Overland Park KS Homes for sale & Johnson County Real Estate Blog: January 2009

What most people don't realize is that the 7500 tax rebate for First time home buyers established last year as part of the Housing stimulus bill is actually a loan. It must be repayed $500 per year starting in 2010.

But if changes that are being discussed are made the $7500 will not have to be repayed. The Tax rebate has not had the effect that our elected officials had anticipated, so they are trying to up the ante. Other ideas that are floating around would extend the tax incentive to all home buyers and would even be larger than $7500. The Treasury is also considering investing in mortgages to help lower rates and make more money available to potential home buyers.

Either way this could be good news for would be home buyers. However, you don't want to wait too long. the $7500 Tax rebate expires July 1, 2009

Start your home search now

This information is brought to you by the Russell Home Team, Your Johnson County KS Real Estate Experts

Copyright 2009 the Russell Home Team www.SearchjocoHomes.com

A new loan program was announced today for First time Home buyers in Kansas City and Missouri. The Missouri Housing Developement commission (MHDC) is offering $6750 towards your down payment. The $6750 is a loan that must be re-paid upon receiving your $7500 Housing stimulus rebate from the Federal Government. This is an excellent opportunity for First time Home buyers who lack the available down payment to purchase their first home.

For more information on the new loan program call The Russell Home Team at 913-681-1383

To See Kansas City Home For Sale Click Here

This information is brought to you by The Russell Home Team 913-681-1383 www.SearchjocoHomes.com

The Overland Park noon Lions Club is sponsoring a bunko/ trivial pursuit games night

When: Saturday January 31st
Where: Indian Creek Community church
12480 Blackbob Rd
Olathe, KS
Time: 6pm till 9pm

Food and beverage will be sold.
Child care available

All profits will go towards local community projects

feel free to contact me for more information or to purchase tickets.

Michael Russell
Vice-President
Overland Park Noon Lions Club
michael@russellhometeam.com

Are you looking for a Johnson County Kansas Home but lack the required 3.5% down payment? Well then a HUD foreclosed home might be your answer. Homes that are foreclosed by HUD (the Department of Housing & Urban Developement) only require a $500 down payment contribution from the buyer. You can also request for HUD to pay a contribution towards your closing costs.

Right now there are 11 HUD homes available in Johnson County but the good news is that HUD adds new listings every Thursday. So if none of the current properties meet your needs, next Thurday a new property might come to market that does.

To view and bid on HUD home you must work with a HUD registered real estate agent/broker. The best properties always sell quickly, so give us a call today and we will keep you updated on all the HUD properties available

Start Your Johnson County Home Search Here

The Russell Home Team is a HUD registered real estate agent, we are licensed in both Kansas & Missouri to help will all of your real estate needs. we can be contacted at 913-681-1383, info@russellhometeam.com or www.SearchjocoHomes.com

In August of 2008 there were 2 laws changed, 1 was good for home buyers and the other 1 was bad for home buyers. The first law created a $7500 tax rebate for first time home buyers, the second eliminated seller contribution towards a buyers down payment.

Seller contributed down payment was an essential necessity for many home buyers. Now a home buyer is required to make a 3.5% down payment to receive FHA financing. Since the seller is no longer allowed to provide any of that assistance we must now look for alternatives. That where Gift Funds come in. Gift Funds are the best way to meet the 3.5% requirement towards the down payment on your next home.

The Gift Funds can come from several sources and can even be a loan. Here are your options for gift funds

• Relatives- Mom, Dad, Grandma, Great Uncle you never met

• Employer- Ask your boss.

• Unions- Your union might have a program to purchase homes

• Non-Profit organizations- many give funds for home buyers

With the $7500 tax rebate we are seeing a lot of parents loaning a down payment and having it re-paid after receving their tax refund. If your parents are reluctant to make the loan, suggest that you move into the basement to save money for your down payment. Wait and see how fast the checkbook comes out.

There are plenty of options when it comes to getting a home, we know that 2009 will be the greatest buyers market ever. Don't miss out on your opportunity to buy a great house and get your $7500 tax rebate.

Find your dream house now

This report is brought to you by The Russell Home Team, your Johnson County KS Real Estate experts. www.SearchjocoHomes.com 913-681-1383

Do you want to get a good deal on an Overland Park or Johnson County Home? Let me re-phrase, do you want to get a great deal on an Overland Park or Johnson county home? Well if you do, than a short sale opportunity might be what you are looking for.

