The $8,000 first-time home buyer tax incentive for 2009 has brought home buyers out by the droves. Is it over? It is just about to get more interesting as the 2010 year approaches. The number of homes exchanging hands last month in the Baltimore metro area was up 77 percent compared to 2008.
With the extension of the $8,000 first-time home buyer tax credit for potential buyers, the opportunity is perfect for those couples thinking about buying a new home for the upcoming 2010 year.
This will be the year of the buyer. In pricey, Howard County, one in four homes sold went for less than $250,000. In Baltimore, it was 80 percent. "This is a perfect time for those couples and families who don't own a home to get out there and shop," said Steve Tavenner of Pillar Property Group.
"Values of property will eventually become stable and start to soar in the area, but this will be another year for the buyer or investor in real estate," he said. Potential buyers need to be aware contracts must be signed no later than April 30 to take full advantage of this extension of the first-time home buyer credit.
Many potential buyers and investors have become leery of banks and their particular practices. Well, there is the option of a mortgage broker. A mortgage broker is independent from any specific lender. Precision Funding has access to several different lenders and many loan programs for first-time home buyers. Also, mortgage brokers are able to shop for the desirable interest rate for you.
"We have a strong relationship with Precision Funding because they examine every approach of financing for our potential buyers," said Tavenner.
"There are many different avenues I can examine for first-time home buyers who wish to purchase their first home," said TJ Noye, of Precision Funding. There are many funding solutions for first-time home buyers than ever before, according to Noye. Precision Funding can explain the various options for the first-time home buyer, who is unsure how to navigatge the fiscal language of financing a home.
The key article for couples and individuals who are considering purchasing a home is to have their questions and concerns ready, according to Tavenner. "We at Pillar Property Group encourage these potential buyers to think of questions or concerns of the properties we show. This will allow us to be able to place them in the home they have always wanted."
Another important dimension when considering buying home is how it will be financed so you can still afford the groceries and your other bills. "I sit down with potential buyers and even investors by breaking down the numbers to them in any easy manner manner. Also, I explore with them the various options available to them," said Noye.
There has been much news about how the housing market is in a crisis, but there are still people out there buying their first home or even investing in the market. Property value is in a state of fluctuation but will stable out in the near future. The news you watch on television is only reflections of certain happening in one or two geographic area. It is reported to you in a national scope and skews the facts for a national audience.
It is a fact home prices are down in Baltimore. Also, it is a fact first-time home buyers are buying homes in Baltimore. If you are considering on buying a home, this would be the perfect time with many government and local tax incentives for the first-time home
