Dear Nalls Home Partners Clients, Friends and Family:
As you may have heard, Congree has extended and expanded the homebuyer tax credit. The extension runs through April 30, 2010, and current homeowners are eligible now, as well as first time buyers. In addition, the qualifying income levels were raised for both single and married purchasers.
What does it all mean for us? It means you can expect the housing market, especially in our area, to continue it's upward trend. Pending home sales were up again last month, indicating that the bottom has come and gone. More importantly, prices in our area are creeping upward as the inventory is declining. The new homebuyer tax credit should add fuel to the fire. The extension is good for the housing market, but the expansion should really impact us. Now, all buyers who meet the criteria are eligible, not just first time buyers. This includes buyers who are downsizing, upsizing, relocating, changing familial status, having babies, etc., etc.. People who were "thinking" about moving will be urged forward by the tax credit.
The Spring market is fast approaching, and active buyers are serious. You can try to capture these buyers now, before the inventory rises in the Spring. January is also the busiest month for relocations, so it is a good time to get your house on the market if you're thinking of selling. Most local real estate brokers expect the near future to be very competitive. Whether you're thinking of buying or selling, the new tax credit should help stimulate our market further. If you have any questions about the tax credit, or real estate in general, just give us a call!
All the best -
Barbara and Tom
Long and Foster Real Estate, Inc
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Home Buyer Tax Credit Extension Becomes Reality
Last week, Congress overwhelmingly approved an extension and expansion of the home buyer tax credit, as urged by hundreds of thousands of Realtors® across the country. The President has signed the legislation.
Key points of the legislation include:
* Extension of the $8,000 tax credit for first-time home buyers
under contract by April 30, 2010 and settling by July 1, 2010;
* Addition of a $6,500 tax credit for existing home owners,
if living in their principal residence for five consecutive years
in the past eight years;
* Increasing income limits for eligible home buyers to $125,000
for single buyers and $225,000 for couples; and,
* Capping the purchase price of the home at $800,000.
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Regional Sales Trends
Sales Trends for the Month of October Single Family Homes
Contracts Ratified Per Month
(information from GCAAR)
Montgomery County Statistics
DC Statistics
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15105 Poplar Hill Road, Germantown MD
$1,299,000
ELEGANCE DEFINED! The original model for Spring Meadows featuring all that you would expect from Miller plus an enormous absolutely state of the art modern kitchen addition. Huge room sizes, 3 beautifully finished levels, glorious landscaping, fabulous flow for entertaining, truly too much to say.
Click Here for a Virtual Tour
Estimated property taxes and non-tax charges in the first full fiscal year of ownership is:$13,838.90
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7204 Loch Lomond Drive, Bethesda MD
$1,549,000
An entertainers dream home with almost 9,000 sq. ft., 7 BR, 5.5 BA, oversized rooms throughout. Spectacular 2 story marble foyer, 4 FP, 2 car garage, huge lot, great location in Whitman district. Three full levels, two with hardwood. Huge MBR suite w/ marble FP and owner's deck. Oversized, eat-in kitchen adjacent to family room with stone FP. Easy in to DC, easy out to 495/270.
Estimated property taxes and non-tax charges in the first full fiscal year of ownership is: $14,576.24
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Recently Sold!
6689 Fairfax Road Chevy Chase, MD
$539,000
Bright, updated 3 bedroom, 2.5 bath townhouse in a pretty courtyard on the quiet side of popular Kenwood Forest! Generous room sizes, hall/foyer entrance, main floor powder room, spacious living room, separate dining room with French doors to huge new deck, table size kitchen, large master bedroom and two additional bedrooms, two renovated full baths upstairs. Hardwoods though-out, full attic with pull down stairs for storage. Easy condo living - all exterior maintenance and groundskeeping covered in one low fee - leaving you your weekends to enjoy the new farmer's market and all the rest that downtown Bethesda has to offer just two blocks away. That means Metro too! WelcomeHome!
Click Here for a Virtual Tour
Estimated property taxes and non-tax charges in the first full fiscal year of ownership is:$5,957.93
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RECENTLY SOLD!
1909 Rhodes Street N #21, Arlington VA
Gorgeous extra large one bedroom in red hot Colonial Village! Bright renovated eat in kichent with new appliances, beautifully updated bath, new pergo & ceramic floors throughout, all new lighting. Unique floor plan larger than other 1brs, nice hall between bedroom and living room for privacy,extra closets & 2 expos, all windows 8 ft+ off grade facing lovely green space. Tons of storage, EZ parking, walk to Metro!
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RECENTLY SOLD!
2811 35th Street, NW Washington, DC
$995,000
Very rare opportunity to make the most of an original four square on one of the best blocks in DC. Have your buyer call the architect & builder then bring them all: huge rooms, beautiful front & enormous 2 story rear porches, great trim & details, 6 BR's on 3 finished levels, unfinished walk-out lower level, detached garage, great lot in the shadow of the Cathedral.
Please Click Here for the Virtual Tour
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Today's Rates |
- 30 year fixed rate 4.91%
- 15 year fixed rate 4.36%
- 5 year ARM 4.29%
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Special Event:
Help the Homeless Walk - Washington, DC
Pre-registration and check-in begins at 7:00 a.m. on the front lawn of the Department of Agriculture, at Jefferson Drive between 12th and 14th Streets NW. The 3.1 mile walk circling the Tidal Basin begins at 9:00 a.m. For more information, visit www.helpthehomelessdc.org
Did you know that there are almost 12,000 homeless people in the Washington metropolitan area? The Fannie Mae Foundation is sponsoring a Help the Homeless Walk on the National Mall on November 21, 2009. The walk is designed to raise awareness and funds for Washington, DC area organizations that are working to prevent and end homelessness, with an emphasis on programs that help homeless people return to independent living.
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Event:
Gaylord National Resort's ICE
At the Gaylord National Resort at National Harbor, visitors step inside a winter wonderland created entirely of 5,000 BLOCKS of ice weighing 1.5 MILLION POUNDS! hand-sculpted by 40 international artisans and kept at a chilling nine degrees Fahrenheit.
November 19, 2009 through January 10, 2010
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Bank of America
Deb Levy - Mortgage Loan Officer
1801 K Street NW, Suite 440
Washington, DC
202-416-2898
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