All I want for New Years is a New Front Porch... and maybe a house to go with it...

The weather outside may be frightful, but that doesn't mean home shopping at this busy time has to be.

Fewer homes may be on the market around the holidays as sellers take some time off to enjoy the season with their family, and fewer open houses are held during the often freezing, messy weather.

But shopping for a home at this overlooked time of year has a few perks, says a past president of the National Association of Realtors.

• Sellers who keep their homes on the market at this time are very motivated.
• You have less competition from other buyers than you would in the spring.
• Lenders, agents and others have more time to work with you.
• Interest rates are typically lower than in the spring.
• Right now home prices and interest rates have never been lower! Plus, did you know that if interest rates go up 1%, your monthly payments increase 10%?
  

And best of all, although moving during the dead of winter might pose some other challenges, relaxing on the porch of your completely unpacked home when the weather warms up is priceless.

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Are You Pre-Qualified or Pre-Approved? | REALTOR.com® Blogs

Are You Pre-Qualified or Pre-Approved? | REALTOR.com® Blogs: "- Sent using Google Toolbar"

Check Out this Great Article from Realtor.com

Are You Pre-Qualified or Pre-Approved?

New buyers often confuse the two terms, but they are not the same and not knowing the difference can result in losing out on your dream house, says REALTOR® Karen Weldin of Lake Eufaula, Oklahoma.

“Often times when I am working with a buyer (and sometimes in my communication with other real estate professionals) I hear the words ‘pre-qualified’ and ‘pre-approved’ interchangeably. Do you know the difference between the two? It is very important before you start looking at houses or contact a real estate professional that you get at least pre-qualifed and better if you will get pre-approved.

Being pre-Qualified means that you have talked to a lender or mortgage broker and verbally given them some information that allows them to make an informal determination of the amount of mortgage you can afford. The decision is based on the information you tell them.

Being pre-approved is a guarantee in writing from a lender or mortgage broker that you will be granted a loan up to a specified amount based on information you have told them and based on information they have requested from you as proof to your financial situation.

There are advantages to you being pre-approved for a loan prior to looking at houses: 1) Many Realtors will not show you property without a pre-qualification letter. 2) Sellers will find your offer on a home much more inviting if they know you are already pre-qualified. 3) The length of time between signing and contract and closing on the transaction can be shortened if you are already pre-approved. ”

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Have a Rental Property? Here's information you NEED to know.

Dec5 - 1099s Required for 2011 Payments

Small Business Jobs Act enacts new provision: 1099s will be required for 2011 payments
The recently enacted Small Business Jobs Act includes a provision related to reporting requirements of rental property expense payments. After Dec. 31, 2010, the new law requires those who receive rental income from real property to file 1099s with the IRS for service providers such as plumbers, painters and accountants, who receive more than $600 in payments over the course of the year. Even though the 1099 forms will not need to be issued until early in 2012, it will be necessary to begin keeping track of payment information on Jan. 1, 2011, and to collect completed w-9 forms from service providers to obtain their names, addresses and taxpayer identification numbers.   Exceptions are provided for individuals renting their principal residences (including active members of the military), taxpayers whose rental income doesn't exceed an IRS-determined minimal amount, and those for whom the reporting requirement would create a hardship (under IRS regulations). 
Included in the provision is an increase in penalties for failure to file 1099s with the IRS. For further information, contact your tax accountant


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Featured Mortgage Rates

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Today's Mortgage Rates show that a 30 year fixed loan has gone UP to 5%. If you are someone who has been thinking about whether or not to get into the housing market for either a home purchase or for an investment property, don't delay. Monthly payments rise with every partial % point.


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