Weichert, Realtors - Palmetto Coast
https://www.weichertpc.com/blog/the-tax-credit-closing-deadline-is-extended.html
The Tax Credit Closing Deadline is EXTENDED!
Posted By: Mallory Desimone In: Financial BlogsDate: Thu, Jul 8th 2010 3:23 pm
Thanks to JEFF DOSS from Bank of America, who sent this to me to pass along. If you have any questions regarding your mortgage, interest rates, or anything AT ALL...Here is all of Jeffrey's information! Feel free to call him anytime! He is always here to help!
Jeff Doss: Bank of America
843-343-5913
http://mortgage.bankofamerica.com/jeffdoss
Flood Insurance Restored
The United States Senate has passed the National Flood Insurance Program Extension Act of 2010- an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.
~Tax Credit Closing Deadline Extended~
After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623).The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed...The new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.
Sales have dropped off since the tax credit deadline of April 30th. 2010 will end up being almost identical to 2009. We will close between 8000-9000 residential sales with a median price around $185k in Charleston for 2010. See the attached chart to see the history of closed sales and inventory in the Charleston market since 1991. We still have about 15 months of current inventory. Again, the real estate gold standard for a healthy balanced market is 6 months of inventory. The only way to correct the imbalance between supply and demand is for price to change. Price went up to fix the imbalance in 2005 and now price has to go down another 15-20% to correct our current imbalance. Since it will take longer for prices to go down than go up, we are going to be in this for a while. Short sales and foreclosures in every single neighborhood in the US will aid this correction. 25% of properties under contract are either short sales or foreclosures. Vacant land inventory in Charleston is almost 6 YEARS!! We are looking at 2014 as the soonest to be back to today's prices. Almost every real estate market in the US has over 12 months of inventory. No market is immune to this crisis.
Flight to safety in the investment market has created a demand for treasury bonds and that has held down interest rates. Interest rates are well under 5% on a 30 year fixed home mortgage right now. Remember, for every 1% that interest rates go up, it reduces your buying power by 10% to keep the same monthly payment.
1014235 - Residential
Mount Pleasant, SC
$40K PRICE REDUCTION! What a great opportunity to own a 6 bedroom, Colonial, Custom-built home in I'ON with 2 Master Suites, 4 Guest Bedrooms & 4 1/2 baths located in the desirable I'ON Village located near I'ON Creek Club and Hobcaw Creek . Custom Heart of Pine Floors, extensive crown molding & wainscotting are found throughout your home. Open floor plan flows beautifully with a wonderful wood staircase & large foyer greeting you at your front door & a grand dining room that flows thru a butler's pantry into the spacious kitchen. Kitchen boasts many upgrades to include top of the line stainless steel appliances: GE microwave, Bosch dishwasher, 2 Dacor Ovens, a Dacor gas stove, trash compactor and a Kitchen Aid refrigerator. A large island for entertaining & breakfast area is a great gathering place. The living room extends from the breakfast/kitchen area for a large open floor plan. From the living room are French Doors that open to a parlor/office, can be closed for privacy. In the rear of the home is the 1st floor Master suite with separate jetted garden tiled tub & shower, double sink vanities & walk-in closet. A large screened porch extends from the master suite and living room to take advantage of beautiful breezes throughout the day. 2nd floor has a newly added 2nd Master Suite with vaulted, bead board ceilings and a large master bathroom with marble countertops, double shower and large walk-in closet. The laundry room is conveniently located on the 2nd floor and disguised in custom built cabinetry. The other 4 spacious bedrooms are connected with Jack-n-Jill bathrooms and lots of closet space. As an added bonus sellers recently installed EnergyStar rated window film on some of the front windows and radiant barrier system in the attic. This will pass the savings over to the new owners. The large shed is excellent for storing all your garden equipment, beach accessories & outdoor equipment. Shed hosts a refrigerator, workbench & ample storage lofts. Both back & front yards have recently been re-sodded & fully landscaped with flowering trees & bushes. Peek around the shed for the outside shower & large sink which make outdoor cleanups easy & convenient. Backyard is fenced in & play set will provide hours of fun for the little ones. The covered patio makes a wonderful area for enjoying outdoor barbecues, reading, & playing. Also, enjoy the Juliet balcony from the 2nd floor master suite. Front porch extends the length of the home to sit & watch all the wonderful activities that take place at the Creek Club. Residents rave about the many perks and bonuses of living in I'ON including the 6 miles of walking trails, 5 playgrounds, 3 crab docks, 12 shops, I'ON Club and Creek Club. This is the home you've been looking for to share with your family and friends.