Real Estate News

Buyers must act fast to get First-Time-Home-Buyer Tax Credit

Thinking of buying a home? Act fast and you may save big! The government is offering an $8,000 credit for first-time home buyers. The money comes right off of your tax bill and need never be repaid, unlike some previous home-buying incentives. The home must be your primary residence and you must take possession by November 30, 2009. That means that you’d better start shopping! It takes at least 30 days to close a loan and with the expected rush, it could be even longer.

Even if you’ve owned a home before, you may be a virgin again in the eyes of the federal government. If you don’t own the home where you’ve spent the past 3 years, you’re considered a first-time home buyer and are eligible for the $8000 tax credit. What’s more, if you’re getting a loan from the Federal Housing Administration (FHA), you can even use the $8,000 toward your down payment or closing costs. An FHA loan is a home loan that is guaranteed by the US government and it only requires 3.5% down payment. That means that to buy a house for $100,000, you’ll only need $3,500!

The tax credit is 100% for single people making less than $75,000 or married people making less than $150,000 total gross annual income. The credit is adjusted for those making between $75,000 and $95,000 or between $150,000 and $170,000 for married couples and disappears entirely above $95,000/$170,000.

Here’s a great link with some FAQ’s on the tax credit: www.federalhousingtaxcredit.com/2009/faq.php#2

At Phoenix Realty, we have all the tools to help you locate and purchase your first home. Contact us now or give us a call at 617.731.3311, because now time really is money!

Tags: , ,

Monday, September 14th, 2009 Boston, Boston First-Time Home Buyers, Boston Homes, Boston Homes for Sale, Buying or Selling Homes, Real Estate News, Tax Credit No Comments

Economy Leads to Increased Boston Apartment Inventory

The economy has had a dramatic impact on the Boston rental market this year. Many people have plunged into home ownership, taking advantage of the $8000 tax credit. Others have opted to commute or live with roommates to save money. All of these factors mean that hundreds of apartments are standing vacant, causing landlords to scramble – making deals and being creative.
Increased Boston Apartment Inventory
“It’s been years since we’ve rented apartments by the room but this year we had several landlords approach us with large properties that were going vacant. We agreed to rent each room individually and the response has been great. It seems that people are looking for any way to save money,” says Ken Glass, owner of Phoenix Realty.

Anyone looking for an apartment now has a lot of options. In a recent search for a client, Phoenix agent Chris McCarron turned up over 100 apartments. “Last year at this time, last-minute tenants had no choices,” says McCarron. “We had a couple of apartments to show them and it was kind of take-it-or-leave-it. This year, they can take their choice of some great apartments at hundreds below last year’s rents.”

If you’re still looking for the right place, give us a call. Phoenix has literally hundreds of listings in the Boston & greater Boston areas – and we love matching people up with the perfect place! 617.731.3311

Tags: , ,

Monday, September 14th, 2009 Apartment Rentals, Boston, Boston Apartments, Boston Apartments for Rent, Boston Real Estate, Boston Rental Property, Real Estate News No Comments
Next Entries »

Sales Search

Rental Search

Search