Tina McDermott Tinley Park Real Estate

If you are a First Time Home Buyer (you have not owned a home for at least three years), you can qualify for a tax credit for 10% of the purchase price of your primary residence up to $8,000 depending on your income.  If you own the home for at least 3 years, you don't have to pay the tax credit back. 

Most people don't seem to be aware of the time it takes to find the home, qualify for financing, go through the contract negotiations and all of the details with inspections, surveys, title, final lender approval and finally close.  After the contract is negotiated and finalized, it normally takes approximately 45 days to close on the house, if everything runs smoothly and no surprises arise during the process!  This closing day must happen by November 30, 2009 to qualify for the tax credit! 

So if you would like to take advantage of this opportunity, now is the time to buy...the clock is ticking!

For more details of the tax credit, visit my link on www.BuyaHouseorCondo.com on my main page under News for Buyers and Sellers or feel free to call my toll free number... 877-899-CHGO (2446) and I will be happy to help you.

    It's the hot topic in the news the last couple of days. Will the Federal Reserve cut the Prime Rate again 1%?  This will make the Prime Rate as low as it was in late 2004!  That will lower the rate on commercial banks' prime rate on home equity lines of credit, credit cards and other loans, which are currently 6& down 5% with the corresponding rate cut.  The rate is currenty 3% and the Feds might cut it down to 2%.  If you are looking into a Home Equity Line of Credit or another loan and you aren't sure where to go, I can refer you to a few lenders I know. Keep your eye on the news tomorrow if your in the market for one or better yet, even if you're not. The Feds are trying to avoid a deeper Recession.  Many people, including experts, have been saying we aren't in a recession. I welcome your comments on this. Do you think we are heading into a severe recession?  Do you think the Rate cut will help consumers spending and confidence or make them more fearful of our economy's future?  It can go either way.  Luckily the Chicago area is holding it's own compared to some other parts of the country. After i decided to write this, I ran across an interesting article about it on Yahoo. I thought I would share it with you. Please feel free to post your opinion, I'd like to hear from you.  

I try to keep my clients informed.  It seems everyone wanted in on the investment opportunities of the past couple of years when we were in a hot seller's market.  All of the sudden everyone wanted to become a Real Estate Investor to try to make some quick cash!  Well those days are over, as you have heard I am sure. 

Now a lot of buyers are sitting on the fence it seems.  Waiting for the bottom to fall out even more. However, NOW is a Great time to buy Real Estate in most places for LONG-TERM investments.  It is a Buyer's Market and there are a lot of Deals you can find that we haven't seen in a long time!  But the mentality of fast cash has to go.  You need to look at this as long term. In the long run Real Estate is a smart choice for investing.  Even if prices do drop some more, as long as you are keeping your property for a few years, eventually the values should come back up.

Do you have the patience, handiness or contacts to help you manage rentals?  If so, now is an excellent time to buy some properties you could rent out. That would be an excellent way to prepare for retirement. With the new standards in the mortgage industry,many people will have to rent for a while.  Not all, of course, if you have the down payment and good credit, now is the time to take action and purchase a home or investment! Unfortunately, not everyone can qualify and will need to rent for a while. 

If you have the financial capability, my advice is to build your property portfolio and make sure you check your resources so that you make a Wise Investment Choice.  Working with a professional always makes it easier. A Realtor can help you determine your needs and help you choose the best property for your situation.  When we work for you as a Buyer's Agent, we work as YOUR Agent, with YOUR best interests in mind...NOT the Sellers! The Seller's Agent will be representing them.  It is smart to have a Realtor in YOUR CORNER! If I can ever assist you, feel free to contact me.   Thank You!

Tina McDermott

Homebuyers Link Real Estate Group, Ltd.

www.buyahouseorcondo.com