September 2009I am sure you are familiar with the stimulus provision that provides an $8,000 tax credit to first-time buyers if you purchase and close on a home prior to December 1, 2009. This is an amazing opportunity for first-time buyers to take advantage of the current real estate market benefits. Just what are the current benefits? First, affordability is at an all-time high. According to the National Association of Realtors, 72.3% of Americans can afford to buy the median priced house with their median family income. This number has never been higher since we began keeping records. Second, interest rates remain historically low. So long as you have good credit and stable, documentable income, rates remain between 5% and 5.5% for a conventional loan. I anticipate these will rise as the economy continues to improve, Third, inventory levels are high, providing you with a wide choice for the home of your dreams. Builder spec models, resale homes and distressed properties are all in great supply. Lastly, the $8,000 tax credit provides you with real cash if you are a first-time buyer (or if you have not owned a home in the previous three years). Please consult with your tax advisor for details on this program. So, why is this last call? With the tax credit currently set to expire on December 1, 2009 you have a limited time to take advantage. If you already own your own home and are considering a move, I anticipate interest rates will rise and inventory levels will drop next year. This will reduce affordability as the economy improves and make your move-up purchase more costly. Pull the trigger now and take advantage of this last call! Call the Lee Ann Miller Team Today!
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