Is HVCC On the Way Out?Friday, August 21, 2009

The new appraisal guidelines have been hurting the ability for new home buyers to purchase homes and many current home owners from taking advantage of the great low rates today by refinancing. The good news is the big issues with the appraisal process is now getting some media coverage and coming under fire.

The intent of HVCC (Home Valuation Code of Conduct) was a noble one; in that they want to keep the appraiser (3rd party assessor of home value) to not be influenced by the lenders to inflate or support a given value. The problem is that the process created to order appraisals has created a situation in which appraisers are working in areas in which they are not experts, being ultra conservative in order to stay in the various pools of appraisers that lenders use, not to mention adding additional costs to the consumer with extension fees of rate locks and additional appraisals.

There will likely be an 18 month moratorium on the HVCC while the impact of its inception is researched - let's hope this is enacted soon!

Strategy7 First Thursday Event: Art Drawing WinnersFriday, August 7, 2009

Good morning everyone! Thank you so much for attending last night! We had a great turn-out and we enjoyed having you at our office to enjoy the art and conversation. Kristin and Carrie (are two featured artists) wanted to thank you all as well!

We drew the names this morning for the art give-away and here are the winners:

• Jennifer Conley
• Matt Ricker

Congratulations! We will arrange with both of you for pick-up of the art work.

Again, thank you for making last night such a great time! We hope you enjoyed it as much as we did. We look forward to having another First Thursday event very soon!

The $8,000 Tax Credit Expires December 1stThursday, August 6, 2009

If you are a first time home buyer (which includes those of you that have not owned their home in over 3 years) I strongly advise you look into your buying options soon. Prices are very attractive and based on the sales data from June, the bottom in prices is very close if not already here. In addition, interest rates on mortgages are very low as well. Rates will fluctuate throughout the year but the long term trend is certainly up, so keep in mind that with an upward trend in rate, your buying power becomes diminished.

One final note to keep in mind - the $8k tax credit is a fully refundable credit. this means that regardless of whether you are already getting a return after you file, you will get an additional $8,000! If you end up owing taxes, the credit will offset the amount you owe and you keep the difference ... in cash.

If you are a first time buyer and interested in learning more about home ownership, please give me a call.