Only 143 Days Left!

143 days is the "Countdown" to close on a home, and be eligible to receive the 1st-time buyer tax credit!

First-time buyers are those who have not owned a home within the last three years, and who are in a specific income bracket.

Are YOU eligible? ... Why not find out! Here are the Basic comparisons from last year's program to the current 2009 program, and here's a link to the IRS.gov website for a more detailed explanation.

Here's the link to the Federal Government site which describes Refinancing and Making Homes affordable:
http://makinghomeaffordable.gov/

My team and I will be glad to help you, so please feel free to contact us with any questions!

Dianne Dunn and Team New Bern
Keller Williams Realty
New Bern, NC

Email Dianne!
Visit our Website:

Search All Properties in the New Bern area.

Local New Bern News - Market Update

This column is customized each month so that I can share with you, the current monthly statistics. Please feel free to contact me if you have any questions! Or, visit my website at www.NewBernHomes.com.

HOMES SOLD (Closed), June 1 through June 30 (from NRRAR MLS Service)
Under $100K = 22
$100K-$159,999 = 37
$160K-$199,999 = 25
$200K-$249,999 = 18
$250K-$299,999 = 06
$300K-$399,999 = 06
$400K-$499,999 = 05
Over $500,000 = 03

Total June 2009 = 122
Total June 2008 = 162
Total June 2007 = 223

NEIGHBORHOOD PROPERTIES "SOLD" LAST MONTH

NEIGHBORHOOD PROPERTIES "FOR SALE"

For the BEST Internet Marketing, and the Most Responsive Service in New Bern, Contact DIANNE!
Email Dianne
(252) 636-3301 or Toll Free: (888) 781-8800

More Help for 1st-Time Home Buyers!

Are YOU a first-time buyer? ... Do you have children, grandchildren or friends who are first-time buyers? If so, this is an excellent opportunity for them with the new Tax Credit and the very recent changes in FHA loan guidelines. (Approximately 25% of all new loans are FHA).

HUD Secretary Shaun Donovan announced on May 29, 2009, a program that will allow first-time buyers who use FHA financing to apply the $8,000 federal first-time buyer tax credit towards loan closing costs.

Per the IRS.gov website, you may qualify to receive this credit if you meet the following qualifications:

"... qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase."

The credit itself:
 Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
 Applies only to homes used as a taxpayer's principal residence.
 Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
 Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax, or the credit is more than the tax owed.

This is a great time to buy, so pass the word!

Dianne Dunn
Email: DDunn@NewBernHomes.com

www.NewBernHomes.com
Search all property listings in the New Bern area: www.SearchNewBernHomes.com

Local New Bern News - Market Update

This column is customized each month so that I can share with you, the current monthly statistics. Please feel free to contact me if you have any questions! Or, visit my website at www.NewBernHomes.com.

HOMES SOLD (Closed), May 1 through May 31 (from NRRAR MLS Service)
Under $100K = 15
$100K-$159,999 = 36
$160K-$199,999 = 22
$200K-$249,999 = 11
$250K-$299,999 = 06
$300K-$399,999 = 04
$400K - $499,999 = 01
Over $500,000 = 01

Total May 2009 = 96
Total May 2008 = 151
Total May 2007 = 196

NEIGHBORHOOD PROPERTIES "SOLD" LAST MONTH

NEIGHBORHOOD PROPERTIES "FOR SALE"

For the BEST Internet Marketing, and the Most Responsive Service in New Bern, Contact DIANNE!
Email Dianne
(252) 636-3301 or Toll Free: (888) 781-8800

Are Homes Selling in New Bern?...Yes!

When people approach me with a "doom and gloom" face about the condition of our real estate market, I share my honest opinion: All real estate is LOCAL! You don't watch the weather in Oshkosh, Wisconsin, to decide what to wear tomorrow in New Bern, NC, so why watch the national news to make your local real estate decisions.

While some states like CA, AZ, NV, FL and parts of the northeast have seen appreciation and depreciation rates as high as 40%, North Carolina and some of our LOCAL markets had not experienced the "bubble and burst" as dramatically. However, one of the key factors that DOES affect our local market here in Eastern NC, is that many prospective buyers coming here need to sell their existing homes in some of these other states. Fortunately for us, some of these other markets are starting to turn around because people are getting realistic about the market.

