Fence sitters unite! You're timing is now impeccable in the Hilton Head and Bluffton area! The news this week about the Homebuyer Tax Credit was very encouraging. The particulars are that not only is the $8,000 tax credit for first-time homebuyers being extended but - it also increases the income limit for couples with incomes up to $225,000, a nearly $55,000 increase above the level in the existing law.
In addition, the new legislation makes buyers who already own a home eligible for a credit! A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. So, for buyers who have watched the prices on homes in their targeted neighborhood go down - this is the time!
"The South Carolina housing market is in a more stable position relative to the rest of the nation," according to the Moore School of Business at the University of South Carolina. The Fall 2009 report goes on to say that the South Carolina has actually had an increase in permit activity and in general small increases in foreclosure rates. The Beaufort County area is leading the way for the state with increased activity. Locally, Realtors are beginning to see multiple offers on properties again, and though the inventory is still historically high, buyers are returning to the marketplace.
So, fence-sitter, come on down to Bluffton and Hilton Head - and if you're already here, use the Homebuyer Tax Credit and begin to enjoy your new dream home!
P.S. If you'd like your own copy of the South Carolina Fall 2009 Housing Market - Quarterly Report, please just email me and I'll be happy to send it to you!