Real Estate Information

In past months, buyers and Realtors would cringe at the mere mention of a short sale.  Today, it is a great portion of our market.  Remember the old saying, "We've come a LONG way baby"?  Well, in the real world, short sales have come a LONG way.  Lenders, I believe, are being realistic and practical with their decision making and negotiating in today's market.  Buyers and Realtors are less reluctant to sell a short sale.  Most of my short sale listings do not remain on the market for long periods of time.  They are negotiated.  They are closing.  The sellers are genuinely appreciative, and the buyers are genuinely excited making this turn in the market all the more worthwhile to wearing my Realtor hat!

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

To sum it all up, NOW is a GREAT time to buy!  

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

$8,000 Home Buyer Tax Credit at a Glance

The information on this page pertains to the American Recovery and Reinvestment Act of 2009.

• The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

For additional information, please call Donna Mason Realty & Associates today!