I would love it if you all would please post on my website your thoughts on the economic conditions so that I and others can have your input in regards to purchasing homes while the economy is in a recession. In this real estate market there are positives and negatives regarding buying or selling a home.
On the good side first-time home buyers have the same advantage they have always had, which is that they do not have to sell their old place before buying a new one. This purchase is a positive for the economy, plus once the first-time home buyer purchases the home it leaves the door open for the seller to move on or up to a larger home which continues to help stimulate the economy.
Unfortunately for sellers home prices have dropped significantly especially with all the foreclosures and short sales on the market. Depending on where the home is located it may be a few years before home prices begin to move in an upward direction.
Post to me your thoughts! Also, keep working on your credit score and saving towards your new home.
www.pattimace.com, or patti@pattimace.com
hope to hear from you all….
The government has submitted a new program which offers $7,500 tax credit for first-time home buyers. While this is one of the most talked about measures in the upcoming new bill, it is also the most confusing. Simply, the government has created a monetary incentive, a tax credit for first-time home buyers, as a tool to stimulate the housing market. The tax credit will be 10% of the purchase price of a home, up to a maximum of $7,500. That means if the home costs more than $75,000 first-time home buyers (anyone who hasn’t owned a home in the last three (3) years) will receive the full $7,500 tax credit, this is not a new idea. Back in the 1970’s the government offered a similar program with one major difference: this new tax credit will have to be paid back over a period of 15 years, beginning two years after the credit is taken. Basically, the government is providing first time home buyers an interest-free loan up to $7,500 to help them buy a home! If the home owner happens to sell the home before the 15 years is up, the remaining credit is due upon sale from the profit of the home sale. However, and here’s the best part, if there is insufficient profit, after the sale of the home, then the remaining credit due is forgiven. You really have nothing to lose. There are, of course, income limits to qualify for this incentive. With this new tax credit and down payment assistance, you are finally in the driver’s seat in a buyer’s market with some of the best interest rates to date. Let me help you find your dream home.
