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Real Estate Market is Good! What?

Lately people have been asking me if things are ok in real estate with a look of “I’m sorry” on their face.  The truth is that the market has been great for the Perry Property Group, and it should be, as it has never been a better time to move on real estate.  The $8000 First-time Homebuyer Tax Credit has been extended through the spring of 2010, and now there’s a $6500 tax credit for previous home-owners who are selling their house to “move up” into another!  This, in combination with the fact that home prices are low and interest rates are low, is causing this to be the perfect time to invest or buy your first home.

The tax credit extension has given new life to sellers as well.  If you are thinking of selling your home, do it now!  The credit is only extended till April 30th and if your house is not on the market before then, you are missing out on a wonderful opportunity.  The optimum time to get it available is in the next 30 days.  Some people are skeptics of this, but the truth is that in November 2009 real estate sales increased 50% from what they were in November 2008.  November 2009 was the original deadline for this credit and it caused home sales to spike significantly.  I am personally selling one of my rental properties due to this extension alone.

Interest Rates, what’s next?
Mortgage Advisor Billy Winfree has some thoughts on the interest rates for 2010.  “Interest rates are still near all time lows as we approach the beginning of 2010.  Much of the reason that rates have stayed down for so long is due to the Federal Reserve’s Mortgage Backed Securities (MBS) purchase program.  The Fed has purchased over one trillion dollars in MBS since the program’s inception.  This program is scheduled to end March 31, 2010.  Many experts predict this will cause a sharp increase in mortgage rates if the program isn’t extended beyond the 1st quarter of 2010.”

With low interest rates, an extension on the home buyer credits, and historically low prices on homes, it has never been a better time to buy a house or move up to the next house.  Give us a call if you have questions or just need some free advice.

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Our agents write often to give you the latest insights on owning a home or property in the local area.