TeamCox Realtors would like to take this opportunity to wish you a Happy 2010! After the usual holiday greetings we have exchanged with our friends over the past few months, the next most common questions are , “how is the housing market?” or “are things getting better?” or “will our house sell if we put it on the market this year?”
It is important to keep in mind that real estate is cyclical and Denver home prices are already on the rebound. The newly expanded tax credit, combined with the lowest interest rates in years, makes for a promising market in the spring of 2010. We believe that this year is as good ever to move up or to purchase a home that better fits your current needs.
Things are looking up for several reasons:
Homebuyer Tax Credit Extended and Expanded
You’ve been hearing about the first-time homebuyers’ tax credit for months now, and may have even overlooked it if you already own a home. It is your turn to cash in on a tax credit! Here is what you need to know:
The Worker, Homeownership and Business Assistance Act of 2009, signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. The new law also authorizes the credit for long-time homeowners buying a replacement principal residence, and raises the income limitations for homeowners claiming the credit.
Denver Home Prices are Inching Up
The highly respected highly respected S&P/Case-Shiller Home Prices Index for the third quarter 2009 was recently released, revealing that the Denver real estate market was the best year-over-year performer of the 20 cities surveyed.
If your home is too small, you are an empty-nester, or you simply want to upgrade, now is the time to act. Historically low interest rates and the newly expanded tax credit can work in your favor, as either seller or a buyer. We believe that there is pent-up buyer and seller demand out there, resulting from the past couple of years’ sluggish market conditions.
For more information on the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
If you are looking for a home in Denver and the surrounding area then contact TeamCox for professional Real Estate Assistance