June 21, 2010
By
Dick Baker
Any prospective homebuyers who backed off from their Toledo, Ohio, and metropolitan area house-hunting because they feel they missed out on the tax credits should consider this. Maybe a check won’t arrive from Uncle Sam, but you might get a mortgage today at a rate considerably below the one you would have gotten during the program. The net impact could be that you will actually realize a greater savings over the time you own your home than if you had gotten the tax credit!
Many “experts” nationwide speculated that the expiration of the tax credit program would take the wind out of the sails (sales?) of a rapidly improving real estate market, but the mortgage market is definitely propping up activity.
If you made it this far reading the blog, chances are good you might be among those searching for Toledo real estate who could benefit. What are you waiting for? “Historically low rates” will not last forever! Contact The Danberry Co., Realtors or a First Mortgage Home Mortgage Consultant today!
November 5, 2009
By
Dick Baker
Congress has been debating a revision of the current tax credit for first-time buyers for many weeks, and it appears that terms encouraged by The National Association of Realtors have been approved by both the House and Senate, awaiting only the President’s signature which he has said is forthcoming! This is hot off the press, but we believe the following key provisions to be reliable:
Amount of tax credit: 10% of the purchase price up to $8,000 for first-time home buyers (defined as those who have not owned a home in the last 3 years); and (new) $6,500 for repeat buyers who have resided in their home for at least 5 years..
Income limits: $125,000 for single filers; $225,000 for joint filers.
Price limit: Homes over $800,000 do not qualify.
Time frame: December 1, 2009 to April 30, 2010, plus a 60-day extension to close if a binding contract is in place by April 30, 2010 (close before June 30, 2010).
Filing for the credit: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.
This writer has been a Realtor for 40 years, and never before have I witnessed a better time to buy! The purchase of a home is a very complex process and Danberry would love to be your guide and counselor. Please let us know how we can help you!
October 21, 2009
By
Dick Baker
While the last 3 months of any year tend to lag behind other quarters in real estate sales, prospective buyers should think twice before deciding to go into hibernation. The tax credit will boost sales somewhat, but unless first-time buyers are already under contract, they may have trouble closing in time to meet the 11/30 deadline for the tax credit (unless Congress extends or expands the program).
But for now let’s forget about that special program and focus on current market conditions in northwest Ohio and southeast Michigan for all buyers. Our listing inventory is down from the all-time high levels of a year ago, but nevertheless remains high by historic standards. In just a month, Thanksgiving and the holidays will be upon us, which tends to result in some buyers postponing their house-hunting. Relatively high inventory, relatively low number of buyers . . . that usually defines a buyers’ market. In brisk markets simultaneous offers are common, driving prices up. That is far less common in the 4th quarter, giving buyers who act now a competitive advantage compared to those who start looking in the spring.
So, if you are considering buying in the next year, I’d suggest you make that dream come true in the next 3 or 4 months while other buyers are on the sidelines but sellers are lined up to negotiate with you.
