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Grace Hughes
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Keller Williams Realty Atlantic Partners
Jacksonville, FL

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Posts Tagged ‘First Time Home Buyer Tax Credit’

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Mortgage Brokers Association Expects Housing Starts to Be Up in 2010

Monday, March 22nd, 2010

Although housing starts were down slightly (0.6%) in February they are up for the year by 39.8%. The slight decline in February was due to a reduction in multi-family housing starts.  This information is according to the Mortgage Brokers Association.  This reduction in multi-family housing starts can be a good thing if we see some absorption of the many condominium units on the market in our beautiful city by the sea of Jacksonville and Jacksonville Beach, Florida.

The federal government’s activity of purchasing mortgage-backed securities which has kept mortgage rates at historic lows for over a year is scheduled to stop March 31, 2010.  The MBA says this may begin to put pressure on mortgage rates to gradually go up over the next year and keep rates rising into 2011 and 2012.

So before those rates go back up, exercise your right to claim a First Time Home Buyer Tax Credit of $8,500, or if you have lived in your current home for five years or more sign a contract to purchase another home by April 30, 2010 and claim a $6,500 Tax Credit through the Federal Government.    The contract if signed should close by June 30, 2010.    Any questions call me at 904-233-1341 or go on-line to my web site to find a home in the Jacksonville, Florida and Beaches area: www.FindaPlaceWithStyleNgrace.com. Go to the Property Search page.

Email me at: gracehughesjax@gmail.com.

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Posted in Buy a House | No Comments »

Should You Own or Rent A Home In Jacksonville & Jacksonville Beach, Florida at This Time?

Wednesday, March 3rd, 2010

Being an optimistic individual one would like to say owning may be the better choice as compared to renting right now.  So why is buying a home in Jacksonville Beach, Florida good now as opposed to last year 2009?  The market may be going up as opposed to going down.  One doesn’t want to buy in a sluggish market, if they can help it.  A buyer could loose money if the value drops after purchasing below that of the price originally paid.

According to Northeast Florida Association of Realtors the number of homes under contract rose for nice consecutive months in 2009 and the housing market in 2010 is virtually guaranteed to be better than that of 2009.   One of the reasons is the extension of the first time home buyer tax credit of $8,500 which was originally set to expire in late November of 2009.  Another reason is there was an addition of a move-up buyer tax credit of $6,500 for those buyers that have lived in their current homes longer than five years.

A third factor that could support stronger sales in 2010 is better mortgage rates for jumbo loans.  There had been a disproportionate increase in the inventory of higher price range homes (over a million dollars) from 2007 and 2008.  The average rate for a 30-yr fixed rate jumbo and FHA  loan fell from 143 basis points in January 2009 to 71 basis points in December of 2009.

With improved FHA and jumbo rates and some absorption of the jumbo priced homes this could be the time to make that planned home purchase whether you are a First Time Home Buyer or a Million Dollar Home Buyer.   Now could be the bottom of the real estate market in Jacksonville and Jacksonville Beach, Florida.  If you are considering entering the real estate market in this area, call or email me with your home buying criteria and you can make that decision based on Jacksonville, Florida real estate market data.  I will be glad to  forward this data to you.    My email is: gracehughesjax@gmail.com.  Homes For Sale and on the market listed with the Northeast Florida Association of Realtors can be assessed through my web site at: www.FindaPlaceWithStyleNgrace.com.  Go to the Property Search page.

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Posted in Buying a Home | 3 Comments »

Seven Reasons To Buy or Purchase That Home Right Now In Jacksonville and the Beaches of Florida

Tuesday, February 23rd, 2010

I  Affordability is better than ever- Since the 1970s homes have never been more affordable as measured by the affordability index.  The affordability index is a measure of the relationship between mortgage interest rates, home prices and family income.

II. There is a much larger inventory now than there will be later this year.  The tax credit is helping to drive the market right now and more sellers are trying to get their homes on the market in order to take advantage of the credit before it expires April 30th, 2010.  Not all areas of the country still have good inventory like we do in North Florida, the Beaches and the Jacksonville and Jacksonville Beach, Atlantic Beach, Neptune Beach and Ponte Vedra Beach Florida area.

