I have definitely seen more buyers vying for homes as the year has been progressing. I have also been running scenarios on renting vs. buying in some areas and the numbers work out great! I have a 2 bedroom/1.5 bathroom condo in the Alum Rock area – with 25% down there is a positive cash flow if an investor snapped it up. But a renter-turned buyer with 20% down could also be getting the benefits of homeownership at the same price as renting – meaning they would have tax advantages so they would be ahead of the game. Continue reading
- Image by studio-d via Flickr
I am very pleased that existing homeowners might be able to benefit from the current credit plan signed into Law this week.
There is a great article on this describing different scenarios for current homesowners – go to http://bit.ly/creditexplained. With low inventory in the Santa Clara County this might spur on the move-up buyers who have been frozen in their existing homes. In turn leaving 1st time buyer to aquire their newly vacate property. I have a number of clients who have had their family size increase while living often in their first home. These home are now undersized. The $6500 credit might be the answer to make the move to a larger home.
Now this is good news. The tax credit that gave the Silicon Valley steam in the real estate market has just been extended!
There are some great new features for those existing homeowners who have lived in their homes for 5 years – they can now get a $6500 tax credit if they buy another home.
Get all the facts here