Two Important Deadlines Approach for First-Time Buyers

September 21, 2009

Daily Real Estate Updates

sudler-sothebys-logo22 September 2009 ? The pressure is on first time homebuyers to quickly engage and get a property under contract with two significant deadlines coming. Late Friday afternoon, the Federal Housing Authority (FHA) announced the tightening of guidelines on FHA insured loans effective January 1, 2010 including the appraisal process. This comes upon the November 30th, 2009 expiration of the first time home buyer tax credit which has yet to be extended despite the call to action of the National Association of Realtors® and its million plus members. As the median price point of housing sold continues to rise in Chicago, these two issues will continue to negatively impact the glut of inventory of properties under $300,000 throughout Chicago?s neighborhoods most especially the condominium market.

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About Andrea Geller

Andrea Geller, Realtor® with Sudler Sotheby?s International Realty, specializes in residential real estate sales and marketing of resale properties and new construction homes. Acknowledged as an expert in the real estate industry, Andrea has been interviewed for industry related articles for print and online media including the Chicago Tribune, Crain's Chicago Business, Reuters, Bankrate.com, and Illinois Realtor Magazine. Andrea's commitment extends to the community as an active member of several professional associations. Her appointments include the Board of Directors of the Chicago, Illinois, and National Association of Realtors® and the Lakeview Chamber of Commerce. She markets herself under HOT PROPERTY®, an innovation in the real estate industry led by Chaz Walters that has been marketed since the 1990s. This unique real estate concept is always a step ahead of the industry providing marketing from cutting edge interactive exposure to targeted innovative advertising opportunities. Visit her at www.hotpropertychicago.com or 773.868.3090.

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