The Wall Street Journal is making a good case in rent vs own. In many states, it is now cheaper to own than to rent. Read the entire article here.

Art & Brigitte Shultz
The Shultz Team
Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com

FHA is changing the anti-flipping rule which is great news for Investors and home buyers who want to take advantage of the tax credit.

Read the full story here:
Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, Florida
Toll Free: 800-243-4087
Direct: 352-291-1276
TheShultzTeam@cox.net
www.TheShultzTeam.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

The Internal Revenue Service has released instructions and new forms on how to file for the $8,000 first time home buyer tax credit and the $6500 extended tax credit. FULL INSTRUCTIONS

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, Florida
Toll Free: 800-243-4087
Direct: 352-291-1276
TheShultzTeam@cox.net
www.TheShultzTeam.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

If you have wondered how the extension of the Home Buyer Tax Credit is affecting pending home sales read this report.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, Florida
Toll Free: 800-243-4087
Direct: 352-291-1276
TheShultzTeam@cox.net
wwwTheShultzTeam.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

Buyers have less than 4 months to take advantage of the new and expanded Federal Tax Credit. The deadline to have a home under contract is April 30, 2010, the closing date cannot be any later than June 30th, 2010.

I also want to point out that there is no requirement to sell your current residence now – or ever. Only properties priced up to $800,000 qualify for the tax credit.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, Florida
Toll Free: 800-243-4087
Direct: 352-291-1276
TheShultzTeam@cox.net
wwwTheShultzTeam.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

It is a buyer's market

There seems to be a general sentiment in real estate of putting 2009 in the past and looking forward to a brighter 2010 – and Ocala, Florida is no different.  Looking at where we are and where we are headed as far as real estate goes will take us from the present into the future.  Taking a look at the market, home values are currently affordable, prices being at an uncommon low and interest rates bottoming out have made more homes available for more families than years before the real estate boom.  Both of these low levels add up to the fact that it is a great time to be a buyer when it comes to real estate – the deals are out there!

One trend that will only be available for a limited time is that interest rates have been hovering at 5% or lower for the better part of the past year, which cannot be expected to continue.  As the market stabilizes more and the economy gets better, interest rates will rise just as they have in the past.  While home prices still may drop in many areas of the country (including some areas in Marion County, FL), they will not drop much more.  Areas that are less affected by foreclosures, short sales and REO properties are likely to level out faster than other areas due to the lack of distressed sales in their inventories.  A rise in interest rates may bring real estate prices down to sell but the days of 20% and 30% decreases appear to be unlikely.  It is mostly hinged on distressed properties in an area which are competing with sellers who cannot compete with such low prices.  Some homeowners may not be able to sell until the market shows this stabilization.

The low down is that now is a great time to buy if you have been waiting for the right time to plunge into the market.  Take advantage of low interest rates, tax breaks and seller/bank incentives while they are here.  Just as it was a seller’s market a few years ago – it is a buyer’s market now, but just like the seller’s market, it won’t last forever.

For an interesting analysis of the real estate conditions and a forecast of 2010, feel free to contact The Shultz Team.

If you are thinking about selling your home, or would just like to know what a buyer would be willing to pay for it in today’s market, feel free to get in touch with us to request a free market analysis, we are more than happy to assist you.

You can email us at Info@TheShultzTeam.com or call us direct at 352-291-1276.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

Buyer's Keys To Success

One of the biggest issues in the great real estate bubble bursting was the lack of realization that you should only own a home in which you can reasonably afford.  If there is one thing we can take from the mess of the real estate meltdown it is the importance that there is a vast difference in purchasing the home you want and purchasing a home you can afford.  It is the great American dream of owning your home and of course we aspire to “move up” in life, but to get a grasp on your current finances is vital. The days of no-doc loans (short for “no document loans” where you merely had stated income and were approved, now loans must be verified to a lender before they will consider you as a potential borrower) and leveraging your assets to the hilt are gone (mortgage companies will only allow a certain percentage of equity to be used on the home – not all of it, so there is no more 100% financing or maxed out home equity loans).  In today’s real estate market it is more important than ever to borrow what you can afford.  Emergencies pop up such as temporarily being unemployed, injury, death in the family – your finances should still be able to float you during these times, not be a means to an end on you being able to afford your mortgage payments.  Keeping a reasonable cushion is key.

