Printer-Friendly
Email this Story
Post a Comment (0)
New Housing Law Benefits Home Buyers
New Housing Law adds up to Real Advantages for Home Buyers
If you've been waiting to buy a home, now may be the right time. On July 30th, 2008 the President signed into law the Housing and Economic Recovery Act of 2008 that includes several provisions benefiting those entering the market and homeowners seeking mortgage relief.
The measure includes a $7,500 tax credit for first-time home buyers, reform of the government-sponsored enterprises (GSE) (Fannie Mae and Freddie Mac), permanent increases to both GSE and Federal Housing Administration (FHA) loan limits and a program to expand FHA that would allow more homeowners to refinance their mortgages.
With the passage of the housing bill, it's easy to understand that the advantages of purchasing now are at the highest in many years. The $7500 tax credit, low interest rates, lower home prices and new conventional financing options are attractive incentives to those looking to purchase a home although some will not last forever. The $7500 tax credit is only effective until June 2009 while market conditions and home prices in Loudoun County are on an upward trend indicating that the best time to maximize these market advantages may be now.
In fact, at the end of June 2008, existing home sales rose 8% from May and 19% from the same time last year according to the Metropolitan Regional Information Systems (MRIS). Loudoun County's inventory levels and average days on market decreased since May while median home sale prices - the point at which half of the homes sell for less and half for more - rose slightly.
The best way to decide if it's a good time for you to purchase a home is to contact a REALTOR®. They can provide solid advice on neighborhood market conditions and help you find the home you've always wanted. Follow these links to find a REALTOR in your area and explore neighborhoods in Loudoun County.
You must be logged in to post a comment.