I read an article in the Wall Street Journal this morning that talked about the Federal income tax credit for first-time homebuyers. Presently, first-timers are eligible to receive 10% of the purchase price of the home up to $8,000. There are limits though, based on income and the program is set to expire December 1st.
Now, Republican Senator Johnny Isakson from Georgia is trying to up the ante, proposing to give first-time homebuyers a $15,000 federal income tax credit when they purchase a home. He's introduced legislation to that effect and he has received some support from the other side of the aisle. Sen. Isakson pushed for this plan to be included in the $787 Billion stimulus, but he lost.
Would $15,000 move you off the fence if you were thinking about buying a home? I know it would get me off, and fast!
Remember, to search the Marin County MLS, visit www.BestHomesMarin.com.
For many Marin homeowners, being underwater with a mortgage is the new reality. Recently, HUD announced plans to help homeowners who owe more than their home is worth the opportunity to refinance 105% of their home's value, provided they met certain qualifications.
Now the option to refinance will be extended to homeowners who are even further underwater.
Yesterday, HUD Secretary Shaun Donovan announced in Las Vegas that the plan will expand to include those 125 percent underwater on their mortgage but still current on their payments.
(More than 20 percent of all homeowners in Marin County who have mortgages are underwater. Note: We're not talking about the loan modification, payment-reducing part of the federal Making Home Affordable program here, but the option to refinance the loans if you're underwater.)
There is a catch: The borrowers' loans must be owned or guaranteed by Fannie Mae and Freddie Mac. Both agencies have loan lookup programs to determine whether you qualify.
An interesting trend has taken shape in recent weeks in Marin County. Sellers are disappearing!
Take Novato, for instance. Sales right now are brisk, with half of all homes on the market in escrow. While that points to a return to a Seller's market, there are just 347 homes listed for sale currently. Typically, at the height of the Spring/Summer selling season, we'd have about 450 homes and condos for sale. Roughly 1 in 4 homes are missing!
Several factors are causing this. First, and most obviously, Sellers have been hit with falling prices and many may simply choose not to sell while the market is down. Problem is, from where I sit, it isn't coming back anytime soon, so for some, it may be a long wait. That means plans and lives may be put on hold for something that may or may not happen in the next 5-10 years.
Another factor affecting the inventory of homes for sale in Marin County is unemployment. A big driver of home sales here is the constant churn of executives being relocated either to or from the Bay Area. Fewer opportunities are out there than in the past, and that means more people are staying put. The local unemployment rate is relatively stable, so those who still have their jobs are more content to stay put and to ride this thing out.
For a complete search of the Marin County real estate market, be sure to visit www.BestHomesMarin.com.
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