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REAL ESTATE UPDATE REGARDING Homebuyer Tax Credit 

The Housing and Economic Recovery Act created a tax credit for first-time homebuyers, which Congress has since expanded to its current level of $8,000. The credit is helping to stabilize residential real estate values and encourage home purchases. Although it was set to expire on November 30, I am happy to report that Congress extended the Homebuyer Tax Credit thought April 30, 2010. Under the law, the $8,000 credit will continue to apply to qualifying first-time buyers, allowing those under a binding contract an additional 60 days to close after that date. In addition, a new credit of up to $6,500 is now available to buyers who have lived in their current residence for five or more consecutive years out of the last eight.  

Financial Benefits of Home Ownership 

There are a number of personal and emotional reasons to buy a home. But there are also some strong financial reasons to make the investment. In addition to exceptional home affordability and near historic interest rates, here are some important financial benefits of owning a home: 

Increased Net Worth: Few things have a greater impact on net worth than owning a home. In a comparison of renters versus homeowners, the Federal Reserve Board of Consumer Finance found that the average net worth of renters was just $4,000 compared to homeowners at $184,400. 

A Big Tax Deduction: One of the largest tax deductions available is the amount of interest paid on a mortgage. In fact, a $150,000 home at a 5.50% interest rate can add up to approximately $8,000 in first year's interest. This amounts to a significant savings - effectively reducing the amount of a homeowner's monthly loan payment. 

Long-Term Appreciation: Over the last few years, home prices have corrected and become more affordable. While that's good news for potential buyers, it has overshadowed the long-term appreciation of a home's value. The reality is, despite market ups and downs, real estate historically appreciates around 6% per year. Even if you calculate a modest appreciation of 3%, a home purchased today for $150,000 should grow in value to $364,000 over 30 years. 

If you're considering purchasing a home or refinancing, this is an ideal time. Call or email me today to discuss your specific situation and how you can benefit from today's market. 

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Contact me with confidence! I guarantee your privacy will be respected. And I offer the services on this site for free and without obligation. Why? I want to be YOUR real estate agent. As your trusted, professional real estate partner, I will help you find the best home in your area within your price range. And together we will sell your home, for as much as the market will bear, and as quickly as possible. 

Buying and selling a home is one of the biggest events in your life. I have the experience and track record you are looking for. 

- Diana Rozenfeld