Tuesday, February 17, 2009
Friday, February 13, 2009
Stimulus Package
Well, we are still waiting for the final details on the stimulus package, but it appears that the "First Time Homebuyer" tax credit will become part of teh final bill. It will not be as bold as first expected, but still a very important step in getting buyers (you) to get active inyour home buying process.
We think it will wind up being a 10%, up to $8000, tax credit for home bought between 12/21/08 - 12/31/09. And the important part is that it will not have to be repaid.
Of course, there may still be other tax implications, but on the surface this appears to be a great tool for home buyers. A first time buyer is defined as anyone that has either never ownerd a home (duh!), or one that has not owned a home as a primary residence on the last three consecutive years. The last draft I read was still a little blurry on whether owning a rental home still allowed for first time status and I will be watching for that, along with other details and pass it along.
Another great news item for the greater San Antonio area is that USAA is bringing 1000 jobs here from other locations! Of course, many will be local hire, but also many new arrivals. Ths will allow more homes to be sold and give the seller market a boost.
We think it will wind up being a 10%, up to $8000, tax credit for home bought between 12/21/08 - 12/31/09. And the important part is that it will not have to be repaid.
Of course, there may still be other tax implications, but on the surface this appears to be a great tool for home buyers. A first time buyer is defined as anyone that has either never ownerd a home (duh!), or one that has not owned a home as a primary residence on the last three consecutive years. The last draft I read was still a little blurry on whether owning a rental home still allowed for first time status and I will be watching for that, along with other details and pass it along.
Another great news item for the greater San Antonio area is that USAA is bringing 1000 jobs here from other locations! Of course, many will be local hire, but also many new arrivals. Ths will allow more homes to be sold and give the seller market a boost.
Friday, February 6, 2009
San Antonio Market Statistics
Here are some statistics on the current San Antonio market:
As of February 5th, we have 10,715 single family homes in all price ranges.
-1962 are under $100,000
-2182 are between $100 - 149,999
-1935 are between $150 - 199,999
-1186 are between $200 - 299,999
-936 are between $300 - 399,999
-524 are between $400 - 499,999
-The remaining 1166 are between $500,000 - $5 Million
For Most home buyers the primary price range is between $125 - 200,000. This is also the largest inventory range as well. However, this range also sells the quickest and has the lowest inventory of approximatley 5 months, compared to 40 months for some of the highest priced homes.
Once our government figures out whether we get tax credits or tax incentives (not repayable), it will be time to take a serious look at buying. Call and we can discuss the options!
As of February 5th, we have 10,715 single family homes in all price ranges.
-1962 are under $100,000
-2182 are between $100 - 149,999
-1935 are between $150 - 199,999
-1186 are between $200 - 299,999
-936 are between $300 - 399,999
-524 are between $400 - 499,999
-The remaining 1166 are between $500,000 - $5 Million
For Most home buyers the primary price range is between $125 - 200,000. This is also the largest inventory range as well. However, this range also sells the quickest and has the lowest inventory of approximatley 5 months, compared to 40 months for some of the highest priced homes.
Once our government figures out whether we get tax credits or tax incentives (not repayable), it will be time to take a serious look at buying. Call and we can discuss the options!
Tuesday, February 3, 2009
Economic Stimulus Update
Here is an update on the Housing Stimulus Package in Congress. You may want to contact your Congressional Rep or Senator to state your support, or not.
A huge incentive would be to eliminate the repayment provision for the $7500 home buyer credit! Read on for more:
U.S. House passes stimulus packageLast Wednesday, the United States House of Representatives passed on a largely partisan vote of 244-188, HR 1, the American Recovery and Reinvestment Act of 2009. The economic stimulus bill, as the legislation is more commonly known, contains a number of key provisions:
-Restoration of the 2008 loan limits for FHA, Fannie Mae, and Freddie Mac to 125% of median home price up to a limit of $729,750
-Elimination of the repayment provision of the $7,500 first-time homebuyer tax credit
-Expansion of tax-exempt housing bonds
-Increased funding for the Rural Housing Service Program
-Additional funding for neighborhood stabilization activities under the Community Development -Block Grant Program
-Incentives to promote weatherization and energy efficiency
-Retrofitting federally assisted housing for energy efficiency
-An expansion of the Hope VI low-income housing construction and rehabilitation program
The House has also addressed a number of housing issues in legislation revamping the Trouble Asset Relief Program. Among the housing provisions of interest in the TARP Reform and Accountability Act of 2009, HR 384, are:
-A mortgage buy-down program to reduce rates below current prevailing market rates
-Increased foreclosure prevention and mitigation efforts
-Ensuring liquidity in the residential and commercial mortgage markets
-Streamlining efforts to unclog the credit markets and increase the availability of credit to worthy customers
Once the Senate passes a measure, the differences with the House version will be worked out in a conference committee.
A huge incentive would be to eliminate the repayment provision for the $7500 home buyer credit! Read on for more:
U.S. House passes stimulus packageLast Wednesday, the United States House of Representatives passed on a largely partisan vote of 244-188, HR 1, the American Recovery and Reinvestment Act of 2009. The economic stimulus bill, as the legislation is more commonly known, contains a number of key provisions:
-Restoration of the 2008 loan limits for FHA, Fannie Mae, and Freddie Mac to 125% of median home price up to a limit of $729,750
-Elimination of the repayment provision of the $7,500 first-time homebuyer tax credit
-Expansion of tax-exempt housing bonds
-Increased funding for the Rural Housing Service Program
-Additional funding for neighborhood stabilization activities under the Community Development -Block Grant Program
-Incentives to promote weatherization and energy efficiency
-Retrofitting federally assisted housing for energy efficiency
-An expansion of the Hope VI low-income housing construction and rehabilitation program
The House has also addressed a number of housing issues in legislation revamping the Trouble Asset Relief Program. Among the housing provisions of interest in the TARP Reform and Accountability Act of 2009, HR 384, are:
-A mortgage buy-down program to reduce rates below current prevailing market rates
-Increased foreclosure prevention and mitigation efforts
-Ensuring liquidity in the residential and commercial mortgage markets
-Streamlining efforts to unclog the credit markets and increase the availability of credit to worthy customers
Once the Senate passes a measure, the differences with the House version will be worked out in a conference committee.
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