Despite any negative press at the moment the national housing picture is improving. 🙂
Many are trying to predict what will occur in 2009 with Real Estate however if you look at the facts the stars are aligned for a much better year overall. With recent legislation from the federal government such as the 2009 American Recovery and Reinvestment Act which was passed by Congress on February 13th there are now more tax cuts coming to Americans through new government programs.
The most notable program in this bill is the $8,000 first time home buyer tax credit which does not need to be repaid – like last years $7,500 credit. Also, the requirement to fall into the first time home buyer category is only to not have had an interest as owner or co-owner of a property in the last three years. Therefore, you could have sold a home in 2005 or 2006 at the peak and now be in the market looking for a property again. Under these rules you would qualify! This is great news!
Also, there is the Obama administration’s massive $275 billion relief program to keep three to four million home owners out of foreclosure, and to refinance three to four million mortgages where owners can’t otherwise qualify for a new loan because of property value declines.
These two programs alone should help sure up confidence in the Real Estate market for this year. Total applications for new mortgages last week exploded — up by an extraordinary 48 percent, according to the Mortgage Bankers Association. Applications for conventional loans to buy houses were up by 11 percent. With rates so low it is no wonder that many are looking to buy a home.
If you are looking to purchase a property in New Albany, Gahanna, Blacklick, Westerville, or another Central Ohio community, please contact The Raines Group. We offer professional real estate advice and are happy to help you achieve your real estate goals. Please contact us today via our online contact form or by calling The Raines Group at 614-418-7417.