Wednesday, February 25, 2009

Sould Investors Buy Now in Anticipation of Chicago Hosting the 2016 Olympics?

I am wondering if there are at least 3 reasons why now is a good time to buy real estate in Chicago, especially as an investment in anticipation of Chicago hosting the 2016 Olympics. We won't know who will be the host until October 2009, but wouldn't there be more demand for property in that area if Chicago does win the bid? Yes. So:

1. Buy now because the price will go higher.

2. Interest rates are at a historical low

3. If you are a first time buyer and plan on residing get a credit.

4. Even if Chicago does not get the Olympics, it is still a good investment in an appreciating area.

Update on Tax Credit for First Time Real Estate Buyers

To find out more about the proposed credit for first time buyers, here is a link to understanding more about it. Tax Credit Info-pdf

Saturday, February 7, 2009

Potential tax credit for buyers

This was sent to me from Ken Dickerson from RWF

"On Wednesday the Senate passed an amendment that will include a $15,000 home purchasing tax credit in the American Recovery & Reinvestment Act of 2009 for anyone buying a primary residence within the one year period from the time this bill is passed.
It is important to note that this bill has not passed yet but many potential buyers are asking questions in regards to this tax break. I've included some links that divulge the details of the home buyer tax credit amendment. Here are some of the basics:
1. The tax credit is the lesser of 10% of the home price or $15,000 and can be spread equally over 2 tax years. 2. The housing tax credit can be used for purchases of primary residences only…no investment properties or second homes.
3. The home purchase can be an existing home, a newly constructed home, or a bank foreclosure home…but the purchase must be completed within 1 year of the passage of the American Recovery and Reinvestment Tax Act of 2009.
4. The home buyer does NOT have to be a “first time home buyer” to qualify for this housing tax credit, unlike housing stimulus based tax credits from last year.
5. This 2009 housing tax credit does NOT have to be repaid to the government unlike the $7,500 first time home buyer tax credit from last year UNLESS you cease to make it your primary residence within the first 24 months (i.e.. sell within 2 years).
This is great news for home buyers, if it passes, and can go a long way towards stimulating demand for new home purchases." Please let me know if you or your clients have any questions.
contact: Ken Dickerson at RWF and mention my name.