Union County NC Home Sellers--Five Reasons to Get Off the Home Selling Sidelines
Union County NC Home Sellers—Five Reasons to Get Off the Home Selling Sidelines
Has the thought of selling your Union County NC home crossed your mind? Have negative news stories about unemployment, foreclosures and falling prices kept you on the home selling sidelines? If so, you should reconsider because the next six months may be the best time in a long time to sell your current home and buy another.
Hard to believe? Here are five reasons why it’s a great time to be in the Union County NC real estate market.
- The federal government is willing to pay you to buy a home. The newly revised and extended Federal Housing Tax Credit program covers not only first-time home buyers but also repeat home buyers. You may qualify for a $6500 tax credit on your next home purchase if you have used your home as a principal residence for at least five consecutive years of the eight years prior to the purchase date.
- You don’t have to sell your current home to qualify for the tax credit as long as you move into the new home and use it as your principal residence. Second homes and investment property do not qualify for the tax credit.
- You may have a greater pool of potential buyers for your home. Is your current home in a moderate price range? First-time home buyers can receive an $8000 tax credit for their purchase. The previous tax credit encouraged many of them to purchase in spite of the negative news. If your current home is in a higher price point, up to $800,000, there may be more move-up buyers in the market who want to take advantage of the repeat home buyer tax credit. More buyers in the Union County NC marketplace should add up to an easier time for home selling.
- Prices of Union County NC homes are more reasonable than in the past. Yes, you may get less for your current home than you could have several years ago but you will also pay less for your next home. If you are a move-up buyer, a ten percent lower price on your next home will be a greater discount than a ten percent reduction on your lower-priced current home.
- The federal government is keeping interest rates low to stimulate the economy. Mortgage borrowers with the best credit can get interest rates on thirty year mortgages below 5% today. Once the government stops taking these measures, interest rates will rise. Principal and interest on a $200,000 thirty year mortgage at 5% is $1074. The PI payment rises to $1200 at 6% and to $1332 at 7%. Lower interest rates plus lower home prices equal big savings.
Get off the sidelines if you are a Union County NC home seller. Your next home must be under contract by April 30, 2010 and close by June 30, 2010 to qualify for the Repeat Home Buyer Tax Credit. Learn more details about the Home Buyer Tax Credit.
Want to know more about the value of your current Union County NC home? Click here to request a market evalution of your home.
Copyright 2009. Carol Fox. Allen Tate Realtors. *Union County NC Home Sellers—Five Reasons to Get Off the Home Selling Sidelines*