Percentages and time lines are according to CNNMoney.com http://cgi.money.cnn.com/tools/homepricedata/index.html?market=7WA (FiServ Source)
The forecast for Seattle, Bellevue, and Everett home prices for 2010 is that prices will suffer a decline of -2.3% for the time period of June 30, 2009 – June 30, 2010. Real estate national median home prices are also expected to drop nationwide 11% by June 30, 2010. By 2011, home prices will rise +6.2% in the Seattle, Bellevue, and Everett real estate markets, making it a total increase in homes values of 3.9% by June 2011. Depending on the interpretation of these percentages, this looks like good news. My advice to home buyers looking for homes for sale in Seattle, homes for sale in Bellevue, and other areas where this data is relevant is to focus not alone on these numbers, but to buy real estate based on future returns and looking at real estate as a long term investment. There is no guarantee. Final Thought, I'm not sure what part in these percentages the resetting of Alt-A mortgages takes place, but it will be interesting to see once they start to reset here in 2010 and 2011, how many loans will go into default and follow into foreclosure in Bellevue, Seattle, and other King County cities.
To Search for homes in Seattle, Bellevue and other WA areas, please visit my websites at: www.FreeForeclosedHomeTours.com or Alex Mont-Ros Home Search
Sunday, October 25, 2009
Thursday, October 22, 2009
First time home buyers may have more time on tax credit.
First Time Home buyer Tax Credit:
Their has been some changes with when a deal must close by to receive the tax credit for first time home buyers. First time home buyers in Seattle and across the nation are writing up deals before the Nov. 30th deadline to take advantage of the first time home buyer tax credit. First time home buyers having to close before this deadline may run into issues if they are dealing with a short sale or bank owned home. The pressure may be temporarily taken off for first time home buyers looking to buy a home. According to the Kiplinger Tax Letter Vol. 84, No 20, kiplingertax.com, "The credit will be extended for a few months, and Lawmakers will clarify that first time purchasers don't have to complete the sale by the expiration date to get the tax credit. They need only sign a contract. The odds are low that Congress will expand the credit to folks who aren't first time home buyers, or increase the credit limit to $15,000." It is always best to seek advice from an attorney or a CPA in regards to your questions regarding this tax credit. To search homes for sale in the Seattle, Bellevue, and other areas please visit: http://tinyurl.com/ykcltv6 www.FreeForeclosedHomeTours.com or alexmontros.yourkwagent.com
Their has been some changes with when a deal must close by to receive the tax credit for first time home buyers. First time home buyers in Seattle and across the nation are writing up deals before the Nov. 30th deadline to take advantage of the first time home buyer tax credit. First time home buyers having to close before this deadline may run into issues if they are dealing with a short sale or bank owned home. The pressure may be temporarily taken off for first time home buyers looking to buy a home. According to the Kiplinger Tax Letter Vol. 84, No 20, kiplingertax.com, "The credit will be extended for a few months, and Lawmakers will clarify that first time purchasers don't have to complete the sale by the expiration date to get the tax credit. They need only sign a contract. The odds are low that Congress will expand the credit to folks who aren't first time home buyers, or increase the credit limit to $15,000." It is always best to seek advice from an attorney or a CPA in regards to your questions regarding this tax credit. To search homes for sale in the Seattle, Bellevue, and other areas please visit: http://tinyurl.com/ykcltv6 www.FreeForeclosedHomeTours.com or alexmontros.yourkwagent.com
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