First Time Home Buyers
Another federal tax bill is emerging to give first-time homebuyers a tax credit in order to help facilitate a home purchase. It appears that the requirements to qualify for this credit include:
- Must be a first-time homebuyer
- Must not have owned a home in the last 36 months
- Must not exceed income limitations for the area
- Must be purchasing a primary residence
- Must be at least 18 years old
- Must be purchasing from a non-relative
It appears that the greatest impact, should the bill pass, will be made on the lower priced end of the market. It should help to boost prices in the lower end of the market because of increased home buying demand. That could in turn help support on even increase prices on the higher end of the market.
Eviction Moratorium Update
On August 26th, the Supreme Court struck down the CDC Moratorium for both evictions and foreclosures. This was to take effect immediately. However, there are still seven states that have either a state eviction moratorium, a foreclosure moratorium or both still in place. In addition, some states like Nevada, still have certain specific situations in which non payment of rent evictions are still banned. In specific, those renters who have filed for rental assistance with either the CHAP’s program or another government rental assistance program are still protected.
Who Are You Going to Call?
The process of getting a rental or buying an investment property is counter intuitive. If you’re a renter you should be calling on a brand-new sales agent. Approximately 70% of all new agents will be gone from the industry within 2 years because they couldn’t make ends meet. New agents are more willing and interested in working with renters in order to secure some type of income and hopefully build a base of future buyers.
On the investment side, a buyer should be contacting a seasoned property manager to purchase their new rental property. As a buyer, you have a 70% chance of getting a new agent that will tell you anything you want to hear in order to make a sale. Many times, this will not work out well for the buyer from a ROI point of view.
