850 Galen Drive State College, PA

Beautiful townhouse with open floor plan, many new updates, master bedroom with private bathroom and walk in closet, full finished basement, detached garage, close to schools, shopping & work. Low association fee covers garbage, exterior maint. & landscaping. Owner is a PA licensed REALTOR

Fact Sheet:
MLS #29084

Listing Type: Sale
PropertyType: Townhouse
Type: Two Story
Price: $172,500
Interior Size: 1935 sq. ft.
Lot Size: .09 acre(s)
Bedrooms 3 room(s)
Bathrooms: 2.5 room(s)
Garage Size: 1 Car Detached
Property Tax: $2011.00 (2008)

Tips for First-Time Homebuyers

Home-price adjustments in markets around the country have opened doors of opportunity for many renters. If you are transitioning from renter to homeowner, the prospect of making such a large investment may be exciting, while at the same time overwhelming. But it doesn’t have to be. Here are six common mistakes to avoid.

1. Not understanding the homebuying process. Educate yourself. Find a homebuyer seminar that you can attend or research online. The U.S. Department of Housing and Urban Development Web site (http://www.hud.gov/) has an entire section devoted to homebuyers with common questions of first-time homebuyers, mortgage and home-buying programs information, downloadable tools such as a wish list and home-shopping checklist, tips on selecting a real estate professional, etc. Likewise, Prudential Real Estate’s popular Web site, prudential.com/realestate, offers consumers brand-new tools for the homebuying process, such as free home environmental reports, Value Range Estimates and Property Profiles, among other resources.

2. Not asking questions. There are many facets and intricacies to the homebuying process, so although you may gain a basic knowledge, you will still have questions. Don’t hesitate to let your real estate professional know that you are new to the process. Make sure you choose a sales professional who is willing to spend time with you and walk you through the entire process. He or she will expect you to have questions at each step—from house hunting, to making an offer to the closing. Remember, this is one of the largest financial transactions of your life, so you want to have a clear understanding of what’s going on.

3. Buying on impulse. Don't feel pressured into making an offer on the first home you see. Buyers, especially first-timers, may be impressed by the first two or three homes they view. Look at a good selection. List the positives and negatives about each home. Narrow the prospects to three or four and then return for a closer look. When you decide to make a bid on a property, work with your real estate professional to get all of your questions answered before making an offer. But don't wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal.

4. Looking outside your price range. Before beginning your home search, consider getting pre-qualified to so get an idea of how much you may be able to borrow. Use this information as a starting point in determining your price range. Then take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, homeowners insurance, utilities, private mortgage insurance (PMI) and maintenance.

5. Not planning ahead. Think about personal changes you are planning in the next five to seven years. For instance, are you starting a family, and if so, is the home large enough and will it continue to be? If this will be a starter home or if you think you’ll be relocating in a few year, you’ll probably want to pay closer attention to appreciation and resale value. If a double-income is necessary to qualify for financing and to make your payments, do your plans foresee an income sufficient to continue making payments?

6. Failure to focus on location. Don’t just focus on the house. Examine the community. Does it suit your lifestyle? Is the area safe, well-maintained, close to work, stores and schools? Find out about zoning and what new construction is planned on vacant land in the immediate area. Also consider the property marketability when it’s time to sell.

Above all, remember knowledge is key. No question is a silly question. Your real estate professional can be an invaluable asset throughout the process. Making smart home buying decisions will make the home-buying process less scary and your first home purchase a rewarding experience.

So give me, Len DeCarmine, a call and let me help you each step of the way. I will even give you my free guide to "How to Get up to $8000 to Buy a Home in 2009" (http://www.taxcreditguide.com/centrecounty).

The Home Selling Process from Start to Finish

You’ve made the decision to sell your home. Even if you’ve sold a house before, this process can be daunting because it is a major financial transaction that involves many steps from selecting a sales professional and marketing the home, to negotiating with buyers and finally receiving funds at the closing. Yet, the home-selling process doesn’t have to be intimidating if you know what to expect. The process can be divided in nine steps.

Step 1: List your property with a real estate professional. Select someone who is knowledgeable, listens carefully, and with whom you feel comfortable. Interview at least three real estate professionals. Use their listing presentations to compare their preparation and professionalism. Don’t base your selection solely on selling price or commission. It’s probably best to avoid working with someone who promises you the moon—in this case, an unrealistically high price—then has to make price reductions until the property sells. Instead, focus on marketing plans, service and past results.

