Home-buying resolutions for the new year

This is one of the BEST articles I've read about getting ready to purchase a home.

EVERY FUTURE HOMEBUYER SHOULD READ THIS ARTICLE AS FOLLOWS:

"If you're planning to buy a house in 2010, here's my annual list of New Year's resolutions you should consider making.

-- Get your credit and finances in shape. If you want to take advantage of today's low interest rates, you need to have a credit score above 760. The higher, the better. If your credit score is below 620, you'll have trouble getting even an FHA loan.

-- Know how much you can afford to spend before you shop. Getting pre-approved has never been more important. You'll need documentation (W-2, tax returns, account statements, etc.), so get it together before you contact a lender. And shop around. Each lender sets its own fee schedule. Get the best deal by contacting four or five types of lenders.

-- Know the neighborhood, and be comfortable with it before you buy a home there. Houses are great, but neighborhoods that are littered with foreclosures may be unstable for years. Spend time in the neighborhood before falling in love with a particular house." (Washington Post)

READ THE REST OF THIS ARTICLE:
http://www.washingtonpost.com/wp-dyn/content/article/2009/12/17/AR2009121705023.html

DC Commercial Real Estate Is Getting a Face-Lift

Over the past few years, we in the commercial real estate industry have seen changes in the type of buildings being constructed. The newly constructed buildings are a far cry from the "box-like" generic look of Federal buildings throughout the city.

With the use of modern-style architecture and designs, developers are incorporating floor-to-ceiling glass windows and new finishes to attract upscale tenants to the DC commercial market. Despite the high inventory of available office buildings, there has been an increase in rental rates in the downtown DC area.

30-year-mortgage rates slide to their lowest level on record

I'm sure you have read all over about falling interests such as the Washington Post saying "The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs."

But despite the news, the question still remains...WHAT DOES IT MEAN FOR YOU?

For first-time homebuyers, this is a dream come true as low interest rates mean you can afford more home than before.

For existing homebuyers, this is also a dream come true as low interest rates mean you refinance your existing home to take advantage of the savings.

For commercial retailers, this means the interest on loans will be lower and less expensive.

For home sellers, this is also good news because there will be more homebuyers in the market increasing sales in the otherwise winter slow-down period of the market.

This move by the Federal Reserves will help stimulate the market.

2009-2010: First-time homebuyer tax credit

In the land of homebuyers the first-time homebuyer tax credit can be at best confusing and cumbersome. I have been looking for ways to best explain the tax credit and here it is...



I hope this helps shed some light on your options.