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Now is the perfect time to buy a home or invest in real estate in the Greenville, NC – Pitt County area.

The Pistol Tingen Real Estate Team can help you locate a variety of well-priced properties, as well as direct you towards a multitude of financing options currently available. Contact us at (252) 321-6161 so we can show you that the timing is perfect and financing choices are still available!

See for yourself--take a moment and review our brief True – False Test below.  We think you’ll be surprised by the answers.

True or False 

1. “I have to have a large down payment to purchase a home.”
     False.
  There are several loans available that require little or NO Money Down Payments
2. “I have to have perfect credit to qualify for a home loan.”
     False.
  Loan programs are available for many buyers with mid range credit scores.
3. “Homes are not a good investment now.”
     False.
  The September 2008 average sales price of a single family home in Pitt County was      higher than for September 2007.

Current economic fundamentals show that this is a good time to buy a home. 

Here are the Top 4 Ways to Buy a Home Now!

1.  USDA Offers 100% Financing
     You may even be able to financing closing costs!
2.  3% Down FHA Loans
      Easy Underwriting guidelines still available!
3.  100% Veterans Loans
     Qualifed Veterans are exempt from 1st Time Homebuyers Requirements! 
4.  NC Housing with Down Payment Assistance
    
You may borrow  $7,000  for down payment and closing costs with no interest and deferred payments!  Income and sales price limits may apply.  Contact The Pistol Tingen Team for a referral to a Mortgage Specialist who can assist you.

Plus, the once-in-a-lifetime $7,500 tax credit available to many First Time Buyers, makes a home purchase today an even greater investment!

First-Time Buyer Tax Credit: A Reason to Buy Now

When you combine the tax credit with today’s continuing low interest rates, large selection of for-sale inventory, and low home prices, now is a perfect time to buy a home.

How the Tax Credit Works

The First-time Home Buyer Tax Credit was passed this year as part of the Housing and Economic Recovery Act (H.R. 3221) on July 30 and targets any individual or household that hasn’t owned a home for at least three years. Taxpayers can take the credit on their 2008 tax return if they bought their house this year after April 9.

It’s worth up to $7,500 and can be taken in a single tax year. Authorization for the credit ends July 1, 2009, so if you wait to buy in the first half of 2009, you can take the credit on your 2009 tax return.

The actual credit amount is set as a percentage of the home purchase amount. That percentage amount is 10 percent, so you can get 10 percent of the home price credited against your tax liability, up to a maximum $7,500.

Income limits are $75,000 for individuals and $150,000 for households. Individuals whose income exceeds the $75,000 limit but isn’t more than $95,000 can still take the credit but on a reduced basis. The same thing applies to households earning up to $170,000.

Any house is eligible as long as it’s a primary residence and is in the United States.

Buyers Have 15 Years to Pay Back

To help keep the program cost effective for taxpayers, the federal government requires the tax credit to be paid back in small, 6.67-percent increments over 15 years. For that reason, some analysts have likened the credit to a 15-year, interest-free loan to help make home buying affordable.

There’s one restriction on the type of financing that home buyers can use if they plan to take the credit. That restriction is on tax-exempt mortgage financing. That only applies if the home buyers are using below-market interest-rate financing from a public agency or nonprofit that’s funding the loan using proceeds from a tax-exempt mortgage-revenue bond issue. For most buyers, this won’t be an issue. It’s mainly an issue for low-income buyers using special mortgage financing.

Whether you’re thinking about buying or selling, or if you have questions about the Greenville, NC – Pitt County real estate market, please call The Pistol Tingen Team at (252) 321-6161.

Greenville, NC Ranks 10th Largest City in North Carolina

by Pistol Tingen

 

The most recent U.S. Census Bureau’s annual population estimates reveal that Greenville, NC is on the rise.  Based on the Bureau’s figures, as of July 1, 2007, Greenville has passed Asheville and Jacksonville—ranking Greenville, NC as the 10th largest city in the state of North Carolina. With a population of 76,058, Greenville has increased 3.4% over the 2006 Bureau figures.

In 2006 the U.S. Census Bureau figures showed that Greenville had the second fastest growth for a municipality of more than 40,000—second behind Cary, NC.  This year, Bureau statistics reveal that Greenville is the fifth fastest growing city behind Huntersville—with a growth rate of 9.1%, Cary—with a growth rate of 7.2%, Raleigh—with a growth rate of 4.2% and Concord—with a growth rate of 3.8%.

Much of Greenville’s growth is due to the increasing interest in Greenville, NC as a desirable relocation destination because of the city’s variety of attractive characteristics. To learn more about relocating to Greenville, NC, please contact The Pistol Tingen Real Estate Team at (252) 321-6161.

U.S. Government to the Mortgage Rescue?

by Pistol Tingen

 

Before the weekend comes to a close, both FannieMae and FreddieMac may lose control to the United States Treasury Department.   Steven Adamske, spokesman for House Financial Services, stated, “We are waiting to see what the details are”.

Both FannieMae and FreddieMac currently buy and package mortgages for other investors, and together hold or guarantee $5 trillion in housing debt—a figure that represents nearly half of the nation’s total.  The financial health of these two mortgage giants is critical to the housing market.

