Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).

Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board’s mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.

Here are a few reasons why:
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It’s Groundhog Day, the annual holiday where we anxiously await Punxsutawney Phil to emerge from his burrow to predict what the weather will hold in store for us for the next six weeks. Did he see his shadow and scurry back inside? Six more weeks of winter. Was his shadow nowhere to be found? An early spring for us! From the outside, it may seem like an awfully strange holiday to celebrate, to say the least, but you can be sure it was the talk of the water cooler this morning, as it is every February 2^nd.

And if, around that water cooler, you want to share more than the “shadow report” (ol’ Phil was reported to have seen his shadow this year, by the way…), here are a few fun facts about Groundhog Day you may not have known about:
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When it comes to real estate, there are some rules of thumb that have been passed down through the ages. Even a layman could spout off a list of real estate truisms (location, location, location, for instance) without having ever been involved with any kind of transaction. However, do all of these old standbys still stand up in today’s market? Which tips should you take and which should have been thrown out with your acid-wash jeans? It’s time to brush up on what you thought you knew about real estate.
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It’s tax filing time! And if you’re like the majority of U.S. citizens, you’re looking to squeeze out every last credit imaginable in order to get the biggest tax refund you can. We’ve been talking a lot lately about the homebuyers’ tax credit, but what other home expenses are eligible to write off when filing your taxes? Read on to find out what else you can write off this year.
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The cost of a government-guaranteed mortgage for U.S. homebuyers will be increasing from 1.75 percent to 2.25 percent, as reported today by Bloomberg. The Federal Housing Administration is raising insurance rates and tightening credit scores in an attempt to combat the current 14 percent delinquincy rate.

FHA Commissioner David H. Stevens calls this a “necessary move,” while pointing out that officals are seeking to ensure that “the changes that we implement do not overly disrupt housing finance markets at a most critical time in this economic recovery.”

To learn more about the issue, and what this may mean for you, click here.

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It seems like just yesterday we heard news of the extended and expanded homebuyers’ tax credit, and yet we are already approaching the deadline in less than 100 days.

If you’ve been thinking about purchasing a home, stop thinking and act now! To benefit from the tax credit, you must have your new home under contract by April 30^th, and the transaction must close within 60 days after that date.

Read more to see why you should act now to benefit from the tax credit:
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Hey, how about that heat wave out there? Ok, so it may not exactly feel tropical, but it’s still nice to be hovering around the 30s after toughing it through the long cold streak we’ve had recently in the area. Now that we’ve had a significant snowfall and the temperature is at a point where it’s safe to be outside for an extended period of time, why not hit the slopes and break out the skis?

Southeast Wisconsin has plenty of options for downhill skiing, snowboarding and cross-country skiing or snowshoeing, alike. See some great slopes and trails here:
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As if all that snow outside wasn’t an outright tipoff, winter is in full swing! While your house may be buried by the fluffy white stuff, you still need to keep the interior maintained throughout winter. This is a great time to concentrate on what needs to be taken care of inside your home, while you’re stuck inside and off the slick roads. Keep yourself busy this cold, snowy weekend with these wintertime interior home maintenance projects – and treat yourself to some sweet hot chocolate after!
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Most people who choose a New Year’s resolution pick a goal to achieve or habit to break, but as you set your goals for 2010, resolve this year to buy your first home. What a way to kick off the new decade!

Click “more” to read the eight reasons to invest in real estate in 2010:
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Best wishes to you all in 2010, from Coldwell Banker Residential Brokerage’s agents, managers and Regional Vice President Judy Hearst.

Have a safe and happy new year!

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