110 days may seem a long way off but if you are planning on purchasing a home in the next 3-6 months now is the time. The $8,000 tax credit is a big deal.
Why do you need to get aggressive about this opportunity now?
1. In our current market is it taking anywhere from 45 days to 60 days to close on a normal transaction if you are dealing with foreclosures or short sales 90 days to 120 can be expected.
2. Interest rates will go up. Yesterday I listened to Ted Jones one of the top economist in the nation, he promised that we will see interest rates move up toward the end of the year. A 1% interest rate increase red
uces your purchasing power on average by $50,000.
- $425,000 sales price, at 8.25% interest, your payment is $2,554.
- $450,000 sales price, at 7.75% interest, your payment is $2,579.
- $475,000 sales price, at 7.25% interest, your payment is $2,592.
- $500,000 sales price, at 6.75% interest, your payment is $2,594.
- $525,000 sales price, at 6.25% interest, your payment is $2,586.
3. You may not be able to buy in 6 months. The lenders are daily increasing their guidelines making it harder and harder to get qualified and purchase a home. You may qualify today but not in 6 months.
4. Real estate is still the greatest investment. If you bought gold in the 80’s today you could sell it and recoup your money (not including the 40% you lost because of inflation) if you purchase a home in Wasilla in the 2000 for $140,000 today it is worth $235,000. That’s $70,000 in appreciation plus you have been able to write off the interest on your taxes all those years.
If you would like more information on the tax credit visit www.waynesalmans.com
I look forward to earning your real estate business.
Your friend,
Wayne L. Salmans
Real Estate Consultant
Keller - Williams Realty
(907) 841-8231
Salmans@mtaonline.net
www.waynesalmans.com
http://valleymarket.blogspot.com
Voted one of the top 30 Realtors in the Nation, under 30 by Realtor Magazine.
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