According to an article at Yahoo Real Estate, “Mortgage lenders generally use a ratio of 36 percent as the guideline for how high your debt-to-income ratio should be. A ratio above 36 percent is seen as risky, and the lender will likely either deny the loan or charge a higher interest rate. Another good guideline is that no more than 28 percent of your gross monthly income goes to housing expenses.”

Keeping the percentage at 28% or lower can only improve your financial situation.  Take a good hard look at your finances, look at your income and look at your expenses, both fixed and other spending habits.  This is what locks you into place when you get pre-approved for a mortgage.  A lender will not justifiably give you a loan if your debt is higher than your income or you have poor credit (unpaid or delinquent debts, bankruptcy, foreclosure, etc).  The most important thing is to be honest with yourself, and be educated about the local economy.  One of the biggest problems with homes in the central Florida area was that buyers were purchasing properties that they really did not have the ability to pay once the adjustable rate mortgages kicked in.  In Marion County in particular there is not a large pool of executive positions to be placed in – so understanding what is available in the local job market is also very important.  In the long run you and your bank account will be better off for being realistic.

What can you afford?

If  you purchased a home and closed between January 1, 2009 and December 1, 2009, you will be entitled to an $8,000 tax credit. You are considered a first time home buyer as long as you have not owned a home in the last three years. Buyers will be enabled to claim a total tax credit of $8,000 or 10% of the purchase price, whichever is less.  You are only entitled to this credit if this homes is your primary residence and it will only have to be re-paid if you sell your house within two years of purchase. Please remember, you must close on or before December 1, 2009 to qualify for the credit. A closing could take up to sixty days, so with that in mind you must have a fully executed contract by October 2nd, 2009 – this gives you seventy-two days from today to find your first home. Then all you have to do to receive your credit is fill out IRS Form 5405.

Want more information? Go to the IRS Website.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

If you are a First-time home buyer and qualify for the $8,000 tax credit, but don’t have the money for a down payment or closing costs, you may now be able to get a loan to help with those upfront costs.

On May 29 the U.S. Department of Housing and Urban Development (HUD) announced that FHA (Federal Housing Administration allows state housing finance agencies to “monetize” (provide second mortgage) the tax credit so that home buyers are able to use the funds towards closing costs and down payments for the purchase of an FHA-insured mortgage.

Previously home buyers were only able to use the tax credit after filing their federal tax returns and had to come up with the upfront costs on their own.

The U.S. Department of Housing and Urban Development announced that FHA-approved lenders may purchase the tax credit from the borrower in advance, so that the home buyer can use the tax credit for closing costs or to make an additional down payment, over and above the required 3.5% minimum down payment that is a requirement for an FHA-insured loan.

For families who would like to take advantage of today’s low interest rates, rock bottom prices, huge selection, this is really great news. Since this tax credit is only available until November 30, 2009, this could help a lot of families who cannot save enough money for a down payment and closing costs.

In addition to the 160,000 sales expected as a result of the tax credit,  the NAHB (National Association of Home Builders) estimates that 40,000 more homes will be purchased due to the FHA monetization program.

Visit the website of the National Council of State Housing Agencies (www.ncsha.org) for a list of states offering First-time home buyer tax credit loan programs.

For more information on the First-time home buyer tax credit go to Tax Credit.

Feel free to review the Ocala Florida Real Estate Statistics for May of 2009.

To see what Ocala Real Estate is selling for visit our website www.OcalaVisualTours.com

Art & Brigitte Shultz

The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

California usually leads the way for the economic health of our nation. New research from the state with the biggest residential property market shows signs that the housing market could start to rebound very soon. View story here.

You can also review our last statistics update for Ocala Florida Real Estate for April 2009.

Having difficulty in these economic times?  Facing foreclosure? If you are in need of help of saving your home from the foreclosure process, please give us a call.  We are Short Sale Specialists and may be able to save your credit from the tarnish of a foreclosure.  Don’t wait – the sooner we can help you, the better!

For more detailed statistics or a free market analysis, please call or e-mail us.
Info@TheShultzTeam.com or call us direct at 352-291-1276.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *