To buy now or buy later in the Poconos, that is the Question?

Those Who Wait Will Pay Thousands More This Spring
Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).

Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board’s mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.

Here are a few reasons why:

On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.

Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these “seller concessions” can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.

There is only one way to avoid being affected by all of these costly changes that lie ahead – submit all FHA mortgage applications by the last week of March.

If I can answer any questions you may have about how these changes could impact you, call me. I appreciate your business.

Sincerely,

Sharon & Bill Weiner
Gateway Funding
(610) 691-0412
bweiner@ptd.net

2700 Sidney Avenue, Pocono Summit

Pocono Summit Property for sale ~ 2700 Sidney Avenue – Step into this well cared for home. Choose your heat source. Wood/coal stove, gas insert or electric. Home has the potential for an in-law apt. Wood and laminate floors for easy maintenance. Located in an amenity filled community w/ low taxes. A must see pocono property! Call Joan Milnamow at 570-972-0132 and ask about MLS# 10-769.

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4612 Lower Cherry Valley Road, Stroudsburg

JUST REDUCED! Stroudsburg home for sale ~ 4612 Lower Cherry Valley Road – Gorgeous custom built colonial that sits on 5 acres in lovely Cherry Valley. This home features a first floor master suite, Gourmet kitchen, 2 staircases-easy in law suite. Quality built construction. Land backs up to natural area leaving you with privacy and peacefulness. Exceptional! Call Sue McShane at 570-972-0114 and ask about MLS# 10-458.

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BROKELMAN NAMED LIFETIME MEMBER OF WHO’S WHO

Mt. Pocono, Pa., — (January 22, 2010) – Vickie Brockelman, broker/owner of Commonwealth Real Estate Your Way, LLC.,  with offices in Stroudsburg and Mt. Pocono, Pa., was named a Lifetime Member of the Cambridge Who’s Who Registry for Executives and Entrepreneurs for her innovation, leadership and achievement in the area of real estate.

            Lifetime inclusion in Cambridge Who’s Who is an honor bestowed by The Cambridge Who’s Who selection committee based on accomplishment, professional achievement, leadership and service. The mission of Cambridge Who’s Who is to ensure that Cambridge members receive recognition, support and credibility to advance their careers.

            During the last 3 decades, Brockelman has been a real estate sales professional, associate broker and broker/owner of Coldwell Banker Phyllis Rubin Real Estate, an eight office agency that she built into a powerhouse in the Pocono Mountains area.

As a broker/owner, she strategically managed unprecedented growth increased the REALTOR agent staff from 35 agents to 80 agents average with 100 at peek periods and expanding company gross commission income from $1 million to $9 million annually; a 75 % increase from time of purchase. In 2007, after 15 years as owner, Brockelman sold her franchise at its peak.

Today, Brockelman runs Commonwealth Real Estate Your Way, LLC., a popular agency committed to innovating the real estate marketplace in the Poconos by applying the Platinum Rule (of treating clients as they wish to be treated)  to all transactions and offering customized solutions for every client. In 2009, she was named among the top 10 area business women in the Pocono Business Journal’s recent “Women in Business 2009.”

COMMONWEALTH REAL ESTATE YOUR WAY, LLC, NAMES NEW AGENT

Mt. Pocono, Pa., — (January 22, 2010) – Commonwealth Real Estate Your Way, LLC., with offices in Stroudsburg and Mt. Pocono, Pa., has named REALTOR Nancy Craig of Bartonsville, Pa., to its team of real estate experts.

            Craig earned her real estate license in 2004 and was an agent with Jayne Albert Realty in East Stroudsburg followed by RE/MAX of the Poconos. She holds the Accredited Buyer Representative (ABR) designation from the National Association of REALTORS and is a member of the Pocono Mountains Association of REALTORS^®, the Pennsylvania Association of REALTORS^®, and the National Association of REALTORS^®. Having worked with  the group at Commonwealth Real Estate Your Way in marketing her own home, she decided to pursue a career with the group.

            “I wanted to work with a group of professionals with the highest sense of integrity, professionalism and a group that is constantly thinking outside the box,” said Craig.

            “Her past record of service to clients, of accommodating the feelings of others and her experience as a nurse combined with her marketing background makes Nancy a perfect fit for Commonwealth Real Estate and our customers,” said Vickie Brockelman, broker/owner of Commonwealth Real Estate Your Way, LLC.

Prior to establishing a successful career in real estate, Craig was a licensed practical nurse and worked in geriatric nursing. She was health care manager at Pocono Lutheran Village in East Stroudsburg when she retired from nursing. Earlier in her career, Nancy working in New York and New Jersey in publishing and marketing.

            Commonwealth Real Estate Your Way, LLC., offers flexible options to buyers and sellers in terms of marketing plans, commission structures and levels of support. For more information, visit us at  www.creYourWay.com or call 570-839-0411 or toll free at 1-888-333-0464.

6 Surprising Facts About the Buyer Tax Credit

Daily Real Estate News | January 22, 2010
The homebuyer tax credit is not as simple or straightforward as you might think. Here are some nuances that will affect homebuyers who plan to use it.

To qualify for the move-up tax credit, a home owner must have occupied the same principal residence for five of the last eight years consecutively.
Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.
Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms on line. The wait for a refund is three or four months.
The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner. A mobile home or travel trailer that is actually mobile doesn’t qualify.
The home can’t be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.
A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.

The tax credit has had a positive effect on the real estate market in the Poconos.  Buyers who would have waited until spring are now looking to buy to take advantage of the credit.  Move up  buyers should place their homes on the market now.  Waiting until spring will miss this great opportunity.  VMB

1360 Jonas Court, Effort

This listing has Closed

PRICE REDUCED! Effort real estate ~ 1360 Jonas Court -- Got Milk? The refrigerator and all other kitchen appliances stay in this 3715 SF home. Easy commute within 5 miles of Turnpike and major roads. Offers 4 bedrooms with 2 Suites. 3.5 bathrooms, striking gathering room with fireplace, wood floors. Grill up great times on the deck Or take a swim in your heated pool. You will be the envy of all. Call and buy today. Call Sue McShane 570-972-0114 .

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SOLD! 9232 Westwood Drive, Tobyhanna

Tobyhanna home for sale ~ 9232 Westwood Drive – Needs Updating. 3 Bedroom, 2 Bath Contemporary. Brick Fireplace, Deck, Corner Lot. Call Connie Foland at 570-972-0140 and ask about MLS# 10-567.

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15 Cumberland Road, Pocono Pines

UNDER CONTRACT

Pocono Pines real estate ~ 15 Cumberland Road -- Exclusive Timber Trails rated on of the top 99 communities in America. 48000 sq. Community center, indoor & outdoor pools, tennis courts, sauna, fitness center, golf course. Near 3 ski slopes, Mt. Airy Casino Resort. A true getaway in a resort type community. 4 bdrm, 2 bath home needs tlc. Geothermal heat. Call Jeff Peterson at 570-972-0139 and ask about MLS# 10-573.

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104 Bear Swamp Road, East Stroudsburg

East Stroudsburg real estate ~ 104 Bear Swamp Road – 3 Bedroom 2.5 Bath Colonial in Good Condition. 2 Car Garage, Full Basement, Attic for storage or for finishing. Large porch, rear deck, central air. Call Connie Foland at 570-972-0140 and ask about MLS# 10-327.

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