Step 2: Establish price and time frame. Determining a fair asking price is crucial in this market. Price the property too high and it could languish on the market. Of course you could always decrease the price later, yet you’ve lost potential buyers. Your real estate professional can help you determine true market value based on a comparable market analysis, which will include recent home sale transactions as well as homes currently on the market. Supply and demand, craftsmanship, amenities, condition and any special circumstances can also impact price. For instance, a relocation move might necessitate a quick sale.

Step 3: Develop and implement a marketing strategy. To get the most exposure for your home, you should have a marketing plan with clear objectives and an outline of specific resources to be used. Your plan should include a mixture of conventional and online marketing to optimize your reach to potential buyers.

Step 4: Get Your Home in Show Condition. Remember, you only get one chance to make a first impression. So make sure your home is in tip-top shape inside and out. Eliminate clutter and remove personal items. Refresh the paint, clean the carpets and make minor repairs. Keep the grass trimmed and add color to your landscape. You may also want to consider hiring a professional to stage your home. A home in move-in condition is much more attractive to buyers in a competitive market.

Step 5: An offer is submitted. Once your home is on the market, a buyer will make an offer through his/her real estate sales professional. The buyer’s sales professional will present the offer to your representative, who will promptly relay it to you and help you evaluate the offer.

Step 6: The negotiation process begins and eventually an offer is accepted. One of the most critical roles played by your real estate professional is in the negotiation phase. Negotiations over the terms of a home-purchase contract can be extremely sensitive. The process of offer and counter-offer may go on until parties arrive at an acceptable contract, which can go very quickly or take days, even weeks.

Step 7: Buyers submit a loan application and home inspections are scheduled. Most often, the loan approval is contingent upon a satisfactory appraisal and various inspections.

Step 8: The loan is approved and the closing process begins. Once the buyer’s home loan has been approved, preparations begin for the closing. The closing, also referred to as settlement or close of escrow, is the final step toward completing the sales transaction between the buyer and seller. During this process, your sales professional will funnel all the necessary closing documents to the escrow agent. This may include the deed, mortgage, tax receipts, a Certificate of Occupancy and other documents. A final walk-through will also be scheduled. Once the escrow agent receives the paperwork and the funds pertaining to the sale of the property, the escrow is closed.

Step 9: Time to move! Of course this is a simplification of what is otherwise a complex transaction. As you are going through each stage of the process, look to your real estate professional to provide guidance so that you feel comfortable every step of the way.

Free Tax Credit Guide-Centre County

A FREE Tax Credit Guide is available to answer your questions and detailed step-by-step how to get a check for up to $8,000 to buy a home in 2009.

www.taxcreditguide.com/centrecounty

Bank Owned Inventory-Centre County, PA (week of May 31, 2009)

Get the most current bank owned foreclosure inventory for Centre County, PA at www.BankOwnedWeekly.com/centrecounty

American Recovery and Reinvestment Act 2009

H.R. 1, the “American Recovery and Reinvestment Act of 2009,” passed the House on February 13, 2009, by a vote of 246 - 184. Later that day, the Senate also passed the bill by a vote of 60 - 38. The President signed the bill on February 17, 2009. The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010. View how the U.S. House of Representatives voted>View how the U.S. Senate voted>

The mix of provisions of interest to REALTORS® changed frequently throughout the legislative process, with changes continuing to be made just hours before the measure was released prior to the vote. In the end, the elements of NAR’s housing agenda were included. Congress and the President have announced that a finance and housing package (including tax provisions) will be the next “big” initiative, so Congress has by no means finished its work as it affects the housing industry and REALTORS®.

The bill includes the following provisions:

Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit> (PDF: 309K)
NAR's Presentation: The 2009 First-Time Homebuyer Tax Credit (PDF: 319K)

FHA, Fannie Mae and Freddie Mac Loan Limits -The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any “sub-area”, i.e.an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009. The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and Realtors. While these new limits were included in version of the original stimulus bill approved by the House, the bill first approved by the Senate did not. NAR's Call for Action to both the House and the Senate prior to the final vote advocated strongly for the provisions which were then included in the final bill approved by both Chambers. Estimated 2009 FHA, Fannie Mae and Freddie Mac Loan Limits> (PDF: 1.3M)

Neighborhood Stabilization – Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP was created by the Housing and Economic Recovery Act of 2009 (Public Law 110–289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income. By leveraging their expertise in partnership with others from both the public and private sector, Realtors® in many communities have been making important contributions to their local communities’ neighborhood stabilization programs.

Commercial Real Estate - Commercial real estate is impacted primarily through those provisions of the bill focused on green building and energy efficiency as well as business tax incentives. H.R. 1 provides significant funds for state energy programs, which could be used to support commerical property owners' investment in energy efficiency upgrades while commercial property owners seeking to invest in alternative energy systems for onsite power generation would benefit from the Department of Energy Renewable Energy Loan Guarantees Program. Of particular benefit to small businesses would be certain provisions of the bill that provide tax relief in the area of bonus depreciation and capital expenditures, as well as the 5-Year carryback of net operating losses for small businesses.