The statistics show that while our LOCAL market peaked between the end of 2006 and early 2007, most people did not recognize the actual effect of the downturn here until the latter part of 2008 and early 2009.

Are homes still selling in the New Bern area? . . . YES! While the majority of activity is in the lower price range ($200K and under), there are homes selling in ALL neighborhoods if sellers consider these factors:

1) Price it RIGHT, and consider "Supply and Demand": If there's only 6 properties for sale and it's a high-demand neighborhood, then sellers will probably get a better price. If there are 50+ for sale, then your price needs to be extremely attractive to even get showings.

2) Condition is CRITICAL: With more competition than ever experienced in our area, sellers need to "stage" the property so it stands out above ALL the competition.
This is not a market to "test" or dabble in: If you REALLY want or need to sell, then give it your best with #'s 1 and 2 above. If you don't need or really want to sell, then don't frustrate yourself . . . wait for a better market!

Dianne Dunn

http://www.newbernhomes.com/

Email: DDunn@NewBernHomes.com

Assistance for Military Homeowners

I just learned today from a very astute Realtor friend in Hawaii (John Riggins), that the original HAP program (Homeowner's Assistance Program) under the US Army Corps of Engineers and Base Closure Act, has been extended under the American Recovery and Reinvestment Act of 2009. Click on this link to see if you are eligible: http://hap.usace.army.mil/

This may help military and federal employees who are upside down with their homes (owe more than current market value).

Dianne Dunn
www.NewBernHomes.com
www.SearchNewBernMLS.com
Toll Free: 888-781-8800
Email: DDunn@NewBernHomes.com

New Mortgage?...Refinancing?... 8 Tips to AVOID!

With a large inventory to select from, many buyers are taking advantage of the current mortgage rates, which are near all-time lows, so that's good news for New Bern real estate market!

Also, with mortgage rates near all-time lows, many homeowners are taking advantage of these great rates by refinancing their current mortgages.

You should be aware that it's taking longer to get to closing. Why? . . . because many lenders are currently ill-equipped for the rush of new business, and the process of underwriting and approving new loans is taking some conforming lenders as long as 2 months to complete. This is nearly double the time needs as recently as six month ago.

Because there may be 60 days between the application date and the closing date, it’s important for applicants to remember that mortgage approvals can be revoked at any time prior to funding. As mortgage applicants, there are many events that are out of our control — job security and health matters, for example. But there are also events that are within our control.

Knowing that mortgage approvals can be fragile, here are 8 things you should absolutely not do while your home loan is in process. It may be the difference between being approved by the bank, and being turned down.

1. Don't buy a new car or trade-up to a bigger lease.
2. Don't quit your job to change industries.
3. Don't switch from a salaried job to a heavily-commissioned job.
4. Don't transfer large sums of money between bank accounts.
5. Don't forget to pay your bills - even the ones in dispute.
6. Don't open new credit cards - even if you're getting 20% off.
7. Don't accept a cash gift without filing the proper "gift" paperwork.
8. Don't make random undocumented deposits into your bank accounts.

Now, avoiding these items may not be practical for everyone. For example, if your car lease is expiring and you need a larger vehicle, it doesn’t mean you can’t buy the car — just check with your loan officer first to be sure the new payments won’t “break” your approval.

The same goes for accepting cash gifts from parents. There’s a right way and a wrong way to accept gifts, and doing it the wrong way may prevent you from using the gift as a source of downpayment.

Mortgage lending is full of “gotchas”, and with underwriting times stretching to 60 days, it’s a lot more likely that a mortgage applicant will trip into one of these. However, following these 8 rules is a good start!

My suggestion for New Bern Sellers refinancing their current homes, or New Bern Buyers who are buying a home: Contact a good lender and make sure everything is in order, so you can get to a smooth closing.

If you have any questions or need any help in the process, please feel free to call me at 252-636-3301 or Toll Free 888-781-8800, or email DDunn@NewBernHomes.com

Dianne Dunn
www.NewBernHomes.com
www.SearchNewBernMLS.com