgage lenders require documentation that the down payment money is, in fact, a gift and not a loan. You might also have to document the source of their funds - usually providing a bank or other account statement. If the donor isn't comfortable with this, they could get a letter from their financial institution verifying that the donor is an account holder.

Some lenders, for example, demand a letter that's signed by both the donor and mortgage applicant stating that the funds are a gift and no repayment is required. The letter also has to specify the dollar amount that will be given, the donor's relationship to the applicant and assert that the funds are not coming from anyone who has an interest in the sale of the property.

Borrower might still have to contribute to the down payment

The rules for gifting money for a down payment also depend on whether the mortgage is a conventional loan or an FHA loan. For a conventional mortgage, the buyer has to have a minimum down payment of 5% of their own funds in the transaction, But if a parent gifts his or her child 20% or more of the home's purchase price, there's no need for the borrower to put in their own money because the loan-to-value (LTV) ratio is For an FHA loan, however, the down payment can be 100% from a gift..

Before I did this I met with my financial planner to make sure I was in a position to help my son. That the gift was not needed for any other purpose and that it did not have a negative affect on my retirement.

I worked with a good mortgage lender who walked me through the entire process and then the fun began. My son and I looked at everything from foreclosures to short sales to new homes.

We worked with a great Realtor who had the knowledge in every area. Allie Ballew helped us find a lender, a home, introduced us to a great home inspector and stayed with us all the way through settlement. Allie Ballew is our Realtor for life.

Contact a REALTOR about this listing today! (301)676-2844

Allie Ballew
REALTOR,
TheMurenTeam
Mackintosh Inc., REALTORS
Cell (301)676-2844
Direct (240)529-0123
Office (800)727-7653 x358
www.TheMurenTeam.com

Named one of the top 30 REALTORS in the nation under 30 years of age by the national assoc of REALTORS and REALTOR magazine. We have sold a home every 7 days for the past 6 years and were the top selling group in the Frederick office of Mackintosh Inc., REALTORS in 2008.

-Search Real Estate Listings in Frederick, MD -Find a Realtor in Frederick, MD

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Buying or selling a home in Spring Ridge in Frederick, MD? You should read this first.

Spring Ridge was developed by the Buchanan Partners Land Development Group in the 1980's. Spring Ridge is one of the largest master planed community located in Frederick, MD. It is a mix of single family homes, town homes, condos, is well as retail and office space. Spring Ridge totals about 1,650 housing units constructed from the early 1990's to 2008 and is home to about 4,500 people. Some of the community amenities in Spring Ridge including, walking paths, a pool, club house, grocery store and more. House values in Spring Ridge have declined on average 39% from the peek values.

-Single Family Homes in Spring Ridge sell in the $300,000 to $600,000 price range.

(Search Single Family Homes for sale in Spring Ridge).

-Town Homes in Spring Ridge sell in the $200,000 to $285,000 price range.

(Search Town Homes for sale in Spring Ridge).

-Condos in Spring Ridge Sell in the $150,000 to $230,000 price range.

(Search Condo's for sale in Spring Ridge).

(Learn your homes value) and see other recently sold homes in Spring Ridge.

Contact a REALTOR today! (301)524-4471

Mike Muren
REALTOR,
TheMurenTeam
Mackintosh Inc., REALTORS
Cell (301)524-4471
Direct (240)529-0123
Office (800)727-7653 x239
www.TheMurenTeam.com

Named one of the top 30 REALTORS in the nation under 30 years of age by the national assoc of REALTORS and REALTOR magazine. We have sold a home every 7 days for the past 6 years and were the top selling group in the Frederick office of Mackintosh Inc., REALTORS in 2008.

-Search Real Estate Listings in Frederick, MD -Find a Realtor in Frederick, MD

-List a Home for sale in Frederick, MD -Commercial Real Estate in Frederick, MD

Are you worried that the decline in house values is going to accelerate again?

Your fear may be valid.
Mortgage Delinquencies Rise and Recovery Rates Decreases.

