Move up/repeat home buyers, don't wait too long to find out about the $6500 Tax Credit. The deadline to be under contract to purchase is April 30th, with a close date no later than June 30th.
This down market is wonderful for move up buyers because what you might lose on the sale of your existing home, you have the opportunity to more than make up for when you purchase a larger home.
As an example, if your existing home had been worth $200,000 but is now worth $190,000 (5% reduction) you might lose $10,000 on the sale.
If you buy a house that had been worth $400,000, and it is subject to the same 5% reduction you would pay $380,000; gaining $20,000 on the purchase and giving you a net gain of $10,000.
If you qualify for the $6500 Tax Credit as well, that’s like $16,500 in your pocket!!
For more information, please call Karen at (256) 348 1527.
Search for a home in Madison or Limestone Counties, at: KarenJRice.com
To request a customized Market Snapshot showing recent real estate sales activity, including SOLD prices and days on market, please visit MadisonALPropertyValues.com
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