$8,000 TAX CREDIT!!!!

As posted on www.columbushousingfacts.com

The “American Recovery and Reinvestment Act of 2009” was signed into action on February 17 by President Obama. Of the $780 billion in the stimulus package, approximately 35% is devoted to tax cuts — and a significant portion of that will support home ownership. One of the most important elements of the bill is the Homebuyer Tax Credit, which allows first-time buyers to take advantage of an $8,000 tax credit for principal residences purchased between January 1 and December 1, 2009.

Central Ohio REALTORS® have been extremely supportive of any plan that helps housing. “A healthy housing market will be the key to our nation’s economic recovery,” said Gary Parsons, president of the Columbus Board of REALTORS®. “This stimulus package will give real estate the boost it needs.”

The propsed plan to slow foreclosures and help homeowners who are having problems paying their mortgages also will stabilize the housing market, thus impacting the entire economy. A number of other elements in the stimulus package also are designed to help real estate and communities:

Higher Loan Limits
The recent bill reinstates 2008’s higher home loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits will allow more people to benefit from government- backed loans.

Neighborhood Stabilization
Up to $2 billion in additional funding was included to provide grants to states and cities who need to stabilize neighborhoods with high foreclosure rates. The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties, as well as create loan programs to individuals who agree to do the same.

Commercial Real Estate
The stimulus bill provides significant funds for commercial property owners who want to invest in energy efficiency upgrades.

Energy-Efficient Homes
Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new energy-efficient furnaces, windows and insulation.

For more information visit www.federalhousingtaxcredit.com or contact PAULAGroup at (614)431-0638.

IT’S A GREAT TIME TO BUY!!

As posted on www.columbushousingfacts.com    For most buyers, it’s a great time to buy.If you are a first-time buyer who doesn’t need to sell a home, you have an upper hand in today’s market and should attend a buyer education program. Also, if you are “moving up,” it’s a good time to do so. Although you may have to settle for a lower sale price on your current home, the price of the higher-end home you want to buy has also dropped. In addition, investors interested in the long-term couldn’t ask for a better market!

 

With today’s inventory and interest rates, most people who want to make a move to a new home should seriously consider doing so in 2009. Anyone looking for a home today will find a tremendous selection – nearly 17,000 new and existing homes. There are 30% more homes on the market today than there have been in the first quarter of recent years.The number of buyers in the market today is typical for first quarter in central Ohio. The number of homes for sale, however, is up by 30%. The result is that sellers are pricing their homes competitively and are eager to work with qualified buyers. To our dismay, the media often neglects to include local figures in news articles. Since all real estate is local, statistics about the central Ohio market would better inform home buyers and encourage them to feel good about the value of real estate here.If you have a home to sell, take extra care in getting it ready for the market. You are competing with a 30% increase in sellers, so your home must stand out by its cleanliness, state of repair, and neutral decor. For first-time buyers, central Ohio offers a number of resources to help you learn about buying, financing, and maintaining a home. Take advantage of what organizations like The Columbus Housing Partnership can offer (614-221-8889). Financing is readily available for those with a steady job history and suitable credit rating. Your lender can easily tell you at what interest rate you qualify. To investors who like to hold real estate for the long-term, today’s market is a gold mine. The number of properties competing for buyers along with the low interest rates make this the perfect investor market. “Moving up” in today’s market is an excellent idea. If your home was valued at $300,000 last year yet you must sell it for $270,000 today, you may have lost the opportunity to earn the $30,000 difference. However, you can assume that the $500,000 home of your dreams also is selling for 10% less, thus saving you for $50,000 on the price of the new home. Guess who comes out on top … you do!