Well another Thanksgiving is in the books. I think I may have set a new personal personal records for eating. My wonderful wife, as usual outdid herself with appetizers, snack and of course a wonderful dinner. Everything was topped of by some wonderful dessert which was led by a wonderfully tasty chocolate cake baked by my daughters.

I would like to send a special thanks out to all of my first time home buyer clients who have helped me grow my business at a time when much of my competition has disappeared. I truly appreciate the faith that my clients place in me. Buying your first home can be a very stressful time and I hope I have made the process as easy as possible. Last but certainly not least a big thanks to my friends and family who have helped to keep me sane through some truly crazy times.

I often get asked by the Chicago first time home buyers I work with, “Should I get a home inspection?” First time home buyers are very excited about the home they are buying and can often be so wrapped up in the buying process that they do not realize there could be things wrong with their potential new home.  A home is the single largest purchase Chicago first time home buyers will make in their life. It only makes sense to know as much as possible before closing on the purchase of a home.

A home inspector evaluates the structure of the house as well as other systems like the roof, plumbing, electrical system, heating, air conditioning units, insulation, doors and windows. There can be many things that are not visible to the normal person but can be wrong with a house. While home inspections are not required they are a very important part of buying a home. Many times money may be tight for closing and the $300 that the home inspection costs could become an obstacle. The $300 spent now will be cheap compared to moving in and finding out the furnace is about to die, the chimney is in need of repairs or the plumbing has issues. Uncovering these issues upfront does not mean that  you won’t still buy the home. In some cases the seller my make some of the repairs or they could lower the purchase price of the home to account for the cost of these repairs. The bottom line is that to avoid potential future problems a home inspection is worth the small upfront cost. Chicago first time home buyers interested in hiring a home inspector should consider the following:

1.  Do not hire a home inspector who offers to make the repairs for you. This would be a definite conflict of interest.

2.  Ask for a sample report. Do not hire an inspector that will not give you a sample report.

3.  Make sure the inspector will allow you to attend the inspection. Attending the home inspection will allow you to ask the inspector questions.

4.  Ask for references from the inspector and call them.

5.  Compare prices but do not make the decision based solely on price. This is one area where sometimes you get what you pay for.

If you have any questions feel free to drop me an email with the form below. For those of you looking for a home inspector I highly recommend calling Mike Savage of MJS Inspections. Mike can be reached at 815-254-7393 and Mike’s website is www.mjsinspections.com.

Rates are low, housing prices are low, the government is giving an $8000 tax credit and sellers are dealing. Are we seeing a perfect storm scenario for Chicago first time home buyers? While there have been reports that home prices are recovering that does not mean home prices everywhere. Sellers are dealing right now as are the banks that own properties for sale. A large percentage of my business is on the purchase side and I have seen clients getting some incredible deals. In the past couple of months I have seen sellers paying 3-4% towards a buyers closing costs. In many cases this has allowed buyer to not only have their closing costs paid but also have points paid to buy down their rate.

Take the seller paid closing costs, low interest rates and some incredibly good deals on homes and i think this is the perfect time to buy a home. I have had some clients say, “Roy if I sell my home now I will be selling at the bottom of the market.” While it is true selling now is at a low point in real estate values the new home you are buying is also at a low point. Some sellers just do not have not the equity to be able to sell their home and have money to put down on a new home. Chicago first time home buyers do not have the obligation of a current home to sell so there has never been a better time to buy. Chicago first time home buyers should not delay too long because as with all storms eventually they pass.

The extension and expansion of the home buyer credit was great news for the Chicago first time home buyer. The first time home buyer tax credit which was set to expire on November 30, 2009 was officially extended as part of an economic stimulus bill signed by President Obama.

The extension now gives the Chicago first time home buyer as well as move up buyers until April 30th 2010 to take advantage of the tax credit. The new bill expands the income limits from $75,000 for a single purchaser to $125,000 and from $125,00 to $250,000 for a couple. Chicago first time home buyers will still receive an $8000 tax credit and move up homeowners a $6500 tax credit. A move up home owner is someone who has lived in their current home for at least five years and is looking to relocate.

Chicago first time home buyers as well as move up buyers should that are in the market for a home should not procrastinate. Many home buyers waited until the last minute and would have missed out the $8000 tax credit if the new bill had not been passed.

Feel free to contact me with any questions regarding the first time home buyer tax credit.

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