Real Estate Market on the Rise in Savannah, GA
The last year has seen the real estate market bounce back in a big way following the mortgage crisis. Whether you are looking to buy that dream home you’ve always wanted or if you are a first time buyer, right now remains an excellent time to buy.
There are several reasons now could be a great time to buy or sell your home.
More after the break.
As many are aware the federal government has sponsored a huge stimulus package in the last year, and much of that funding has been directed to the real estate and mortgage industries. As banks receive stimulus money and are protected by new laws they are now able to resume issuing mortgages. Do what does this mean? This means that the market is improving for both buyers and sellers in Savannah, GA.
Market on the Rise
We have noticed in the last few months that the real estate market here in Savannah, GA is steadily improving. Both buyers and sellers are finding deals, taking advantage of government programs and benefiting from this exciting and dynamic market.
Why To Buy Now
The government is still running the first time home buyer’s credit. With this credit, if you are a first time home buyer you can get an $8,000.00 tax credit, which can be amended to your 2008 tax return. This is a great deal that makes right now a great time to buy. To qualify for the credit you need to close on your home before December 1, 2009. If you are in the Savannah, GA area and are interested in looking for a home to take advantage of the first time home buyer’s credit, contact Helen Miltiades Realty today.
On top of the federal government tax credit there is also a Georgia tax credit that can be as much as $1800.00. Not only that, but this credit can be combined with the federal credit. What does this mean? It means if you are a first time buyer, you can get almost $10,000.00 in tax credits. The Georgia program details are as follows:
- House Bill 261 (aka HB 261) will give Georgia home buyers a credit of 1.2% of the purchase price of the home or $1,800, whichever is less.
- Starting with your 2009 Georgia Tax Reurn, you can claim 1/3 of the credit each year for three years(through 2011) and you can carry any unclaimed amount forward to the next year
- It is only available for SIX MONTHS — you must purchase your home between June 1, 2009 and Nov 30, 2009.
- Home must be used as your primary residence
- ONLY CERTAIN HOMES QUALIFY – the single family home or condo must be:
- Home must have been on sale prior to May 11, 2009 and still for sale OR
- Home must be in default on or before Mar 1, 2009
- Home has already foreclosed and is held by a bank or mortgage company
Combine the tax credits mentioned above with the fact that home prices in the Savannah, GA area are still at extremely competitive prices makes now an amazing opportunity for buyers.
Why To Sell Now
As more people start getting approved for mortgages, the market is steadily improving. There are more buyers to purchase the homes currently on the market. This is causing the real estate market to steadily regain its health. Over the last few months we are seeing more people getting approved for loans and buying homes. There are also a ton of people taking advantage of the government’s first time home buyer tax credit.
This surge in new buyers, available tax credits, and an increased ability by banks to issue new mortgages is making now one of the best times in the last year to sell your home. If you’re in the Savannah, GA area, Helen Miltiades Realty can help you sell your home quickly and get a great price on it. You need to act soon as the first time home buyer credit ends December 1. Rest assured a lot of first time buyers are going to be aggressively looking to purchase their first home in the next 2 months.
Summary
This is one of the best markets to buy a home in that we have ever seen. That being said, government programs and stimulus packages are steadily creating one of the best markets for sellers that we’ve seen over the last 18 months. Now is a great time for buyers and sellers to come together and take advantage of all of the government programs and incentives available. This is an exciting and dynamic market and a great time to get involved whether you are buying or selling.