Buy a House in Charlottesville Now – or Else!

Looking through drafts of posts over the past year or so, this one jumped out at me because I think I was dead-on with my analysis then. And now. If you’re planning to buy a house (in Charlottesville) in 2011, do so after doing your thorough due diligence, hiring the right representation, and ensuring that you are buying for the right reasons.

What follows is a post I wrote and never published. If you’re buying, don’t do so because of fear. Same goes for selling.

There are a lot of reasons to buy a house in Charlottesville now; fear shouldn’t be one of them. And, if you’re buying from a builder’s employee

I just received this email from a builder … bolding mine.

5 Reasons Why You Should Purchase BEFORE December 31,2009!

1- Increased Closing Cost Assistance*: $8,000 vs. Our Regular $3,000 Offer… Thats an Additional $5,000!

2- Interest Rates at Historic Lows: Leading Authorities Warn of Potential Interest Rate Increases Ahead, Which Could Increase YOUR Monthly Payment!

3- FHA Down Payment Requirements: A Proposed House Bill, The FHA Taxpayer Protection of 2009, Would Increase The Minimum Down Payment Required from 3.5% to 5%!

4- Historically Low Home Prices: As the Housing Industry Continues its Recovery, Increasing Prices Cannot Be Far Behind!

5- $8,000 Tax Credit*: In Order to Receive the Tax Credit, You Must Settle by June 20, 2010!

1 – ok. Just missing an apostrophe.

2 – Who exactly are the “leading authorities”?

3 – True.

4 – Naturally. Fear sells, right?

5 – The fine print says “June 30” – so is it June 20 or 30?

From the Text of H.R. 3548: Worker, Homeownership, and Business Assistance Act of 2009:

(a) Extension of Application Period

(1) IN GENERAL- Subsection (h) of section 36 of the Internal Revenue Code of 1986 is amended–

(A) by striking ‘December 1, 2009′ and inserting ‘May 1, 2010′,

‘(2) EXCEPTION IN CASE OF BINDING CONTRACT– In the case of any taxpayer who enters into a written binding contract before May 1, 2010, to close on the purchase of a principal residence before July 1, 2010, paragraph (1) shall be applied by substituting ‘July 1, 2010′ for ‘May 1, 2010′.’.

* Love those asterisks

*Federal tax credit up to $8,000 for first-time buyers and $6,500 for move-up buyers available on homes under contract as primary residences by 4/30/2010 and settled by 6/30/2010. $8,000 tax credit is for first-time buyers or those who have not owned a primary residence in 3 years. The $6,500 credit is Available to Move-Up Buyers who have maintained the same principal residence for any 5-consecutive year period during the 8-year period ending on the date of the settlement. Income limitations and other restrictions apply. We suggest you consult a Certified Public Accountant and for tax advice and official requirements. Prices, financing and other offers subject to change without notice. See sales representative for details. MHBR #56. All incentives are tied to the use of (our mortgage company).

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