III. You could possibly be competing with more buyers next year. Right now sellers with homes that didn’t sell last year are putting their homes on the market again and are anxious to sell.   You could get a better deal this year than last year.

IV. New homes builders are giving discounts that are unbelievable! Be sure to have your pre-approval letter for your mortgage in hand when you talk to the builders and by all means negotiate for anything you want before you buy.  If you don’t get what you want, walk away and give them a chance to call you back.  I recently found one builder that will pay the Home Owners Association dues for five years!

V. Mortgage rates are historically low! These are the best rates we’ve seen in thirty years.  For example, FHA and VA rates for a 30-year fixed rate loan on February 19, 2010 were at 4.875% per one mortgage company’s web site!

VI. The feds raised their interest rate on emergency funds for each other last week.  Although there was no increase in the interest rate charged to the public, one strategist said, “the market is taking this as a tightening.”  Additionally this was the Fed’s first rate move on anything since December 2008!

VII.  The First Time Home Buyer Tax Credit and Move UP Buyer Tax Credit will expire on April 30, 2010. To get this credit one must have a contract signed and set-up to close before June 30, 2010.  So give me a call right away at 904-233-1341 if you have been planning to buy a home or send me a quick email to get moving with your home purchase.

All residential and single family homes on the MLS can be accessed at my web site www.FindaPlaceWithStyleNgrace. com.  Go to the Property Search Page.

Let me know how I can help you get moving with your home purchase.  My email: gracehughesjax@gmail.com

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Posted in Buying a Home | No Comments »

Attention Home Sellers – Home Buyers Are Beginning To Buy Smaller Homes Again!

Thursday, February 11th, 2010

With baby boomers entering retirement, young adults delaying marriage, and the US economy in a state of flux, home buyers are beginning to purchase smaller homes again.  Home sellers, this means you may have a greater chance of selling your home than you  thought. Although home buyers still want luxury, they are beginning to put their stuff into smaller spaces.

According to the Census Bureau the square footage of new homes purchased in 2008 dropped to 2215 sq feet, down from 2277 sq feet.  This is the first drop in square footage of new homes purchased since the recession of the early eighties.

However, to sell your home you still need to make it look larger than it’s actual size.  Some ways to do this are:  fresh paint using neutral coloring, blending colors in medium to light shades; having carpet and walls done in similar color tones.  Also applying one continuous type of flooring throughout the home will make a home seem more spacious.

Additionally, move out all furniture except the bare essentials.  Even if  your china hutch is a family heirloom, it will serve you best in storage.  Daddy may also have to give up his big, over-stuffed recliner for a few months in order to clear a path for potential buyers to walk from the living room and dining area to the kitchen area, when they view your home.

One of my dear friends asked me what they would need to do to sell their home.  Theirs was one of the older homes in Jacksonville, Florida that had been maintained beautifully, and like some other older homes, had smaller, narrow rooms.  We discussed several ideas and they took my suggestions to heart.  He gave up his recliner, for one thing, and we had a sale within a short time.   I am proud to say, at closing, he was quick to point out, “They sold their home by using some of their realtor’s suggestions, and that stuff works!”

Creating the feeling of space is the key, and there are numerous ways to do this.  Stashing things away, for instance, lowering the ceiling in the hallway or raising the ceiling adjacent to it.  The good thing is you don’t have to be as concerned about those smaller rooms because buyers are beginning to love the smaller spaces.  However, as an article in Realtor.org magazine for February suggests,  ”You have to create the illusion of space.”

If you have a particularly challenging situation with a home, or just need to sell your home and need the advise of an experienced professional, I will be glad to discuss your home by phone.  My email is: gracehughesjax@gmail.com.  You can find all homes on the MLS and in the Greater Jacksonville area on my site, including those in Jacksonville, Jacksonville Beach, Ponte Vedra, Mandarin, and other cities of Duval, St Johns and Clay Counties: www. FindaPlaceWithStyleNgrace.com. Go to the Property Search Page.

