TONY MARTINEZ

This weekend has been busy! I have been getting calls to place an offer before the tax credit ends. Some of the folks that haven't been sure are all of a sudden in a hurry. The thing is it will has to go through the loan process. It will be close, I don't see the tax credit go away. As it is the major banks are having a hard time processing and underwriting the loans. These folks are so backed up it's not funny. Wells Fargo alone is backed up 60 days. Bank of America about the same 45 days..

If your still looking be ready for the wait. If the tax credit is extended. I would say waiting to buy a hoe is no longer an option. Get the process started now.

http://www.tmartsellshomes.com

What does Halloween and the grand kids have in common? Simple, Where do you go an trick or treat? I live in a community of about 110 homes..One entrance in and out..I noticed since I moved here 7 years ago that handing out candy has become a big deal. Each year home themes get better and better more kids too. The thing is I don't see most of these kids in my neighborhood. Yes I do see kids play basketball in the streets or touch football. But I don't recall see this many kids in our neighborhood. This means only one thing. Either families are hiding their kids or Folks want to come to a neighborhood they think is safe for their kids to "trick or treat" I believe the latter.

Folks when thinking of buying sometimes do this during holiday periods. They drive by a community to see how the community decorates there homes during the holidays. These are some busy times for agents. I for one am busy during these times. Most agents take time off from the summer buzz. I don't, I like the holidays. I noticed that there are less agents to show homes. buyers want to buy before the year end. especially right before christmas..I guess it's like the end of the movie "Miracle on 34th street" when Santa gives the little girl a family and a home...

Back to grand kids, my son's family and his recently married friends family came over to let the kids walk the neighborhood. The reason for the friends was that they wanted to buy a house in my neighborhood and wanting to see what the community was like.. I guess everthing does come full circle.

http://www.tmartsellshomes.com

Congress is debating about the extension of the home tax credit? Will they extend or won't they? This is the question of the year. We are a country of procrastinator's. The buyer that has waited and is on the fence will not get off. This could be your big break. But like all second chances be warned. If the tax credit is extended, be ready for rates to start going up. Don't for one minute think that you can wait any longer. That bus left a longtime ago. I am seeing it now with some lenders. As of today the rate is around 5.5% and I have heard some mortgage bankers charging 6%. The days of 4 or 4.5% rates are gone..

Mr. & Mrs buyer, be ready to jump and move if you want to get your tax credit. what ever or forever long the next tax credit will last there will not be any time to sit and wonder. It will be more like I better before the rate goes up any further. Your ability to negotiate a better rate will not happen. The banks are flooded with loans that they don't need to drop the rate. your best bet is to buy now before your paying 6,7 or even 8%

As a real estate professional I sure hope those that thought about buying seriously consider your options. Owning a home is still your security to your future.

http://www.tmartsellshomes.com

Well there is only 32 more days to close on a home. These are some tough times if your dealing with the big three (Wells Fargo, Chase, B of A). The funnel to get your loan processed and through is getting really small. I have spoken to folks who are either doing business with them or my own experience. There are just so many loans that can get processed in a day. Forget about it if it comes out with any concessions. Then it goes right back in line which usually means the end of the line..

These underwriters are under a tremendous amount of pressure to get your loan done. In the back ground is the unknown, "Will the tax credit be extended"

As far as I am concerned. These are good times. My advise is to keep your head up, breath and hope you get through the funnel and to closing.

http://www.tmartsellshomes.com

By J.W. ELPHINSTONE, AP Real Estate Writer J.w. Elphinstone, Ap Real Estate Writer

NEW YORK – Home prices rose for the third straight month in August, data Tuesday showed, a key sign for a broad and sustained housing recovery.

The Standard & Poor's/Case-Shiller home price index of 20 major cities climbed 1 percent from July to a seasonally adjusted reading of 144.5. While prices are down 11.4 percent from August a year ago, the annual declines have slowed since February.

Prices are at levels not seen since August 2003 and have fallen almost 30 percent from the peak in May 2006.

The latest index shows a widespread turnaround with prices rising month-over-month in 15 metro areas since June.

"If the increases are consistent across the markets, this is key," said Wharton School real estate professor Susan Wachter before the index was released. "Then we're seeing the formation of a bottom."

However, Wachter along with other industry experts still worry that rising unemployment and more foreclosures could stifle the rebound. Another unknown is whether a temporary federal tax credit for first-time buyers will be extended to help boost sales.

First-time homebuyers can receive a credit of 10 percent of the sales price, up to $8,000. The real estate industry is lobbying Congress to extend the credit past the Nov. 30 deadline. Top Democrats in the Senate are pressing a plan that would prolong the credit but gradually phase it out over the next year.

Not all metros posted gains in August, though. Prices in Las Vegas, Seattle and Charlotte, N.C., all fell to their lowest levels in August. Prices in Las Vegas have plunged by 56 percent since peaking in April 2006, the largest peak-to-trough decline of all 20 cities.

http://www.tmartsellshomes.com