$8000 Tax Credit for First Time Buyers May be Extended!

According to the Washington Post, Bills to extend the maximum $8,000 tax credit for first-time homebuyers are pending in both the U.S. House and the Senate. The credit currently is set to expire on November 30, 2009.

Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000. Observers do not think that it is likely that the amount will be increased.

Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, “It’s something we can get done.”

While it is more likely that the credit will be extended, and perhaps even expanded to cover all buyers, not just first-time buyers, there is no reason to wait!

Prices are currently low, low, low, and mortgage rates are still very reasonable. With home sales up for 11 months in a row over the previous year, it is only a matter of time before the lowest priced inventory is cleared out and prices start to rise.

So take advantage of the tax credit, low prices, and low interest rates now to find the best deal possible.

Contact me by phone or email to discuss your purchase (or listing!) options.

Florida Home Sales up for 11th Consecutive Month!

Great news - the Florida Association of Realtors reports that existing home sales were up 37% for July 2009 versus July 2008, the 11th straight month of increased home sales versus one year ago.

“I think we’re on the road to recovery and even though most markets report they’ve seen the bottom, it’s going to be a long climb,” said Timothy Becker, the center’s director. He noted that the investment outlook for single-family development increased to its highest level since the survey began, with more respondents than ever believing it is a good time to buy.

Condo sales were also up, 48% versus July 2008.

"Historically low mortgage interest rates, affordable home prices and a large selection are encouraging buyers who’ve been on the sidelines,” said NAR Chief Economist Lawrence Yun. “Activity has been consistently much stronger for lower priced homes. We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions.”

READ MORE

Coming on the heels of a report that new home sales are up for the fifth month in a row, 37% since the low point last winter, it is indeed looking like homes are once again moving off the market. Can price increases be far behind?

If you agree that it is a great time to buy, whether you are a first time buyer (better act fast for the $8000 tax credit deadline) or an investor or luxury home buyer, call me today! 305-984-0404. Why wait?

Should I Short Sale My House?

Congratulations readers! Today I announce a new opportunity to claim a free book, Should I Short Sale My House? I recently had the opportunity to co-author this book with other real estate experts and am pleased to provide free copies for my readers.

This high quality ebook answers all of your questions about short sales and who will benefit from listing a home for short sale.

Over 100 pages of information will assist you in your decision, with laws for each state included, as well as foreclosure information, alternatives for homeowners, and how to identify scams.

Simply email me at LisaMerrittRealtor@gmail.com with "Should I Short Sale" in the subject line to claim your free copy. (In the coming days, I will add a download link, but I didn't want to delay this offer.) There is absolutely no commitment necessary; this is a free service for my readers. And if you decide that listing for short sale is your best option, I would appreciate the opportunity to meet with you to offer my assistance with your listing.

Foreclosure properties drying up

A new report by CNN.com verifies what we Realtors are seeing out in the field - the number of foreclosure properties being listed for sale are greatly reduced from one year ago. With buyers eager for foreclosure deals, many forclosures go under contract same day - for full or over full price!

The savvy buyer needs to look for properties that have real value regardless of whether it is a foreclosure listing or not. Many foreclosures have been stripped of all appliances and damaged by previous inhabitants, so they may not be the best deal after all. Homeowners now are pricing their homes to be competitive with foreclosures and short sales, even if it is a good sale.

The best thing a buyer can do now is to work with a Realtor who knows the area and can give an accurate assessment of the property value. That goes for sellers too - it is important to list with an agent who can price your property to sell in the current market.

Call me at 305-984-0404 for a free market analysis of your property or proposed purchase.