Existing Owners! Ready to Claim Your "Trade Up" Tax Credit & Move to the Country?

Great news for owners that have been living in their current home for at least 5 years! A new $6500 "trade up" credit is being offered to folks like you when you purchase a replacement home! Looking to escape the city or the "Burbs" while staying close to shopping, the interstate, and the airport! The perfect property awaits you in New Kent! Located between exits 205 and 211, enjoy an easy commute to Richmond or Hampton Roads! However, the 5+ acres and secluded setting make you feel a million miles away from the "daily grind"! This property features a custom log home that's 3,000+ square feet w/ 3 bedrooms/ 2 baths, a loft, an all-season sun room, a finished basement and attached over sized 2+car garage! There's even room to expand! Oodles of upgrades and immaculate upkeep make this property a must see! What's better- all this can be yours for under $400k!

Check out the virtual tour at:
www.meltonteam.com

Extended First-Time Buyer Tax Credit Plus New Credit for Existing Owners!

Great news! As many of you may have heard, the 1st time home buyer tax credit has been extended by President Obama! Plus, a new credit for existing owners has been enacted as of Nov. 7th, 2009!

A few general details regarding qualification for the credits:

1. 1st time home-buyers, (as well as buyers that have not owned a home in the past year), must have a home under contract NLT May 1st, 2010 and closed prior to July 1st, 2010. The max. amount for the tax credit is $8,000; there are income restrictions.

2. As of Nov, 7th, 2010, existing homeowners who have lived in their current homes for 5 consecutive years out of the past 8 years are eligible for up to a $6,500 tax credit when they purchase a new home.

For in-depth provisions, check out: www.federalhousingtaxcredit.com/home.html.

When you're ready to purchase a home and/or put your current house on the market, please contact:
Erin Melton, Realtor (R)
RE/MAX Peninsula
804-335-8572
www.meltonteam.com
Licensed in the State of VA.
Each Office Independently Owned and Operated

Go "Green" Tax-Free: Oct. 9th- Oct. 12th!

It's another annual tax-free weekend in Virginia! Friday Oct. 9th-Monday Oct. 12th, you can buy products meeting Energy Star and WaterSense qualifications. Purchases must be $2,500 or less per item and used for non-commercial or personal use. Examples would be: dishwashers, refrigerators, washers, dryers and air conditioning units.

Check out the official website for more details:
www.tax.virginia.gov

Housing in Richmond Really is Affordable!

First-time home buyers~ Feeling discouraged about finding affordable housing in the Richmond area? Fear not because it's out there! In fact,compared to many areas of our country, it's dirt-cheap! While recently reading an article about first-time home buyers, I was floored by a comment a California agent made. It was something to the effect of, "...homes for first-time buyers priced under $800,000 are hotter than a $2 pistol. A few months ago, one had 21 offers."

Almost a million dollars for a first home?! Wow- we Richmond residents really do have it good! :) Not only are there many reasonably-priced homes on the market but we still enjoy so many cultural/recretional/and educational options at our fingertips!

If you need help finding a truly affordable first home, give me a call today so I can help! Better hurry- you must close NLT Nov. 30th to qualify for your 8k tax credit!

Erin Melton, Realtor(R)
RE/MAX Peninsula
804 335 8572
www.meltonteam.com
Licensed in the State of Va.
Each Office Independly Owned and Operated

Go "Green" While Saving Your Greenbacks!

Want to purchase a truly "green" property but don't want the hassle and cost of new construction? Well, look no further! Rush to see this energy-efficient log home, nestled on 5.3 acres! Enjoy clean, fresh air inside and out because of a HEPA filter component on the new HVAC and the country setting! Enjoy daily conservation w/8' thick logs for increased insulation, new dual pane windows, new energy-efficient stainless steel appliances, propane water heater and oven, 10 new ceiling fans, plenty of natural light from skylights throughout, low-flow toilets and artisan well. Kitchen features newer silestone counter tops-a cleaner, safer material. Minutes from shopping, schools and (2) interstate exits! Easy commute to Richmond or Hampton Roads! Immaculate with amazing natures views from every room! Huge deck and open floor plan ideal for entertaining! Creek frontage! Bring your horses! A must see! The best part? All of this can be yours for only $399,999!!!

