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A recent Wall Street Journal article about the first-time homebuyer tax credit cautions buyers under contract to wait until after closing before purchasing appliances, furniture or similar items on credit. The article notes that some mortgage lenders are running credit reports on closing day, and even an additional credit inquiry (let alone a purchase) may [...]
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7 graphs of the Tallahassee housing market. It is easier to get a feel of the Tallahassee real estate market when information is put into a graphical format. This quarterly report for home sales in Tallahassee is easy to see and understand.
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A demonstration of the impact changing interest rates have on the affordability of a home. It is easy to think that a change of interest rates of 1% is not that big, but when you consider a move from 5.25% to 6.25% (one percent), that is really an increase in the cost of borrowed money of 29%! What do you think would happen if labor costs rose 29% or land costs rose 29%?
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The first thing to understand about this tax credit is that you don’t have to pay it back. The U.S. Government is truly giving you $8,000 towards the purchase of your first home (if you want more information about the tax credit, there are special reports in the sidebar on the right that you can download). This means that if you buy a home today and sell it later, it would have to lose more than $8,000 in value for the credit to not be a benefit.
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