The Real Estate Market is Getting a Much Needed Boost
President Bush signed the Housing Stimulus Bill yesterday to create the Housing and Economic Recovery Act of 2008. The National Association of Home Builders has been urging congress to pass some form of legislation to help the housing market, and this is the response they got. The biggest hope for the Housing and Economy Recovery Act is a temporary tax credit for first-time homebuyers. If you are a first-time homebuyer and you purchase a home before July 2009, you are eligible for a $7,500 tax credit. Industry professionals are hoping this is the extra motivation needed to drive more buyers into the market. Of course, $7,500 does seem like a fantastic incentive. Ideally, this will help to diminish the number of inventory homes available, which will stabilize the real estate industry.
However, there is a negative to all of this encouraging news. If the housing tax credit does do everything it is expected to do, there will be a shift in the supply and demand. As the number of available homes on the market decreases, the demand will increase, and all of the fantastic values and homebuyer incentives offered by homebuilders will vanish. With this fact in mind, it’s safe to say that now is definitely the time to buy, especially if you are a first-time homebuyer. To help answer any questions you may have about the tax credit, (Continued…)
Benefits to Owning a Home
Know Atlanta, a guide for people relocating to Atlanta, recently published seven benefits of owning your own home. The article really gives some good facts and solid numbers that can help individuals decide whether to rent or buy. The article first talks about the benefits of tax breaks on your mortgage, property taxes and other costs involved in buying a home. Also, on average, homes have appreciated about 6.5% each year since 1972 and have appreciated 88.5% on average in the last ten years making buying a home a great investment. The article also reminds homebuyers that their (Continued…)
Want More Sales?
The Sales and Marketing Council for the Home Builders Association for Greater Chicago (HBAGC) is hosting an education class tomorrow morning from 8:45 am until noon at their training center in Addison, Illinois. The cost is only $25.00 and includes a continental breakfast. This is a really great way to learn how much the declining market really has on home appraisals, as well as about Down Payment Assistance (DPA), Private Mortgage Insurance (PMI) and how to improve your credit score. The conference focuses on educating you about the real positives and negatives of today’s market, and then talks about how to react so that you can make more sales. Space is limited to thirty people in this educational class, which will allow for questions and better information.
Mark Your Calendars for a Beneficial Chicago Real Estate Event
Chicago Agent Magazine is hosting a Fall New Construction Collection on September 10, and if you are involved in the Chicago real estate industry this is a can’t-miss opportunity. So go ahead and add the event to your calendar, don’t just “pencil it in” because that can be erased, be sure to use permanent ink, and be at the W Chicago City Center at 6:00 p.m. on September 10th. All of the hottest new construction will be showcased under one roof. For real estate agents, you can see the newest developments in the Chicago area, which will help you better serve your clients, and, for homebuilders, you can learn what the latest trends are and what you need to do to stay on the cutting edge.
It’s not too late to add your new construction project as one of the featured developments for the evening - just contact Theresa Tellock at Theresa@chicagoagentmagazine.com. For all other real estate professionals planning to attend and take advantage of this fantastic opportunity, RSVP at RSVP@chicagoagentmagazine.com.
