The $8,000 tax credit for first time buyers extended and explanded to include those that sold or are selling a home that has been their primary residence for 5 of the past 8 years, could qualifiy for a $6,500 home buyer tax credit on the home they purchase!
Click on the link below for all the details, as well as some questions and answers!
Hopefully, it will be signed and put into law on Friday.
The tax credit for first time homebuyers looks like it’s going to happen! It finally got approved in the Senate extending the credit untill April 2010 with additional provisions raising the income limit and to include some current homeowners. Details to follow!
From the NAR Political Action Committee:
HUD reports Administration Calls on Congress to Approve Key Housing Measures click here for details:
http://bit.ly/1HOrqZ
Per NAR’s REALTOR Action Committee: The vote is expected today on the $8,000 tax credit. The Sentate is still negotiating the terms and how to proceed
BRAC brings money to Joppatowne High School, not just the general area! Joppatowne High School just received a $143,000 grant for the expansion of the homeland security and emergency preparedness program at the school. The school’s magnet program prepares students in science and technology fields and should help the county meet job demands related to BRAC, the nationwide military base expansion that will bring as many as 10,000 jobs to Aberdeen Proving Ground.
As many are asking what benefits the area will see to justify the expenses of major road improvements and such are costing the State of Maryland and Harford County, this is just an example. I believe as many others that the housing and job markets are also seeing and will continue to see improvement in the area.
See the details as reported by the Baltimore Sun at : http://tinyurl.com/m4s5wk
Fiddler on the Roof Farewell Tour – Don’t Miss it! If you have seen the play, the movie, or read the book, you haven’t enjoyed it to its fullest if you haven’t seen the play live with Topal as Tevye! Topal played Tevye in the movie version. I have watched the movie, but still was overwhelmed when I saw the play live staring Topal several years ago. While I am not a theatre ”buff”, and took others with me that didn’t necessarily like going to the theatre, everyone enjoyed it immensely! The tour will be at the Hippodrome Theatre in Baltimore starting October 20th. Treat yourself while you can still see Topal in the staring role. What a classic! You won’t regret it!
Link to Fiddler on the Roof site: http://www.fiddlerontour.com/index.html
Direct link to theatre: http://www.france-merrickpac.com/events/index.html
August sales stats for Maryland are in and the number of homes “pending”, which means they are under contract waiting to go to settlement or closing is impressive! Compared to August of 2008, Harford County is up over 55%, Baltimore County is showing a 45.9% increase, and Carroll County is at a 29.1% increase.
Many of us are watching to see how much of this increase is the result of the $8,000 tax credit for first time buyers. Allowing for what is usually considered a “normal” slowdown during December and through the holidays, it will be interesting to see what happens to the market after the first of the year. Many of the first time buyers have been out and will be hitting the market hard through September and October, needing to settle by November 30th to qualify for the tax credit.
There is also a massive grass roots effort trying to get the tax credit, or at least something similar, established for when this credit expires. However, nobody knows for sure if this will happen. So again, if you are a first time buyer sitting on the fence, you may want to jump now!
Want more information on current sales stats? http://www.ltrealty.com/statspage.htm
Time is running out for the $8,000 first time home buyer credit. You must have purchased and closed on your home by November 31, 2009.
You should actually try to purchase and close on your home by the middle of November. Why?
Should there be a problem at the closing and you have to postpone a day or two, and you were scheduled to settle November 31st, you have a problem. You will not receive the $8,000 tax credit if you settle (close) on December 1st or after!
Things happen that are outside the control of the buyer, seller and their agents. The lenders are expecting they will be extremely busy in November and I doubt they will be hiring additional help just for 30 days, so it’s quite possible they could get backed up. The title companies and attorneys that actually conduct the closings can only conduct so many per day. I don’t want to go into a list of horror stories of what “could” happen, so why not be on the safe side.
While it’s not uncommon to close a house in 30 days, why not allow 60 days from your date of contract (where you actually purchase the house) and your closing (when the house becomes yours) plus two weeks. That means you should do your best to purchase a home in the beginning of September!
Don’t let this opportunity pass you by. Of course I am not advising anyone to purchase a home if you do not feel financially you are able. However consider the following:
I suggest you jump on the buy side of the fence quickly!
If you need assitance or more information, please feel free to contact me at your convenience!
410-529-2500 Ext. 55
July Real Estate Stats are in for Maryland Homes and inventory is down! As reported by MRIS (our MLS), it looks like things may be looking up a little for home sellers. In Baltimore County the number of homes for sale in July of 2009 decreased by 7.2% when compared to July of 08 which of course reduces a sellers competition. For the year that percentage is now 12.7% fewer homes for sale. The number of homes that sold and closed July of 09 compared to July of 08 increased by 14.8%.
Carroll and Harford Counties in Maryland are also showing a decrease in inventory. These two counties also showed a decrease in the days the property was on the market before it sold. Carroll County showed an increase in the number of homes sold, and while Harford County showed a slight decrease in the number of homes sold, the number of homes under contract (waiting to settle) saw a huge increase of over 30%
This could be good news for home sellers, but the market is still a good place for home buyers. Reasonable rates, the $8,000 tax credit for first time buyers (which will expire December 1, 2009 – you must have purchased your home and closed on it before December 1 to qualify) and contrary to what some buyers are hearing about, if as a buyer you have decent credit and a good employment record, you can purchase a home with a minimum amount of money and financing is available!
If you want to see all the details by county visit: http://www.ltrealty.com/statspage.htm
People constantly ask, is the market bouncing back, is the “fall” over? Every neighborhood is different. Some have not been hit as hard as others. If you are considering selling or buying a home you need to speak with a REALTOR and have them show you what is happening in your neighborhood! I know in Maryland, you can travel less than a couple of city blocks, or cross a main road and the housing market can be different.
If you would like a free Pin Point Price Analysis, contact me at 410-529-2500 Ext. 55. We can get started right over the phone.
36th Annual White Marlin Open August 1st and 2nd in Ocean City Maryland! Click below for details
