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Home Buying 101 Archive


Stars Are Aligned for Buyers – and Time Is of the Essence

RISMEDIA, October 28, 2009—Potential home buyers are seeing a fortuitous combination of low mortgage rates, affordable home prices and the first-time home buyer tax credit. And many who thought homeownership wasn’t an option right now appear to be finding ways to make it work. A National Association of Realtors survey ...


Wall Street vs. Main Street: Courts Beginning to Side in Favor of Foreclosed Property Owners

RISMEDIA, October 27, 2009—Agents involved in foreclosures and short sales may need to begin to disclose the possibility of serious property transfer defects associated with these types of lender controlled sales. ...


Big Rebound in Existing-Home Sales Shows First-Time Buyer Momentum

RISMEDIA, October 26, 2009—Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®. Existing-home sales–including single-family, townhomes, condominiums and co-ops–jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2% higher than


Are Short Sales Anything but Short?

RISMEDIA, October 23, 2009—(MCT)—For buyers, short sales are a way to get a bargain. For upside-down homeowners, they are a way to avoid foreclosure. But for pretty much everyone involved, short sales are not a way to buy a house quickly.  But short sales can be anything but short. Unless they work with highly skilled agents,


Housing Tax Credit Working, NAR Says to Keep Momentum Going

RISMEDIA, October 22, 2009—Consumers are just starting to see the first glimmers of a bright future for the housing market and the overall economy.


59% of Home Buyers Rely on Low Down-Payment Government Mortgages

RISMEDIA, October 21, 2009—The new home market is cooling down and government intervention has been a key driver to new home sales, according to a recent monthly survey of home builders, just released by John Burns Real Estate Consulting.  In addition to the tax credit that expires Nov. 30, government mortgage programs have been critical in 2009. The survey reveals that 59% of this year's sales have been dependent on


Industry’s Most Powerful Associations Send Letter to Administration Advocating for Extension of Homebuyer Tax Credit

RISMEDIA, October 20, 2009—The Mortgage Bankers Association (MBA) along with the National Association of Realtors (NAR) and the National Association of Homebuilders (NAHB) sent a letter to senior Obama Administration officials yesterday requesting their support for a 12-month extension of the first-time homebuyer tax credit.  The letter, addressed to Treasury Secretary Geithner,


Appraisers Not Responsible for Low Appraisals

RISMEDIA, October 20, 2009—Responding to recent testimony before the House Small Business Committee, the Appraisal Institute, one of the nation’s largest


$8,000 Tax Credit’s Hoops Frustrate House Hunters

RISMEDIA, October 16, 2009—(MCT)—This summer, Brian Smith decided he should buy a house. Prices were at record lows; "for sale" signs were common, and, most important, he could get a tax credit of as much as $8,000 for first-time buyers if he bought before December. But four months later, after looking at more than 40 houses and condominiums, Smith quit his search in frustration.  "Honestly, my heart was so broken," said Smith, an associate at a financial-investment company. "I hate that I am going to miss out


Percentage of Price-Reduced Homes Available for Sale Down from Last Year, but Still Substantial

RISMEDIA, October 14, 2009—While many sellers continue to cut their asking prices, fewer are doing so, according to recent data compiled by ZipRealty,


Equity Financing – A Solution to Today’s Housing Crisis?

RISMEDIA, October 12, 2009—As the housing market continues to struggle its way toward stabilization, Steve Cinelli, founder and chief strategy officer at PRIMARQ, discusses the notion of equity financing and how he and his team are working with leaders in Washington, D.C., to change the face of real estate. “As the housing market began to crumble and financial institutions began to fail,


Home Price Reduction Levels Stay Above 25% for Fourth Consecutive Month

RISMEDIA, October 12, 2009—Trulia, Inc announced that 25.6% of homes currently on the market in the U.S. as of October 1, 2009 have experienced at least one


U.S. Homebuyers Pay Closer to Listing Price in August, but Are Still Negotiating Thousands in Discounts

RISMEDIA, October 9, 2009—Home buyers in much of the U.S. are still paying thousands of dollars below the home's asking price, but had slightly less negotiating power in August 2009 than they did in July, according to the August Zillow Real Estate Market Reports. Buyers paid a median $6,525, or 3% less than the last listing price on homes bought in August, down from $7,018, or 3.3%, less for homes bought in July. Negotiating power peaked in January 2009, when buyers were paying 4.5% less than last listing price, a median of $10,096.


Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery

RISMEDIA, October 9, 2009—The best available tool for sustaining the still-fragile housing market is the $8,000 home buyer tax credit, and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee recently.  ...


1.4 Million Families Have Taken Advantage of First-Time Home Buyer Tax Credit, More Claims Expected

RISMEDIA, November 2, 2009—With the First-Time Home Buyer Tax Credit deadline quickly approaching, the Internal Revenue Service recently reminded potential home buyers they must complete their first-time home purchases before Dec. 1, 2009 to qualify for the special first-time home buyer credit*. The American Recovery and Reinvestment Act extended the tax credit, which has provided a tax benefit to more than 1.4 million


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