Before You Build: What about Your Present Home?

The thought of having a brand-new home is once again on many people's minds as we look at 30-yr. mortgage rates right around 5%. [And by the way, I always encourage folks to go with a 30-yr. mtg. instead of 15 in order to be more in control of their disposable income. What I mean is that you can accomplish the same goal--paying lots less interest over the life of the mtg.--by just adding 1/12 of your 30-yr. mtg. principal to your regular payment (just be sure to write on the check what the extra amount is to be applied on), or by making a lump-sum payment on the principal (such as if you get an annual bonus). By sticking with the 30-yr. mtg., you have more disposable monthly income to decide what to do with, & the slightly higher rate on the 30-yr. mtg. will affect you less if you do make extra dedicated payments to the principal.]

With that out of the way, this post is to remind you to think about your present home's "buyer position" in the Omaha-area market. Would your present home be in a price range for first-time buyers? Were you a first-time buyer when you purchased it? This is vitally important between now and November, as first-time home buyers are now eligible for an $8,000.00 tax credit through the end of November. This means that if your home could be sought by first-time buyers & you've always wanted to consider building a new home, well...NOW is the time to get rollin'! The Omaha home-buying market is heating up, & builders are highly motivated to give excellent service to new clients.

My wife & REALTOR partner Leann is paid by our company, CBSHOME Real Estate, to teach home pricing to both new agents as well as those who need a tune up with this skill. Leann & I pride ourselves in giving home sellers the most accurate information possible about their home's market value, & our company, Nebraska's largest & a Berkshire-Hathaway subsidiary, obviously values Leann's pricing skills highly.

For no-nonsense, no-obligation information regarding both your home's value in the present market as well as whether your home would be in the price range for first-time buyers, please contact us at 690-6100 (Leann) or 657-3333 (Scott). Please also visit my website, ScottYahnke.com, for additional information & helpful web links.

Home Buyer Tax Credit!

The smoke is clearing from the work Congress is doing on the stimulus bill, & first-time home buyers will be able to receive an $8,000.00 tax credit, with no payback required, in 2009! My wife Leann & I were already seeing increased activity in the Omaha area real estate market a couple weeks before Congress came to this agreement, so this action will really encourage people to act on their dreams of becoming home owners.

First-time home buyers in particular would benefit from the services of a REALTOR who will take the time to explain to them & educate them about a home's build quality, whether it is an existing or new home. If you haven't yet checked out my website (ScottYahnke.com) on green building, please take time to look over the information I've placed there.

People seeking to make their first home purchase in the current real estate market should also begin their quest by meeting with a mortgage professional in order to both qualify themselves as a buyer & to establish "how much home" they can afford. As REALTORS with CBSHOME Real Estate & Mortgage Services, my wife & I are fortunate that we have two outstanding mortgage professionals working with us at our Northwest Office just south of 147th & West Maple Rd. Steph Isenberger (StephIsenberger.com) & Dick Hovorka (RichardHovorka@cbshome.com) can be counted upon to offer excellent services, valuable mortgage options & programs, & easy accessibility as part of our company's "one-stop home shopping" network. A prospective home buyer can even complete a loan application with either Steph or Dick. How time-effective & convenient is that ?!