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Changes Coming to Real Estate Market

The Real Estate market remains much as it has been. Normally December and especially January are the slowest months and this year was no different despite all the tax credits.

The $8000 for first time buyers and $6500 for “move up” buyer tax credit is coming to an end after a long run. A binding contract has to be in place by April 30th, 2010 and the deal must be closed by June 30th, 2010.

So if your thinking of taking advantage time is running out.

There are lots of changes coming to the Real Estate market this Summer. Talk of putting a sales tax on homes has been heard although a bill hasn’t been introduced yet. Seems the Government is scrounging for money and even considering taxing agents more than they already are. The bottom line is that these changes, if implemented, will hurt consumers most as home prices rise.

In the past the buyer side of a deal was allowed by law to ask for up to 6% of the contract price in closing costs from the seller. That is changing to 3% after June.

Mortgage fraud is running rampant through the industry so if you hear of a deal that sounds to good to be true, it probably is. Be careful.

March 4, 2010 - Posted by | Uncategorized

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