Today, November 6, 2009,  the President signed a very important bill. The top headline was the extension of the unemployment benefits for those without jobs within the hardest hit states (which includes Ohio) - the less reported part of the bill but I feel very important for continued growth is the extension of the 1st time Homebuyer tax credit of $8000. PLUS - the addition of the new "repeat" buyer tax credit of $6500!

This will really stimulate the “domino” effect of selling a home and moving up to a bigger house needed for a growing family or scaling down to that new condo, after the kids have left the nest.

Many within the real estate industry had stated that they really didn’t see the effects of the 1st time buyer credit in the other price ranges  - that those "first time" homebuyers in many cases were buying up the foreclosed properties and not trickling up the ladder. Thus, the new bill included the new credit of $6500 to the "repeat" or move up buyer.

That was true in many markets that had an over abundance of foreclosed homes. Here in Wooster and Wayne County - that really wasn’t the case. Since this area wasn’t overloaded with bank-owned homes, we had many move up and scale down buyers that were able to sell their current house and then buy a new place (bigger or smaller). We had several scenerios with buyers and sellers where we had 7 or 8 houses in a domino effect, all credited to that first time home buyer credit. The lower priced one sold, then the slightly higher one sold, then that family bought a slightly higher one…and so on. All the way to the last one in the stack, where the folks were scaling down and into a new condo.

This has worked to stimulate our market here in Wooster, Ohio and Wayne County, Ohio. I really anticipate good response for all those that can benefit from this new credit for the repeat buyers. At this point, I do believe you have to have owned your current house for 5 years (not certain on this yet). You have till April 2010 to contract your house and until June 2010 to close on it.

I really look forward to a very busy off season this winter and followed by a tremendous spring selling season – probably heating up in late January or February – when our wonderful Ohio weather breaks, and that “spring like” weather fools us into thinking of spring – just for a couple days, of course…typical of Ohio.

It would be nice if some would decide to buy a new house by Christmas! So if you are planning that, better call us QUICK!  {grin}.

Good news all around today –  I am all for getting us out of this recession!  Happy house hunting – if you are looking to buy and want an automated home search of our area sent directly to your email, a good source is  www.waynecountyhomesearch.com or if thinking of the possibilities of selling and want to see what your home may be worth try this site: www.waynecountyhousevalues.com

Of course, as always our phone lines (and emails) are always open!

Check it out at www.GetTheRealTeam.com!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.