On your Mark…Get Set…GO!
The race is on to “cash in “on the $6,500 tax credit now available to all home buyers that have owned their most recent home for 5 out of the last 8 years! In real estate terms this is a short race, you might even say a bit of a dash! To receive the tax credit, you must get a home under contract by April 30, 2010 and close by June 30, 2010. This means a homeowner needs to put their current home on the market to get it sold as soon as possible. For details about the $6,500 tax credit and who qualifies click here.
Is it Worth it?
There really has never been an opportunity like this in real estate in most of our lifetimes. Due to the economic conditions of a “buyer’s market” with deeper discounts in higher price ranges, homeowners are finding opportunities to upgrade or upsize for nearly the same money. Considering the low interest rates available, a homeowner may buy a more expensive home and still have the same or even a lesser payment than their current mortgage. A person that financially can afford to move up and that intends on moving up in the next few years has to seriously question why they would not make the move now. For this potential buyer, it is the perfect scenario.
If you are considering moving in the near future, waiting has its risks. Interest rates are projected to go up this year. The real estate market has been inching its way back to a balanced market and will continue to do so with the resale inventory levels at 6.2 months supply in the Kansas City area (a balanced market being 5-6 months supply). New home inventories remain high at 9.9 months supply, a great advantage for buyers. So, is it worth it? The answer is a resounding “YES” for those that are in a position to take advantage. If you have not done any searching for homes recently, just take a look for yourself. Click here to search for homes on the Infinity Realty search engine.
Questions?
I hope you find this information valuable and look forward to keeping you informed about the real estate market each month. Please call me with any questions. Or let me know what updates or information you would like to see in the future
Emily Galbraith | 816-726-6706 | emily@infinityrealtysells.com | www.EmilyGalbraithRealEstate.com