To schedule your private showing, please contact:

Erin Melton, Realtor(R) of The Melton Team
RE/MAX Peninsula
804 335 8572
www.meltonteam.com
Licensed in the State of VA.
Each Office Independently Owned and Operated

Who Says You Can't Paint Over Wallpaper?

Looking for a Labor Day project to update a room in your home or get it ready to put on the market? Consider tips from Home Improvement expert Danny Lipford:

1. If the wallpaper comes off easily, it's better to remove it. However, if the wall wasn't primed or "sized" before the paper was applied, it may be very hard to remove, making painting over it the only option.

2. Before painting wallpaper, check to be sure it is firmly attached and re-glue any loose seams.

3. Prime it w/ an oil-based primer to reduce the chance of loosening the glue. Test the primer first on a small area to make sure it's compatible w/ the wallpaper.

4. Add a topcoat of latex paint over the primer.

If you're considering putting your home on the market in the near future, please contact:

Erin Melton, Realtor(R)
The Melton Team
RE/MAX Peninsula
804 335 8572
www.meltonteam.com
Licensed in the State of Va.
Each Office Independently Owned and Operated

First-Time Homebuyers! Time is Running Out!

Mike Hartnett, Branch Manager of New South Federal Savings Bank recently emailed me some great "food for thought" for all you potential first-time homebuyers still on the fence. Here's what he had to say:

The $8,000 First-Time Home Buyer Tax Credit expires Nov. 30, 2009. In order to claim the tax credit, the IRS requires that you've closed on or before that date. Dec. 1st, 2009 is too late.

But that doesn't mean that buyers should target Nov. 30th, 2009 as a closing date. In fact, there may not be a worse day in '09 on which to try to close on a home. The optimal time is during the week of Nov. 16th and the earlier in the week, the better.

New Home Sales data and Existing Homes Sales data has been unexpectedly strong and 1st time buyers account for nearly 1/3 of all transactions! Furthermore, the Pending Home Sales reports tell us sales volume is still growing.

It's reasonable to infer, therefore, w/ home prices still low and w/ mortgage rates still down, buyer interest will stay strong all the way through the Nov. 30 deadline-especially as trade groups trumpet "The End of the Incentive". There will be a mini-panic as everyone tries to close in time to claim their 8k.

This is when it starts to get messy. Check out the calendar~

*Nov. 30th, '09 is the Monday after Thanksgiving weekend.
*Nov. 28-29th, '09 is a weekend. No closings on weekends.
*Nov. 27th, '09 is the Friday after Thanksgiving-an unofficial holiday.
*Nov. 26th, '09 is Thanksgiving- an actual holiday. No closings.
*Nov. 25th, '09 is the day before Thanksgiving- a national "half day".

So, that backs up the Nov. 30th first-time buyer tax credit deadline by 6 days to Nov. 24th- a Tuesday.
And I won't tell you that closing on Tues. Nov. 24th is a bad idea, but I've been in this business long enough to know that there's always a chance for something to go wrong. And when it does, you're going to want some sort of a cushion between the "the problem" and "the deadline".

Maybe it will be a problem on your final walk-through, or w/ your mortgage loan docs. But as the buyer of a home-the largest purchase you've made in your life to date-the last thing you're going to want to feel is pressure to sign your paperwork because of worries over an 8k tax credit.

Therefore, don't mess around. Schedule your closing for the week of Nov. the 16th or before. That way you'll have plenty of time to work through whatever needs to be worked out in connection w/ your home and new loan. With a closing set for the 16th or before, you'll meet your tax credit deadline w/ plenty of time to spare.

For help with finding your next home and mortgage, see contact info below:

Erin Melton, Realtor (R)
804 335 8572
RE/MAX Peninsula
www.meltonteam.com
Licensed in the State of VA.
Each Office is Independently Owned and Operated

Mike Hartnett, Loan Officer
New South Federal Savings Bank
757 265 2500