Capital Region Home Sales Fall 39% Time to Take Advantage of It! - Saratoga Springs, NY

Capital Region Homes Sales Fall 39%

Time to take advantage of it!

Saratoga Springs, NY

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The Greater Capital District of Realtors released a report Tuesday in which despite record low mortgage rates, home sales plunged 39% from the previous year in July. The expiration of the First Time Home Buyers/ Moving Up tax credit forced many buyers to make up their minds to buy sooner than normal.

Home Buyers Tax Credit

REALTORS expected the decline in July however due to the tax credit expiring. However what buyers fail to realize is now is an even better time to buy a home. The First Time Home Buyers Tax Credit allowed a $8,000 credit if closed by April 30, 2010. The Moving Up Tax Credit allowed for a credit up to $6,500 to buyers that closed before April 30, 2010.

So How Is Now A Better Time to Buy?

In June of 2010, 30 year fixed mortgage rates were a low of 6%. On a $250,000 loan you would end up paying $289,595.47 in interest. Today interest rates are at a record low of 4.5% on a 30 year fixed loan. On a $250,000 loan at 4.5% you would end up paying $206,016.78 in interest. This is a total savings of $83,578.69 Far better deal than $8,000. Buyers can compare interest rates at Bankrate.

Sales Fall

Albany County seems to have been hit the hardest with sales dropping 52% from the previous year. Only 124 contracts were signed. Saratoga County sales suffered the least of counties in the Capital District only dropping 19% from the previous year.

Act Fast for these rates are not bound to last long!

Capital Region Homes Sales Fall 39%

Time to take advantage of it!

Saratoga Springs, NY