So, your family has lived and loved your cute and cozy 1960’s rambler for a few years now. It was perfect for a young, just married couple when you bought it. The bedrooms were on the small side but there was room to grow and it worked perfectly when there were just two of you. Then came the puppy who grew into a huge licking Labrador. And later one baby, then two. Now suddenly 1500 square feet is overrun with chew toys, Little Tikes and Duplos. That cozy little starter home is now cramping your lifestyle. But with the flux in the real estate market, can you afford to move? In many cases, YES!
If the scenario above describes your situation, listen up. You could now be ELIGIBLE for the HOMEBUYERS TAX CREDIT. Yep it is not just for first time buyers anymore! Additionally, you can benefit from the situation that the first time buyer credit has created. The first time buyer tax credit has affected the starter home market in a very positive way. In the north metro areas including Lino Lakes, Blaine, Ham Lake, White Bear and Forest Lake, people are scrambling to find good starter homes for first time buyers prior to the expiration of the first time home credit. Many well priced, single family homes are seeing multiple offers within days of hitting the Twin Cities MLS. The demand for single family homes under $150K is the highest it has been in the past few years.
And better still, there is an amazing selection of homes in the move up category to select from. Historically, if a single family home was sold, that owner had to buy another home creating a chain effect into all different price points. But today’s real estate market offers a unique opportunity as many of the homes being purchased are bank-owned. No one is buying home on the other end. So there move up buyers are seeing a better selection of inventory in the higher price points at great prices. So why move now? To take advantage of the tax credit, buyers must write up an offer for their new home by April 30, 2010. When the incentive is over, the demand for homes could level off a bit. So listing your home THIS winter could make sense as there is a significant demand for starter homes NOW while the deadline for the expiring tax credit is on the horizon.
Are you ready to take advantage of this perfect opportunity to purchase a larger home for your growing family? As a local north metro real estate specialist I can help you assess your current situation and see if is the right time for your family to make a move up!
Note: A special thank you to author and illustrator Elizabeth O. Dulemba for allowing me to use her copyrighted family coloring page as art for my post. If you would like to see more of her coloring pages or her full color art for the children’s books she writes and illustrates, visit her website and blog at www.dulemba.com
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota. Buying a Home? Check out my HOME BUYER'S BLOG! Copyright 2010 Teri Eckholm http://www.terieckholm.com/ ******************************************************************************************************
LIKE MY BLOG? Subscribe and let me email you an update! Subscribe to Teri's Notes & Anecdotes on Twin Cities Real Estate by Email .JPG)
I am a little disappointed that the new tax credit didnt include all move ups. I have a few homeowners/potential clients that haven't met the 5 year mark. And it may have been the motivation to get going.
Teri, great information, and yes, it just could be the winter to move! And thanks for the info on the artwork there!
Laura--Agreed...Especially for those move up buyers. Many outgrow the starter homes very quickly after children and pets enter the picture.
Andrea--It is so very important for people to remember to ask first before using any online artwork. The artist, Elizabeth did give permission with an agreement to give her full credit and links back to her work.
Teri
Yes, they can afford it, and now would be a great time to move up to up home for winter.
Teri, I believe the buyers now are more serious. I happen to think it's a good time to buy a home--not to mention that they often look lovely when they're decorated.
My guess when this round of tax breaks end it could be the end of them. Anyone interested should jump on them now.
Hi Teri, I am in agreement with the geneses of this. If a Seller needs to sell, there is window that gives them a boost of a chance of accomplishing that with the tax incentive. And Buyers should also take advantage . The money is not the only reason. The Sellers and Buyers could actually bring real estate to natural position again of leading our economy back to some sort of acceptable levels.
Teri - what a great spin on the time line - we are working it hard here too as winter is the time when most of us would rather not move - but with this creidt they better jump this winter instead of doint the "come spring" thing... nicely done
Hi Teri - another great post. Such a cute drawing too. It is a good time to "move up" isn't it? ;-)
Teri Excellent way to present your points, especially the availability of move up homes in your communities
Tom--There are so many great opportunities and the tax credit is just icing on the cake!
Carole--Exactly! Homes are very appealing with all the holiday decor!
Terry&Bonnie--Absolutely...I think this is going to be it. If buyers don't want to be kicking themselves. Low interest, low prices and a credit too!
William--The market is recovering thanks to these programs. If people can take advantage and move now, they should...even though we have to move in inclimate weather and your buyers in sunny Southern Cal don't have that worry. :)
Thesa--Yep! Oregon buyers/sellers should consider moving in snowboots rather than waiting until sandal weather too!
Teri--As an AZ agent you probably aren't going to have to entice too many to consider moving while it is cooler...This may be a busier time of year for your market. But now is the time...a GREAT time to move!
Karen--Thanks! It is a tremendous opportunity right now...hopefully many will take advantage!