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Nine Reasons to Choose a NEW Craftmark Home Over a Resale! September 22, 2010

Posted by CraftmarkHomes in Real Estate Advice, Real Estate in the News.
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Looking for even more reasons to buy a new Craftmark Home over a resale? U.S. News spoke with a handful of experts and compiled a list of nine reasons to choose a new home over a used home. They include:

  1. Customization
  2. Building Envelope
  3. Green Appliances
  4. Fewer Repairs
  5. Less Maintenance
  6. Warranty
  7. Fire Safety
  8. Concessions
  9. Financing

To read the whole story in full detail, click here! After reading, choose from any Craftmark community to buy a better home today!

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DC Area Housing Market is Poised for a Turnaround! July 29, 2010

Posted by CraftmarkHomes in Real Estate in the News.
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While the nation’s housing market struggles amid a sudden downdraft that has once again battered sales, the Washington region appears relatively insulated and poised for a turnaround.

Home-buying activity in the second quarter was well above where it was in the comparable period a year ago, and homes sold more quickly and at higher prices, according to a study compiled by the Delta Associates consulting firm and Metropolitan Regional Information Systems, the local multiple listing service.

“We feel quite comfortable in saying that the bottom has passed in this region,” said Sandy Paul, Delta’s national research director. “But if the national and global economies take a turn for the worse, all bets are off.”

To read the rest of the story, click here!

Closing Date for Homebuyer Tax Credit Has Been Extended! July 7, 2010

Posted by CraftmarkHomes in Real Estate in the News.
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On Friday, July 2, President Obama signed an extension of the closing date for the federal homebuyer tax credit! Purchasers now have until September 30, 2010 to complete transactions on contracts that were signed by April 30, 2010.

To read the rest of the story, click here!

Home Sales at 2-1/2 Year High! November 24, 2009

Posted by CraftmarkHomes in Real Estate in the News.
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Sales of previously owned U.S. homes jumped last month to their highest level in more than 2-1/2 years, but a fall in an economic gauge was a reminder that recovery from recession would be patchy.

Sales of existing home sales surged a record 10.1 percent month-over-month in October, the National Association of Realtors (NAR) said on Monday, as buyers rushed to take advantage of a popular tax credit for first-time buyers that had been scheduled to end this month.

“Although the data are biased higher from policy measures, we do believe this sharp gain signals pent-up demand and a willingness to purchase homes, which is a good sign for the sustainability of the housing recovery,” said Michelle Meyer, an economist at Barclays Capital in New York.

The White House said on Monday it was reviewing options to spur economic activity and job creation, but stressed any action would be taken in the context of the fiscal challenges facing the country.

Sales of existing home sales surged in October to an annual rate of 6.10 million units, the NAR reported, beating market expectations for a 5.70 million-unit pace and above September’s 5.54 million-unit rate. The housing market is slowly mending after a three-year decline, which helped tip the U.S. economy into its worst recession in seven decades. 

Taken from Lucia Mutikani on WashingtonPost.com

Major Victory for Home Buyer Tax Credit! November 6, 2009

Posted by CraftmarkHomes in Real Estate in the News.
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American Money

In a major victory for NAHB that will boost the fledgling housing recovery and help struggling business owners nationwide, Congress today approved legislation that will extend the first-time home buyer tax credit beyond its Nov. 30 deadline and expand it to a wider group of home buyers.

The legislation, which will be signed into law shortly by President Obama, will:
• Extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30.
• Expand to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence.
• Increase income eligibility limits to claim the full credit amount to $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return.

NAHB’s consumer-oriented Web site, www.federalhousingtaxcredit.com, is being updated right now, and will provide complete details on the enhanced home buyer tax credit after the bill is signed into law by the President.
 
NAHB will launch a set of resources to help you understand and promote the new tax credit over the next couple of days. Check www.nahb.org/taxcreditresources early next week.
 
If you have questions about the tax credit resources, please contact NAHB Public Affairs or call 800-368-5242, ext. 8447.

