News Alerts!
1/22/10 - FHA Makes Impactful Change in Lending Policy - MORE DETAILS...
11/09/09 - First Time Home Buyer Tax Credit is Extended - MORE DETAILS...
10/16/09 - TAx Credit Tips for First Time Home Buyers - MORE DETAILS...
4/17/09 - Mortgage Insurance: Friend or Foe - MORE DETAILS...
2/25/09 - Soft Market Classification - MORE DETAILS...
11/13/08 - FHA Loan Limits Changing - MORE DETAILS...
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Industry Developments for January 2010
Happy New Year as we kick of 2010…a new year and new decade! Real Estate continues to be a hot topic of conversation everywhere. How many times do people ask, “How is business? Is now a good time to buy?”
The first quarter of 2010 will most likely be the BEST TIME EVER to purchase real estate. Here are three quick reasons why it one of the BEST times to purchase a home in 1st quarter of 2010 along with a little commentary on each reason.
Tax Credit has been extended- The Federal Government Home Buyer Tax Credit for first time home = buyers and repeat home buyers ends April 30, 2010. An accepted contract must be in place by then with a closing by June 30, 2010. If you are a "qualifying first-time home buyer" that means $8000 in tax credits. For "qualifying repeat home buyers" that means $6500 in tax credits. For more information check out www.federalhousingtaxcredit.com.
Interest Rates are low- Last January rates were below 5% and there was a big run on refinances. Those low rates have returned again this January. Currently rates are as low as they have been in 40-50 years. Rates may tick up this spring (around April).
Home Prices Are Discounted- The last two years foreclosures have driven down prices. This will continue in the first quarter of 2010. Numbers suggest an of 15% discount on home prices for Forsyth county on November, 2009 closed sales. Homes are priced to sell!
In conclusion the two minute elevator speech on why to buy in Q1 of 2010-“ the government is paying buyers to purchase homes at their deepest discounts with lowest financing terms in 40 years. The stars are aligned. This is an unprecedented and newly defined “BUYERS MARKET” for the next 4 months.
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