Is now the time for an Adjustable rate? ARMS
Mortgage rates can change daily call a lender for a quote.
WHEDA RATES Click here
MORTGAGE CALCULATOR click here
Current Market update....We are in a buyer's market. For the seller it is essential the property is in very good condition, sensibly priced and market ready. Take the extra time to prepare your property for a sale. Properties in the best condition are still the first to sell. The supply and demand curve now favors the buyer in most price ranges. The bottom line is those properties in the best condition and properly priced are still selling. Buyers should do their research and comparison shop, but be ready to jump fast if the right property comes along.
Wisconsin has been fairly resistant to the larger drop in sales and prices than in some parts of the country. Unfortunately those areas create the headlines and make the market sound worse than it really is.
According to the Wisconsin Realtors Association home sales prices in the state have held up better than the U.S. average in 2008. While home prices declined 9.5% nationally, prices dropped only 3.7% in Wisconsin. Wisconsin Realtor Asssociation president, William Malkasian notes that prices in Wisconsin outperformed those elsewhere in the midwest region too.
It just hasn't been the best time for sellers because there is much more inventory to compete with than the short supply we had a couple of years ago. There are fewer buyers in the mix too. Some price ranges and locations have had some correction, but not as much as you might think. The sellers still seem to be getting their prices on buildings in good condition and properly staged for the market.
GREAT NEWS FOR FIRST TIME HOME BUYERS and REPEAT BUYERS!!!!!!!!!!!
First time buyers have an opportunity for up to an $8,000. tax credit when purchasing a home between now and June 30 2010; the accepted offer must be signed by April 30, 2010 . First time buyers are defined as buyer who have not owned a home during the previous 3 years. There is also a $6500.00 credit for repeat buyers (those who have been in their current home at least 5 years. ) Same dates as for first time buyers. This component of the Housing Recovery Act can effectively create a sizable tax refund the next time you file taxes. There are now no pay back restrictions, unless you sell within the first 3 years! What a way to get some money in your pocket to fix up your new home! Some other fine details:
1. The credit is for 10% of the purchase price up to $8,000.00. for the first time buyers.
2. There are income restrictions. If you are single and make over $125,000.00 only a partial credit will apply, same for married couples making over $250,000.00. Individuals making over $145,000 and $245,000.00 for couples are out of luck.
3. There are extensions up to a year available for those in the military who have served outside of the U.S.
4. These credits apply to owner occupied properties and not investment properties.
Why is this better than a tax deduction? A tax credit is a dollar for dollar reduction in what the taxpayer owes. That means a taxpayer who owes $8,000.00 in income taxes and who receives an $8,000. tax credit owes nothing to the IRS. If you have already paid in $8,000.00 in withholding taxes through the year you will end up with a huge refund check.
Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay.
Verify with your tax professional how the tax credit will work in your situation.
Bottom line is that buyers in the market now are finding the best inventory in many years. Yes, there are some bargains out there. Get pre-approved and start looking. We enjoy working with first time buyers as buyer agents!
color=#ff9900>
