Common First-Time Home Buyer Mistakes
1. They don’t ask enough questions of their lender and end up missing out on the best deal.

2. They don’t act quickly enough to make a decision and someone else buys the house.

3. They don’t find the right agent who’s willing to help them through the homebuying process.

4. They don’t do enough to make their offer look appealing to a seller.

5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.

Source: Real Estate Checklists and Systems, www.realestatechecklists.com
For a list of Homes in your area of interest, visit www.MaryPalma.com.

Fed: Interest Rates to Remain Low
Investors breathed a sigh of relief Wednesday when Federal Reserve Chair Ben Bernanke told Congress that interest rates are likely to remain low for an extended period. The economy, he said, "still requires support for recovery."

Investors see these low rates as a boon to a recovery of employment and business.

Bernanke’s announcement also took the edge off the news Wednesday that housing sales hit a new low in January.

"Even though nothing he said was particularly new, it was just enough to calm the ruffled feathers that were out there," said Jim McDonald, chief investment strategist at Northern Trust in Chicago.

Source: The Associated Press, Tim Paradis (02/24/2010)

Short Sale Rules May Help Sellers - CNBC http://ping.fm/0JTmP

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The Federal Reserve, in a SURPRISE move yesterday - RAISED their discount rate. The discount rate - this is the rate the Fed charges banks to borrow money from them so the banks can in turn loan money out to everyone - was increased to 3/4%, from their 1/2% target.

This is a sign that the Federal Reserve sees our economy in recovery, and it time to begin to return back to more normal market conditions. This is GREAT news!!

At this point, the Fed is NOT stopping their many other programs and tools they have currently in use to support our economy, but we will be seeing these programs as well being moved to closure over the course of this coming year.

So buyers, don't wait anymore, now is the time to act before. Every day you wait, the risks of higher interest rates and home prices escalate. www.MaryPalma.com

I had an excellent time in Falls Church today with Brian Buffini. Meeting him was as amazing as I imagined!!

The Unemployment rate for January was just announced. Unemployment FELL to 9.7% from 10% in December!!!

This is GREAT news!!!

Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for a tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.