The President signed into Law yesterday a $24 billion economic stimulus bill that will enable first time home buyers to continue taking advantage of the First Time Home Buyer Tax Credit until the end of April 2010. Going a step further, the program was also expanded to allow a $6500 tax credit to current home owners looking to relocate, providing that they have occupied one dwelling for 5 years consecutively in the last 8 years.
As consumers, which we all are at one point or another, this is very exciting news. With prices very low, and huge inventory to pick from, this is a great time to upgrade. For those looking to relocate, you can take advantage of the $6500 tax credit to cushion the financial blow that sliding home values has faced these past few years. It's important to remember that it's all relative. If your property has fallen in value 20 percent over the last 3 years, and you're looking to jump into that new home in the next town that's a great deal, if you wait to recoup some of that 20 percent, so will that other property so keep that in mind when looking at real estate.
Recently I have run in to several friends within my vast sphere of influence that need to sell their homes and to make up for a drop in home value, have decided to sell themselves. I want to caution you as I feel it is my responsibility to do so. When you sell your own home, you leave yourself liable to a lot of things that you don't really think of. Too often people to recognize the true value of a Real Estate professional. They see a commission percentage and think that is all about sticking a sign out front.
Especially when there are a lot of properties on the market, such as right now, Real Estate professionals have the networks to find you a buyer. They have the resources to promote your property in various mediums whether it's on the web, print, radio, open houses, ect.
The best way to sum it up is like this. I was a roofer in college, I can put a roof on your house, But I'm still hiring a professional to do it because I want it done correctly, and I'm willing to compensate him accordingly.
So whether you are a first time home buyer, a recent retiree, looking to buy or sell, contact a professional in the field to protect your investment. The NRA states that For Sale By Owners typically net 20% less for their property than one listed by a real estate professional. 20% is a big price to pay to save 6%.
-Cailte Kelley
REALTOR
CENTURY 21 DeNault Realty Inc
1079 Central St • Leominster, MA 01453
Direct: 978-537-2112 ext. 46 • Cell: 978-413-9930 • Fax: 978-466-8756
1079 Central St • Leominster, MA 01453
Direct: 978-537-2112 ext. 46 • Cell: 978-413-9930 • Fax: 978-466-8756