Rural Housing Service – The bill provides an additional $500 million to existing USDA Rural Housing programs. The RHS provides both a guaranteed loan program and a direct housing loan program for those meeting the program’s eligibility criteria. The direct loan program will receive $270 million while $230 million will be allocated for unsubsidized guaranteed loans. It has been reported that this level of funding would provide for an additional 192,000 homeowners.

Low Income Housing Grants - Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.

Tax-Exempt Housing Bonds - Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.

Energy Efficient Housing Tax Credits & Grants - To promote green jobs and energy independence, ARRA invests significantly in efforts to make homes and buildings more energy efficient. The bill provides state and local governments with $6 billion in energy efficiency and conservation grants for energy audits, retrofits and financial incentives. Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation. Another $5 billion will be available to modernize the nation’s electricity grid and install smart meters on homes that help to save consumers money. There is also $5 billion for weatherization assistance for low income households and $2 billion for federally assisted housing (section 8) efficiency efforts.

Transportation Investments - The bill provides $46.7 billion to states and localities for capital investment for surface transportation projects including highways, bridges, transit, and rail projects. NAR policy supports increased spending on the types of transportation infrastructure addressed in the bill with the exception of Amtrak and high-speed inter-city rail where NAR has no policy. These investments will tend to moderate traffic congestion and support a variety of transportation alternatives which will improve the quality of life of American communities and bolster the value of real estate.

Broadband Deployment - The bill creates $7.2 billion in grants to promote broadband deployment in unserved and underserved areas and for mapping the availability of broadband service in the U.S. Any entity is eligible to apply for a grant including municipalities, public/private partnerships and private companies as long as they comply with the grant conditions. The grants are subject to “network neutrality” requirements to ensure that broadband networks be free of restrictions on content, sites, or platforms, on the kinds of equipment that may be attached, and on the modes of communication allowed.
The bill also charges the FCC is with developing a national broadband plan that shall seek to ensure that all Americans have access to broadband capability and shall establish benchmarks for meeting that goal.

Information provided by The National Association of Realtors. For more information please call Len DeCarmine for all your real estate questions (814) 280-5839.

Just got a message form National Association of Realtors!

The Economic Stimulus Bill (The American Recovery and Reinvestment Act of 2009, H.R. 1.) has been reconciled by the House and Senate. The details of the legislation have not been finalized but we expect the legislation to include a number of important housing provisions, including the remedies for the housing crisis that NAR prescribed at the annual meeting in Orlando, Florida.

Homebuyer Tax Credit - a $7500 tax credit that will be available for qualified purchase of a principal residence by a first time homebuyer between January 1, 2009 and September 1, 2009. The credit does not require repayment. Individuals who purchase in 2009 using financing assistance from state and local mortgage bonds will be permitted to use the credit, as well.

FHA, Fannie and Freddie Loan Limits - Revised loan limits for FHA, Freddie Mac, and Fannie Mae. Specifics have not been released but reports indicate that the 2008 limits have been reinstated for 2009 except in those communities where the 2009 limits are higher. Additional increases in individual communities may also be available at the discretion of the HUD Secretary.

Foreclosure Mitigation & Neighborhood Stabilization - Funding for states and local communities to be used for neighborhood stabilization activities for the redevelopment of abandoned and foreclosed homes are authorized.

These elements of the American Recovery and Reinvestment Act of 2009 are the pillars of the NAR Housing Stimulus Plan presented to the 111th Congress.

Additionally we continue to work closely with the Department of Treasury and Secretary Timothy Geithner to implement a mortgage buy-down program. NAR also recommended that the Treasury Department expand the Term Asset-Backed Loan Facility (TALF) to include commercial mortgage-backed securities as eligible collateral. The Treasury has approved this recommendation and this will encourage investment in the commercial real estate market.

The Economic Stimulus Bill (The American Recovery and Reinvestment Act of 2009, H.R. 1) Additional Housing and Other Provisions of Interest to NAR:

Rural Housing Service - Increased funding for the Rural Housing Service direct and guaranteed loan programs.

Low Income Housing Grants - Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.

Tax Exempt Housing Bonds - Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.

Energy Efficient Housing - Grants for energy retrofits for federally assisted housing (section 8), funding for Energy Efficiency & Conservation Block Grants to states, and Increases in the residential tax credit through 2010 for certain energy efficient upgrades.

Transportation - Spending for upgrades and repairs of road, bridges
and transit facilities.

