Changes to the $8000. Tax Credit

Ok, so I am already hearing and reading that there may be some changes coming to the new $8k tax credit now being offered by the US government ... they are considering allowing that credit to be used as a downpayment instead of being collected at tax filing time. As much as I would love to see more people be able to have $8k to put down on homes, isn't this part of what got us in trouble in the real estate market in the first place? People buying homes they really can't afford and putting nothing down so feeling like they have nothing to lose? I hope they find a solution that can work for everybodies benefit. Stay tuned ... I'll let you know what I hear next.

Across the country ...

Having been out to Salt Lake City, Utah recently, I have discovered firsthand how the failing economy has effected homeowners and housing markets. The housing market there is very depressed. It has reinforced my belief that we are very fortunate here in Hampton Roads to have so many military facilities and members that support our own local economy, no matter what. They keep moving in and out of the area and buying and selling real estate because they know, real estate is still one of the safest places to put your money and hopes for the future. When you buy a home you are not only investing your money on your own family rather than a landlords, but you are doing your part to support your local and national economy. You are setting money aside for a day when you will need to get it back, like when your kids go to college or when you are ready to retire ... what then? You could sell the home and pocket the profit or keep it and live payment free when your mortgage is paid off. Need money before then? As a homeowner you can borrow against the value of that home and pay bills or invest in other financial plans. Renters will never have any of those options. If you are here in Hampton Roads, VA, now may be the perfect time to invest in your own home. Contact a Realtor*, oh yeah, I'm a Realtor*!