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Time is ticking away as the deadline for purchasing and taking advantage of the first time home purchase is December 1, 2009.  The FHA recently changed the guidelines to allow for the $8,000 credit to be applied to the down payment of the purchase.  Great news for those who are trying to scrape the money together and make it happen. 

The approved FHA lender's will be permitted to "monetize" the tax credit through a short-term bridge loan and access funds immediately at the closing for the purchase. Prior to this change the buyer would have to file an extension, file and amend later and other time consuming processes.

The credit is equal to 10% of the purchase price up to $8,000.  Single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 may receive the maximum tax credit.  If incomes exceed these guidelines, the credit decrease is applied. 

Remember when purchasing your home for the first time and retaining the credit without paying it back, you must own it for three years. If you do sell prior to the three years, the seller will have to pay the tax credit back at closing from proceeds recouped from the sale.

The Roaring Fork valley has experienced price reductions and corrections as the rest of the nation has.  There is no better time to take advantage of the buyers market here.  The average sales price for the Carbondale market for a condo ranges from $300,000 to $500,000.  Single family average price range in Carbondale is $400,000 to $800,000.

Basalt single family range is $800,000 to $995,000 and condominium pricing is ranging from $300,000 to $600,000.  Certainly all of the ranges are an average taking into account all sizes of units and homes, from new to old properties. 

Become a home buyer now and take advantage of these opportunities that will not last.  Stabilization is slowing taking shape and when the great deals are gone, it will be real estate on the rise. 

Call me for a personal tour through the Aspen, Basalt or Carbondale markets to begin your dream of owning the the Roaring Fork Valley.

To your new future,

Brenda Wild