Ava exclaimed with excitement while jumping up and down like 5 year olds do. My wife and I tried our best to not show how funny we thought that was, but we did laugh pretty hard once we were alone. Kids are awesome! Their optimism and excitement with life are unparalleled in the adult world. Speaking of excitement are you starting to feel some? Here is what Rachel Barr had to say recently:
“Through the education and care I received from Bart at Baker and Lindsey I was able to purchase a home that I never dreamed was possible. As a first-time buyer, both Bart [at Baker Lindsey] and Jodie [Beane] at Century 21 walked me through the process step by step. Despite the emotional roller-coaster the market handed me, I could always depend on the team of people around me to keep me grounded. I am truly thankful for the feeling of complete trust I experienced in working with Baker & Lindsey! You guys rock!”
We’ve seen a significant (albeit small) ‘shift in the wind” as it pertains to real estate. We are seeing several of our clients actually competing for houses now. Some clients have made offers on up to 4 houses only to find themselves outbid on all of them! While this isn’t necessarily news that will make me jump up and down like Ava did, it at least is causing me to breathe a little easier. Real estate is supposed to be a cycle, but I was starting to think we would need to redefine the word cycle. I am beginning to see what looks like a U shaped recovery in the making. Part of that recovery may be caused by….
The gift that keeps on giving….too bad we have to pay for it eventually! According to the Mortgage Bankers Association, the first time homebuyer tax credit looks like it will be extended, again. This would extend the current November 30 deadline to June 30 of 2010; you’ll have to have a signed purchase contract by April 30 and close by the end of June. More potential homebuyers will benefit from the latest iteration of this credit also. If you’ve lived in your current residence for a consecutive 5 year period out of the last 8 years there is a new $6,500 tax credit that you’ll likely be eligible for if you decide to move up to a larger home.
Of course there are pros and cons to this tax credit. The biggest drawback is that we must pay it all back; indeed all of society will be paying back the tax credits given to some individuals. One of the advantages to this is that if it helps stabilize the housing market perhaps all of us that own homes will see our values stop declining; and that may be worth a higher tax bill down the road. Who knows? Ultimately, we vote in the legislatures and we have the ability to vote them right back out again if we aren’t happy with their decisions.
The final vote on this tax credit is anticipated to come some time this week; whatever the result this appears to be a very good time to buy real estate. Interest rates are low, home prices are down, and tax credits are available to at least some buyers.
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