A Few Good Things in Today's Economy
Every day we listen to the radio and hear how bad the economy is. We hear how people are losing their jobs and how different members of our government have been involved in corruption. So I wanted to highlight some positive things in our world.
This is again a great time to buy a home and move into a great town like Holliston. The government is presently offering two different programs --one for first time buyers and the second for people that presently own a home and would like to move into a different home. Below are a few bullet points that will highlight and educate on how great a time it is for people to consider buying a home:
1) 10% of purchase price with maximum $8,000 – in other words, homes below $80,000 get 10% tax credit, and all homes above $80,000 and below $800,000 get $8,000 tax credit for first time homebuyers
2) There is a limitation on cost of the purchased home – tax credit applies only to principal residences up to $800,000
3) First time home buyers who did not own a home in the last three years prior to purchase/closing day
4) Other home buyers who are current homeowners qualify for a tax credit equal to 10% of the purchase price up to $6,500 if they used the home sold as a principal residence consecutively for five of the previous eight years
5) The purchasers have until July 1, 2010 to secure title, if a written binding contract to purchase is in effect on April 30, 2010.
6*) Income limits :
$125,000 – Single purchaser
$225,000 – Married purchasers
*Confirm all tax info with a Tax professional or IRS.gov
In Holliston we are seeing a much lower inventory. Today we have forty single-family homes on the market; at this same time last year we had sixty homes on the market. Also seventeen of the forty homes on the market are priced at $400,000 or less. This data again shows that it is a great time to buy a home in town. It is also a great time to consider listing your home and upgrading or downsizing to another residence. The lower inventory in town is a positive thing and in today’s world it is great to have positive news.
If you have any mortgage related questions please feel free to contact me (http://www.zenithadvisors.com/).
This article was written by Edward Moloney of Zenith Mortgage Advisors. Lic # MB 5063 LO# 10321 a Holliston resident.
Great info Ed. I just had my 2nd client this month who is looking for a home up to mid $500K in Holliston and waiting for new listings to "appear". The cries for sellers to list their homes officially starts now! This tax credit is bringing some buyers.
Ed Daniels | 2010-01-27 20:20:34