Tax Credit Expanded

The tax credit has been expanded please click here for more info.

Good News for Collierville Real Estate

10 Hard-Hit Housing Markets That Are Ready to Rebound - US News and World Report

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Overall January Home Sales Decline; Foreclosures Down 41 Percent as Mitigation Efforts Increase

Please click here to read the press release by the Memphis Association of REALTORS®

Tax Credit Update

According to the Wall Street Journal this morning the tax credit has shifted back to only first time homebuyers. The credit has also reverted back to $7500. I hope the Senate will have something to say about this because I think the $15,000 tax credit would do more for the economy than the current proposal.

Tax Credit Just Got Smaller

It looks like the $15,000 tax credit just got cut to $8,000. Click here to read the latest.  I'm sure things will change quickly over the next couple of days so keep an eye on the news.

Thanks,

Allen

What does the stimulus/spending package mean for housing?

While most experts seem to agree that we need to fix housing before the rest of the economy can get going the congress hasn't figured out how to jump start the housing market. It looks like the senate will approve some sort of package early next week. One encouraging addendum that has been approved and will hopefully be added is the tax credit up to $15,000 for any home buyer. This will help jump start this market. If approved this will offer a great opportunity for any home buyer but you better act fast.  With all this spending comes a price.  With almost a trillion dollars of new debt we will probably see a rise in interest rates. There will be a window of opportunity to take advantage of low rates, low prices and a tax credit if approved.  Keep a close eye on what happens this weekend and early next week and be ready to make a move!
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Don't look back!

I was wondering today why more people aren't taking advantage of the low interest rates and the unprecedented buyer's market? While we have seen an increase in showings since the first of the year and existing home sales were up in December people are still sitting on the sidelines. My guess is that most people are waiting to see if things get worse or they have a house to sell and are not willing to admit their house is worth less today than it was last year or even 3 years ago.
My advice would be DON'T LOOK BACK! Forget about what your home was worth and think about what your home will be worth in 5-10 years. Then think about where you want to live in the next 5-10 years. If you are looking to move up in price it makes great sense to sell at a discount and buy at a bigger discount. Look forward not back. If you wait, you will end up getting more for your house but you will pay more for the new one. The bottom line is you will end up owing more if you wait and you will probably not be able to get an interest rate as low as they are now. So don't look back, look forward and act now before this opportunity passes!