There are some great deals to be had in the real estate market right now, with the incentives from the federal government, home builders, and home owners trying to sell their homes. Some may wonder is there ever a really good time to buy real estate? The short answer to this is yes. Just like the stock market there are times when stocks are low and this is the time to buy. For us right now in the real estate market, we would consider this time a low time, therefore a great time to buy, but maybe not such a great time to sell. Augusta Listing is no different than any other part of the country. Sure there may be better deals in California, Arizona, and Florida, but for the most part the entire market is down and now is a good time to buy anywhere.

Home builders are offering incentives to purchase their homes, home owners are lowering their asking prices just to get the sale, and in recent months the government has offered tax incentives for first time home buyers. All of this with the low prices the market is offering makes buying Augusta Real Estate or any real estate for that matter very attractive. It’s important to keep in mind that when purchasing a home make sure you use a great real estate agent who can help you negotiate a fair deal and help you with the paperwork that is involved. Using a real estate agent can save you time and a lot of headaches if you don’t know what you are doing. If you need an agent for the Augusta Georgia market please visit www.augustalistingexpert.com for all you buying and selling needs.

The extension of the credit should inject some sales into the winter market.  Remember – October-March are the slowest sales months of the year for real estate – people like to move while school’s out and the weather’s good and this is the case for Augusta Real Estate as well.

The bottom line is that nationally, 1st Time Homebuyers accounted for only 36% of sales in 2006, see more at Augusta Real Estate and by some accounts they now account for almost 50% of all sales.  It has provided a good “bump” for sales, but it is far from the cure.

The housing crisis has its roots in the mortgage industry and predatory lending.  One required nothing more than a pulse to obtain a mortgage, and astounding products where rolled out to enable people to afford five times the home they should actually purchase.  Adjustable Rate Mortgages, Alt-A products, and sub-prime loans all caused what we’re now going through – not the lack of a “credit” for buying a home.  There is a natural order to things – we over-built, over-bought, over-spent, and over-borrowed.  Now we’re spending less, borrowing less, and only buying essentials.  Deplete the existing inventory through qualified buyers, and the market adjusts – back to another “Sellers Market.” Visit Real Estate in Augusta Georgia for more information about the market.

Artificially inflating the market with a gallon of tax credit may help in the short run, but it is not the natural order of things.  My milk has an expiration date, I’m glad the tax credit does too.

Good news for home buyers and the housing market recovery. Following the Senate’s favorable vote, the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. We expect President Obama to sign the legislation in short order. You can find more information about the Tracy CA Real Estate and the real estate market at our website.

As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances. You can learn more at Homes In Tracy California and browse our list of featured properties.

Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers.  This should help people find homes in Tracy California and nationwide. We expect that number to increase dramatically in the months ahead with this new legislation in place.