Thorner Gets It Right
I'm usually pretty quick to point out things I don't agree with in James Thorner's (Un)Real Estate column in the St. Petersburg Times. I think it's fair that I do that. Besides, I have fun writing those responses and I think everybody -- including James Thorner -- has fun reading them.
Well, it is also fair for me to point out when James Thorner gets it right, and he does get it right in his latest column which appeared on page 1A of the paper for Friday, February 27th.
If you are a real estate buyer or a real estate agent who works with buyers, you need to read that column and tattoo the important parts to the inside of your eyeballs so you don't forget it.
Thorner's headline summarizes it all ... "Price break plus tax break equals bargain". You can't be any more clear than that, and that's the best reason on this planet for buyers to act NOW.
Thorner points out that buyers have three great discounts available now that they may not have in a year or so ...
1. A foreclosure discount;
2. A tax credit discount;
3. A mortgage interest rate discount.
Thorner writes that by using all three of these discounts wisely, your typical $185,000 house could actually be valued at only $121,000. That's pretty darn reasonable and smart buyers are going to take advantage of this opportunity by buying now.
You can read the story for the price of a paper, so I'm not going to rehash the entire article. Essentially, if you deduct from the $185,000 price about 25% for the "foreclosure discount", another $8,000 for the federal first time buyer's tax credit, and another $6,000 for the first six years of interest savings from today's low mortgage rates, the value of the house falls to $121,000. Read the story to get the details of how this works.
Agents who represent buyers have been saying that this is a great time to buy a house for quite a few months now. It is really refreshing to read in the Times that they too think this is a great time to buy, especially if you can qualify for that first time buyer tax credit. If I were a buyer, I'd take this advice and start making a few offers. You may find yourself sitting on a great deal!
For more information about real estate in the Tampa Bay area, please visit my website at www.TheStPeteRealEstateSite.com.
Well, it is also fair for me to point out when James Thorner gets it right, and he does get it right in his latest column which appeared on page 1A of the paper for Friday, February 27th.
If you are a real estate buyer or a real estate agent who works with buyers, you need to read that column and tattoo the important parts to the inside of your eyeballs so you don't forget it.
Thorner's headline summarizes it all ... "Price break plus tax break equals bargain". You can't be any more clear than that, and that's the best reason on this planet for buyers to act NOW.
Thorner points out that buyers have three great discounts available now that they may not have in a year or so ...
1. A foreclosure discount;
2. A tax credit discount;
3. A mortgage interest rate discount.
Thorner writes that by using all three of these discounts wisely, your typical $185,000 house could actually be valued at only $121,000. That's pretty darn reasonable and smart buyers are going to take advantage of this opportunity by buying now.
You can read the story for the price of a paper, so I'm not going to rehash the entire article. Essentially, if you deduct from the $185,000 price about 25% for the "foreclosure discount", another $8,000 for the federal first time buyer's tax credit, and another $6,000 for the first six years of interest savings from today's low mortgage rates, the value of the house falls to $121,000. Read the story to get the details of how this works.
Agents who represent buyers have been saying that this is a great time to buy a house for quite a few months now. It is really refreshing to read in the Times that they too think this is a great time to buy, especially if you can qualify for that first time buyer tax credit. If I were a buyer, I'd take this advice and start making a few offers. You may find yourself sitting on a great deal!
For more information about real estate in the Tampa Bay area, please visit my website at www.TheStPeteRealEstateSite.com.
-30-
posted by Terry Ward at 3:31 AM
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