Invest in your future. The time is now. The place is the Seacoast.
The Time Is Now
There's never been a better opportunity for first-time home buyers in Maine and New Hampshire to realize their dreams of home ownership. The unbeatable combination of high inventory, historically low interest rates, the $8,000 first-time home buyer's credit, and more realistically priced homes, add up to the buying opportunity of a lifetime.
High Inventory and Realistic Prices: The current economic conditions as well as the increase in foreclosures have resulted in a surplus of homes on the market. This combination of high inventory and more realistically priced homes has created some of the best values that real estate has seen in a long time. The surplus of homes on the market not only gives the buyer negotiating power, it creates a wonderful opportunity for first-time home buyers to find a property that fits their lifestyle, vision, and budget.
Tax Credit: The recently enacted first-time home buyer tax credit is a major reason why you should buy in 2009. Available to first-time home buyers that purchase a home before November 30, 2009, the tax credit includes previous home owners who have not owned a home in the last three years. The following are basic rules about the credit. For more information about the first-time home buyer tax credit, visit the National Association of Builders, and the IRS.
The home purchased must be the principal residence. A recapture provision exists if one moves out or sells before three years.
It is limited by income and starts to phase out for individuals at $75,000 and couples filing jointly at $150,000, completely phasing out at $95,000 and $170,000 respectively.
It expires on November 30, 2009. For existing home buyers, you must close by that date; for new construction buyers, you must occupy by that day.
Although not available directly at the closing table, there are other ways to leverage the credit at closing, but you must close before you can claim the credit.
The purchaser doesn't need to wait until 2010 to claim the credit, as the buyer can claim it on their 2008 taxes by filing an amended return upon closing.
Restrictions on the type of home are minimal. However, purchasing from a close relative is not allowed.
Source: Ken Trepeta published by RISMedia
Interest Rates and Mortgage Money: Money is readily available to qualified buyers. Interest rates are as low as they have ever been, with thirty-year fixed mortgages available to credit-worthy borrowers for less than five percent!
The Place Is Southern Maine and Seacoast New Hampshire
Location, location, location! When it comes to real estate, location is everything. By purchasing your home in a desirable, prosperous region, you can rest assured in the long term value of your home. There is no better place to purchase a home than in southern Maine and Seacoast New Hampshire. With endless miles of beaches; close proximity to Boston, Portland, and the White Mountains; and numerous recreation, dining, cultural, and entertainment options, this is the place to vacation, purchase real estate, raise a family, and spend a lifetime. The southern York County communities of Kittery, Kittery Point, Eliot, South Berwick, The Yorks, Ogunquit, Wells, Kennebunk, and Kennebunkport, each offer their own taste of quintessential New England. Seacoast New Hampshire captures the essence of New England's oceanfront. In just 18 miles of coastline, there are long, sandy beaches, working ports, offshore islands, surf-stung rocks, and popular resort towns and villages that date back nearly four hundred years.
Great Selection of Homes: For first-time home buyers in southern York County, Maine and Seacoast New Hampshire, the options are endless. The number of quality yet affordable homes and condos in desirable locations is astonishing. Every one of the towns in southern York County and throughout Seacoast New Hampshire offers a good selection of modestly priced starter homes. Examples include condos, capes, colonials, contemporaries, ranches, and split-levels.
Home Ownership Benefits
Financial: The benefits of owning your own home are plentiful. The average homeowner's net worth is $234,200, compared with $5,100 for renters. According to the National Association of Realtors' Home Buying Website, in 10 years, a $10,000 investment in the stock market at a normal 10 percent market rate of return would yield $23,600. The same investment as a down payment on a $200,000 home at a normal appreciation rate of 5 percent would return nearly 5 times the stock market return, at $110,300. Homeowners can borrow against the value of their home with a home equity loan when they refinance their mortage. The annual interest charges on a home equity loan or credit line may be fully deductible when itemized on their tax return.
Social: Buying a home is an investment in your future. Home ownership brings substantial social benefits to families, communities, and the country. Owning a home requires commitment; is rewarding; provides privacy, shelter, and security; and gives you the freedom to maintain, decorate, and live as you wish. Instead of paying someone's mortgage, invest in yourself.
Home ownership benefits source and for more information visit NAR's Housing Market Facts website.
Explore the possibilities on AnneErwin.com or call any one of our dedicated professionals. We offer the most distinctive homes in every price range. Be sure to browse our selection of homes and each property's multiple photos and virtual tour. Search all properties for sale in Maine and New Hampshire by searching the Maine MLS and the New Hampshire MLS on our website, and contact us for more information or a showing of the property of interest. We will be delighted to help you to find the perfect starter home for your individual needs, advise you on value, negotiate the best price, find the right mortgage, choose a qualified home inspector, and make the entire process as pleasant and stress-free as possible. Our commitment to providing the highest level of white-glove service applies to starter homes as much as it does to multi-million dollar properties.
