110 days may seem a long way off but if you are planning on purchasing a home in the next 3-6 months now is the time. The $8,000 tax credit is a big deal.
Why do you need to get aggressive about this opportunity now?
1. In our current market is it taking anywhere from 45 days to 60 days to close on a normal transaction if you are dealing with foreclosures or short sales 90 days to 120 can be expected.
2. Interest rates will go up. Yesterday I listened to Ted Jones one of the top economist in the nation, he promised that we will see interest rates move up toward the end of the year. A 1% interest rate increase reduces your purchasing power on average by $50,000.
$425,000 sales price, at 8.25% interest, your payment is $2,554.
$450,000 sales price, at 7.75% interest, your payment is $2,579.
$475,000 sales price, at 7.25% interest, your payment is $2,592.
$500,000 sales price, at 6.75% interest, your payment is $2,594.
$525,000 sales price, at 6.25% interest, your payment is $2,586.
3. You may not be able to buy in 6 months. The lenders are daily increasing their guidelines making it harder and harder to get qualified and purchase a home. You may qualify today but not in 6 months.
4. Real estate is still the greatest investment. If you bought gold in the 80’s today you could sell it and recoup your money (not including the 40% you lost because of inflation) if you purchase a home in Wasilla in the 2000 for $140,000 today it is worth $235,000. That’s $70,000 in appreciation plus you have been able to write off the interest on your taxes all those years.
I look forward to earning your real estate business.
Your friend,
Wayne L. Salmans
Real Estate Consultant
Keller - Williams Realty
(907) 841-8231
Salmans@mtaonline.net
www.waynesalmans.com
http://valleymarket.blogspot.com
Voted one of the top 30 Realtors in the Nation, under 30 by Realtor Magazine.
HUD e-Briefs from Alaska, Idaho, Oregon & Washington
Martha Dilts, Region X Deputy Director 206/220-5356 Leland Jones, Editor
REFINING REFI’S
HUD Secretary Shaun Donovan has announced that, by August 15th, FHA insured borrowers will be able to seek a Making Homes Affordable loan modification and “significantly reduce their monthly mortgage payments.”In guidelines released on July 30th under authority of the Helping Families Save Their Homes Act of 2009, lenders and servicers are expected to use partial claims to defer the payment of some amount of outstanding mortgage principal through an interest-fee, subordinate mortgage that does not come due until the first mortgage is paid off. FHA also will pay an incentive to loan servicers for every FHA loan modified under the program. Bringing this “important tool to the table,” says the Secretary will enable FHA borrowers “to modify their mortgages in the same manner as so many others who are taking advantage” of the program. For more, read FHA Mortgagee Letter 09-ML-23 at http://portal.hud.gov/portal/page?_pageid=73,7774665&_dad=portal&_schema=PORTAL
BRIEF BRIEFS
Low Income Housing Institute and Enterprise Community Partners celebrates grand opening of the 49-unit, HUD-assisted Bart Harvey, a residence for low-income disabled or homeless 62 and older in Seattle. . .USDA awards $5.3 million to Priest River, Idaho and $9.5 million to upgrade water and wastewater infrastructure. . .Community Frameworks breaks ground for 30 town homes in Spokane. . .American Institute of Architects selects Green Lake Residence in Seattle as one of 20, 2009 Small Project Award winners that succeed “no matter the limits of size and scope”. . .Maggie LaMont named chair of the Oregon State Housing Council, succeeding a retiring Larry Medinger. . .King County Housing Authority wins 100 and Tacoma Housing Authority wins 50 family unification vouchers to reunite foster children with their families . . . Journal of Business reports Spokane United Methodist Homes to build 38-unit senior housing complex in Spokane Valley. . .Portland Bureau of Housing & Community Development wins a 2009 IEDC Excellence in Economic Development Award. . .Idaho and Oregon associations of REALTORS among 25 groups to win Foreclosure Prevention & Response grants from the National Association of REALTORS. . .His Eminence Archbishop Alex Brunette offers blessings at the grand opening of the 56-unit Frederic Ozaman House and at the ground breaking for the 51-unit Monica’s Village Place, both in Seattle and both projects of the Archdiocesan Housing Authority. . .Saying she knows “how much of a challenge it is” to administer Housing Choice Voucher programs, “especially during a recession,” HUD Assistant Secretary for Public Housing Sandra Henriquez says HUD shortly will award remaining $11 million of $100 million set-aside as well as another $30 million to public housing agencies prevent the termination of families from program.
