Chapel Hill Real Estate Search

What does the stimulus have for you as a home buyer?  Well, if you are a first time home buyer the Recovery Act stimulus package offers up to an $8,000 tax credit to start.   That tax credit does not have to be repaid and is equal to 10 percent of the home’s purchase price (up to the $8,000 limit).

You need to purchase a home between January 1, 2009 and December 1, 2009.  To qualify for the full tax credit your income must be no more then $75,0000 as a single person or $150,000 as a couple.  

There are also some excellent FHA loan options out there - you can put down as little as 3% as a down payment.  That 3% can even be a gift from a family member.   The FHA has even increased the loan limits to $417,000 for the Triangle area.

Do you have questions about this or anything else pertaining to local real estate sales?  Call Reg Morgan - your Chapel Hill realtor.

Wow, that didn’t take long!

Mortgage rates are already falling in response to the Fed’s actions yesterday.   The plan to buy up to $300 billion in government bonds and $750 billion in mortgage backed securities is going to benefit anyone looking to buy or sell in the today’s market. 

The plan is designed to jumpstart the housing market and it is already working.  Rates on the 30 year fixed rate dropped today to 4.79 percent!  Down over .40 percent over yesterday. 

This should generate more action in our Chapel Hill real estate market.  Between this action by the Fed and the $8,000 first time home buyer’s credit, there is alot of incentive for folks to jump in and buy.

If you are interested in buying or selling a home this Spring - call Reg Morgan, your Chapel Hill realtor.  Do the math - real estate really works now!