This just in from RISMEDIA: Lawrence Yun, chief economist for the National Association of Realtors (NAR) says the housing market and the economy are headed for a sustainable recovery “Given the success of the first-time buyer tax credit to date, and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices,” he said. “In fact, the credit is working better than first projected – it now looks like we’ll have 2.3 to 2.4 million first-time buyers this year.”Here’s an example of how the first-time buyer credit is working in Chico:
I’m currently working with a first-time buyer who is looking for a home in the $190,000 price range. This buyer is getting an FHA loan which requires a 3% down payment (app. $5700). The buyer will be borrowing the down payment money short-term from a family member. When the buyer receives the $8,000 tax credit money in the spring the buyer will be able to pay back her family member AND have app. $2300 left over for furnishings!
Already a home-owner but wanting to change neighborhoods? Be Thankful for the new $6500 tax credit for existing homeowners wanting to purchase a replacement property. More information at Tax Credit Details.
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