Tuesday, March 16, 2010

Monday Morning Coffee

Happy Early Monday- on what’s turned out to be a beautiful Friday!

I felt this fitting for the SPRING AHEAD time change and I felt neccessary to update you on some important information!

All of us here at Amanda Howard Real Estate would like to remind you that this Sunday, March 14th is Time Change Sunday. Don’t forget to “Spring Forward ” and set your clocks ahead 1 hour BEFORE you go to bed Saturday night! This is the perfect time to also remember to change the batteries in your smoke detectors. Two perfect weekend tasks!

Also, I thought it would be fun to add our recent News mentions in a link below. Following our market summary I’ll post our recent “In the News” updates as well as some fun clips of our Grand Opening!

I’ll hit on some very important topics regarding Interest rates and, of course, continue to pay attention to those dates. The tax credit IS coming to a close. Additionally, USDA funds have recently reported they will likely be exhausted by end of April. See report details below.

Last but not least, Enjoy Spring Break! I am heading out of town with my husband and daughters to enjoy some good quality family time for the week. This was my other reason to send out the Newsletter today! I wll not be here on Monday, but I encourage you to continue to call the office and

e-mail in your questions. Our entire firm will be in office this week and, as always, we look forward to assisting you with all of your Real Estate needs!

Have a wonderful and productive week and weekend!


Amanda Howard
Associate Broker, GRI, CRS, ePRO
Amanda Howard Real Estate
Office: (256) 799-9000
Fax: (256) 799-9001
Follow me at: http://twitter.com/HomeSellingTeam
900 Merchants Walk, Suite A, Huntsville, AL 35801

*Read more below for other exciting news updates*

Newsletter Contents

¯ February 2010 Summaries

¯ In the News with Amanda Howard Real Estate

¯ Today’s Mortgage Rates with Update from USDA

¯ The Future of Mortgage Rates

¯ Tax Credit coming to a close…

February 2010
Summaries of Price Points Selling and Area price Sales

In the News with Amanda Howard Real Estate

Did you see us on the 5:00pm news on channel 48? If you missed it, here is the online review, click the link to the right of the article to watch the news reel.

Clocks ticking for extended tax credit

Ribbon Cutting / Grand Opening Speech. We had well over 400 in attendance come through this day. We thank you all for making us a success!

Speech on YouTube

The actual Ribbon Cutting

Todays Mortgage Rates

Rates are still looking great! The Feds and other moprtgage experts are predicting that rates will start a slow climb very soon, but for now, rates are fantastic! Be sure to get your rate locked for your home purchase as soon as possible to ensure your great rate doesn’t pass you buy. However keep in mind the lock is only good for a certain number of dayes so do keep looking for that dream home! With todays rates and home prices this IS the best time to buy!

If you missed a few weeks ago the break down examples I posted regarding todays prices and interest rates, I will share again following todays rates.

Libor Series ARM’s FHA Loan

3/1 arm - 3.625% 30 Year – 4.875%

5/1 arm - 3.625% 15 Year – 4.250%

7/1 arm - 4.000%

Conventional Rural Housing

15 Year - 4.250% 30 Year – 5.000%

20 Year - 4.625%

30 Year - 4.750% VA Loan

30 Year - 4.875%

Jumbo (>$417,000)

15 Year - 5.500%

30 Year - 5.750%

Update from USDA
(Notice of Funding)
From USDA below...

SFH Origination News
From the National Office in Washington DC
Single Family Housing Guaranteed Loan Program

March 10, 2010
Notice of Funding
This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.
Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available.

Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited.

We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202)720-1452.

The Future of Mortgage Rates
Should I wait, or Buy now?

If interest rates go up by 1% point, you will lose 10% of your buying power. In fact, you will pay the

same monthly payment for a home purchased at $180,000 that you would currently pay for a home purchased at $200,000. I am basing the interest rate off of any banks worst case scenario, our rates

are actually better than this today! (See article previous this.) Note the chart below for a detailed look at how rising interest rates can offset a drop in home prices:

There has never been a better time to buy. You only have until April 30th to capitalize on the First Time Homebuyer Tax Credit and The $6500 Tax Credit for current homeowners. And, you don't need to sell your home to get the $6,500 credit! You can keep if for an investment and move up.

