Thursday, October 29, 2009

First Time Home Buyer Tax Credit Extension...?

We may have something here! A senate committee reached a "compromise" yesterday regarding extending the first time home buyer tax credit. Now, it's not law yet, but things are definately looking up! So where would this put us and what compromises are being made? See below for some details.

  • The income limits are being raised to $125,000 for single taxpayers, and $225,000 for joint taxpayers, that's up from $75,000 for single and $125,000 for joint.
  • A $6,500 tax credit has been added for other primary-home purchases, Basically anyone else buying a home that meets the income requirements. - The stipulation here is that you need to have owned your current home for at least 5 years.
  • To qualify buyers need to have executed contracts to purchase in hand by April 30, 2010 - but have an additional 60 days to get the puppy closed. - That's June 30, 2010.
This still faces a vote in the full Senate and the House - so DO NOT consider this a done deal but rather a step in the right direction. Keep checking back to get more updates as we learn them!

Chris Wood
Office: 513-791-2255
One Goal, One Passion!

Tuesday, October 13, 2009

Homes for Sale in Loveland Ohio

Fall in Loveland is such a wonderful thing - A small and tight knit community that celebrates our children with a great homecoming parade through downtown. Lots of floats, all the way down to the first grade cheerleaders and football teams, and TONS of candy! For me, this is the kick off to Fall!

As I review how our real estate market has performed over the past couple of months in Loveland what strikes me first is the Average Sold Price. In August of 2009 the Average Sold Price for Loveland was $268,361 - compared to September's Average Sold Price of $223,126. While the Average marketing time remained the same of about 82 days. This drives home that buyers continue to demand lower prices, and they are getting them.

I imagine as we continue through these fall months that we will continue to see prices fall a bit, The first time homebuyer tax credit does not do much for a community like Loveland, as there is just not much in the way of inventory to support that group. There are bargains in Loveland but as a buyer you need to be activly looking and ready to pounce with your "Highest and Best" offer as you will likely be in multiples. We look to the Spring, to bring about some real estate change and a better balance between the buyers and the sellers. In the meantime, if you are interested in the Loveland area you can call, email, or text your questions to me!

Chris Wood
Office: 513-791-2255
Mobile: 513-382-2474
Star One Realtors