2009 AAMBC for Magazine of the Year

During November the $8000 Tax Credit for home buyers was extended until April 30, 2010.  Consumers who have not owned a home for the past three years can receive the Tax Credit if they purchase a home before April 30^th and close that sale by June 30, 2010.

In addition, the program was expanded to include homeowners who have owned their home for at least 5 of the past 8 years and want to purchase another home before the deadline. Buyers in that category can receive a $6500 Tax Credit.  Furthermore, the income limits for        purchases in both categories were raised significantly.

If you have been thinking of selling your home and buying another one or buying your first home, the next few months may be the best time ever to do so. Interest rates are low, prices in our area are very  affordable and you can earn a $6500-$8000 tax credit. Contact me for more details!

Note:  If you want to sell your home and buy another one to take advantage of the Tax Credit, you may want to start the process immediately! April 30, 2010 will be here quickly.

As we move into 2010, we reflect upon the 2009 real estate market as a buyers market.  The abundance of bank-owned foreclosures tied in with historically low interest rates and tax incentives, has made this the season for home buying.  Along with the 1^st-time home buyers, investors are drawn in by the low prices.  These foreclosed homes and short sales, homes that are placed on the market valued less than the total mortgage the homeowner owes to the lender, accounted for a great percentage of the nation’s listings. 

Since several of these types of homes are in a defective condition, some industry experts believe many of those listings are not worth the homebuyers investment as they discover a little too late the amount of money needed to refurbish the property to make it habitable.  However, the Federal Government offers the 203k loan program which includes funds for home restoration for foreclosed homes.  Several homebuyers find the loan cap of over $300,000 and the 3.5% down payment very attractive.  This loan should cover the amount of repairs for such properties. 

Nevertheless, the abundance of homes on the market; whether bank-owned or not have indeed fueled home sales this year and statistics show this trend will carry over into 2010.  With the start of the tax credit incentive in 2008, the market has definitely stimulated the economy with a moderate cash flow.  In addition, experts believe the real estate industry has always been a major player in reestablishing the economy through difficult times.  The key to taking advantage of this buyer’s market is having your financials in order and hiring a Realtor® so you can move on to searching for that perfect deeply discounted home.

Happy Selling!