The Federal Reserve again leaves interest rates at historic low August 28, 2009

Posted by CraftmarkHomes in Real Estate in the News.
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Money

The Federal Reserve has again left interest rates unchanged.  At the conclusion of a two-day meeting, the Fed voted unanimously to leave its federal funds rate at a range of 0 percent to 0.25 percent, keeping the prime rate at 3.25.

Experts say that the Fed is likely to keep rates at record low levels for some time. “Not only did the Fed keep rates unchanged today, I believe they’ll keep rates unchanged for the next year,” says Greg Valliere, chief policy strategist at Soleil Securities Corp. in New York City.

Monetary authorities are going to keep their foot on the pedal and that is going to translate into reduced borrowing rates in the hopes of supporting demand as we move into recovery.

Average interest rates for 30-year mortgage loan ticked up a little after the Fed’s announcement, but are still at historically low levels. The average interest rate on a 30-year fixed-rate mortgage was only 5.42 with 0.7 points on average for the week that ended on June 25, 2009, the date of the Fed’s statement. The average rate for a 15-year fixed-rate mortgage loan was 4.87 percent, with 0.7 points on average for the same week. Those averages are according to Freddie Mac’s weekly survey of mortgage loan interest rates.

The news of the stable rate has brought feeling of happiness for the homeowners who were troubled because of high interest rates.

The Fed’s statement has brought an optimistic approach towards the economy of the country. These policies have potential to change the present scenario of the economic condition of the country. 

More Northern Virginia Homes are Selling and They’re Selling Much Quicker August 26, 2009

Posted by CraftmarkHomes in Real Estate in the News.
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The Northern Virginia Association of REALTORS reports that a total of 2,053 Northern Virginia homes sold in July 2009, a 10.55 percent increase above July 2008 home sales.

Not only are more homes selling, but they are selling much faster.  The average days on market for homes in July 2009 was 62, compared to 91 days in July 2008.  Existing homes are selling in 2/3 the time.

This is fantastic news if you’re in the market to buy a new home. 

Is July just a fluke?  It doesn’t look that way.  Pending Northern Virginia homes sales in July also showed an increase of 10.21 percent — these are the homes that will be selling in the coming weeks and months.

Some causes for the increase in activity:

  • Sales prices remain lower than last year.  Average July sales price was 5.03 percent lower than July 2008.
  • Interest rates are still quite low.
  • The deadline for the $8,000 first time homebuyer tax credit is rapidly approaching (November 30th).
  • Inventory is down significantly — there are 25.62% fewer active listings than at this time last year, creating a more competitive market for buyers.

For information on Craftmark Homes communities in Northern Virginia and Maryland,  click here: http://www.craftmarkhomes.com/communities.php

Good news: Pending homes sales nationwide up for 4th straight month (May)! July 17, 2009

Posted by CraftmarkHomes in Real Estate in the News.
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Pending home sales rose for the fourth straight month in May, and investors are taking this as another sign that the housing sector is recovering.

The National Association of Realtors reported that its seasonally adjusted index of pending sales increased by .1% percent to 90.7. Analysts expected no change.

The NAR attributes the increase to lower home prices and the $8,000 first-time homebuyer tax credit that was included in the Obama administration’s stimulus package.

From: The Street.com; July  1, 2009 http://www.thestreet.com/story/10532421/1/good-news-pending-homes-sales-up-again.html?cm_ven=GOOGLEFI)

Is buying a home in today’s economy a good idea? July 17, 2009

Posted by CraftmarkHomes in Real Estate in the News.
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As a long-term investment, homeownership is still one of the best investments for individual households. Why, you may ask? After all, the headlines say the housing market is down and out, with defaults rising at an alarming rate, and mortgage markets so frozen that buyers can’t get a home loan at any price.  What buyers need to realize is that housing markets, like all markets, inevitably have their ups and downs. And homeownership has a track record that is virtually unmatched by any other purchase in terms of its real benefits. Despite the turmoil in mortgage lending, if you have good credit, a job and steady income, you will find there is still plenty of mortgage credit to be had at good rates. For well-qualified buyers, rates are running at near historical lows.

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