A short sale is when the sellers home is worth less than they owe the bank. The seller will accept a written offer to seller their home, then thehy will ask the bank to accept less money than they are owed.

So why would a bank do this. Well, is may be less expensive option than foreclosure. So who wins in this situation? Everyone does, the bank wins because they don't have another foreclosure on their books, the seller wins because they don't have a foreclosure on their credit report and ultimitely you win because you get a great deal on the home that you want.

Are you a good candidate to buy a short sale? Call today to find out more information on buying short sale properties in Overland Park & johnson County Kansas.

To look at Short Sale Properties for sale in Overland Park &

Johnson County Kansas

Click Here

This information is brought to you by the Russell Home Team, your Overland park Real Estate experts! www.SearchjocoHomes.com 913-681-1383

So they tell me it is a buyers market. In some cases yes, in some cases no. One of the areas that we are definetly seeing a buyers market is corporate relocation. When an employee is moved by their company they will usually receive some sort of moving benefit. It can be as little as some moving costs to a full move including purchasing their house.

One of the things we are seeing in our current market is the willingness to negotiate by the relocation company. We have been seeing large price reductions and acceptance of offers significantly below asking price for these homes.

If you are in the market for an upper end home? You could be the beneficiary of the relocation companies misfortune.

Right now there are a lot of corporate relocation properties in Overland Park and other Johnson County communities.

To start your search for Corporate relocation properties

click Here 

This information is brought to you by The Russell Home Team, your Johnson County Real Estate Experts! www.SearchjocoHomes.com 913-681-1383

With the down turn in the market many buyers are turning to foreclosed homes. Foreclosed homes can be a great deal for home buyers. As the inventory of foreclosed homes has increased, banks have been looking for ways to sell off this excess inventory.

Banks are now making large price cuts and are now making repairs to foreclosed properties to make them more marketable. They have also created several new programs including the Home Paths program. the Home Paths programs allows you to borrow more than the purchase price to allow you to make repairs & upgrades to the home immediatley.

Right now in Johnson County Kansas there are over 65 foreclosed homes available, with prices starting below $100,000. Just like everything else, the good homes go quickly.

With Interest rates at or below 5% and a $7500 tax credit for first time buyers, you will see why I am dubbing 2009 as " The Year of the Buyer"

Click Here to Start Your Home Search

This information brought to you by The Russell Home Team, Your Johnson County Kansas Real Estate Experts! www.SearchjocoHomes.com 913-681-1383

 2008 is finally over and out with it goes the year of the Foreclosure. 2008 was marked with falling home prices, rising foreclosures and tons of buyer trepidation. Well that is going to change in 2009. I am officially dubbing 2009 "The year of the buyer".

This will the year where buyers take advantage of all of the opprtunities that will truly make this the greatest buyers market of all time.  The savvy home buyer will take advantage of many things this year including:

• Lowest interest rates in 40 years
• $7500 Tax credit for First time buyer
• Largest inventory of homes in years
• Lowest prices for homes in years

To ring in the year of the Buyer I am indexing some of my previous buyer posts. Buyers it is your year, now is the time to get started.

Down Payment assistance programs for Johnson County & Kansas City

The top $7500 Reasons to buy a home in 2009

It all adds up to a buyers market

Do you need 20% down to buy a house

Would 4.5% interest rate change your mind about buuying a home

To search for homes in the KC metro area Click Here now

copyright 2009- The Russell Home Team www.SearchjocoHomes.com 913-681-1383

Prior to October 1 2008 a home buyer could ask a home seller to help provide them with assistance towards their down payment. When congress changed the law if left buyers with very few options to help with down payment assistance. The loss of seller contibuted down payment assistance has left a big void in the First time home buyer market, to help fill the void many non-profit organizations are stepping up to provide Down Payment assistance to needy home buyers.

The Kansas City Regional Association of Realtors (KCRAR) has created a website to help would be home buyers locate those organizations that have funds available to potential home buyers. KC Home programs was created to make sure home buyers don't miss out on the programs available.

Some of the programs available are the KC dream Fund, MHDC in Missouri, the Johnson County ADDI fund and the USDA Rural Developement fund.

In addition to down payment assistance, you may be eligible for a First time Home Buyers $7500 tax credit if you purchase prior to July 1, 2009.

For more information about down payment assistance programs or the $7500 tax credit call 913-681-1383

To search for homes in the KC metro area Click Here now

copyright 2009- The Russell Home Team www.SearchjocoHomes.com 913-681-1383