Nab a real estate deal – while you still can
(Money Magazine) — If you’ve been holding off on a real estate purchase, glimmers of a turnaround in the housing market may have you wondering if it’s finally time to make your move.
While home prices remain low, they’re no longer free-falling in most markets. Mortgages are historically cheap. And the sweet tax credit that was offered to new buyers last year has been extended to April 30 and expanded to include current homeowners too.
But for all the motivation to act quickly, buying right now is not a no-brainer. In some areas home prices may fall further. If you own a house now, it may take longer than you expect to sell it, and you may walk away with less cash than you thought.
First Time Home Buyers Could Rake In $10,000
Income eligible first-time homebuyers might qualify for $5,000 interest-free loans toward closing costs and another $5,000 to help with repairs.
The two programs are administered by the Monroe County Affordable Housing Board. The loans are due whenever the buyer sells the home, refinances or transfers title.
The board has $100,000 available for closing costs, meaning the agency can assist 20 buyers this year, says Realtor and housing board member Tom Wilkins. Those who receive the closing help might qualify for additional money to make needed repairs.
The Affordable Housing Board wants to make potential first-time buyers aware of the loan program, as an additional incentive to seek an $8,000 federal tax deduction on a home purchase. The tax break expires April 30.
To qualify for the Affordable Housing loans, first-time buyers must be Monroe County residents for at least one year and make less than the county’s median income.
A single person could qualify if he or she makes less than $46,800. A couple must make less than $53,500, a three-person household must earn less than $60,200 and a family of four must have income below $66,900.
More information is available from local Realtors and lenders or by contacting the Monroe County Redevelopment Authority at 570-421-4300.
Now is the time to buy a home in the Poconos
Potential home buyers who delay have a lot to lose.First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.Other factors that should spur buyers:Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).Source: Money Magazine, Beth Braverman (03/02/2010)
If you have been considering Purchasing your first home or A larger home, get out this weekend and take a look at all the great homes for sale in the Stroudsburg ,Mt. Pocono, Blakeslee and all of the surrounding Pocono Region. Home prices, interest rates tax credits are the best ever.
1378 Bush Road, Cresco <http://www.creyourway.com/3943/1378-bush-road-cresco> Posted: 02 Mar 2010 05:49 AM PST <http://www.creyourway.com/wp-content/uploads/2010/03/front-2.jpg> Equestrian Ranch built in 2005. In the heart of the Poconos. Minutes to Mt. Airy Casino, the Crossings, Camelback skiing and all Pocono Attractions.Open Fields, tall trees, babbling stream on nearly 4 acres. 3000 sq. ft pole barn setup for 4 stall and plenty of room for workshop & several cars. Generator backup, security system and more call now. Call Jeff Peterson 570-972-0139 and ask about MLS# 10-1690.View Virtual Tour
Governer Rendell says $1.2 billion available to help homebuyers
Homebuyers in the Commonwealth will benefit from more than $1.2 billion being made available through the PA Housing Finance Agency (PHFA), according to Gov. Ed Rendell. He announced at a press conference Tuesday that Pennsylvania is “fighting back” against the effects of Wall Street greed by helping homebuyers with low-interest, fixed-rate mortgages offered through PHFA. Read More…
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MLS numbers are provided where available*
