$8,000 Tax Credit Update - Arlington, VA
The $8,000 First Time Home Buyer Tax Credit was propsed to be extended to November of 2010 for active military personnel, intelligence officers and foreign service. The House of Representatives voted unanimously in favor of this. The bill, HR 3590 is also expected to pass through the Senate with no opposition as well.
This extension gives military personnel serving overseas the opportunity to take advantage of the home buyer tax credit that many stateside military and civilain residents were able to enjoy. In order to qualify, 90 days from the current calendar year must have been spent overseas.
The real question is, will the $8,000 home buyer tax credit be extened for everyone else? It seems to reason that this might be a test run to see whether on not the $8,000 will be extened to all buyers (not just first timers). But I have to say, for Arlington area home buyers I don't think it will make much difference. My experience with many buyers looking for homes in Arlington and Alexandria has been one of indifference when it comes to getting their tax credit. Most don't seem to really care, even those that are buying homes below $300,000. Heck, I'll take their $8,000 ;-) In fact, I've had two buyers recently who could have really used the $8,000 but they just dragged their feet way too long and now they aren't going to get the money. In fact, one of these buyers was eligible for $18,000 and didn't take advantage of it!
I'm not sure if extending the $8,000 tax credit will mean much in the suburbs of Arlington and Alexandria, but I'd like to see come spring of 2010.
If you or someone you know have questions about the $8,000 tax credit or are looking to buy a home in the Arlington or surrounding areas
Arlington, Virginia (and really, most of Northern Virginia) have long been one of the country's most unafordable areas to purchase housing. Residents who wished to live in areas like Arlington or Alexandria/Old Town have had to previously rent due to the high costs. As long term renters, most first time home buyers are very familiar with the neighborhoods and the area in general. They have never had a better opportunity to purchase their first home. Home prices have come down quite a bit from their peaks in 2005, interest rates are very low right now and to top it off there is an $8,000 tax credit being offered by the government in an attempt to stimulate home sales and the economy (that a discussion for another post).
So what's the rub one might ask? Well, with all of these factors coming together right now it has created a frenzy in the $400,000 price range and under. Cash buyers are stepping in and buying lots of the great deals out there. From single cash buyers to groups of buyers that are banded together as investors, most people have recognized that it's a good time to buy a home (that is if it makes sense for your situation).
Sometimes the difficulty in purchasing a home under $400,000 is a result of unrealistic expectations on behalf of the buyer. There is so much activity in this price range that there just won't be any steals, especailly homes in move in condition. That's where a savvy real estate consultant can help you to formulate a good strategy that fits with your goals and objectives and can maximize your buying potential.
Additionally, while REO's/Bank Foreclosures seem to be attracting most first time home buyer's attention, there are plenty of "other" good deals out there to be had. A Realtor with good analytical and negotiating skills can help that first time buyer get the deal that they are looking for in a competitive buying scenario. that's where the rubber meets the road, so to speak.
For those looking to buy their first home, it's a good time to consider making that purchase. Seek out someone who can provide some guidence, formulate a strategy and help you execute it. Then, it's time to enjoy your success!
A friend's blog post inspired me to write this, I've been thinking a lot about it lately.
What's the deal with ALL THESE BUYERS?!
I'm getting lots of people coming through my website or emailing/IMing me directly lately. They are serious home buyers with money to spend in Arlington and Alexandria, they just want homes that are retailing for $550,000 and they want them for $400,000. What?! Talk about crazy. It's become so epidemic that I have to do something as all my bandwidth is getting eaten up trying to help these individuals understand that the market won't be providing them what they want at their price. So, they either have to increase the amount of money they wan't to spend or lower their expectations. My vote goes to lowering their expectations.
So what to do, what to do...??
Bottom line is that homes in Arlington and the surrounding areas are expensive purchases. If one can't get what they want for what they are willing
to spend, maybe they should continue to rent? Buying a home simply isn't for everyone. You've got to know what the housing market is willing to bear and be willing to pay those prices. But how does one know what to pay?
That's where a good agent can really help. I recommend geting together for 20 minutes or so prior to actually searching for homes. As you may or may not know, the choices you make today will impact you for many years to come. You deserve 20 minutes to sit down with a trusted real estate advisor who will ask critical questions, listen vigilantly, and craft a strategic plan for you.
If you're an interested in buying a home, contact me and let's look at our schedules and set up a 20 minute consultation. Call
703-930-5800
Contact Justin Dibbs of Dibbs Realty Group of Keller Williams Realty, Arlington, VA.
Realtors, call 703-930-5800 to list your property for sale in Arlington, Alexandria, Old Town, Falls Church, Vienna, Oakton and McLean areas.
Pricing Your Home to SELL! The key to selling a home in today's real estate market is PRICE! Price is king and buyers in this real estate market are often comparing all types of potential properties from foreclosures and short sales to traditional sales when they analyze their options. So, when selling your home in this real estate market, perhaps you should consider my 30-60 -90 day pricing strategy. When choosing a price, if one were to select the 60 day or 90 day price and there are no showings or offers on the house, a price improvement is likely necessary. This should be reviewed every 2 weeks until there is an offer or multiple offers on the house. Another good idea is for the seller to do a home inspection on the house. This will reveal any potential problems that could come up during the purchase process. Items that pop up on an inspection can often cause issues and sometimes prevent the sale of a perfectly good property. Following this strategy when selling your home in this real estate market is sure to net you the most money with the least amount of hassle. If you or someone you know needs to sell their Arlington area home and wants more details on my 30-60-90 day selling strategy call 703-930-5800 Contact Justin Dibbs of Dibbs Realty Group of Keller Willimas Realty, Arlington, VA. Realtors, call 703-930-5800 to list your property for sale in Arlington, Alexandria, Old Town, Falls Church, Vienna, Oakton and McLean areas.
This pricing strategy can help save you from potentially long and difficult problems when selling your home. The 30 day price is an honest and up front price that will get your home sold in 30 days or less, low hassle no anxiety. The other 2 options are a 60 day and 90 day price, both of which are based off of the 30 day price. The 60 day price allows for some negotiating room while the 90 day price reflects a home that will be on the market 90 days or more and will be priced with 75% or more of the existing home inventory. I would avoid the 90 price at all costs. The choice is then yours to make. In addition, I certainly recommend staging a home so that you will get top dollar, in the quickest time possible with the least amount of hassle. Adding a room by room review and some tips on what to do, but more importantly what not to do to sell your home for top dollar round out my strategy.
Arlington area Short Sales are Good Deals for All!
I really enjoy working with sellers owe more than there home is worth. In other words, short sales. Let me clarify...
I know there are lots of people out there in Arlington and the surrounding areas that need to sell their homes and they owe more than the home is worth. When this happens, there are 3 options available:
Call me directly at 703-930-5800 or contact me by email
Contact Justin Dibbs of Dibbs Realty Group of Keller Williams Realty, Arlington, VA.
Realtors®, call 703-930-5800 to list your property for sale or to purchase a property in Arlington, Alexandria, Old Town, Falls Church, Vienna, Fairfax, Oakton, McLean area's.
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Providing real estate expertise in Arlington County and Alexandria City. "If you're not happy with the home you buy in 18 months, for any reason, I'll buy it back or sell it for FREE!"
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