My direct line is 904-233-1341.

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Posted in Home Sellers | No Comments »

How Can I Find Out What Homes Are Selling For In A Given Neighborhood?

Friday, February 5th, 2010

Home sales are a matter of public record. You can get all the information you want about recent sales, including prices and time on the market, by asking your Realtor.  This is valuable information when buying or selling a home.

If you’re interested in a particular home, we will be able to provide you with a list of comparable sale prices of homes in your area that are roughly the same size and age as the home you’re considering. If there are no homes FOR SALE in your neighborhood, the Realtor can give you advise regarding the way to determine the price.  .  .

Although there will certainly be some differences between the homes…the house next door may have an extra bedroom, or the one down the block may be older than the one you’re looking at…it’s a good way to evaluate the sellers asking price.

If you are considering buying or selling a home, call me Direct at 904-233-1341 and I’ll see how I can help, or send a quick email to: gracehughesjax@gmail.com. You can go to my web site where you can find any home listed in our five county Multi-Listing Service, including Jacksonville, Jacksonville Beach, Atlantic Beach, Neptune Beach, Ponte Vedra Beach, Amelia Island, and Fernandina Beach at www.FindaPlaceWithStyleNgrace.com.  Go to the Property Search Page.

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Posted in Buy a House | No Comments »

You Could Loose Thousands If You Don’t Know What to Inspect When BUYING A HOME

Wednesday, February 3rd, 2010

WHAT DOES A HOME INSPECTOR DO? For your own safety, and to make sure you’re not going to have any surprise repair expenses when you buy a home, using a professional home inspector is highly recommended.

A home inspector will check a home’s plumbing, heating, cooling, and electrical systems, plus look for structural problems, check the basement and roof for water leakage, and look at the exterior and interior finishes throughout the property.

So before you sign any written offer to buy a home, make sure that it includes an inspection clause or other language that says that your offer is conditional upon having a satisfactory home inspection.  A seller may be willing to renegotiate a price to accommodate needed repairs, or you may decide that the home will take too much work and money.  A professional inspection will help you make a clear-headed decision before you buy a home.

Plus, you can get answers to many questions and tips for maintenance and a lot of general information that will help you after you buy the home.   Most important, you’ll see the home through the eyes of an objective third party before you buy.

Items on your inspection report should include…

- FOUNDATIONS, BASEMENTS, AND STRUCTURES
Basement floor and walls, proper drainage and ventilation, evidence of water seepage.

- EXTERIOR SIDING, WINDOWS, DOORS
Exterior walls, windows, and doors; porches, decks, and balconies; garage.

- ROOF
Roof type and material, condition of gutters and downspouts.

- INTERIOR PLUMBING SYSTEM
Hot and cold water systems; the waste system and sewage disposal; water pressure and flow; and hot water equipment.

- ELECTRICAL SYSTEM
Type of service, the number of circuits, type of protection, outlet grounding, and the load balance.

- CENTRAL HEATING & COOLING SYSTEM
Energy sources, heating equipment, age, capacity, and distribution.

- INTERIOR WALLS, CEILINGS, FLOORS, WINDOWS, AND DOORS
Wall, floors, ceilings, stairways, cabinets, and countertops

- STRUCTURAL, INSULATION, AND VENTILATION INFORMATION

- FIREPLACE
Notes about the chimney, damper, and masonry and cleaning.

- GARAGE
Doors, walls, floor, opener.

- APPLIANCES
Including a wide range of built-in and other home appliances, smoke detectors and television/cable hookups.

- LOT AND LANDSCAPING
Ground slope away from foundation, condition of walks, steps, driveway.

Are there any other inspections I need to have done before buying a home? In addition to the overall inspection, depending upon the neighborhood where you’re buying, you may wish to have a separate test conducted to check for termites and radon gas.

