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Tax Credit for First Time and Repeat Buyers Coming to an End

There is still time for buyers to take advantage of this amazing opportunity!

 First time buyers who have not owned a home in the past three years are eligible for up to  $8,000 ! Qualified homeowners who have lived in their home for five consecutive years within the last eight also became eligible for  up to $6500.00 in tax credits.  In order to qualify buyers must have their home under contract by the end of April and close on it by the end of June.

For many first time buyers this $8,000 will more than enough to cover the needed funds to purchase their home. What an amazing opportunity! 

Tax Credit for First Time and Repeat Buyers Coming to an End

There is still time for buyers to take advantage of this amazing opportunity!

First time buyers who have not owned a home in the past three years are eligible for up to  $8,000 ! Qualified homeowners who have lived in their home for five consecutive years within the last eight also became eligible for  up to $6500.00 in tax credits.  In order to qualify buyers must have their home under contract by the end of April and close on it by the end of June.

For many first time buyers this $8,000 will more than enough to cover the needed funds to purchase their home. What an amazing opportunity!

Lancaster County Real Estate Market Continues Upswing

Recently the Lancaster County Association of Realtors released the monthly recap for market activity in February noting several positive indicators.  

• Pending home sales rose to 345 from 311 a year ago- a 10.9 % increase.
• New listings increased 9.2 % over February 2009
• The average sales price was $191,375 – a 14.5% increase over last February, continuing a trend of higher average sales prices that we saw in January.
• Half the homes and condos that sold were on the market 60 days or less!

This is the ninth straight month we have seen an increase in pending home sales on a year over year basis. A very good sign for our market. Pending home sales in the $200,000 to $400,000 range are up 10.4%

Many people listen to nationl news and make the mistake of thinking ALL real estate markets are down. Real estate markets tend to be very local. While some markets in different parts of the Country were overheated and have seen sharp declines in prices Lancaster County never had the skyrocketing price increases those markets saw. As a result we also did not see the huge swings in sales prices on the decline as well.

Half of the homes sold in February were on the market less than 60 days

This is a wonderful time to be a buyer in our area. Mortgage interest rates are at almost a 30 year low and there is a good selection of homes available! Consider this. Even If the price of a home were to go DOWN 10 percent but the interest rate on the mortgage goes up just ONE percent your monthly payment will actually be higher!  Bottom line, Take Advantage of these interest rates!  Look at this example  the principal and interest payments on a $200,000 mortgage at 5% is $1073.00  payments on that same $200,000 mortgage if the rate is just 6% ? $1199.00 !

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If you have questions about or market or making a move please feel free to contact us anytime. We are here to help!

  Want to see what homes are available on the market now? We just launched a new web site www.Jim.LancasterHome.com

Who do you know thinking of making a move?

Currently we  are working with several nice people looking for homes  but not finding what they are looking for. 

Here are just few for example

1)      Manheim Township or Hempfield Newer detached home with a nice yard under $330,000

2)      Donegal, Etown , Hempfield or Manheim Township, townhome under $140,000 with central air in good condition

3)      Penn Manor,Hempfield or Columbia, detached home with at least three bedrooms, basement and a garage under $155,000

We also know of several folks  who have homes coming to market in the next few months. If you know someone looking for a home we may know of something not yet out there.

For example

1)Wonderful Townhome in desirable Old Town Lancaster with Two fireplaces, garage and central air for $199,900!

2)Semi detached home in Penn Manor with a newer kitchen under $140,000

3) Nice bi level in Manheim Township with three bedrooms under $185,000

We value your referrals ! Please keep us in mind if you know of anyone thinking of making a move!