> view all press releases
Opportunity Knocks for Home Buyers
Homeownership is an important part of the American way of life, and there may never be a better time to buy than today. If you’ve been dreaming of improving your home or building a new one, stop dreaming and take action! Your buying power has never been greater. Interest rates are very attractive, there is an outstanding selection of homes, and your options are endless. Today’s homes are more energy efficient, require less maintenance, and can be designed to meet just about any desire you may have.
Time is of the Essence
In landmark economic stimulus legislation, Congress has provided an outstanding opportunity for first-time home buyers with enactment of an $8,000 tax credit for single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000. Partial credits of less than $8,000 are available for individual taxpayers with incomes up to $95,000 and for married taxpayers with incomes up to $170,000. But time is of the essence to take advantage of this once-in-a-lifetime opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible for the tax credit.
Low Interest Rates
Like inventory and pricing, mortgage interest rates are at favorable levels. And even though lenders are looking more closely at borrowers than in recent years, qualified home buyers should not have trouble getting financing. For several years, mortgage rates have been near record lows. But rates can, and do, change. No one is predicting that rates will suddenly surge upward. But rates don’t have to increase much for monthly mortgage payments to become unaffordable.
Greener and Better
With energy costs near the top of consumer concerns, it’s good to know that new homes today are more energy and resource efficient than ever before. Through the use of new materials and construction techniques, today’s homes are built more than twice as energy efficient as new homes a generation ago, making them more affordable to own and operate.
Great Selection
An outstanding selection of homes is another reason that it’s a good time to buy. Available inventory is probably the best it will ever be, providing buyers with a great choice of homes.
Homeownership also provides important benefits to owners and to the nation.
Tax Benefits: For Home Owners Only
Unique tax benefits that apply only to housing also help lower the cost of homeownership. Both mortgage interest and property taxes are deductible. Moreover, profits of up to $500,000 on the sale of a principal residence (or $250,000 for a single owner) are excluded from tax on capital gains.
Building Personal Wealth
For most Americans, homeownership is a primary source of net worth and an important step in accumulating personal wealth and assuring financial security. Home values in the United States have proven to be a sound investment. Home values in Milwaukee County have increased 153% from 1990 to 2007, averaging a 9% annual increase. Americans have a total of $8.5 trillion in equity in their homes representing the largest share of net worth for most families.
The bottom line is that time is of the essence to take advantage of the tax credits, historically low interest rates while investing in your families future.
