It has been extended until April 30th, 2010 and includes current owners as well -
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It looks like the $8,000 tax credit for first-time home buyers will be extended until April 30th of next year and expanded to include repeat home buyers.
Here are some key points of the proposal:
– A proposal from Senate Democrats would extend the credit to home buyers under contract by April 30 as long as they close the sale within 60 days. They would have to remain in their new homes for three years or otherwise repay the credit.
– Senate Finance Committee Chairman Max Baucus said the new plan would offer a $6,500 credit for home buyers who have lived in their prior residence for at least five years. Couples earning up to $225,000 and individuals up to $125,000 would qualify for the break, Baucus said. That’s up from the current $75,000 limit for individuals and $150,000 for couples.
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I just listed a great house. It is super close to my favorite beach, Brackenberry in Beverly Cove. Or you can take a quick stroll down to Lynch Park. The house is perfect for starting out or downsizing. One level ranch with a really big back yard, gorgeous kitchen, fireplaced living room and two car garage. Just perfect!
200 Hale Street Beverly – Offered at $358,000
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So I put on a great house a couple weeks ago, priced at $269,000. It is a large house, dated, but good bones. I had two open houses, Saturday and Sunday with 45 groups coming through to look. We got an offer right away. Well, a little buyer’s cold feet, more repairs than they liked and it is back on the market. I post it on MLS and have showing requests right away and then 2 more offers. We think we got a keeper this time.
It is just amazing. If you have a home, under $325,000 that is priced right, it will sell and fast.
Wondering why?
- Rates are 4.875 today!
- The $8,000 Tax Credit is due to expire November 30th
- There is very little inventory.
In Beverly – right now, there are 15 listings under $300,000 and 7 already have accepted offers.
Danvers – 20 listings under $300,000 and 10 with accepted offers.
So if you or someone you know is on the fence this is the time to jump!
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Printed Salem Evening News
August 31,12009
By Steve Landwehr
STAFF WRITER
Interest rates are down, first-time home buyers can get up to an $8,000 tax credit and consumer confidence appears to rising.
Any or all of those factors may have contributed to a 12 percent increase in recent single-family home sales statewide, mirroring the general level of activity on the North Shore, although results varied widely from town to town.
Compared to sales last July, home sales in the commonwealth were 12 percent higher in July 2009, and median prices, while still declining, dropped less than they have been, down 4.7 percent to $305,000 from $320,000. It was the first month this year sales have risen compared to the same month last year.
Of the four largest communities on the North Shore, Danvers, Salem and Peabody all saw home sales jump, although prices were down, as much as 12 percent in Peabody and as little 4 percent in Salem, close to the statewide average.
However, while Beverly sales dipped 26 percent compared to last year, it appears homeowners got closer to their asking prices, with the median price marginally up just over 1 percent.
And in Middleton, a hot market until the recession hit, sales dropped nearly 29 percent from a year ago, yet prices climbed just over 7 percent. And for the first seven months of the year, Middleton prices are 18 percent over the previous year’s.
Aside from Wenham, where sales are statistically difficult to extrapolate, Swampscott was the hot spot in July 2009, with total sales up nearly 54 percent. But while homes were moving, sellers were getting $44,500 less, on average, than a year ago, a 13.45 percent drop.
In Peabody and Salem, the only two North Shore communities where median selling prices were less than $300,000, sales were sharply up compared to last year, 32 and 35 percent respectively. In Marblehead, the only town where median prices were over $500,000, sales were down nearly 30 percent.
That reflects a nationwide trend, local Realtor Kathleen Sullivan said.
“The first-time buyer tax credit has definitely had a positive impact,” said Sullivan, who along with her husband, Terry Sullivan, owns Remax Advantage, with offices in the Cummings Center in Beverly. “The price range that’s hurting is the higher price range. The government hasn’t given any assistance for jumbo loans.”
And while July’s snapshot shows signs of improvement, the first seven months of 2009 were still slow compared to the previous year in nearly every community on the North Shore.
But in Ipswich, Salem and Topsfield, sales are ahead of 2008, from 34 percent in Salem to just under 12 percent in Ipswich.
Information obtained from the Warren Group was used in this report.
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WASHINGTON—New home sales rose last month at the fastest clip in more than eight years as buyers eagerly took advantage of bargain prices — a clear sign, economists said, that the real estate market may finally be bouncing back. Discuss COMMENTS (33) Historically low interest rates and a federal tax credit for first-time homeowners also helped push home sales to their highest level since November, the Commerce Department reported Monday. While home prices are still falling around the country, sales have now risen for three months in a row. Construction of new homes is at the busiest level since last fall. And home resales rose in June for the third straight month. “The worst of the housing recession,” said David Resler, chief economist at Nomura Securities, “is now behind us.” And as with the overall economy, the “recovery” is likely to be slow and arduous, he said. To read the rest of this article on Boston.com click here.
