If you have slowed down your efforts find your new Ascension Parish home because you figured that you could not complete your sale in time to qualify for the $8000 first time homebuyer tax credit, put on your shopping shoes!  Not only is the credit extended till next April, it's now offers some new provisions that will help you as a first time buyer and also help existing homeowners who want to move by offering a $6,500 tax credit. The redesigned credit allows you to make more money and still qualify ($125,000 for single, $225,000 for married, phase out of credit for incomes up to $20,000 higher.)  For repeat buyers, the only consideration is that they must have used their current home as a primary residence for 5 of the last 8 years.

By extending the credit to more potential buyers, the credit will help everyone.   First time buyers typically buy homes at the lower end of the price spectrum, while current homeowners often are ready for a more expensive house when they are making their second or third purchase.  Some folks who are ready to move have been put off by the prospect of a slow sale, so have put their moving plans on hold. With the new credit available, there will be a renewed interest in both starter and move-up homes.

Right now in Ascension Parish, the average home price hovers around $217,500 for new homes and $208,782 for resales.  There is a 3 month supply of homes under $100K and about a 5 month supply of homes up to $250,000.  For homes in the $351-400K range, the inventory is 18 months, while homes over $400 have a 40 month supply.  The new credit is likely to open up more buying opportunities for entry level buyers and encourage the sellers to buyer properties that are likely to be more costly.  It is good on properties up to $800,000.

Though the new credit is good through April 30, 2010, you are only required to have a contract in place, but the closing need not be complete until July 1, 2010.  Currently, the credit that was due to expire on November 1 required the closing to be complete by that date.  Given that the whole loan-appraisal-closing ritual now takes longer, some buyers were likely to be clogged in the pipeline as the credit expired, while others put off the purchase figuring they would make it through in time. With the new credit, buyers with contracts have three months for the process to be completed.  This means you can buy in confidence right up to April 1, with the knowledge you will be able to claim the credit.

This is also good if you want to buy a newly built home.  Even if you are just looking at the floor plan today, you have plenty of time to buy one of the beautiful homes now under construction in Prairieville, Gonzales, Sorrento, or Geismar.  Builders have tended to construct model and a small quantity of homes so they are not left with unsold inventory, but could easily build more to accommodate buyers like you New home sales are on course to approach 500 homes in the parish this year.

Sandy Ogburn-Sandlin and her team at Re/Max Excellent Properties can explain all the details of the new credit to you, as well as show you the best new and resale homes in Ascension Parish as well as neighboring cities in the Greater Baton Rouge market.  It's likely that homes will move quickly with the new incentives in place, so contact Sandy's Team today to jumpstart your housing search!