You might be saying to yourself, sure Bill, you and Ann have a vested interest in seeing people buy and sell real estate. You are right – we do. However, there are several factors that have lined up to help the first time home buyer get in a home. Let's look at a few of them:
- Between now and July 1, 2009, First Time Home Buyers and individuals who have NOT owned a home for the last three years, receive a credit on their income tax of up to $7,500 or 10% of the purchase price. What does that mean to you? If you purchase an average priced home in our area you will receive a direct tax credit of $7,500 back on your taxes. In other words, if you were expecting a tax return of $1,000, you will now get $8,500 back. Not bad. This credit will have to be repaid over a 15 year period in simple, no interest annual payments of $500 on your taxes.
- Second, during the last month we have closed several buyers with interest rates between 5.75% and 6.25%. Let's put this in simple terms. You purchase a house priced at $130,000, which is an extremely reasonable price in our market. Assuming you have an FHA loan with a fixed rate for 30 years at 6% interest with 3% of the purchase price as a down payment, your monthly Principle and Interest payment would only be $756.03. In almost ALL cases that is cheaper than rent and allows you to begin building equity in your home and securing your future.
- Lastly, sellers in our area are pricing their homes for what they are worth. Bill and Ann have over 30 well priced homes for sale today and have access to literally hundreds of homes in the Ellis and Southern Dallas County area for you.
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