Broadband Deployment - Grants to make broadband available in unserved communities
Make no mistake-our work with Congress and the Treasury Department is not yet completed, as the leading advocate for homeowners and the real estate industry, the National Association of REALTORS will continue to address the issues facing Americans who are trying to purchase a new home, protect their current home or preserve investment opportunities in residential and commercial properties.

NAR recognizes the efforts of the members of Congress and the Senate who understand that without a housing recovery, an overall economic recovery is impossible.

Jennifer Shockley
Assistant Director, Government Affairs
Pennsylvania Association of REALTORSR
4501 Chambers Hill Road
Harrisburg, PA 17111
jshockley@parealtor.org
800.555.3390 X-3007 phone
717.561.8796 fax
www.parealtor.org

2009 Good or Bad for Centre County Real Estate?

We're already halfway through January and I'm finally getting around to welcoming the New Year.

Things have been non-stop since the beginning of the month for me trying to put together a few sales and advising new clients.

I'm still picking up the pieces from 2008 and what a mess that has been both personally and for professionally. We had...

• A crashing real estate market


• Increased gas prices


• Mortgage lenders disappearing


• Increase in foreclosures


• High unemployment rate


• Bail outs and so much more

But, who really wants to remember all that bad stuff? The past is the past but we must learn from these mistakes and challenges which we were faced with at the time.

So, lets figure out the outlook for 2009 real estate market for Centre County. Here are some important statistics from the media and local real estate association.

• CNN Money reported that State College, PA was one of the best performing metropolitan area with a 3.4% increase in 2008 based upon information collected by Zillow.com.


• Statistics provided by the Centre County Association of Realtors for 2008 show that average home sales in State College increases by 8% but that was due to a decrease in homes on the market in 2008 (800 homes) than 2007 (880 homes). The average days on market only increased by 5 extra days from 70 to 75 for 2008.


• The Bellefonte area showed an increase of 15 days more on the market than last year and a slight drop in the average sale price from $186,737 to $178,437 roughly a 4% difference.


• The Bald Eagle Area had a decrease in home sales but a 35% increase in the average sale price, but that was because more home sold in a higher price range less homes were on the market.


• The Penns Valley area saw the biggest increase of days on market by 41% from 73 days in 2007 to 103 days in 2008. Prices in this area also had a slight dip along with reported home sales only by one percent.


• The Philipsburg Area also saw a big increase in days on market by 21% with a 10% drop in sale prices along with a 30% decrease in the average sale price from $89,500 to $80,500.

So what does all this mean?

Plan and simply the State College market is still very stable and doing well despite a slight change. The outskits have seen slightly more fluctuation but that is not unusual for these areas.

Overall, the local market is doing quite well and we are expecting the market to pick up this spring....so hang in there!

Here are a few things to think about;

• If you're think about selling make sure you and your agent are pricing your home to sell and not to list. A listed home which is overpriced doesn't sell but home price according to the market does and fast.
• If you're thinking about purchasing a home speak with your agent about new homes. Many builders are still offering great incentives to purchase their homes so you might get a great deal with plenty of upgrades.
• If you're looking to purchase a resale home look at getting a FHA 203 loan. This particular loan lets you factor in the new appraised value of the home if it was fixed up to today's standards and provides you with extra money to make those repairs.
• Investment properties have and will always sell well in State College so don't pass up on a nice condo or townhouse they are easy to sell and rent. I would even advise you to look at Bellefonte for some great multi-family homes as well. If you're thinking about getting into flipping homes I would take a hard look at Philipsburg where you get get homes in the 10K-40K range.

So there is an early outlook for 2009 but you never know how things will change from a day to day. Keep your heads up and your eyes open because great deals are still out there to be made. If you need assistance in finding some please call me and lets talk about your goals for 2009.

Always,

Len DeCarmine.....Your Real Estate Consultant for Life!

(814)280-5839

Large Two Story Forelcosure in Bellefonte PA!

Foreclosed Property!! Large two story home in convenient location with easy access to major routes and close to schools. Needs some TLC but priced to sell. Home is being sold AS-IS!!

Click here for full details!

Great Ranch Home Only Minutes Away From Penn State!

First floor living at its finest with this well maintained and updated solid brick ranch home close to schools and only a short drive to State College. This home is priced to sell! Come take a peek at the newly remodeled ceramic tile bathroom, new hardwood floors in hallways and dining room, new laminated kitchen floor and new carpeting in living room. This cute ranch three has roomy bedrooms, a family size deck and freshly painted rooms.

Investment Price: $169,500

Call Len DeCarmine at 814 280-5839 for a private showing!

Click Here for Data Sheet