First time home buyer and current homeowners who want to upsize or downsize that want to get in on the tax credits worth $8000K and $6500K, respectively, expires April 30, 2010.   Buyers who wait may lose alot! Buyers who qualify get a dollar for dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.

Other factors that should motivate buyers.

Low Mortgage rates.  If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.

Rising prices.  About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).

Source:  Money Magazine, Beth Braverman (03/02/2010)

Tags: current homeowners tax credit in Edmond Oklahoma, Edmond First Time homebuyers, First time homebuyers tax credit, Housing in Edmond oklahoma, tax credits in Edmond Oklahoma and Oklahoma City Oklahoma

Posted on Friday, March 19th, 2010 at 5:23 am and is filed under Buy a House, First Time Home Buyers, Homes, Housing Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.