A Front page article in the Nov 19^th 2009 Wall Street Journal discussed what we have a growing problem in housing. The number of delinquent mortgages has more than doubled in the last year.

According to that article about 3.4% of U.S. households - or about 1.9 million homeowners are 120 days or more overdue on their payments but not yet in foreclosure. According to LPS Applied Analytics, a research firm in Denver. That is up from 1.5% a year earlier. That equals an average of 605 homes per county nation wide. I think we would all agree that is a staggering number.

A study by Laurie Goodman of Amherst Securities Group reported that homes which are 90+ days delinquent have a 99.2% chance of going to foreclosure. Whether they come to the market as an REO or a 'short sale', they will have a devastating impact on real estate prices.

Here is a chart from Calculated Risk showing the increases in delinquencies.

Need to sell your home before house values decline further? Contact a REALTOR today! (301)524-4471

Mike Muren
REALTOR,
TheMurenTeam
Mackintosh Inc., REALTORS
Cell (301)524-4471
Direct (240)529-0123
Office (800)727-7653 x239
www.TheMurenTeam.com

Named one of the top 30 REALTORS in the nation under 30 years of age by the national assoc of REALTORS and REALTOR magazine. We have sold a home every 7 days for the past 6 years and were the top selling group in the Frederick office of Mackintosh Inc., REALTORS in 2008.

-Search Homes for Sale in Frederick, MD -Find a Realtor in Frederick, MD

-Sell a Home in Frederick, MD -Commercial Real Estate in Frederick, MD

Home buyers are asking... If it's a buyers market how can the home I want have 5 offers and sell for more then it was listed for.

This is a question I am hearing a lot from today's home buyers. What I want to know is this unique? I sell homes in the Mid-Maryland area and in two of those real estate markets, Montgomery County, MD and Frederick County, MD a substantial number of listings priced under $300,000 are selling in under a week with multiple offers.

Is this happening in your real estate market? Respond with yes or no and your market area.

-Contact The Muren Team today! (301)524-4471

Mike Muren
REALTOR,
TheMurenTeam
Mackintosh Inc., REALTORS
Cell (301)524-4471
Direct (240)529-0123
Office (800)727-7653 x239
www.TheMurenTeam.com

Named one of the top 30 REALTORS in the nation under 30 years of age by the national assoc of REALTORS and REALTOR magazine. We have sold a home every 7 days for the past 6 years and were the top selling group in the Frederick office of Mackintosh Inc., REALTORS in 2008.

-Search Homes for Sale in Frederick, MD -Find a Realtor in Frederick, MD

-Sell a Home in Frederick, MD -Commercial Real Estate in Frederick, MD

Home Buyers and Sellers MUST have a trusted advisor! Not a coworker, a aunt or a frind from school.

If you are thinking of buying or selling a home in the Frederick, MD area it is more important the ever to have the right information. If your reading this you have done more then most and your doing your home work.

The number one thing any home buyer or seller should remember in this real estate market is to get a trusted advisor, a REALTOR that knows the real estate markets inside and out. No matter how much you read on line remember a good REALTOR does this every day all day and has learned many lessons you cant find in a blog or by viewing listings of home for sale.

The Muren Team with Mackintosh Inc. REALTORS has 3 full time REALTORS dedicated to providing the highest level of service to their clients. With over 500 sold homes and a 99% customer satisfaction rating we are the trusted advisors you have been looking for.

If your looking to search homes for sale, calculate your mortgage payment, learn you homes value, or learn about home buyers grants and tax credits we can help with that and much more.

-Contact The Muren Team today! (301)524-4471

Mike Muren
REALTOR,
TheMurenTeam
Mackintosh Inc., REALTORS
Cell (301)524-4471
Direct (240)529-0123
Office (800)727-7653 x239
www.TheMurenTeam.com

Named one of the top 30 REALTORS in the nation under 30 years of age by the national assoc of REALTORS and REALTOR magazine. We have sold a home every 7 days for the past 6 years and were the top selling group in the Frederick office of Mackintosh Inc., REALTORS in 2008.