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Check out this new change! Use the tax credit as part of your down payment! If you or someone you know is thinking of making a move this is a great opportunity to help out with closing costs or down payment. Reminder: You must use a Mass Housing loan to get this benefit.
At a press conference yesterday at the State House, MAR President Gary Rogers joined Governor Patrick, Lt. Governor Murray and MassHousing Chairman Dirrane announce Masshousing’s new loan program that allows first-time home buyers to “monetize” the $8,000 Federal homebuyer tax credit for downpayments and closing costs.
(From left) Worcester homeowner Thomas Gusha, Governor Patrick, MAR President Gary D. Rogers and Lt. Governor Murray speak with reporters about the new MassHousing program.
“MAR is very proud to have been a resource for the Patrick/Murray administration and MassHousing in the creation of this new program,” said MAR President Gary Rogers. Massachusetts now joins a small but growing number of states that have developed a unique way to allow buyers to access the credit at a time when it can be most helpful in the home buying process. In fact, a study just released by the National Association of REALTORS found that 82% of would-be home buyers believe that saving enough for a downpayment is still their biggest obstacle to home ownership.
Almost immediately after the $8,000 tax credit was signed by the President, MAR began working with MassHousing to explore ways that the credit could be used for a downpayment. “We are very pleased that the Patrick/Murray administration and MassHosuing have been able to make this happen,” said MAR CEO Rob Authier who had numerous discussions with MassHousing on the creation of the loan program. “We think it will help many people become homeowners in the Bay State.”
For more information on this loan program go to the Homebuyer Tax Credit Loan Program page at www.MassHousing.com.
Almost immediately after the $8,000 tax credit was signed by the President, MAR began working with MassHousing to explore ways that the credit could be used for a downpayment. “We are very pleased that the Patrick/Murray administration and MassHosuing have been able to make this happen,” said MAR CEO Rob Authier who had numerous discussions with MassHousing on the creation of the loan program. “We think it will help many people become homeowners in the Bay State.”
For more information on this loan program go to the Homebuyer Tax Credit Loan Program page at www.MassHousing.com.
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My new listing in the Gateway in Beverly is in a perfect spot. You can literally walk to EVERYTHING! The commuter rail is 2 blocks away. Quick 30 min ride into Boston, fabulous downtown restaurants like Soma and Organic Garden, Cabot Cinema, the beach, shoppes, what else do you need?
The condo is a very spacious two bedroom two full bath unit on the first floor with a balcony overlooking the pool. One off street deeded parking just in case you aren’t quite ready to go off the grid.
Offered at $229,000 – See photos and get more info on the “My Listings” page. Check out the Walk Score here.
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Published on June 17, 2009 | Media Buyer Planner
Home buyers in the U.S. are twice as likely to use online sources than print sources to find information about open houses they are interested in, according to a survey commissioned by Trulia and conducted by Harris Interactive.
The study found that 62% of U.S. home buyers use or plan to use online sites to find open houses, compared with 53% who use/plan to use information from real estate agents, 36% who use/plan to use neighborhood signs and less than one-third (31%), who use/plan to use print sources, including newspapers, writes Marketing Charts.
Though many home buyers rely upon a range of different sources to gather information about open houses, 41% say online sources are their primary resource, while 14% cite print sources, the survey found.
“The real estate section of the weekend newspaper is no longer the go-to resource for open houses,” said Sami Inkinen, co-founder and COO of Trulia. “Home buyers are increasingly going online to not only search for the most up to date listings but also to obtain rich information about the neighborhood, schools, and local shops.”
Inkinen added that online sites – such as Trulia – and related iPhone applications have experienced dramatic growth in recent years because they enable home buyers to search for open houses in neighborhoods that interest them, sign up for email alerts and learn more about the local areas in which they’re looking.
“We used to see home buyers walk into open houses with a newspaper in their hands,” said Aman Daro, vp of integrated marketing at McGuire Real Estate in San Francisco. “But now they walk in with print-outs of their search on the web. What’s more, consumers are walking in very educated from their online research – they know details about the property and the neighborhood, and are more highly engaged in the process than the causal lookers of years past.”
About the survey: This April 2009 survey was commissioned by Trulia and conducted online within the US by Harris Interactive via its QuickQuery(SM) online omnibus between April 23-27, 2009 among 2,715 U.S. adults ages 18+. For purposes of the survey, “home buyers,” have been defined as the 192 respondents in this sample who purchased a home in the past 12 months or plan to purchase a home in the next 12 months. Results were weighted to be representative of the total US adult population on the basis of region, age within gender, education, household income, race/ethnicity, and propensity to be online.
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