Give Yourself a Gift
November 16, 2009
All the stars are aligning to make the last six weeks of the year 2009 a great time to purchase a home - or maybe even to sell a home. Before you say "Are you crazy?" read the positive factors that presently exist in the single family real estate market.
Interest rates are as low as they have been all year - 3o year fixed at 4.750% and 30 year fixed Jumbo loans at 6.125% and FHA at 5%. All at 1% origination fee and zero points. How long these favorable rates will continue is any one's guess.
The federal governments has just extended the first time home buyer $8000 tax cred until April 30, 2010.
In addition, the Federal government has added a $6500 tax credit for buyers who already own a home and have lived in it as their principal residence for 5 of the past 8 years. It is believed that selling one's existing home is not a necessary requirement for obtaining the credit. The requirement is that the newly purchased home be the principal residence.
Finally, there are some really great homes on the market. Yes, the inventory is not huge, but sellers are wanting to sell. Since the inventory is low, if you are a homeowner who wants to take advantage of the $6500 tax credit, you will have a better chance of selling thereby making your purchase possible.
Agents at one time considered the end of the year holiday season to be the time for their vacations. Based on the increase in activity at the open houses this past weekend, agents will be working, not vacationing.
A home of your own will certainly be a special gift.
All the stars are aligning to make the last six weeks of the year 2009 a great time to purchase a home - or maybe even to sell a home. Before you say "Are you crazy?" read the positive factors that presently exist in the single family real estate market.
Interest rates are as low as they have been all year - 3o year fixed at 4.750% and 30 year fixed Jumbo loans at 6.125% and FHA at 5%. All at 1% origination fee and zero points. How long these favorable rates will continue is any one's guess.
The federal governments has just extended the first time home buyer $8000 tax cred until April 30, 2010.
In addition, the Federal government has added a $6500 tax credit for buyers who already own a home and have lived in it as their principal residence for 5 of the past 8 years. It is believed that selling one's existing home is not a necessary requirement for obtaining the credit. The requirement is that the newly purchased home be the principal residence.
Finally, there are some really great homes on the market. Yes, the inventory is not huge, but sellers are wanting to sell. Since the inventory is low, if you are a homeowner who wants to take advantage of the $6500 tax credit, you will have a better chance of selling thereby making your purchase possible.
Agents at one time considered the end of the year holiday season to be the time for their vacations. Based on the increase in activity at the open houses this past weekend, agents will be working, not vacationing.
A home of your own will certainly be a special gift.
posted by shirley harry at 8:41 AM
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