First Time Homebuyer Tax Credit, Wilmington NC

The U.S. House of Representatives passed the final version of the Economic Stimulus Bill – a massive, $787 billionpackage of tax cuts and federal spending. The U.S. Senate is expected to vote on this bill later today or over theweekend. Included in the bill is a $8,000 tax credit to first-time home buyers.

To veiw the chart with more details about this tax credit click here.  

Posted By Nilesh Jethwa Wilmington, NC Real Estate 

Nilesh Jethwa is a local real estate agent in Wilmington, NC.To Contact Nilesh Jethwa please Click Here!

Wilmington, NC 15,000 Tax Credit Update

Last evening the United States Senate unanimously passed a bipartisan amendment, offered by REALTOR® Champions, Senators Johnny Isakson (R-GA) and Joe Lieberman (ID-CT) to the Economic Stimulus Bill creating a $15,000 tax credit to individuals who purchase a home in the next year. 

Specifically, the Isakson-Lieberman amendment to the pending economic stimulus bill would provide a direct tax credit to any homebuyer who purchases any home. The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year of the legislation’s enactment, and the tax credit would not have to be repaid.  The amendment would allow taxpayers to claim the credit on their 2008 income tax return. It also seeks to prevent misuse by only allowing purchases of a principle residence and by recapturing the credit if the home is sold within two years of purchase. The amendment would sunset the current $7,500 housing tax credit on the date of enactment. 

While the final details of the Stimulus Bill are still being debated, this amendment represents a tremendous step forward in NAR’s efforts to stabilize housing markets around the nation.  Because of the efforts of REALTORS®, we expect the final Economic Stimulus Bill will contain several major housing provisions.  We will continue to update you as the bill progresses through the legislative process.  *This is not formally approved, but yet a significant improvement 

Posted by Nilesh Jethwa Wilmington, NC Real Estate

 

Nilesh Jethwa is a Local REALTOR in Wilmington and the Leland area. To contact Nilesh Jethwa please Click Here!

Wilmington, NC 2009 Real Estate Summary

Coming into 2009, there is a lot of promise for this year to be better than 2008. With a new administration in the White House and the Federal Reserve and Treasury department spending hundreds of billions, we have a lot of action moving our economy forward.  Congress has offered assistance to the Auto Industry, Obama has a strong economic stimulus plan, and mortgage rates are at an all time low. With the potential recovery of the credit markets and the amount of housing inventory available, this makes the spring of 2009 a very desirable time to purchase real estate.

Our median sales price for 2008 ($215,000) reflects a small downturn of 6.7% from 2007($230,000) and maintains the same median as 2006 ($215,000). In 2008, we continue to see a small market correction in average sales price; we decreased 6.8% from year end 2007. Just two zip codes had average decreases of 9.6% and 15.7% while three zip codes managed slight decreases of 1.2% to 1.9%. A total of three zip codes had an increase in concessions offered to buyers on the sales price; concessions are now offered in 14% to 25% of the transactions in 2008.

Our market has experienced a decline of 30% in number of homes sold in 2008 compared to 2007. All five zip codes experienced a decline from 20% to 43%. Our list to sales price ratio for 2008 is 95.4% a slight decrease from 96.7% for 2007. Sellers in 28412 got about 96.5% of their asking price while those in 28403 only got 92.7% of their asking price. 2009 can be a good market for our area with an inventory of homes available and interest rates low, this would make a great time to buy.

This is all the more reason for consumers to call a REALTORS now to help them prepare for this opportunity.  REALTORS® have the knowledge, tools, and experience to help buyers and sellers make good, sound decisions with our local market and get the best deal for their clients. Their guidance now more than ever will be critical to the improvement of the real estate market and to making consumers feel confident in purchasing a home. Call your REALTOR® today or visit www.Nileshjethwa.com for more information on using a REALTOR® or to begin searching for homes. You may also obtain current real estate news, and much more.

