Wichita Home

All About Wichita and Wichita Real Estate

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.

Advertisements

March 4, 2010 - Posted by | Uncategorized

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: