With the new package released this week, I am happy to see that at least the $8000 first time home buyers credit made it. I was really hoping for the $15,000 credit to all primary homebuyers, as proposed by a bill, as that would have had a major impact on home sales. However, the $8000 credit for first timers should really get the ball rolling for those homebuyers who have been on the fence. This credit does not have to be paid back if you keep the home for at least three years, and is for anyone who has not owned a home for at least three years. The rates are looking better every day and even though there has been some tightening of the qualification requirements, FHA still offers loans with as little as 3 1/4% down! Here in Helena home sales are still holding their own with about 60 homes under contract as of this week. One of my appraiser friends just stopped by and said that they are really busy, and that is usually a pretty good indicator of the overall market activity.
My guilty pleasure lately has been searching for homes on Realtor.com in Florida and Las Vegas. Amazing what your dollar now buys you there....Homes that sold for about 350K in 2006 are now selling for 200K and less. Opportunities galore for anyone who missed the boat a few years ago; unfortunately at the expense of a lot of homeowners there.
It is snowing here today, and one of those 200K waterfront homes in Orlando is sounding pretty good right now.....
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