Good Time for Home Buyers - Herald Jouranal Article quotes Cornerstone

• Good news for buyers

  Cornerstone Real Estate was quoted in the News as the Logan Utah Real Estate Market Experts. Funny thing is that this article took one stat from the FFHA and made false assumptions that Logan's home prices were up. That just isn't reality. That stat was taken from Mortgage Loan Values as well as Home purchases during the second quarter. The actual price of homes sold was substantially down in Logan, not up. If you bought a home a year ago and are planning on selling now, don't expect to get more than you bought for (unless of course you got a screami'n deal).
  

  tags: logan, herald journal, buying

  • Buyers of relatively inexpensive houses like the Knights are helping keep Logan’s housing market moving, said Ben Brown, owner of Logan-based Cornerstone Real Estate Professionals. The cheap stuff is getting snapped up, he said.
    
    “First-time home buyers are what drives any market,” said Brown. “The government hit it right on the nose with incentives. In our market it’s worked extremely well.”
  • According to data from the Multiple Listing Service, the average sale price of a home in the Logan area in June 2008 was $193,919, while in June 2009 it was $174,894 — a 10 percent drop. Sale prices were about 6 percent lower in July 2009 than in July 2008.
    
    Speaking of the lower-than-$200,000 market, Brown said, “It’s just recovered quicker and never dropped as severe” as higher-end housing.
    
    Sales of homes in the $300,000 to $400,000 range remain slow, said real estate agent Alan Barker, contributing to a flood of available properties. The approximately 850 houses on the market in June was double the number in the summer of 2007.
    
    Sales the first few months of the year were off 20 to 30 percent lower then in 2008. Activity picked up in June and July when about 200 homes sold. Still, the inventory backlog is seven to eight months, Brown said — not as bad at the 12-month inventory of a few months back but still significantly off the four to five months of a normal market.
    
    “There’s still enough inventory that prices aren’t going up anytime soon,” said Barker. “It’s good news for buyers.”
    
    
    It is still great news for buyers. I predict that the housing market will continue to move and inventory will decline through November. I think real estate this winter will be very slow though, especially with the end of the first time buyer tax credit November 1st.

$8,000 for First Time Buyers if you buy by December

As part of President Obamas homeowner plan, first-time home buyers can receive up to a $8,000 tax credit that can be claimed on either their 2008 or 2009 tax returns if they buy before December of 2009.

This will be given as a tax credit even if the buyers tax liability is less than $8,000. Unlike the old $7,500 plan, this tax credit will not have to be repaid. Only first time home buyers will be eligible for this tax credit. Taxpayers are considered first time buyers if they have not owned a real estate in the last three years. They also have to commit maintain this home as their primary residence for three years.

There are income restrictions for qualify for the tax credit, but it likely won't effect many first time buyers in Logan. Buyers gross income must be less than $75,000 for individuals or $150,000 for married couples.

This is going to greatly stimulate the Utah Real Estate economy.

So first time buyers, it's time to consider purchasing real estate in Utah.

The best way to get started is to start searching Cornerstone Real Estate's online search site, and get prequalified by a quality mortgage lender.

7,500 Tax Credit for First Time Buyers is Official

It's official.

First time home buyers who make less than $150,000 annually ($75,000 if single) qualify for a $7,500 tax credit if they purchase a home by the end of June next year. President Bush passed the Housing and Economic Recovery Act of 2008 today.

This winter will be the a great time for first time buyers in Logan. There is lots of selection, many motivated sellers willing to accept low offers, and now a $7,500 savings on taxes.

This tax credit does have a catch though. It's really just an interest free 15 year government loan. After the second year the "tax credit" is payed back at $500 a year or with the capital gains when the house is sold. If you have no equity when you sell your home, the "tax credit" really is a tax credit and doesn't have to be paid back.

If this tax credit intices you to start looking, click this link to start searching for homes now and click this link to see how much home you can qualify for.