Cary Real Estate Blog

Cary Homeowners waiting for the right time to move up to a larger home, here is some very good news. 

The Senate voted Wednesday to renew the government’s $8,000 tax credit for first-time home buyers and to expand the tax credit program enabling many homeowners who buy a new primary residence to receive a $6,500 refund.

The bill, which passed 98 to 0 in the Senate, should reach the House floor by Thursday, November 5th.  Assuming the bill passes in the House, the legislation would then go to the White House for the president’s signature.

Here are the highlights of the Tax Credit Program:

• Buyers who have owned their current homes at least five years        would be eligible for tax credits of up to $6,500.
• First-time homebuyers or anyone who hasn’t owned a home in the last three years would still get up to $8,000.
• To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
• The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible.
• The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

Cary currently has a great inventory of both new homes and resale homes.  To view the homes for sale and the Cary Neighborhoods, visit our website at CaryHomesNc.com.

If you are looking for a few HAUNTING ideas for Halloween, here are some of my favorites in the area:

At the Cary Koka Booth Amphitheatre, scary Halloween moves such as Frankenstein and Night of the Living Dead will be shown the week of October 26^th through October 30^th.  The price is a mere $3.00 and children under 12 are free.  Check out http://www.boothamphitheatre.com/ for the schedule.

Just down the road from our office, we have a corn maze, hay ride and more this year.  It’s called the Green Acres Corn Maze and is located on one of the few remaining local farms.  More info can be found at www.greenacrescary.com.  You can also find a dollar off coupon at http://greenhopehigh.wcpss.net

And, if you have teenagers or love haunted tours as an adult, we took my son Dakota and a few of his friends to Greensboro for the 1 hour 10 minute outdoor haunted tour called Woods of Terror.  It’s all outside and quite the experience.  It was so cool!  Check it out at http://woodsofterror.com

Let me know if you have any favorites…

FIRST-TIME HOMEBUYER TAX CREDIT 

Here’s a great summary of the first-time homebuyer tax credit provided by Debbie Owens, one of our home mortgage consultants at LG Real Estate.  Mortgage rates are at a historic low and inventory in many Cary neighborhoods is high.  So if you are a first time home buyer or have not owned a home in 3 years, give us a call.  Your timing is perfect!

As we reflect on our daily trials and tribulations especially after reading the newspaper, here’s a nice recipe to follow today and everyday.  It was sent to us by a friend and we have endorsed the recipe as part of our LG Real Estate business plan for 2009.

1. Take a 10-30 minute walk every day. And while you walk, smile.
It is the ultimate anti-depressant.

2. Sit in silence for at least 10 minutes each day. Talk to God about
what is going on in your life.

3. When you wake up in the morning complete the following statement,
‘My purpose is to __________ today. I am thankful for _________’

4. Eat more foods that grow on trees and plants and eat less food that
is manufactured in plants.

5. Drink green tea and plenty of water. Eat blueberries,
wild Alaskan salmon, broccoli, almonds & walnuts..

6. Try to make at least three people smile each day.

7. Don’t waste your precious energy on gossip, energy vampires, issues
of the past, negative thoughts or things you cannot control. Instead
invest your energy in the positive present moment..

8. Eat breakfast like a king, lunch like a prince and dinner like a
college kid with a maxed out charge card.

9. Life isn’t fair, but it’s still good.

10. Life is too short to waste time hating anyone.

11. Don’t take yourself so seriously. No one else does.

12. You are not so important that you have to win every argument.
agree to disagree.

13. Make peace with your past so it won’t spoil the present.

14. Don’t compare your life to others. You have no idea what their
journey is all about.

15. No one is in charge of your happiness except you.

16. Frame every so-called disaster with these words: ‘In five years,
will this matter?’

17. Forgive everyone for everything.

18. What other people think of you is none of your business.

19. GOD heals everything – but you have to ask Him.

20. However good or bad a situation is, it will change.

21. Your job won’t take care of you when you are sick.
Your friends will. Stay in touch!!!

22. Envy is a waste of time. You already have all you need.

23. Each night before you go to bed complete the following statements:
I am thankful for __________. Today I accomplished _________.

