Plans! Plans! Plans! We’ve had a stimulus plan, a bailout plan, an automaker survival plan, another stimulus plan, and on and on. How many plans will we have?!
Well here is another one. The Mortgage Modification Plan! This plan is designed to help people avoid foreclosure and stay in their homes by allowing them to refinance into better loans.
I found a great interactive tool that can help you get an idea of whether you would be eligible and if it would be of benefit to you. Click here to check it out!
Thursday, February 19, 2009
Wednesday, February 18, 2009
Good News for First Time Home Buyers!
The $790 billion stimulus package hammered out by House and Senate conferees and signed by the President increases the home buyer tax credit to $8,000, from $7,500, and drops the repayment feature for buyers who hold on to their property for at least three years. The three-year minimum holding period is a safeguard against speculators' use of the credit.
The legislation also extends the effective date of the credit to December 1 from June 30, and extends eligibility to borrowers who buy their home with the help of state or local financial assistance that comes from the proceeds of tax-exempt mortgage revenue bonds. The credit remains open only to first-time buyers (those who haven't owned in at least three years) and some income eligibility restrictions apply, but those are unchanged from the existing program. It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000, and buyers will have to repay the credit if they sell their homes within three years.
With the tax credit, low interests rates, and sales prices down to their lowest point in years, it is a great time to buy!
For more information on the stimulus package provisions please click here!
Source: NAR, AP, Washington Post, New York Times, Bloomberg, USAToday, and Wall Street Journal.
Monday, February 16, 2009
The Real Estate Market in 2009
That is the big question that everyone is asking. We thought that 2007 and 2008 was a wild ride but 2009 is definitely turning out to be even wilder! To take a look at where the market is headed let’s go back and look at the past 10 years. The chart above shows what has taken place in our area since 1998.
As you can see we have enjoyed a steady housing market over the years until about the second quarter of 2005 when demand began to out pace supply. Prices soared as there were more buyers than there were homes for sale. After about a year of homes selling at a record pace the market began to slow up during the second half of 2006. Home prices have been declining ever since due to more supply and less demand.
Today, we are just back to where we were before home prices took a huge leap! That’s good news as homes are once again affordable for most Idahoans. Now that home prices are leveling out more buyers are beginning to take that step forward and purchase. The 2009 real estate market looks to be back to business as usual.
We are proud to say at The Equity Savers, even though home sales in 2008 are down 38% vs. 2007, our sales have increased by 11% during that same period! We contribute our success to our relentless marketing, giving your home the most exposure possible, our focused attention to customer service, and our experienced & knowledgeable representation. Oh, and by the way, all this for a low set fee that will Save You Thousands!
Subscribe to:
Posts (Atom)
Posts
