Thursday, February 04, 2010

Home Prices Stabilize

ONLY 2 MONTH LEFT TO TAKE ADVANTAGE OF FREE MONEY FROM THE GOVERNMENT.  Yes, you maybe eligible for the home buyer tax credit. This credit is getting buyers into the market place, and helping to stablize home prices.

Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for a tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

Yun, NAR Economist, projects the extended and expanded tax credit will encourage 2.4 million households to take the credit in 2010.

“While new-home sales will remain low due to a lack of construction, existing-home sales are projected to rise to around 5.6 million in 2010,” Yun says. Last year there were 5.16 million existing-home sales.

He added that one of the greatest benefits of rising sales will be firming home prices.

“For several months now we’ve been seeing stabilization in all of the home price measures as inventory is pulled down,” Yun says. “As a result, the housing wealth for many middle class families has begun to stabilize.”

To get started on finding the best home for your budget, contact Buyers Broker of Florida.