Monthly Archives: April 2010

National Open House Weekend this Saturday & Sunday

The Creig Northrop Team and Long & Foster® Real Estate, Inc. are joining forces with the National Association of REALTORS® by participating in the National Open House Weekend on April 10-11. With the federal homebuyers tax credit expiring April 30, the open house weekend will provide an opportunity for homebuyers to take advantage of historic home buying opportunities.

To make it even easier for potential buyers, loan officers with Prosperity Mortgage® Company will be on site at as many Long & Foster open house locations as possible to answer questions and pre-qualify interested buyers.

“Long & Foster and our sales associates are committed to making the home buying and selling experience the best possible for our customers,” stated Gary Scott, president real estate brokerage, Long & Foster® Real Estate, Inc. “We are delighted to participate in this unique opportunity enabling sellers to showcase their homes and buyers to shop for a home while interest rates are low, home prices are affordable, and before the tax credit ends on April 30th.”

“The National Association of Realtors®’ Housing Affordability Index rose to record high levels this year,” explained Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies. The index is a measure of the financial ability of U.S. families to buy a house and ended 2009 at over 170. An index above 100 signifies that a family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment. More information on the Housing Affordability Index can be found at the National Association of Realtors® website (www.realtor.org).

“It’s a thorough analysis,” Detwiler added. “Combine this information with the expiring tax credit and buyers are being presented with a unique opportunity to take advantage of a market with affordability levels not seen in decades. We expect a high level of activity over the next few weeks and would recommend buyers make their plans to see the homes they are most interested in as early as possible.”

To preview homes scheduled to be open on April 10-11, visit www.northropteam.com/openhouse .

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Tax Credits Expire in Just 24 days!

Time is running out! In just 24 days the $8,000 First Time Home Buyer tax credit as well as the $6,500 Repeat Home Buyer tax credit both expire. This means you must have a ratified contract on the home you wish to purchase by midnight on April 30, 2010. Once under contract, you must settle and take ownership of the home by June 30, 2010.

Those in the military may have up to April 30, 2011 if they are or have been serving on official duty.

What are you waiting for? Start your home search now.

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