•1. The foreclosure mess is not as bad it may have first appeared. Bank of America and GMAC have already lifted the moratorium in many states finding no significant problems. And the Secretary of HUD has said they have found no systematic issues in underlying documents. But it has been also reported that banks repossessed the highest number of homes in history in September.
•2. Is there a 3.8% tax on sales in the new health care bill? The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won't apply to the first $250,000 on profits from the sale of a personal residence - or to the first $500,000 in the case of a married couple selling their home.
•3. How can it be a good time to sell AND a good time to buy? Because the most important thing to sellers is price (with more distressed properties hitting the market in the coming months (see #1) there will be more downward pressure on prices) and because the most important thing to buyers is cost (cost is the mortgage payment every month and if interest rates rise in the coming months as predicted the cost is lowest now).
Contact Sunny Yates at 704-737-1732, for all your Charlotte Real Estate and Lake Norman Real Estate needs!
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