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Forbes: Des Moines Metro is #4 Out of 100 Most Affordable Cities

The Des Moines metro area has yet another reason to be proud today: Not only did it get highlighted in a Forbes real estate article today (with a picture!), it made #4 on the list:

Locating a desirable spot to settle down means something quite different today than it did just three years ago. That's when Americans flocked to coastal and Sun Belt cities like Orlando, Fla., and Las Vegas, where properties were easy to acquire and home values were expected to noticeably appreciate.

Now, with home prices nationwide down 29% from their 2006 peak, according to Case Schiller, areas that were left behind during the home-building and home-buying craze suddenly look more attractive. Buying an affordable home in a city with a stable housing market, among other pluses like reasonable property taxes and minimal travel time to work, is the new definition of bang for the buck.

You can read the entire article here.  Here's their mention of Des Moines:

Take Des Moines, Iowa. With low unemployment, at 6%, few vacancies and a promising home price forecast, the real estate market shows fresh signs of robustness. And its home prices make it possible for budget-conscious home buyers to get in the door--it scores above average for home price affordability.

View the entire list of 100 cities here.  Congratulations, Des Moines metro!  :)

How to Buy Your First Home slideshow

I've created a simple presentation explaining the steps to the home-buying process.  I hope you like it!  Visit How To Buy Your First Home to view the slideshow.

Rates Are Really Low!

Wow.  Check out this graph; rates have really been dropping.  To get the full effect, click  on 3 months (3MO).  Rates are really low and it's a great time to buy, before they go up again.  

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Homebuyer Tax Credit Video - Very Helpful Information!

You probably know about the Homebuyer Tax Credit extension -- I blogged about it the day it was extended.  This is great news for first-time buyers, but also for repeat buyers: They now have a chance to qualify for it as well.  For repeat buyers, the amount is $6,500, and for first-time buyers it remains at $8,000.

Anyway, here is a great little video explaining the 2 tax credits, with dates and other information about the extension.  Enjoy!  And please remember, if you want to take advantage of the Tax Credit and start on the path to your perfect home, contact me.  You can email me at mike@mikedavishomes.com or call me at 515.966.4510.

Rates May Go Up This Week

According to my loan officer -- and he's a very good one -- rates have the potential to go up this week.  Keep checking back here and we'll keep you posted.

First-Time Home Buyer Tax Credit Extended; Repeat Buyers Also Given Tax Credit

It's the news you've been waiting for!  The White House says that President Obama will sign the Tax Credit Extension bill today; the $8,000 Tax Credit for 1st-time home buyers is extended to April 30th, and additionally, repeat buyers now have a $6,500 Tax Credit available to them.

From Bloomberg:

The House approved the legislation yesterday on a 403-12 vote; the Senate passed it 98-0 on Nov. 4. White House spokeswoman Jen Psaki said Obama will sign the bill today.

For those of you who bought a home and are scrambling to close by November 30, you can relax.  And if you haven't bought a home yet, now's the time.  Rates are incredibly low, and every expert I talk to says they're going up soon.

Do you have questions about this?  Post them below, or email me at mike@mikedavishomes.com .

More details to follow.  Tell your friends about this by using the handy button below!

UPDATE:

OK, here are some details. The April 30 date means that you must PURCHASE (a signed contract) your home by then; to get the tax credit, you must then close within 60 days.

Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples, from $75,000 and $150,000, respectively. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.

$8,000 Tax Credit Extension Passes the Senate!

The awesome $8000 Tax Credit is one step closer to being extended.  Not only that, but if this passes the house, there will be a $6,500 Tax Credit for repeat homebuyers (as long as they have lived in their current home for at least 5 years).  From MSNBC:

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, said a congressional aide, who spoke on condition of anonymity because he was not authorized to publicly discuss the deal.

Stay tuned!