It is actually the best time for a buyer to buy in the last 26 years. Prices are down, lots of inventory, but most of all interest fixed rate mortgages are now temporally artificially low.
Six months from now rates will be higher because of many factors; our government is printing money, the low value of the dollar and inflation in 2010.
Best time to buy in 26 years.
Tom Alferes, with 32 years of Real Estate experience
Add comment December 4th, 2009
When I was a first time home buyer, none of theses awesome programs were available. Rates were 14% and I had to have 20% down and believe it or not some of the prices were not too far off from where they are right now. So with all the wonderful programs available and up to $8000 in tax credits, what are you waiting for???????? Think Spring !!!!!!!!!!!!!
Robin Canastra
Add comment March 31st, 2009
Spring is here!!!!!!! Yes, it was a long winter. GREAT NEWS!! If you are thinking of buying, this is the time to do it!!! Mortgage rates are under 5%, LOCAL banks & credit unions have $$$$$ to lend for the communities that they serve, inventory and market conditions are on the buyer’s side. Yes,”it is a buyer’s market!!!” Let’s get the conversation started with a confidential consultation here at the Alferes Realty office. NO pressure. We can walk you through the process, step by step!!!! Opportunity knocks!!!!
Bill Dumas
Add comment March 30th, 2009
It’s that time of year again. Robin & Jeff Canastra are at it again. They are getting ready for the 6th annual scallop dinner. Each year they hold this event along with the many volunteers that assist them in making this a tremendous success. All proceeds benefit The Shepards Pantry and St. Mary’s Parish of Fairhaven.
Due to the current economic crisis the Shepard Pantry is now feeding about 150 familys per week. Their goal is to donate $5000.00 to the pantry this year. They are also looking for donations for the many raffles and basket they make every year.
Add comment March 19th, 2009
Anytime the government wants to give you money….Grab it!!
Low home prices and plenty of inventory, great interest rates, and now an increase to $8,000 from the government make this a wonderful time for home buyers. First time home buyers (not owned a home within the past 3 years) should be taking advantage of a great opportunity. Historically when the market is in the condition it is now, buyers who hold onto their property for 3 years or more have seen up to 20 percent gains.
Now I am a Realtor with 11 years of experience. I am not an accountant or a psychic, however if you consult your accountant they will probably tell you the same thing as I am ….buy.
Below I have given a brief synopsis of the tax credit. Go your accountant or any number of government web sites for more detailed information. Also if you go to the Mass housing site, or if you are reading this from another state that states housing site, you will find many great programs to get you into that home of your dreams.
Do we have the audacity to hope for a piece of the American Dream…. You bet we do and so should you!
A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a primary residence on or after January 1, 2009 and before December 1, 2009. Unlike the first tax credit put into effect through in 2008, the new credit does not have to be repaid. One thing is for sure, the enhanced tax credit is providing an excellent opportunity for new home buyers. It’s no secret that we are in a struggling economy and the government has been taking steps to try and revive it, especially the housing market which many say is the heart of the problems.
The American Recovery and Reinvestment Act of 2009 (The official name of the tax credit) has a few key components that home buyers should be aware of. Most importantly … it’s for first time home buyers and the credit does not have to be paid back. The credit is equal to 10% of the homes purchase price or a maximum of $8,000.00, and is available for any home bought on or after January 1, 2009 and before December 1, 2009. Single taxpayers with an annual income up to $75,000 and married couples with an income up to $150,000.00 can receive the tax break.
So with all this talk about first time home buyers lets be sure that you understand exactly what the government defines as a first time home buyer. The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the past three-year period prior to the new home purchase. In addition for married couples, the law looks at both parties individually but it affects the couple as one. In other words, if you have not owned a property in the past three years but your spouse has owned a principal residence, neither you or your spouse qualify for the tax credit.
However, the tax credit can work for unmarried joint purchases where one party can allocate the credit amount to any buyer who qualifies as a first time buyer. So a parent may jointly purchase a home with a son or daughter allowing the child to get the tax credit. In addition, ownership of vacation or rental properties that are not used as primary residence do still qualify as first time home buyers for the tax credit.
Now let’s take a closer look at the income limits and what all the small legal print exactly means. It’s funny as I sit here and type this, a phrase that a good friend says popped into my head. He would always say “Check the fine print, because what the good Lord giveth the fine print take away”. Now what the income limits state specifically is that the tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) more than $75,000 for single buyers and $150,000 for married couples who file joint tax returns. If an individual makes greater than $95,000 or a couple makes greater than $170,000.00 then the tax credit is reduced to zero. For individuals and couples who’s MAGI falls in between these ranges the tax credit is reduced proportionally.
by Dawn Devlin
Add comment March 19th, 2009
Home buyer opportunities have never been better. On the average home values double every ten years.
