News affecting Kinston Real Estate

Kathy Riggs October 25th, 2009

Remember when you were in a bar or nightclub and the clock was ticking close to closing time and sometimes an announcement was made or you heard the song “Last Call for Alcohol”? In today’s real estate world this week could be considered the last call for the first -time home byer’s tax credit. Unless Congress extends the tax credit, first time home buyers must close on their home purchases by November 30, 2009 to be eligible.
If you have been following this blog you know I have touched on this subject many times. Often, we must be exposed to a concept or an idea several times before it really registers. New regulations regarding appraisals and the meticulous oversight underwriters are paying to loan applications mean that the 30-day closing is just about a thing of the past and that 30 days begins AFTER the contract is signed. Negotiations can take several days to a week before buyer and seller agree on all terms.
If you have recently found yourself in the market to purchase a home the tax credit means a first time home buyer can receive a dollar for dollar tax credit if 10 percent of the purchase price of a home up to $8,000. A new home buyer will receive a credit of $7,500 if he or she purchases a home for $75,000. Any purchase above $80,000 will qualify for the $8,000 as long as the purchaser meets certain income requirements. First time home buyers are people who have not had any ownership interst in a home within the past three years.
Even if you are not a first time home buyer today is a great time to buy a home that better fits your current needs, interest rates are low and sellers are motivated.
The economy will always have its ups and downs, but the biggest investment a person will make is their home and over the long haul, real estate is still a good investment.
On the Lighter Side…
New Homeowner to Friend: When my Realtor said location, location, location I didn’t know I was buying three houses.
SHAMELESS PLUG
Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information about the tax credit.

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