Real Estate Blog
Wednesday, August 13 2008
As we approach mid-August, it is a great time to gather the family and really consider buying a home. This year’s changing real estate market had many metropolitan areas in the US crying for help. In Nevada, whose real estate woes are concentrated in Las Vegas, The Huffington Post reports that one in 122 households have received a foreclosure notice. Luckily, numbers here are not anywhere near that end of the spectrum. In fact, The Austin Board of Realtors boasts that as of June, median home prices were up 2.7% from 2007 and 11.2% from 2006!
Now that you are rest assured that the sky is not falling in Austin, let’s talk about why now is a great time than ever to purchase that piece of the American Dream.
1. Schools are About to Go Into Session: Many people who were counting on selling their homes to families are starting to feel the pressure. The homes that are large enough for two children and a dog are seeing their pool of buyers shrink as September nears
2. The End of Summer Equates to the Beginning of the Holiday Season: It is difficult to keep your house in tip top shape when you are concentrating on carving pumpkins, housing your in-laws, and hiding presents from your kids. During the colder months, sellers who keep their houses on the market keep them there because they are MOTIVATED.
3. The Government Wants You To BUY: In an effort to jump start the housing market, H.R. 3221, the Housing and Economic Recovery Act of 2008 is a gift from Congress and President Bush to you. It grants up to $7,500 in tax credits to first-time home buyers of both new and resale homes. Tax payers get this credit for homes bought between April 9, 2008 and before July 1, 2009. Remember, a tax credit is a dollar for dollar reduction on the taxes owed!
Lastly, don’t forget to utilize a REALTOR in your search for this new home. There is no reason not to. Find one that can meet your needs, negotiates well, and knows the parts of Austin you are eyeing. Happy House Hunting, Austin!