The homebuyer tax credit expires on April 30th. That means that you must have an accepted offer on a property by that date…you do not need to close until June 30, 2010. The first-buyer credit remains 10% of the cost of the home or $8000, whichever is less. For existing homeowners the credit is 10% of the value of the home or $6500, again whichever is less. If you need more details on this program, please call us.
We have seen a big increase in the number of showings on our listings in the past week. We also have had offers on 4 of our listings this past week. We are going to be holding open houses on 6 of our listings this coming Sunday, April 25th and we expect a lot of traffic to be going through these homes. We have heard no plan of an extension of this credit so if you are thinking of writing an offer, GET OFF THE FENCE!
I also heard something on the news the other day that the gap between mortgage payments and rent is now the smallest that it has been in a long time. That gap averages between $100 and $250 more for a mortgage than a rental payment. If you need help in figuring out what your payments are on a certain property, contact either your lender or one of The Dale Marciniak Team members.
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