If you need the assistance of someone that has experience working with Inspectors and home owners, feel free to email me at gracehughesjax@gmail.com for assistance, or my direct line is 904-233-1341.  Or if there is other critical information you need to know, feel free to give me a call for a free consultation.

My web site where you can find any home listed in the Northeast Florida MLS is located at the following link: www.FindaPlaceWithStyleNgrace.com.  Go to the Property Search page.

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Posted in Buying a Home | 1 Comment »

First Time Home Buyers’ Tax Credit For Military Personnel, Foreign Service. Intelligence Officers Extended

Tuesday, October 20th, 2009

The House of Representatives voted unanimously to extend the deadline for the First Time Home Buyers’ tax credit for one group of Americans so far.   HR 3590 will allow eligible military personnel and foreign service and intelligence officers to apply for the $8,000 tax credit for one year beyond its current November 30 deadline. Those meeting the underlying requirements for the credit must also be serving overseas or have spent at least 90 days deployed outside of the country during the current calendar year.  It is expected that about 350,000 military personnel and an unknown number of federal employees may be affected by the new law.

The bill was introduced by Representative Charles Rangel (D-NY) because it was thought that families serving overseas were being passed over for this one-time opportunity to  purchase a home.  It passed the House with 416 votes and 16 abstentions.

So if you are military personnel, foreign service or an intelligence officer on your way to Jacksonville Beach or Jacksonville, Florida area, the Atlantic, Neptune or Ponte Vedra Beach areas, after having been deployed,  and are planning to purchase your first home (or you haven’t purchased within the last three years) between now and November 30, 2010;  give me a call,  or send a quick email.  I’ll be honoured to work with you, and I can give you information about how to claim up to 10% of the cost of your home, up to $8,000,  as a First Time Home Buyer tax credit.

My web site where you can find homes in the area is www.FindaPlaceWithStyleNgrace.com.  Go to the Property Search Page.  It will take you to a map of Jacksonville where you can choose the area you prefer.  To send me an email: gracehughesjax@gmail.com.

My blog is: http://inside-real-estate.com/jacksonville-beach-fl.  I cover most areas of Jacksonville and the beaches and will make recommendations about all six counties.  Call with questions Direct at 904-233-1341.

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Posted in First Time Home Buyer | 2 Comments »

OCEANFRONT CONDOMINIUM HOME – JACKSONVILLE BEACH, FLORIDA at 2002 price of $524,500!!

Tuesday, August 25th, 2009

waterford-condominiums-1221-north-1st-street-jax-beach- OCEAN FRONT CONDOMINIUM IN JACKSONVILLE BEACH FLORIDA AT A GREAT PRICE FOR “ANY” OCEANFRONT HOME OR CONDO!- GREAT BUY FOR SECOND HOME BUYER, TOO  -

-  3 BEDROOM – 2 BATH CONDO HOME - End Unit  $524,500

- OCEANFRONT VIEWS From Every Room - 1700 Square Feet -

- Beautifully appointed - with Granite, Marble & Wood - mls#474862

- The Waterford Condominiums at Jacksonville Beach, Florida

- Call Grace Hughes, Realtor, GRI, e-Pro, LMC with EXIT Real Estate Gallery - 904-233-1341 or email at gracehughesjax@gmail.com.  See all MLS Listings at: http;//www.FindaPlaceWithStyleNgrace.com

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Posted in Condos, MLS, TOWN HOME | No Comments »

Buyers BEWARE: Know the Competitive Market Price of the Area or Neighborhood Before You Purchase a Home!

Friday, July 10th, 2009

If you are considering the purchase of a home in a specific area or neighborhood, talk to people in the neighborhood, pick up fliers from the Real Estate Professionals’ Listed homes, as well as the For Sale by Owners’ homes. Talk not only to the area home owners but to service people, like home builders or remodeling specialists, insurance agents and mortgage brokers or others that may have some contacts in your specific area or neighborhood. Additionally your computer gives you a wide choice of web sites. However be wary, for some of the information you may glean from the Internet may be skewed due to age or various other reasons.