FreddieMac and FannieMae  are chartered by the government but are shareholder owned—funded solely with private capital raised from investors on Wall Street and around the world. Without question, they are the nation’s main source of liquidity for home loans.  At the present time, neither mortgage company appears to be in imminent danger of failure.

The plan under consideration could place Freddie and Fannie under federal control, and could include steps to dilute common stock while sheltering the agencies from financial losses. 

Federal intervention could serve as a partial remedy to help correct the slumping housing market by easing fears about the solvency of FreddieMac and FannieMae.  Both Freddie and Fannie could then obtain funding easier, which could lead to lower interest rates on mortgages and provide a jolt to the housing market.

Mark Zandi, chief economist and co-founder of Moody’s Economy.com, commented, “It’s a bold move and it certainly has big plusses.  Mortgages rates would lower and more credit would be available.  Stepping in like this will be a big shot in the arm to the stock market and bond market.  It’s a very positive step.”.

Certainly these are some changing times in the entire real estate market.  Throughout the fluid housing market of Greenville, NC – Pitt County, The Pistol Tingen Team continues to offer unwavering, professional real estate service to the community. Whether buying or selling, please contact us (252) 321-6161 for all your real estate needs.

NC Retirement Community Offers Activities and Leisure

by Pistol Tingen

Greenville, NC offers an excellent option for those looking for a retirement community that provides a full spectrum of services and conveniences. 

Cypress Glenn is a United Methodist continuing care retirement community located in Greenville, NC within Pitt County.  The community is managed by Life Care Services LLC, a national leader in senior housing.  The 91-acre campus features spacious, well-designed residences, including cottages, apartments, suites and private rooms.

The diverse community offers a café for casual dining, a gift shop, a wellness center/exercise facility, an aerobics pool, a chapel, an arts and crafts room, a library and a beauty parlor and barber shop.

Residents can take advantage of total access to a full continuum of health care--including a clinic, assisted living, memory care, independence plus care and skilled nursing.  A full safety and security force offers residents peace of mind.

At Cypress Glenn, residents enjoy a retirement lifestyle as active as they choose.  A wealth of educational, cultural, social and spiritual activities is always available on the Cypress Glenn campus. Conveniently located, Cypress Glenn is just minutes away from East Carolina University (ECU), Pitt Community College (PCC), The Brody School of Medicine and Pitt County Memorial Hospital (PCMH).

Whether looking for the perfect retirement community for yourself or a family member--or if you have any other real estate needs, The Pistol Tingen Team would be pleased to be your real estate source in Greenville, NC. Call us at 252.321.6161 with questions or for assistance.

Greenville NC Foreclosures as Investments

by Pistol Tingen

By definition, a foreclosure is “the legal process by which a property that is mortgaged as security for a loan may be sold and the proceeds of the sale applied to the mortgage debt".  

According to FannieMae, "A foreclosure occurs when the loan becomes delinquent because payments have not been made or when the borrower is in default for a reason other than the failure to make timely mortgage payments”. Properties listed as foreclosures have passed the point of auction or public sale. Because an investor did not buy the properties, the lender is now the owner and is engaged in the process of marketing and selling them to potential buyers through the assistance of a Realtor®. Even though the U.S. Congress recently passed a national economic package that will enact legislation and help thousands of families, the housing market, and the U.S. economy—for many it comes too late.   

Fortunately, Greenville, NC real estate and Pitt County have experienced immunity, so to speak—in comparison to the majority of the nation’s cities where foreclosures have become far too commonplace.  Although somewhat   sheltered from a severe reaction to the nation’s housing slump and risky lending, Greenville has experienced a variety of  foreclosed properties—presenting both home investors, as well as home buyers, with golden opportunities. Enticing interest rates, some of the lowest in several years, are encouraging many individuals to consider adding real estate to their retirement portfolios.   

For the past 16 years, The Pistol Tingen Team has been the exclusive Realtor® for all Fannie Mae Foreclosures for Pitt and Greene County counties. FannieMae (Federal National Mortgage Association) is a New York stock exchange company and is a public company that operates under a federal charter as the nation’s largest source of financing for home mortgages. FannieMae (FNMA) does not lend money directly to consumers, but instead works to ensure that mortgage funds are available and affordable, by purchasing mortgage loans from institutions that lend directly to consumers. 

Today some of the best deals on the real estate market are foreclosures. If you, your friends, or relatives are interested in receiving advance notification regarding foreclosure properties, please contact Jody Tingen at 252-902-9990 or by email Jody@PistolTingen.com. By letting Jody know the type and price range of properties that interest you, he can subscribe you to our New Listing Alert service. Our personalized, automatic system permits you to be alerted about the "good deals” even before they reach the standard real estate publications

While considering the purchase of a foreclosure property, remember that the Seller’s primary objective is to recover the amount of the loan balance that was not paid by the previous homeowner, as well as the costs of the foreclosure action and other expenses. Put simply, the longer lenders own the property, the more eager they become to sell, whether they collect all of the above or not. 

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BERKSHIRE HATHAWAY HomeServices Prime Properties,   Greenville, NC, 2625 Charles Blvd.

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