 Posted by Nilesh Jethwa

Nilesh Jethwa is a Local Real Estate Agent in Wilmington, NC to contact Nilesh please click here! Don’t forget to ask about his Client Appreciation Program.

Your Credit Score, Wilmington Buyers

Managing your credit score

Part 2

As a real estate agent in Wilmington, NC I have help a number of buyers whether they have been first-time home-buyers, investors, and relocators find their perfect house. My goal working with buyers and sellers is keeping them informed on current market conditions, and helping them achieve there goals. Currently I’m working with a great couple looking to purchase their first home in Wilmington, NC.  During my first initially appointment I discussed with them the home buying process. I make it a point that we collectively come up with a home buying plan, I have found this to be a get tool. It has not only saved my clients time, but also money. During my appointment we went over how the qualification process works and how their Credit rating plays a factor in their purchase amount. Needless to say I realized that their rating was not as positive as I hoped for.  I understood that we needed to take this from a different perspective, not to look at this as an obstacle but an opportunity. I knew it was a great time to start improving it and helping them get started. Here are a few things we discussed.

A credit score is a number that lenders us to help them decide, “if I give this person a loan or credit card, how likely is it that I’II be paid back on time?” Also called a risk score, this number is a statistical measure of the risk that you’ll be able to repay the debt as agreed.

If you are planning on making a major purchase, taking out a loan or applying for a credit card, you’re going to need a good credit rating.

Managing Your Credit ScoreFind out where you stand.

The First step towards developing a better credit score is to determine where it currently stands. Start by checking with the major credit reporting agencies (CRA) listed below. You’re entitled to one free report per agency, per year, and you have the rights to dispute any mistakes, so request that each CRA send you a copy of your report.

Equifax                  www.equifax.com

Experian                www.experian.com

Figure out the Facts 

Credit reports in hand; take a good hard look at the data in front of you. Credit reports are rarely as spotless as you think- that one late payment on your Visa can stay on your report for up to seven years (long after you’ve forgotten about it). In addition, in October of 2004, CBS News reported that nearly 80% of credit reports contain at least one error, proving how vital it is to make sure that everything is accurate.

After identifying any discrepancies, you need to eliminate them. A dispute form usually is sent along with your credit report or you can request one from the CRA’s website so fill out the form and send it back to the CRA as registered mail. Make sure you document each step that you take in clearing up your report in case you need a backup later on. Fortunately, the law is on your side, stating that any item that is not verified as accurate must be removed from your report.

Call in the clean-up crew.

You’ve cleared up any errors, but there are still a few legitimate dark spots on your report. What’s a person to do now?

Clean up- Identify any depts. That are still pending, and setup a plan for eliminating them (discussed in my previous blog click here). Clearing up debt can take time, which makes it even more important to get started immediately. Remember that you have the right to add remarks to your file, so take the opportunity to defend yourself and point out positive areas of your reports, such as highlighting a loan that you paid on schedule.

Fix, rinse, and repeat

Time is your best ally when it comes to your credit report- consistent payments (no matter how small, so long as the meet the minimum) prove that you are responsible enough to repay loans as promised. Over time they will outweigh the negative points on your credit report.

Get regular- In order to avoid any ugly surprises, check your credit information regularly, especially 60 to 90 days before a major purchase (like for a car or home.)

Prove reliability- While there are not quick fixes for upping your score, taking out a loan that you don’t need and then paying it back in a short span of time can prove that you’re a good credit risk.

Too few or too many- The ideal position is to have a few lines of credit, never more than what you could afford to pay off on your income, and with none of them maxed out. Cancel old cards that you never use, but don’t max out one giant line of credit by putting your entire debt on it. Prove your self-control by having between two and four lines of credit with a minimal or no balance on each.

By Nilesh Jethwa

Posted By Nilesh Jethwa

Nilesh Jethwa is a local REALTOR in Wilmington, NC.

To Contact Nilesh Jethwa please Click Here! 

