Upside Down Perspective ...

Recent front page headlines in our local newspaper read "33,000 homeowners in Hampton Roads are upside down in their mortgages" ... Pretty dramatic words, first of all, define "upside down", it usually means a homeowner who owes more on a house than it could sell for, but why are they upside down? Did they get in over their heads in the first place? Anyone getting a VA loan right now starts out upside down because they are allowed to finance in all sorts of closing costs and fees above and beyond the mortgage, you know, no money down. Are they upside down because they have refinanced all the equity out of their homes and now wonder where all the money went? (Was it spent on bills, new vehicles, remodels, education or vacations?) Let's talk numbers, how many homeowners do you think there are in Hampton Roads? (All 7 cities) I can only guess it is more than 750,000 ... that would make 33,000 approximately 4.5%. In comparison to other communities in the United States, we are doing pretty good. If the media keeps pushing the manipulated figures and trying to sell a newspaper with sensationalism, it will only take us longer to pull ourselves out of this housing slump we are in. Bottom line: it is a great time to buy a house! Interest rates are historically low, there are so many homes to choose from at deeply discounted prices, and buying will always make more sense than renting. When you rent you are only paying someone elses mortgage, pay your own and have something of value to sell later. Even if you take a loss it will be far less than if you had not owned and only rented. Renters have nothing of value to sell later. Do your part to help restore the economy, buy a home now and enjoy the benefits for years to come. Call a REALTOR* (an actual REALTOR*, not just a real estate sales person) today.

2009 Real Estate Stimulus News

It's official, president Obama has approved a new stimulus package for first time homebuyers that will result in up to $8000 in tax credits for buying a home in 2009. Of course, there are rules and regulations to qualify for this benefit but if you have been thinking about buying your first home, check out his website for more information:
www.irs.gov/newsroom/article/0,,id=204672,00.html
Then, contact me to get started on the search for your new home! Think about it ...
what would you do with an extra $8000 this year?