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UPDATE!! on Homebuyer’s Tax Credit Extension

Towne-Country — Fri, 25 Jun 2010 18:03:07 +0000

While the bill below was killed in Congress, a different bill WAS passed extending the credit for those that were under agreement for their home by April 30. The extension is until September 30, by which time you must close on your property to qualify.

A bill that included an extension to the June 30 second deadline for the Homebuyer’s Tax Credit was killed in the Senate yesterday.

The bill, HR 4213, came up 3 votes shy, and affects more than just buyers whose lenders are experiencing a bottleneck as the June 30 deadline looms:

The death of the measure meant that more than 200,000 people a week would lose their jobless benefits because they would be unable to reapply for additional tiers of benefits enacted since 2008. People seeking the popular homebuyer tax credit would be denied a paperwork extension approved by the Senate last week. And state and local governments would lose subsidies on bonds they issue to finance infrastructure projects.

from Associated Press

If your tax credit is in possible jeopardy because of the approaching deadline, it is important that you be as proactive as possible in assisting your Realtor and lender. Do not assume that the extension is likely to pass.

See also this excellent post on the subject from Phoenix Real Estate Guy Jay Thompson

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Homebuyer’s Tax Credit First Deadline Passed

Towne-Country — Wed, 05 May 2010 15:00:11 +0000

According to the Massachusetts Association of Realtors, “the number of single-family homes put under agreement in April was up 25 percent over the same time last year, while condominiums were up 22 percent. April is the tenth straight month that the number of both single-family homes and condominiums put under agreement had increased over the year before.”

The tax credit for homebuyers definitely accounted for some of this activity, creating surges toward the end of the deadline(s). But overall the market is more active; here is a Worcester County MA snapshot:

Sales, pending sales, and new listings are up. Because of the new listings coming on and the tendency of sellers to have adjusted their list price expectations to the market, the fact that the homebuyer’s credit is gone may not be the bad thing that it appears to be, for buyers. The credit created a little bubble, here anyway, that may adjust over the next couple of months.

Local home sales statistics

RealtyMan — Sun, 06 Dec 2009 23:41:38 +0000

National news is one thing. What is actually happening at home, in our own towns and cities, is what is really important. Even in the small area of North Central Massachusetts, trends change town to town and month to month.

As we head toward the end of the year, some good news is that the First Time Homebuyers Tax Credit has been extended and expanded. The deadline now is April 30 to be under contract, and you need to close by June 30. That seems like a long time away, but when you consider all of the steps involved in purchasing a home, it really isn’t. With restrictions, the credit has been expanded to include buying a replacement home. Here’s the official IRS video:

Mortgage rates are near historic lows, with thirty year fixed rate hovering below 5%.

mortgage averages

Leominster News In a Nutshell:

Leominster MA cumulative stats 6.1 thru 12.1

What do these numbers mean? Properties are still selling, but looking at how many have sold in the past six months compared to what we have on the market we have nearly six months of inventory. This is if no other homes are listed. A house should be priced well and in the best condition in its price range to have the best chance of being sold. Even so, average market time for a home is close to 5 months, and is creeping up a bit.

Need help putting these figures into perspective? Call me.

Here is a quick look at price shifts over the past 6 months for property on the market, broken down by price range:

Price changes in Leominster, MA