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Buying Your First Home? Realtors Are Your Professional Guides. Make Sure You Choose a Top Expert. 
4 Reasons for Buyers to Get into the Real Estate Market In the Malvern, Paoli and West Chester real estate market, I am seeing substantial opportunities for buyers to procure great deals. If you are one of those “on the fence” buyers, it is time to make the jump and accomplish your housing goal! Here are 4 reasons why:
- Mortgage Rates – Mortgage rates are at 2009 lows! A business associate and mortgage officer recently commented to me that NOW is the time to lock in a rate. We were just discussing a local buyer that we were working with who just locked into a 30 year fixed rate of 5.25%! WOW! What an amazing rate! Such a low rate gives the buyer incredible purchasing power in addition to being a great deal. Yes, rates may trend lower, but there is no guarantee for how long.
- Inventory – There are so many properties to choose from and time is of the essence! Take advantage of this glut as it awards the buyer with more negotiating leverage. In the local real estate markets of Malvern and other main line communities, I have not seen many additional new listings pop up our area, so as the inventory steadily begins to decline, the more difficult it will become to negotiate a better deal for the buyer!
- Inspections – As stated in the above point, this is the time where sellers are more willing to negotiate for repairs or offer financial consideration or concessions for inspection items. When the market turns to favor sellers over buyers, there will be many fewer sellers willing to do additional repairs to assist in moving a property. Do keep in mind that if a seller agrees to sell a property for a rock bottom price, there might not be much wiggle room for repairs as it crosses their pain threshold.
- First time homebuyer tax credit of $8,000 – If you are a first time home buyer, or someone who has not owned a principal residence during the three-year timeframe before your new home purchase, you can take advantage of this incentive. This credit is available for homes purchased before December 1, 2009. And, this credit does not have to be repaid (unlike earlier ‘credits’).
Our Very Own Incentive Program
So now you have logical reasons why you should be buying your home now. Great selection, Low Interest Rates and the Tax Credit. But as they say on TV. Wait! There's More!!
If you purchase your First Home now, we will pay for a First Time Buyers Home Warranty for you! Imagine the Peace of Mind that the new home you purchased is covered for many issues that may arise after you have signed the papers!
The Bill McGarrigle Team is offering all First Time Buyers the AFS Home Warranty Program. This program covers:
As an agent of the Malvern, Paoli and West Chester real estate market, I am strongly encouraging all of my ‘buyer clients’ that are waiting, to act sooner than later as these amazing market benefits won’t last much longer. Buyers, let me help you match your housing needs to a property in the Malvern, Paoli or West Chester area, while taking advantage of spectacular real estate deals!
What You Need to Know About the $8,000 First-Time Home Buyer Tax Credit for 2009
- New buyers, true credit: This credit applies only to first-time home buyers and principal residences; it’s equivalent to 10 percent of the home purchase price and is limited to $8,000. This home buyer tax credit does not have to be repaid, unlike an earlier version.
- Who is considered a first-time buyer? To be eligible for the benefit of this credit, a first-time home buyer is someone who has not owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) If you've owned a vacation home--but not a principal residence--within the past three years, you would still be entitled to receive the credit.
- 2009 buyers only: Only home buyers that purchase a home before December 1, 2009 are eligible for the credit. Anyone who bought a home in 2008 will not be able to take advantage of this credit.
- Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more may be eligible for reduced credits.
- Refundable: As this tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability.
- Recapture: Buyers must own the home for at least three years in order to benefit from the credit. If the home is sold before to the three year window, the credit must be returned to the government. (Exceptions will be made in certain cases, such as death or divorce.)
Pennsylvania First Time Home Buyer: HOMEstead Downpayment and Closing Cost Assistance Loan
The Pennsylvania Housing Finance Agency (PHFA) provides assistance to first time home buyers. While there are no outright cash grants for first time home buyers, there is one program that’s the next best thing: HOMEstead. You may qualify for a loan up to $14,999 to use for your downpayment and closing costs. This loan has a zero percent interest rate and no monthly payments; it doesn't have to be repaid until the house is sold or title transferred. To all intents and purposes, you are getting a grant on the interest. If you kept the house for 30 years, this interest grant would amount to just under $21,000.
Borrowers must have adequate funds to make a down payment of at least three percent of the home purchase price, or $1,000 for borrowers who have a credit score of at least 660. HOMEstead funds make up the remainder of the down payment and the closing costs. In particular instances, based upon family need, the funds may make available additional down money to make the property affordable to the buyer. To learn more about this great program, visit the Pennsylvania Housing Finance Agency to obtain additional details.
Program requirements and funding availability are determined by the US Department of Housing and Urban Development as identified in the HOME Investment Partnership Program and the American Dream Down payment Initiative. PHFA HOMEstead funding is therefore allocated to eligible homebuyers on a first-come, first-served basis.
Buying Your First Home? Realtors Are Your Professional Guides. Make Sure You Choose a Top Expert.
You might be a bit afraid or intimidated by the whole process of buying your first home. As a top Malvern, West Chester, Exton, Devon, Berwyn, and Paoli real estate expert, it's my job to guide you, from beginning to end.
I will take the time to go through each and every step of the buying process. There are no dumb questions!
Together, we will consider:
There is absolutely no charge, and I offer this to you with no strings attached. Please fill out the form below...
Real Estate Contracts >Contingency Sale
Sellers may be reluctant to accept an offer that is contingent on the sale of another property. However, such a sale can be structured to minimize the risks.
The seller should put a limit on the amount of time that the buyers have to accept an offer, and they should keep their home on the market during that time. They should also reserve the right to require that any contingencies be met within a short period of time, ideally 24 to 48 hours, if they get a second offer. This is called a "First Right" contingency.
Contingent sales can work well for the sellers. The buyer is not in a position to ask for concessions on price or terms and may be able to get interim financing. Each situation is different, however, so go over the terms with your real estate agent before accepting a contingent offer.
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What house is thought to be the first one designed by Frank Lloyd Wright?
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| A |
Charnley House in Chicago, Illinois, is considered to be the first home designed by Wright while at Adler & Sullivan. |
 See More Real Estate Trivia > |
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- NUMBER1EXPERT™ 
