Many years ago (ooops I am aging myself)… my husband and I, newly married, and rather excited at the thought of purchasing our first home, asked a friend and attorney who lived in Westchester, which town to move to and live in. He promptly said “New Rochelle” and then gave me the name of a prominent and well known Realtor in that area. So, eager, excited and quite expectant, we called that agent, and made our appointment to view some homes.

I remember the occasion as if it were yesterday… She was a seasoned lady, very nice, and she showed us three homes, declaring one to be overpriced, one priced just right and the other priced okay…. The first home was located in the Bayberry area, a development which was built in the 1950’s, ranches and split level homes, having access to a community swimming pool, tennis and summer camp for smaller children. We were informed that many families lived there, and the house featured a smaller kitchen, first floor master bedroom, and 2 bedrooms on the second floor. A nice home but nothing special. The second home was located on Quaker Ridge Road, a much trafficked street, but hey - we were coming from Lexington Avenue and 57th Street - THAT was a well trafficked street! The third home was located on Pine Brook Boulevard, another well trafficked street but she didn’t mention that at the time.

We did not do any homework. Back then, there wasn’t the internet, no search engines to assist anyone, no Zillow, Trulia, etc. and so you would trust the expert - the Realtor. We felt indebted to the agent and her time spent, and when she called us to ask us which decision we had made, we felt obligated to choose one of the three homes. We chose the house on Quaker Ridge Road. On nearly ¾ of an acre, a nice home but soon learned that it WAS a well trafficked street with people racing by at over the 40 mph speed limit.

We had chosen the house - which had a lovely backyard, because it was in our price range, and it had left us for money for furniture… In retrospect, had we applied that same money into a larger but not so nice home - but in the estate area (which at that time was some $40,000 more - bearing in mind our home only cost $79,000 at the time) we could have lived in an older grander home, renovating as money allowed, and the value would have increased at a much higher level than it had with the home we had purchased.

Some 14 years later, with a growing family, we wanted to move, and since that estate area still beckoned to us, we called the same Realtor as before….well, no more three homes and choose one, it was “drive by this street and if you like what you see at this price, I will show it to you….” We then became a touch smarter and realized that if the realtor could not take the time to show us homes, then she was not deserving of our services. We looked elsewhere.

When we sold our home, we obtained approximately $282,000 for it, and that same fixer upper in the estate area was then $433,000 so far greater than that original $40,000 differential of 14 years earlier. Not only that, but our well meaning friend had advised us to take a 25 year mortgage, and so after 14 years, we still owed some $40,000 and if we had purchased the larger house to begin with … we could have saved money there. Hindsight is a wonderful thing! We decided to take a 15 year mortgage with our second house but even at 6.75% interest rate, our mortgage payment was some $4000 more a month than the previous mortgage….

I was delighted when a buyer I have been working with for many months closed on his first home. Everyone involved in the transaction was very excited though it took a little longer to close than expected. This purchase was definitely made possible by the First Time Home Buyer Program, especially the recent extension. The $8,000 tax credit allowed him to find the perfect home, one that didn’t need to be remodeled, and is in move-in condition. The moving trucks are rolling to Timber Ridge Condominiums in Mt. Kisco New York!

Posted By: Sonja Lovas

Timber Ridge is a 49-unit condominium complex conveniently located off Rt. 117 (Main St.) and Lexington Ave on the south end of Mt. Kisco. The complex offers 2 and 3 bedroom units, and some with garages and finished lower levels. The units sit on a hill and were built to work with the topography of the land. The swimming pool was recently renovated, and there is also a tennis court.

Timber Ridge Condominiums was the perfect complex for my first time home buyer and yesterday was the walk through where he was able to check out the unit before closing. Both the seller and buyer couldn’t be happier! It was so nice to hear how the sellers heartstrings are tugging at them with the thought of moving away from the friends and neighbors they have grown so close to while living there. It was also great for my buyer to hear how friendly and diverse the complex is, a real community, often a factor that is unknown until you actually live somewhere. As the big closing approaches, it is always rewarding when both sides of the transaction are happy and able to move on and in!

Posted By: Sonja Lovas

Governor Patterson just sweetened the pot for first time home buyers by announcing the Federal Income Tax Credit program which gives a dollar for dollar tax credit for 20% of the annual mortgage interest amount. This Mortgage Credit Certificate program is not a one-time offering like the $8,000 Federal tax credit; it’s a gift that keeps on giving and giving, year after year for as long as you own the house and live in it. Homeowners taking the dollar for dollar credit will still be allowed to deduct the remaining 80% interest on their Federal Income Tax returns. The benefit to the first time home buyers can be huge! Click here for the term sheet.

There are of course guidelines for those who wish to participate in the tax credit program such as purchase price limits, household income limits, and there are even special target areas that provide additional incentives. The requirements vary for the different regions in the state as well. For the Westchester guidelines click here. So, first time home buyers, if you’re thinking of buying a house, get out there and find it soon because time is running out! If you need help just ask Sonja. If the house you want isn’t in Katonah, Pound Ridge, South Salem, or Somers, she’ll guide to another great Houlihan Lawrence agent in her network who can help you.

Posted By: Sonja Lovas

Time is running out for first time home buyers to claim the $8,000 tax credit when they purchase a home. Don’t be fooled into thinking there’s plenty of time with the November 30th deadline. Mortgage companies were given new marching orders on how loans are processed and that adds about another 2 weeks to the previous 45 day process. Combine that with the time it takes to negotiate with the seller, complete inspections, attorneys negotiating the final contract and the mortgage company loan process, and you’ve got about 3 weeks to find your house. Now is the time to start making offers, and if you haven’t started the process hoping to wait until September, the phrase “Snooze you Lose” will apply to you. To determine if you are eligible for the $8,000 tax credit, and to find a home in time to claim it no matter where you live you can ask Sonja Lovas. Because of her affiliation with the large Houlihan Lawrence network of associates and Leading Real Estate Companies of the World^®, she will be able to guide you to a top notch agent who can help you no matter what city or town you want to live in.

Posted By: Sonja Lovas