The value of a home depends on so many things, in addition, of course, to the latest sales in the area or neighborhood. Like, for instance, the square footage, the age of the home, the size of the lot, the location of the lot in the neighborhood, the lot amenities, the neighborhood amenities, the home amenities, the materials used, the quality of the work, etc. I may have missed a few items and I am not a professional appraiser, however, please realize, as a Realtor®, I work with the MLS (Multi-Listing Service) daily and know how to find up-to-the-minute sales data in your neighborhood, even the homes that have been sold For Sale By Owner, if they have closed.

The absolute best way to know you are paying a competitive price is to ask a Real Estate Professional to do a search for you requesting the latest sales in the neighborhood. Many people do not realize a Realtor® can request a specific sub-division or neighborhood by name, like Jacksonville Beach or Atlantic Beach, or Deerwood Estates or Kernan Chase. If there have been no sales in the neighborhood, then the real estate agent will search the greater area of the town or city you want. This type of search is done in the same database a Real Estate Appraiser uses to find the latest market data. This doesn’t mean Real Estate agents are Appraisers because there are so many factors that can impact a home’s value. It just means we are certified to access the data for you, explain how to analyze it and apply it , and have it available, if you decide to make an offer. The Multi-Listing database search is called a Certified Market Analysis or Competitive Market Analysis, a CMA in Realtor® lingo.

So please know if you are relocating to this area, have been planning to downsize to a condominium or smaller single family home, or, if you are a First Time Home Buyer, you will get the very latest home sales data from me before you make a offer. As a Real Estate Professional, I make this promise to you. I can be reached at gracehughesjax@gmail.com or give me a call on my business number at 904-249-6545, and ask to be connected to my cell phone.

To find homes listed for sale in the Jacksonville or Jacksonville Beach MLS area, or the Greater Jacksonville five county MLS area, including Atlantic Beach, Ponte Vedra Beach and Neptune Beach, log onto my web site at: www.FindaPlaceWithStyleNgrace.com or call me Direct at 904-233-1341.

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Posted in Appraisal, Bidding REO Properties, Buy Condominium, Buy a House, Condos, Estates, Foreclosure Property, Foreclosures, Homes, Homes for Sale, Housing Market, Luxury Homes, Property Investment, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Second home buyer, Short Sales | 3 Comments »

Latest News from HUD: First Time Home Buyer Tax Credit Can Be Used to Pay Closing Costs

Thursday, July 2nd, 2009

Under guidance of FHA approved lenders bridge loans can now be developed so First Time Home Buyers can use this money to pay closing costs, buy down their interest rate, or pay a larger than required down payment. This information is from Realtor.org. The tax credit can not be used to pay the minimum down payment of 3.5% required by FHA, however, one can get a gift from a relative or interested party to pay the 3.5% required, then apply the $8,000 tax credit to make an additional down payment, if they wish. Since this breaking news many are considering using the credit to pay the closing costs, if they have the minimum down payment.

The First Time Home Buyer Tax Credit was enacted earlier this year to help encourage households to enter the housing market while interest rates are low and affordability is high. The $8,000 credit is available to households that haven’t owned a home in at least three years and does not have to be repaid. It is fully reimbursable so households can get the credit in the form of a payment.

The tax credit dollar amount decreases for single buyer’s earning more than $75,000 and up. For home buyers filing jointly it decreases from $150,000 and up. The buyer does not need to repay the tax credit, if he or she occupies the home for three years or more. However, if the property is sold during the three-year period , the credit will be recouped on the sale.

You will find many affordable homes on my web site at: www.FindaPlaceWithStyleNgrace.com.  If you would like to know more about the First Time Home Buyer Tax Credit, please contact me at gracehughesjax@gmail.com or Call me at 904-233-1341.  I am not an accountant, however, I can put you in touch with the people that can make it happen, if you qualify.

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Posted in Buy Condominium, Buy a House, Condos, First Time, Homes, Housing Market, Questions and Answers, Real Estate, Real Estate Agent, Tax Credit | No Comments »

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