SO WHAT ARE YOU WAITING FOR?????????????
Rates are historically low
Highest inventory in years
$8,000 tax credit, no repayment necessary must be closed by 12/1/2009
Incredible loan programs geared to first time buyers
Low rates and down payments
Let someone at Alferes Realty guide you through this process and get you the most value in a home and the best rate and terms for your mortgage
by Robin Canastra
Add comment March 19th, 2009
Note From Tom:
“Who Said the market is slow? Current statistics from Multiple Listing Service for the the Greater New Bedford Area ( January 1-March 18, 2009 ) : sold 265 units of sale and currently pending are 274 units. It’s Still A Great Time To Buy !”
Tom Alferes
President
Add comment March 19th, 2009
What are the advantages to working with an independent agent like Alferes? “You get individualized service, tailor-made for your needs,” notes Tom Alferes. As an independent company, Alferes has the flexibility to adapt more quickly to changes in the market, and to respond to the specific needs of the area we serve.
Another advantage: Most of us have grown up here, or lived in the area long enough to qualify as ex-officio natives. We know our market inside and out, and so we would have a hard time stuffing our feet into a marketing shoe designed by a Madison Avenue franchise consultant.
Give us a try, and you’ll see that local ownership – and the awards and sales records to back it up – gives you the advantage when it’s time to buy or sell your property.
Add comment March 18th, 2009
Looking for an ageny to help you find a new home? Your buying experience with us will be similar to the following:
Add comment March 18th, 2009
Alferes Realtys client’s first was also a first for MassHousing: They were the first couple in the state to purchase a home through the agency’s new “Home for the Brave” program.
The program, which was announced by Gov. Deval Patrick on July 2, gives veterans access to low- or no-down-payment mortgages from participating banks and credit unions.
The Brett family received the mortgage for their Freetown home through First Citizens’ Federal Credit Union, one of about 41 financial institutions working with the program across the state.
Through the program, mortgages have discounted, fixed interest rates for a minimum of 10 years and also have MassHousing’s MI Plus mortgage insurance, which covers borrowers’ mortgage payments for up to six months if they lose their jobs or are deployed, according to information from MassHousing.
“This certainly makes the mortgage affordable,” said Peter Muise, First Citizens’ chief executive officer. “The unemployment part takes away a little of the risk.”
According to Mr. Gleason, new housing programs can take a while to get off the ground. That the first loan through this program has already closed is a sign the program has hit a chord with veterans across the state, he said.
About The Home for the Brave Program:
• A Home for the Brave mortgage program was developed by MassHousing, the state’s affordable housing bank, in consultation with the Veterans Housing Sub-Committee of the Governor’s Advisory Committee on Veterans Services, which is chaired by Lt. Gov. Tim Murray.
• MassHousing enlisted the partnership of nearly 50 Bay State banks and credit unions to commit nearly $200 million in private funding for the Home for Brave loan program. No taxpayer funds or MassHousing bond funds will be used.
• MassHousing will insure veterans’ loans with its MI Plus™ mortgage insurance, which will allow veterans to receive 100-percent financing with no down payment for single-family homes and condominiums. MI Plus™ will also pay the principal and interest on a veteran’s mortgage for up to six months in the event of a job loss or deployment.
• Borrowers seeking 100-percent financing must complete an approved homebuyer-counseling course.
• A Home for the Brave mortgage offers 97-percent financing for two, three and four-family properties.
• Discounted interest rates fixed for a minimum of 10 years.
• Fannie Mae is providing a $300,000 grant to assist the first 200 veterans who take advantage of the Home for the Brave program. They can receive up to $1,500 each in closing cost assistance. In addition, the loans will be underwritten based on preferred terms provided by Fannie Mae to MassHousing through a special agreement. Veterans will have access to a low- or no-down payment requirement and low mortgage insurance premiums. Where appropriate, Fannie Mae may provide additional liquidity by purchasing eligible loans.
• Disabled veterans can access funds from the U.S. Veterans Administration for accessibility upgrades to their homes.
• Borrowers can earn up to 135 percent of the median income for the city or town in which they are purchasing a home. Income limits vary, but may be as high as $111,240. Home purchase limits will be determined by the buyer’s income level.
• To be eligible for a Home for the Brave mortgage, one must be a veteran as defined under M.G.L. c. 4, sec. 7, cl. 43rd as amended by the Acts of 2005, ch. 130. Borrowers must also have good credit and meet other underwriting standards. (Note: Total housing debt may not exceed 38 percent of gross income and total monthly debt may not exceed 45 percent of gross income).
• Loans must be used to purchase or refinance a primary residence in Massachusetts and Local veterans agents will verify eligible veteran status for the loan program through DD-214 Discharge from Active Duty forms
By: Dawn Devlin
1 comment August 7th, 2008
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