Don’t (Necessarily) Say No To A Foreclosed Home - and other reasons to BUY NOW!

Sometimes during our search for real estate in the Charlotte area, we might overlook foreclosed homes--since there are so many great properties available. The forclosure seizure often leaves a stigma on these properties, but one that is fairly misunderstood. Foreclosed homes are often in just as good of condition as any other home on the market. But the benefits of buying a foreclosure home have never been better, thanks to two major factors. Home prices are at record lows and rare government incentives are available for a limited time…But neither factors will last forever!

Record levels of foreclosures hitting the market at the same time in Charlotte is keeping their prices low, and dropping. While their isn’t much wiggle room or bargaining with these properties, they are always deeply discounted… Many at a rock bottom price, and they probably won’t last, so consider buying now. The economy is already beginning to rebound, and the foreclosed homes will not stay on the market for long.

Now to the tax credit…The foreclosure tax credit gives buyers of foreclosed properties a $7,000 tax credit. This credit is to be divided equally between the two years following the home’s purchase. (For married couples filing separately, the credit will be divided into $3,500 per person.) One catch is that the credit is only available for real estate bought as your principle residence – not as investment property. You’d have to use the home as your home for the 24 months following the purchase date in order to receive the full $7,000 credit.

Would you like more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out http://www.minthillrealty.com/

Homebuyers...May Want to Wait to Move Up

While home prices in the Charlotte area are showing signs of recovery on the lower end of the market with the government's first time home buyer incentive bringing in new buyers, higher end home prices will likely take a while longer to rebound.

Why? There is an unfortunate, but large supply of homes that have, and will be hitting the market in 2010. Foreclosures caused by continued and rising unemployment and adjustable rate mortgages will soon be flooding the market, and affecting the larger and more expensive homes.

So if you are a first-time home buyer, or in the market for the mid to low-end home, now is an excellent time to take advantage of low interest rates, incentives and low-prices. But if you are looking at moving up into that big beautiful high-end dream home in Charlotte, you may do well to wait a year until the market has bottomed out, and home prices for that range at at their low!

If you would like more information about whether now is a good time to buy for you, contact Rich Ferretti at 704-564-0807.

Would you like some more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com