To read part 1 of my blog series Clearing Your Debt click here……

Waterford Of The Carolina’s Leland, NC

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Waterford of the Carolina’s Overview
Inspired by vibrant, historic coastal towns with a genuine sense of community. Waterford is located on the southeastern North Carolina of Brunswick County and within 5-10 minutes of Downtown Wilmington, NC. It’s a beautiful location for an exceptional primary residence or second home retreat with home prices ranging from $250,000 to $700,000. With a world-class community made possible through incredible amenities, such as each subdivision with in Waterford is privately gated, bridges, scenic walking paths, State of the art clubhouse, Osprey Lake, and great builders. Waterford is the perfect setting for a range of stunning homes and home sites with lakefront and Canal views.

Amenities

At the heart Waterford awaits the Club house for all to share. This Clubhouse offers a Fitness Center, media/game room, library, and kitchen area. Outside the clubhouse offers a poolside screen porch, outdoor cabana bar, a swimming pool with wade-in beach, fountains, islands, and seats with jets. Which will encourage a day of healthy swim workouts or perhaps simply lounging poolside with family and friends. Also a USTA approved tennis faculties with 4 courts, lakeside picnic area, playground, canals for canoeing, beach volleyball court, and conservation trails and bridges lacing throughout the community make Waterford an exciting destination. A thriving community made possible by members of all interest. Waterford Lifestyle groups offer activities such as bridge, billiards, Kayaking/ Canoeing, Senior Golf League, Tennis, Bible Study, Fishing, and Cribbage are just a few of the activities available at Waterford. A recent client of mine stated, “In all the years he has moved looking for a active community, he is finally satisfied. And calls Waterford home.”

Waterford of the Carolina's

Own Your Piece of Waterfront Home
Waterford of the Carolina’s offers its residents one of the most intimate possible relationships with the surrounding nature, lakes, and creeks. Set within lush beauty, home sites are master-planed to bring all the wonder of resort living right to you front door. Waterford of the Carolina’s offers a diverse selection of home alternatives. Families, seasonal runaways, and retires can choose from patio homes, custom homes sites, and brick homes with a southern sensibility and comfort. With a variety of homesites to choose form that offer various water features of water views, the choice is yours. Here is a list of homes offered by the exceptional builders of Waterford:
*To truly represent the builders’ homesites list is adapted from the Waterfordlifestyles.com

The Veranda Patio Homes
Features patio homes with complete yard maintenance. Oversized tumbled brick give these homes a distinct and charming appeal. Homes feature oversized front porches with most plans, custom kitchens, 9 ft. ceilings, hardwood flooring, fireplaces, luxurious master suites with spaciacious baths and lushly landscaped yard with full irrigation. All homes are energy efficient.
Waterford of the Carolina's

The Gardens Homes by Veranda Homes
Features all brick, smartly designed plans for all one level living. These homes provide special features such as complete yard maintenance, 9’ ceilings, Family rooms and master suites that open to the beautiful landscaped courtyard or for added privacy, fenced backyards, designer kitchens, fireplaces, screen porches or sunrooms. All homes are designed with 3 bedrooms and 2 baths a full 2 car garage. Each home is accentuated with tropical landscaping to enhance their charm.
Veranda Homes

Savannah Homes
Several plans to choose from to suit any lifestyle, these homes provide spacious and inviting designs. Loaded with southern charm and all the amenities inside such as 9’ ceilings, hardwood floors, granite countertops, gourmet kitchens, flex rooms with baths over the garage, large, roomy, laundry rooms, screened porches and much more.
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Custom Homes built by area local builders.
Waterford of the Carolina's

By: Nilesh Jethwa
Posted by Nilesh Jethwa

For more information on Waterford of the Carolina contact Nilesh Jethwa.
Nilesh Jethwa is a local real estate agent in the Wilmington and Leland area.
Contact Nilesh Jethwa by clicking here! Ask about his free relocation package.

To view a slideshow of Waterford of Carolina click here!

*prices are subject to change