1. The Extended and Expanded Tax Credit- First time home buyers were encouraged to take advantage of the $8,000 tax credit before the end of November 2009. However, this great deal has recently been extended to April 30, 2010! Not only are first time home buyers benefitting from this offer, but current home owners are as well. Those whom have owned their homes for at least 5 years are being offered a $6,500 tax credit when purchasing a new home. You can read more about it here.2. Foreclosure and Short Sale Properties - These types of homes account for 30% of sales in October of last year. With such dramatic price decreases on these distressed homes, buyers flocked to take advantage of these amazing deals. This, however, caused many homes on the market to drop their prices in order to compete with the foreclosure and short sale homes.
3. All Time Low Interest Rates- As stated by Yun, interest rates are the third lowest they've been on record since 1971. Recently, the 30-year rate dropped to 4.83%.
As you can see, these conditions are spurring buyers to take advantage of purchasing a home this year! The tax credit, low home prices and extremely low interest rates are factors that will also not be around for long. With the tax credit ending in April- it is strongly encouraged to begin your home search right away. Also, trends show that prices have evened out and are expected to rise next year.
If you aren't quite sure where to start, let me know! I'd be happy to explain these conditions further. If you are interested in making Evanston your permanent residence, take a look at some featured listings currently for sale in this great community! Don't let the amazing opportunity for ideal market conditions pass you by!
Judy Newton
Your Evanston Real Estate Expert
Coldwell Banker
Evanston Real Estate
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