Tax incentive deadline
This is a great explanation of the tax incentive deadline. Things have picked up lately and I have come to the conclusion that things aren't going to be gangbusters like I had hoped they would.
I really envisioned that folks would get "recession weary" and after a year or so of saving and scrimping and scrimping and saving, they would say "OK, it's time to get off the fence and make a move. But I'm just not seeing it.
Jim Gillespie said something really great this past week when he visited the Coldwell Banker TRIAD awards ceremony. He said that this is the most fantastic time to buy for four reasons: IIIP.
First, the tax Incentive. Not only can first time homebuyers get a credit of $8000 but move-up buyers (if qualified) can get a credit of $6500. Theoretically, this is fantastic for those folks whose houses are being purchased by first-timers.
Second, Interest rates are at an all-time low and everyone predicts that they will begin to go up (probably after the tax credit expires).
Third, Inventory is abundant. Most folks should be able to find some fantastic homes in their price range and not have to "settle" like in the past.
Finally, Prices. Things are plateauing and ideally, the value of real estate will go back up. This is why buying is such a good investment (when done properly) because real estate values tend to increase (as opposed to cars whose values tend to go down).
As a buyer, if you are on the fence and you have good credit, take the leap! In many ways, this is a fantastic time to buy. And in many ways, I hope we NEVER see this extreme circumstance again!
I really envisioned that folks would get "recession weary" and after a year or so of saving and scrimping and scrimping and saving, they would say "OK, it's time to get off the fence and make a move. But I'm just not seeing it.
Jim Gillespie said something really great this past week when he visited the Coldwell Banker TRIAD awards ceremony. He said that this is the most fantastic time to buy for four reasons: IIIP.
First, the tax Incentive. Not only can first time homebuyers get a credit of $8000 but move-up buyers (if qualified) can get a credit of $6500. Theoretically, this is fantastic for those folks whose houses are being purchased by first-timers.
Second, Interest rates are at an all-time low and everyone predicts that they will begin to go up (probably after the tax credit expires).
Third, Inventory is abundant. Most folks should be able to find some fantastic homes in their price range and not have to "settle" like in the past.
Finally, Prices. Things are plateauing and ideally, the value of real estate will go back up. This is why buying is such a good investment (when done properly) because real estate values tend to increase (as opposed to cars whose values tend to go down).
As a buyer, if you are on the fence and you have good credit, take the leap! In many ways, this is a fantastic time to buy. And in many ways, I hope we NEVER see this extreme circumstance again!
posted by Lisa Duke at
9:08 AM
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