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Mainstreet Organization of REALTORSThe Sky Has Fallen. Real Estate Bubble Has Burst. Housing Prices Fall 12% in One Month.With all these negative headlines circulating, it’s no wonder that consumers are sitting on the fence. If you have good credit and are a first time homebuyer, now is prime time for you to start looking for a house. The newest legislation to stimulate the housing market gives first time homebuyers (that haven’t owned a house in the past three years) a tax credit up to $7500. The credit comes back to the homeowner when they file 2008 income taxes. In essence, this credit is paid back to the government over the course of the next 15 years as an interest free loan. Currently, the tax credit is only from April 9, 2008 through June 30, 2009. This credit, along with the surplus in listings, equals a plentiful buyers market. On average, according to the National Association of REALTORS®, a house doubles in value every 10 years. This fact remains in place today, even in an adjusting market. Additionally, did you know that owning a home builds wealth in a way that renting can’t? According to the Federal Reserve Board, the average renters net worth is $4,800 while the average homeowner’s net worth is $171,000. Start building your net worth by contacting a REALTOR® today. Our database is searchable by town and language spoken by visiting http://www.succeedwithmore.com/about/for_consumers/find.cfm. Ahmed Badat |
6655 Main Street Phone: 630.324.8400 |
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