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WELCOME.
Agriculture Secretary Tom Vilsack has named Jim Norlund, owner of Norland Carpentry in Anchorage and the former Director of Public Assistance for the State of Alaska, as director of USDA Rural Development in Alaska, Wallace Hendrick, former general manager of Esco Supply, as director of USDA Rural Development in Idaho and Mario Villanueva, director of Catholic Charities Housing Services in Yakima, as USDA Rural Development in Washington.
INVET-MENT
HUD will be providing an additional 650 rental housing vouchers for homeless veterans served by Department of Veterans Affairs medical clinics and hospitals in American Lake, Anchorage, Boise, Portland, Roseburg, Seattle, Spokane, Vancouver, Walla Walla and White City. The new vouchers are over and above the 450 vouchers for homeless veterans that HUD awarded to Northwest housing authorities under the HUD-Veterans Affairs Supportive Housing Program. The vouchers, said HUD Secretary Donovan, will provide those who “have put their lives on the line” permanent housing and, in collaboration with local Continuums of Care, “critically needed supportive services.”
BRIEF BRIEFS TOO
HUD awards almost $5.5 million in Recovery Act funds under the Tax Credit Assistance Program to help “jump start” stalled affordable housing projects in Alaska. . .Urban League of Portland releases State of Black Oregon report that finds “ black Oregonians remain at or near the bottom of every meaningful social and economic measure”. . ..Yakima Habitat for Humanity celebrates 25 years and 126 homes worth of service to the community. . .Twin Falls selected as Idaho’s 21st Heritage City for “protecting” historic properties. . .Former Long & Foster Companies President and CEO David Stevens sworn in as Federal Housing Administration Commissioner. . .HUD okays $23 million loan to build 25-unit hospital to replace one almost 50 years old in Grand Coulee. . .Looking Glass – a Eugene group that helps homeless young people but was itself made homeless by fire – has returned to its old home, now newly-rebuilt. . . Washington State Housing Finance Corporation proposes to allocate Recovery Act funds under Tax Credit Assistance Program to eight projects to provide 456 units of affordable housing in Centralia, Graham, Renton, Seattle, Spokane, Toppenish and Yakima that have been stalled or adversely affected by the economic downturn. . .Saying they’ll “not only help our vulnerable neighbors” but also “create well-paying jobs,” Seattle Mayor Greg Nickels announces award of $8.1 million to rehabilitate nearly 200 units of housing for low-income seniors and to build 70 units of workforce housing. . .Work is well underway on 36-unit Adams Square Family Center that will “greatly expand” the Tacoma Rescue Mission’s efforts to give needy women and families an opportunity to live happy, productive lives”. . .Spokane Urban Ministries celebrates grand opening of 47-unit Walnut Corners. . .HUD competitively awards $18.3 million in Indian Housing Block Grant and Indian Community Development Block Grant funds under the Recovery Act to Chilkoot Indian Association, Cook Inlet Housing Authority, Akiachak Native Community, and Yakutat Tlingit Tribe in Alaska; Coeur d’Alene Tribal Housing Authority in Idaho; the Coos, Lower Umpqua & Siuslaw Tribe and Confederated Tribes of the Grand Ronde in Oregon; and the Kalispel Tribe, the Cowlitz Tribal Housing Authority and the Suquamish Tribe in Washington.
QUOTE TO NOTE
“If you haven't been to Mountain View lately you ought to pay it a visit and see what a great job Cook Inlet Housing Authority has been doing to build new homes and clean up an old neighborhood.” – Mike Jens in July 29th Anchorage Daily News after “a few of us decided to jump on our bicycles and, in the spirit of the Tour de France,” did “our own Tour de Anchorage.”.
As a developer, investor and builder with successful experience in residential and commercial real estate, Wayne has purchased and sold millions of dollars of property and buildings.
Wayne puts his experience to work for others to help them make informed decisions about buying and/or selling. He services the Mat-Su Valley, Wasilla, Palmer and Big Lake.
uces your purchasing power on average by $50,000.
