Cowlitz News and Real Estate

Cowlitz County First Time Home Buyer Resources and Assisting Programs

Because of the mortgage crisis banks did tight up guide lines qualification to get loans and everyday, one way or another; we are reminded about how hard it is to get one. Well, this still true to some degree but we have been experiencing some positive changes lately and hopefully with newly signed "American Recovery and Reinvestment Plan" things get back to normal soon.

Despite everything that is going on out there it hasn't been a better times to buy a home in years than right now, especially for first time home buyers. According to experts, never before in history the right combination of things were available at the same time, lowest home prices in years, history low interest rates, high inventory of homes for sale including many foreclosures and short sales.

A variety of incentives and even 100% financing programs are available for first time home buyer but these opportunities are not for everybody only for those with steady income and good credit. Other opportunities like Owner Financing or Lease Option, just to name a couple, may work for those with a challenge credit but with good steady income. Contact me with any questions or to request a list of Owner Financing homes.

The following are some of the programs that I know of; there may be other one out there.

1. First Time Home Buyer Tax Credit - this is an incentive of $8,000 offer to first time home buyers if they buy before December 1, 2009.
2. Express Loan Program - This is 100% loan offered to first time buyers by the Washington Estate Housing Finance Commission.
3. USDA Home Loan Programs - United States Department of Agriculture (USDA) offer variety of 100% loans to low and moderate income home buyers.
4. Self-Helping Housing - a chance to help build your own home, a unique opportunity offered by CAP to families who qualify.
5. Habitat For Humanity - Habitat for Humanity works in partnership with people in need to build or renovate decent, affordable housing.

Visit a first time home buyer tips article I wrote and learn more about buying a home.

Easter Egg Hunt - 2009

Once again the Kelso Lions Club is inviting kids to bring their baskets and join the annual Easter Egg Hunt. The event is taking place at the Coweeman Middle School field, this Saturday April 11^th at 11:00 am. There will be a designated area for small (Pre-Schooler's) kids.

Last year, I took my two little ones and they had a lot of fun, it was perfect day to be outside enjoying the out doors. Let's hope for a nice weather again this year.

A day at the beach

For the first time this year, here in Cowlitz County, we are experiencing the wonderful weather the kid have been waiting for. Since it was over 70 degrees on Sunday, we decided to take a trip to the Beach, Long Beach Washington to be exact. A lot of people just playing around, flying kites, having fun with kids, dogs and some just relaxing, enjoying the sunshine. It turn out to be a great ride down there, the kid had lots of fun burying themselves in the sand and playing with the dog and  even though the water was cold they still went in for a swim. As you could imagine, they are eager looking forward to do this again in the coming summer and having a lot of fun.

Cowlitz County real estate market report for single family only - March, 2009

Here is a look at the numbers of the Cowlitz County real estate market for the month of March 2009. There was a lot more activity in March that the previous two months, more homes sold, pending homes more than double and as a result there were less active listings. Studies show that this is a typical yearly cycle, spring always have been the busiest time of the year for real estate.

This report will give you an insight of how the Cowlitz County real estate market is doing, number of active, pending and sold homes, average and medium prices, and average days on the market and what price range is more competitive and what price range is moving (selling) faster.

Cowlitz County Homes - Active, Pending and Sold Listings at the end of March, 2009

Active Listings - 579

Pending Listings - 98

Sold Homes - 50

Average List Price - $240,742

Average Selling Price - $189,024 

Medium List Price - $215,000

Medium Selling Price - $184,225 

Average Days on Market - 135

Most Competitive Price Range - $200,000 thru $249,999

Actives Listings at this price range - 109

Pending Listing - 12

Sold Listings - 13

Most Active Price Range - $120,000 thru $139,999

Pending - 20

Sold - 4

See last month Cowlitz real estate market report or Cowlitz real estate report for 2008.

First Times Home Buyer Tips

If you are you in the process or are thinking about buying your first home, there hasn't been a better time to do it than right now, home prices are way down from the previous couple years, interest rates are history low, there are too many great deal out there like bank foreclosures, short sales among others. If you are serious about buying a home, here are some tips consider that I hope will be helpful get ready to make you dream a reality.

1. Contact a reputable local REALTOR® to assist you with all necessary steps in home buying process. A knowledgeable real estate agent should be able to answer most questions or direct you to a good source for an answer related to home buying process, local communities, neighborhoods, local schools, etc.

2. Educate yourself as much as possible about the home buying process so you can make a wise decision. Some resources would be; the Internet where there is always a wealth of available information, a local first home buyer seminar if available or contact a knowledgeable local REALTOR® for a first time home buying consultation.

3. Before you begin your house hunting, make sure to know what you are looking for and how much you'll be able to spend. Make your own wish list of those absolutely things you must have and a list of the things would be nice to have but that you could live without.

4. Your real estate agent could help you find a knowledgeable local lender, if you don't have one, to see if you qualify to buy a home, see how much you can afford, what mortgage program are available and which program will best fit you needs. If it is possible use a local reputable lender, nothing against out of the area or on-line lenders, (that its another post), but you need someone easily accessible to quickly take care unexpected issues that may arise through out the transaction.

5. Once you find a home and have your offer accepted, stay in close contact with your lender and real estate agent through out the closing process. It is very important to provide all information and document needed in a timely manner to not miss or dilate important deadlines like home inspection responses, appraisal and closing date.

You can find more first time home buyer tips here and more information about the buying process in the following articles or websites:

Cowlitz County home buyer guide.

The closing cost of a real estate transaction.

Things to look for when purchasing home with land.

Or visit the HUD website for wealth of information about home buying process.

First-Time Home Buyer Tax Credit

In the last few months, I had many people ask different questions about the "first time home buyer tax credit" and how it works, so I decided write about it hoping that others out there wondering about the same thing will benefit from it.

What is the first time home buyer tax credit about?

Hoping to decrease the over-supply of homes for sale and improve the economy, Congress enacted the tax credit designed to be an incentive for first-time home buyers purchasing a home. The credit was created July 2008 and applied to all qualified purchases made on or after April 9, 2008 and before January 1, 2009. The amount was 10 % of cost of the home but not to exciding $7,500. The credit was structured as an interest free loan to be repaid (6.67% or $500) each year in a period of 15 years, starting in 2010.

The tax credit was revised for the year 2009. The amount of the credit was increased to $8, 000 and the repayment featured was eliminated on purchases on or after January 1, 2009 and before December 1, 2009. You have to pay this credit back only if the home is sold, rented or for some other reason stop to be your main home within 36-months period of the purchase. These are some of the changes for the 2009 tax credit, most everything else will remain practically the same.

Who is eligible?

Only first time home buyers purchasing a primary residence in the U.S. (including single family homes, condos, co-ops or townhouses) with individual adjusted gross income of no more than $75,000 or $150,000 for couples. A single person making from $75,000 - $95,000 or a couple making from $150,000 - $170,000 will still eligible for some deductions but if they make more than that the credit will disappear. A person is consider a first time home-buyer only if he/she has not had any ownership interest in a home in the previous three years.

How does it work?

This is a tax credit and can only be claim by eligible first-time home buyers on their IRS Form 1040 tax return. This is what is called "refundable" tax credit, which means the IRS will send you a check $8000 if you don't have tax liabilities.

For answers to the some of the most frequently asked questions about this credit visit the official federal housing tax credit website.