Now is a great time for first time homebuyers to buy a home. Right now in Jackson Hole there is a large inventory of homes available. Ownership opportunities abound in condominiums, townhouses, and single family houses. Following are reasons to buy today:
1. In the last year there has been a large drop in home prices. An at their peak an 810 West town home sold for almost $1.3 million. Another unit sold in October for $860,000. There is more motivation now than we have seen in the last ten years.
2. The First-time Homebuyer Tax Credit has been extended to promote sales across the country. A first time homebuyer can receive $8000 in tax credit while a repeat homebuyer can qualify for a $6500 tax credit. In order to receive this tax credit you just need to fill out an extra form on your tax return.
3. The FHA is continuing to offer 3.5% down on loans. This means that qualified buyers can get a lown for 96.5% of the value of their home. Saving money on the downpayment can make it easy to go from renting to owning your home.
Archive for March, 2010
First Time Home Buyers
Thursday, March 4th, 2010Movement in the Market
Tuesday, March 2nd, 2010We are starting to see some movement in the Jackson Hole Real Estate market. There is a noticeable increase in the volume of transactions that are occuring, and not just in the residential market. Just today the old Jackson Drug building that now houses Davies-Reid gallery sold for $4.5 million and a one bedroom Teton Mountain Lodge Condo sold for $500,000. There is also movement in the high end residential market. A high end home in HHR sold for $4 million and a contemporary house in Schofield Patent that was listed at $4,995,000 has been put under contract.