New Homebuyers' Tax Credit- the Latest!

OK every time I think we have nailed down stimulus package real estate issues it changes. But for now the lastest from Charles McMillan, President of the National Association of Realtors is this:

1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

For the tax credit what I am still not sure about is what the timeframe is, beginning to end-- I have heard after April of 08 to July 1 of 09 but I don't think that is set yet. Also income parameters were previously set at single taxpayers up to $75,000 and married couples up to $150,000. But I am not sure they kept these income requirements.

If you have verified updated information on this I would welcome the input. Otherwise I will do my best to keep you posted!

Healthy Syracuse Real Estate Market

When people ask me " So how is the real estate market in Syracuse doing?" They are often surprised to hear me say, "It is doing fine!" And that is the truth. For sure, it is not as robust as it has been in the past couple of years but it is very healthy. Forbes.com recently listed Syracuse as the fourth strongest market in the country. For those of us who are working "in the real estate trenches" what we are seeing is people who have decent credit and some money put aside for a downpayment and they are buying. They are buying homes that are accurately priced, in good condition and show well. Of course, we are hoping that the economic stimulus package will help us out of the financial crisis our country is experiencing. What Syracusans can be happy about is that we do not have as far to climb up and out of the financial pit that most people do. WE have great housing stock and great prices. What part do professional real estate people play in all of this. Check out my next entry!