24. Remember that you are too blessed to be stressed.

25. When you are feeling down, start listing your many blessings
you’ll be smiling before you know it.

We hope this recipe works for you like it works for us.  By the way, this a great time to buy Cary real estate.  Interest rates are unbelievable low, inventory is high, and builders and homeowners are motivated to sell in most Cary Neighborhoods. 

Let us know what you think of the recipe.

Dave and Lenda Goulding, founders of LG Real Estate, spent a delightful day on November 10th in Puerto Natales, Chile.   Puerto Natales is a bustling port town situated in the Patagonian area of Chile overlooking the Ultima Esperanza (Last Hope) gulf.  Puerto Natales is the gateway to Torres del Paine National Park, a spectacular park comprised of mountains, glaciers, lakes, and rivers.

We arrived aboard the Prince Albert 2

We arrived in Puerto Natales on day 8 of a 12 day Chilean fjord cruise aboard the Silver Seas expedition

ship, the Prince Albert 2.   We decided to skip the day trip to Torres del Paine since we visited and spent 5 days in the park 2 yes ago.  Instead, we embarked on foot to explore the town. 

We found that Puerto Natales is full of outdoor expedition type shops as well as many small artisan shops featuring native jewelry and crafts.  There are several travel agencies promoting mountaineering, horsebackriding, kayaking, and whale watching trips.

Chocolate, Chocolate, Chocolate !

Lenda & Dave at Patagonia Dulce

The highlight of our walking tour of Puerto Natales occurred when we stumbled onto Patagonia Dulce.  Patagonia Dulce is a Chocolateria and both Lenda and I made a beeline for the front door.  Lenda ordered Grandma’s hot chocolate and I had a mocha espresso type drink.  We of course augmented our drinks with a decedent piece of chocolate cake and a huge brownie to go.  Patagonia Dulce was quiet and restful and the chocolate was better than outstanding.

Next, we browsed through a craft shop and bought postcards highlighting Penguins, Dolphins, and Whales.  We wrote nice little notes to our 3 granddaughters and mailed the postcards at the local post office.  Our granddaughters love receiving postcards from GG and G-Pop.

Later, we found Angelina’s, a great Italian restaurant for lunch.  I ordered a nice homemade pasta dish and Lenda ordered french fries and a coke.  I have to admit the french fries dipped in catsup tasted mighty good after 8 days of fine dining aboard the ship.

High Hopes of Fixing the Economy

With high hopes that our 3 week vacation would fix the economy and stimulate the housing market, we returned home to Cary, NC.  Well things are not exactly fixed but we did sell 2 homes last week and can get your home sold as well.  Plan on visiting Puerto Natales in your future travels and in the meantime check out our website: CaryHomesNC.com.

As you have probably read and heard many times, the mortgage business has been going through some changes here in Cary NC and throughout the country.  Just last year we were able to do home loans for clients without jobs, without a down payment, and without a good payment history.  Lending standards had become very aggressive. Well, that’s over.  Most of those real estate loans have not performed well and the market for those has gone away. We’re back to basics.

NO DOC LOANS ARE NO LONGER AVAILABLE

Borrowers are no longer able to secure no documentation or stated income loans. We now need paystubs or tax returns.  It’s still possible to get approvals with budgets that are stretched though.  Good credit and a good down payment usually overcomes income issues.

Down payments are back in style. Most home loans require at least 5% down again.  Government sponsored loans like FHA and VA loans require less, but have restrictions.

CREDIT SCORES ARE CRITICAL

Good credit is critical.  There is a great website that explains credit scoring.  Please visit www.myfico.com. Lower scores can cost you money or even an approval.  It’s important to know where you are.  We would be glad to give you a free credit report with your three credit scores.  Mortgage companies use the middle score.

Pre-approvals are good to have when making an offer. It’s easy and free too.  All we need is to pull your credit report, get your paystubs, and bank statements to prove you have your down payment.  It takes less than a day to get an approval and you’re done except for the appraisal.

So, before you get in a real estate agents car to view properties, call me for a quick pre-approval so that you know you can qualify when you find your dream home.

Eric Routh
Loan Officer/ESI
919-678-1133