Yeah! Tax credit extended to Existing Home Owners!

From the Associated Press:
"Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30."

This is great news for Buyers who weren't quite prepared to buy and excellent news for sellers who have been wishing for a little something to make moving a little easier! If you are thinking of selling, now is the time to get it on the market..there will be more buyers out there and you can benefit with the $6500 ! Call me today for a free market analysis at 317-513-0141.

Indy Most Affordable Major Housing Market-Again!

Indianapolis, once again, was the most affordable major housing market in the country during the second quarter. Almost 95 percent of all homes sold were affordable to households earning the area’s median family income of $68,100. Indianapolis has now topped the affordability list 16 consecutive quarters.
This is according to the National Association of Homebuilders.

The most affordable market in the country plus the $8000 tax credit make buying a home a smart decision. Are you aware you can purchase HUD foreclosures in Indiana for $100.00 down? Or that if you would like to own a brand new home, many builders have drastically slashed their prices on their market ready homes in order to meet their end of the fiscal year goals?
As it stands now the $8000 tax credit program will end December 1, 2009. this means you must close by November 30th in order to qualify. If you have considered buying a home, please don't let this opportunity pass you by! Ask yourself, "how long would it take me to save $8000?" or "how long would it take me to pay down the equity on a home by $8000?"
Please call or email me today if you have any questions or would like to start looking for a home!
317-513-0141 or stacey@HRrealtygroup.com

Or you can start your search on our website:
http://tinyurl.com/HRrealty-Search

"Perfect Storm" for Buyers

The new Housing bill signed into law this week has created a short window of time for buyers to take advantage of a couple of important programs. The Housing bill will take away one of the most important tools buyers have had to get into a home-the down payment assistance programs. Non-profits like Nehemiah, Neighborhood Gold etc have enabled many people who would not have been able to purchase a home to buy a home (and no, most of them DID NOT DEFAULT!). The housing bill removes the down-payment assistance programs for FHA loans as of Oct. 1st, 2008. We don't know yet if that means you have to close by Oct. 1st or be pre-approve, under contract etc. They are also planning to raise the minimum down payment from 3% to 3.5%.
A big positive that came out of the bill is a $7500 tax credit for 1st time buyers or people who have not purchased a home in the last 3 years. This is good on homes closed between April 9, 2008-July 1st, 2009. This could mean if you are due a tax refund of $1000 at the end of the year, with this credit you would get $8500!
So between now and Oct. 1st, buyers can still take advantage of the down payment assistance and get the $7500 tax credit. Add to this the low interest rates, and the high inventory of homes for sale, you get a perfect storm situation for Buyers! If you have been considering purchasing a home, do not delay. You need to call your Realtor today to see about getting pre-approved and to start the home search process. Oct. 1st will be here before we know it. If you are not working with a Realtor, call us at 866-Home Run (866-466-3786) and we would be happy to help.