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First Time HomeBuyers, What Are You Waiting For?

By Lesley Lambert

Real Estate Agent with Park Square Realty serving Western MA

July 09, 2009 08:33 AM

The clock is ticking on the time left to take advantage of your first time homebuyer tax credit!

I have had many young buyers ask me if I really think now is the right time for them to purchase a home. The answer is YES and not only because I would love to help them. I would say yes to these young people even if I wasn't involved in the real estate industry and this is why:

#1- The tax credit. I had a buyer purchase a home in Springfield, MA, file an amended tax return and get her $8,000 within two weeks after closing!

#2- Home prices. It seems to be unanimous that home values have tabled in the Western Massachusetts area. Buyers can enjoy the benefit of the 5-9% deflation in home values since 2005. Values have tabled and are expected to start gaining in certain areas.

#3- Interest rates. While they have been fluctuating over the past few weeks, an FHA mortgage remains a great option for almost all first time homebuyers.

For more information on buying your first home see my series of informational videos that cover the process from shopping to inspections and beyond. If you have questions about the tax credit, buying your first home or real estate in general, please feel free to contact me anytime!

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Katiejo Franks

Real Estate and Beyond, LLC - Scottsdale, AZ

Thanks for the local update at this time. Have a great day in real estate.

Jul 09, 2009 08:58 AM

Tim Cahill

RE/MAX Results - Arlington, MA

MBA, EcoBroker

I love the widget!!! Great post!

And don't forget to mention to first-time homebuyers that, in addition to the $8k tax credit, they can also have an energy audit performed at the same time as the home inspection, have the costs of the suggest energy-efficient improvements rolled into the mortgage (WITHOUT affecting the LTV or IR, and it also allows an extra stretch on the debt-to-income ratio of 2%), and then they can get even more home for the money!

And the best part is, they continue to save money on the back end with a higher-valued home and lower monthly utility bills! Not to mention being green, helping the planet, and so on.

--Tim

Jul 09, 2009 09:35 AM

Lesley Lambert

Park Square Realty serving Western MA - Westfield, MA

Real Estate Agent - Realtor - Westfield, MA - 413-

Thank you Katiejo!

Tim, do you have a link to further info?

Jul 09, 2009 09:54 AM

Sean Mackie

Mass Realty Tours - Milford, MA

Hi Lesley,

I just wanted to introduce myself and say that I love your videos! You really have a grasp of how to utilize the emerging technology and you make it fun, which is great.

I'm from Milford, MA own a video virtual tour business called Mass Realty Tours. I have just joined the AR network and it's great. http://activerain.com/blogs/massrealtytours

Keep up the great info and if you are ever in need of a tour, I can jump on the Pike and head your way!

Take care,

Sean Mackie
www.massrealtytours.com

Jul 13, 2009 04:01 PM

Anonymous

Julianne Krutka

Lesley, great minds think alike, but even greater minds take it one step futher and turn thiking into doing! Lady I fear you will always be one step ahead of me! I thought about a countdown clock awhile back and didn't bother. Figured why countdown to something that had really just gotten underway....anyhow, nice job!!

Aug 04, 2009 12:09 PM

First Time HomeBuyers, What Are You Waiting For?

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