Just as federal officials seek to wind down many bailout programs, the Obama administration has announced yet another initiative to prop up the housing market.
Administration officials unveiled a plan to aid state and local housing finance agencies, which provide mortgages to first-time and lower-income homebuyers and enable the development or rehabilitation of rental properties. Officials declined to put a pricetag on the program, but said there would be no cost to taxpayers.
The measure will enable housing agencies to lend to hundreds of thousands of families and enable the development or rehabilitation of tens of thousands of rental units. The agencies operate in all 50 states and in many cities.
Congress is considering extending the $8,000 tax credit for first-time homebuyers, which ends November 30th.
The credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, by the end of November, according to estimates by the National Association of Realtors.
Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com
It seems there may be some time for the tax credit as an extension till June of 2010. According to Money.com (http://tinyurl.com/yk452z6), the tax credit was used by 1.8 million homebuyers and 355,000 who would not have purchased a home without it. That’s around 20% where the tax credit has stimulated home purchases. 20% is a fantastic number that shows that a tax credit is a great incentive.
The current November 30, 2009 deadline is indeed stressing some potential home buyers out and the proposed deadline of June 2010 alleviates some of that stress. However, our blog article of “Home Buying: When Hesitating Costs You $8000″ says that it is at least a 3 month process to accomplish the details of a regular home buying process. So, if the tax credit deadline does get extended till June, you should start looking by March at the latest, which is still plenty of time right now. Have a decision by February 2010. If you have not started the home buying process, don’t expect to make the November deadline.
This extension may also help you to buy a more valuable home and a bigger bang for your buck as housing prices in some markets increase. So, watching the housing market is very important.
Many people are finding themselves in a situation of, pay the neighbor’s bills or else lose their home.
Know anyone in this situation of having to pitch in more than their fair share on the utility bills? We’d love to hear about it. Send us your comment and sound off.
Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com
The rise of wireless technology seems to be coming with a price, declining property values, at least to the residents of the Merrick and other communities in the town of Hempstead. The reason is because of the ugly wireless boxes posted on lamp posts in front of homes. The company called NextG from California has posted orange boxes in other to deliver their wireless service.
Several residents and a residential group called Merrick Gables Association have engaged in a lawsuit against the town of Hempstead. Apparently, because NextG is recognized as a utility by the state of New York and the Federal Telecommunications Act of 1996, allows which prevents localities from disallowing the placement of public utilities, the lawsuit has very little merit.
What does this mean for those looking for a home in these areas: When looking for your home, this could be construed as bargaining power to talk the homeowner down some in price! Of course, you need to consider whether YOU would want these boxes in front of your home.
Even if you do not mind these boxes in front of your home and everything looks acceptable, you might want to complain to the homeowner about these boxes and negotiate a lower price!
Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com
