April 2009

There are 2 blog entries for April 2009.

storm_pic_425The Perfect Storm for Home-Buyers

In my 8 years of selling Real Estate, never before have I seen a market like we are in. There are many things that you could call the market right now, but I like to believe that the current market is an opportunistic market. Rates are at historic lows, inventory is up, and with the new tax credit for first time home-buyers, it’s the perfect storm for buying a home.

Let’s look at this point by point...

 

 

First up: Interest rates are at historic lows. Interest rates have been hovering around 5% and sometimes even down into the 4’s for several months. The difference of even half a percent in your rate can save you not only substantial cash every month in your payment, but literally thousands of dollars over the life

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obama_money_425I’m sure you have heard in some way or another the buzz around the Real Estate industry in regards to the new Homebuyer Tax Credit. So what is it, and how does it work? Let me explain. It’s pretty cool if you ask me…

 

The tax credit is essentially cash-in-hand for first-time homebuyers who purchase a home before December 1st, 2009. The credit is applied when you file your tax returns for 2009 as a cash credit. (UPDATE: you can now admend your 2008 tax return to get your money this year!) For example, if you OWED the IRS $3,000, then you would actually get a check BACK for $5,000! Or, if you were already getting a return of $3,000, you would get a return of $11,000 after the $8,000 was applied!!! Sign me up!! I will take free money any day!

 

There

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