This is a great time to buy a home, condo or townhouse in Durango Colorado with the new $8,000 housing tax credit. This is available for first time home buyers, if you purchase by November 30, 2009. As mentioned in previous blogs, if you every wanted to buy a home, now is the time. It is like a giant sale right now in the real estate market! For the first time in the Durango Colorado market, we are seeing deep discounts on listed prices, and more negotiation from the sellers. When you couple that with the current low interest rates, you have the best deals seen in years! First time homebuyers are defined as not having owned a primary residence in the last three years, so if you question whether you are eligible, check with your accountant. Also, if you have grown children, have you thought about helping them purchase their first home. One of the key new items of the $8K tax credit is the repayment requirement has been removed. It is doubtful that we will have another time the government will see the need to stimulate the real estate market by offering an $8000 tax credit, fully refundable.
TIME IS RUNNING OUT...When this was first announced, November 30th sounded a long ways away. Buyers should plan on at least 60 days for the new and more difficult lending process, and a minimum of 30 days for any issues that may come up. For example, if there were major inspection issues, it may be necessary to choose another property, or it may require additional negotiation time. In some cases, a lender may be more constrained by lending practices, and it has not been uncommon for buyers to have to find a better lender match. If you make a change in your lender choice, it will take more time.
By subtracting 90 days from November 30th, the process should be finalized by August 31, 2009. Buyers should be looking for the opportunities right now, and throughout July and August. Don't be caught with insufficient time to make one of the most important decisions of your life, and with the short remaining time, other buyers may impact the available choices.
If you have any questions, please do not hesitate to contact me. You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com.
Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado. He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.The designations include:
CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES,Senior Real Estate Specialist
He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.
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