You can purchase a house for $270,000 with FHA loan and a down payment of only $9,500. The seller can help with buyer closings costs and you get a $6,500 or $8,000 tax credit. Literally, you can purchase a $270,000 home in Madison County with only $1,500 out of your pocket.

No one can predict where the bottom is until it has made the turn to go up again but I can guarantee you are in the safe zone. Don't delay - with home prices low, interest rates low, and a tax credit to boot, I just can't see a more perfect time to buy! Call on us for all your real estate needs and questions. We have a team of experts available from 9-9, seven days a week. You can reach us

at 799-9000 or Info@AmandaHoward.com

Home Buyer's Tax Credit Coming to a close...

You're probably up to your neck by now in forms and paperwork as the April 15th income tax deadline approaches. Maybe you've already completed your taxes, paid your bill, or are awaiting your refund check. Either way, now is the perfect time to revisit the extended and expanded Home Buyer's Tax Credit.

Why? Because now, as you calculate your tax bill or your refund, you can finally see in real terms just how beneficial a tax credit of up to $8,000 can be to your bottom line.

Here's the basics:

Qualified 2009 and 2010 first-time home buyers can get up to 10% of the home's purchase price or a maximum of $8,000. In November 2009, legislation extended a tax credit of up to $6,500 (or up 10% of the home's purchase price) to long-time residents of the same primary residence if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their previous homes for a five-consecutive-year period during the eight-year period ending on the closing date of the new home.

Important details to remember:

1) You don't have to pay it back (as long as you stay in your qualified home for at least 36 months).

2) If you qualify for the credit, you can still apply it to this year's taxes, even if you've already filed your returns, or save it for your 2010 returns.

3) This is a true tax credit, not a deduction. If you qualify for the full credit, there will be an actual dollar-for-dollar reduction of up to $8,000 (or up to $6,500 for qualified repeat buyers) on your tax bill now or in 2010.

4) New income qualification limits have been put in place that expanded the pool of qualified buyers.

5) If you purchased a qualified home or plan to after reading this article, you must have a contract in place by April 30, 2010 (with closing to take place by June 30, 2010), so don't wait!

There are, of course, other details and qualification requirements and restrictions that you'll need to consider. But don't hesitate to give us a call if you have any questions.

If you know anyone who is looking to buy, sell or refinance a home, please forward their name and telephone number to us. We will happily provide the same high level of service that we have provided to you. The greatest compliment you could possibly give us is the referral of your friends and family.

If you have any questions or comments, please feel free to call 799-9000 or e-mail at info@amandahoward.com

Amanda Howard Home Selling Team Real Estate Services

Thinking of selling or just curious to know your home’s approximate current market value? Click below:
Hey Amanda, What’s my home worth?

Thinking of buying? There's never been a better time! Rates are low and you have a wonderful selection. Click on : Find my Dream Home Today! We will send start to receive instant notification of new listings as they hit the market. Or, e-mail Info@AmandaHoward.com to contact our on-call Buyer's Specialist.

We're proud to offer our customers the following services:
Agent On Call 9AM to 9PM, 7 Days A Week
365-Day Prospecting
Guaranteed Quick Response Time
Full-time Marketing, Listing, Closing, & Relocation Departments
We Market Your Home on 30+ Websites, Direct Mail, & Print Publications
Customized Website -24/7 Web Access to Sale of Your Home
Automatic Prospecting - Instant E-mail Notification of NEW Comparable Homes for Sale
Sales Attendant Checks Listings Weekly
Free Customer Moving Van
Trade-In Program
Rental Assistance

Interested in learning more about our comprehensive real estate services? Visit www.AmandaHoward.com or e-mail Info@AmandaHoward.com to request our Buyer's Guide or our Marketing Plan.

The Best Resources for Local Information
Madison County Chamber of Commerce

New Comers School Info

Huntsville City Schools

Madison City Schools

Madison County School Information

Decatur City Schools

Madison County Private Schools
(There could be more but this seemed an extensive list)

Local News

Real Estate

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