Can you use $6,500?

Are you aware that you don’t have to be a first time home-buyer to benefit from the current tax credit program offered by the federal government? In addition to extending the first time home buyer tax credit until the end of April, there is now a credit available to move-up or repeat home buyers in this same time frame for 10% of the purchase price up to a maximum of $6500.

Those who are eligible must have owned and resided in the same home for at least FIVE of the previous EIGHT years. Repeat home buyers do not have to purchase a home that is more expensive than their previous home in order to qualify.

Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. You can even build a new home and have the credit applied.

For more specifics, click here.

Does it Pay to Remodel?

Attention sellers: the 2009 Remodeling Cost versus Value Report indicates that 8 of the top 10 remodeling projects that provided greatest value were exterior projects costing less than $14,000. The importance of curb appeal must not be minimized if you are selling. You may find that doing an exterior project may help attract a buyer sooner than if you hadn’t done it.

With so much competition out there, do what you can to make your property stand out. And, you stand to recoup a good portion of your costs! Don’t look at the portion that you don’t recoup as a total loss. Compare it to your carrying costs for holding the property for a longer period of time.

Some projects with good returns were:

Wood deck addition - 80% of cost recouped at sale
Window replacement, wood or vinyl – 76.6% - 77.3%
Steel entry door replacement - 128.9%

Top interior projects were:

Attic bedroom addition - 83.1%
Minor kitchen remodel - 78.3%
Major kitchen remodel – 72%
Bathroom remodel: 71%
Basement remodel: 75.4%

To see how 33 projects fared in the report, click here.

The Year in Review Part 3: Wellfleet 2009 Sales Activity

This week we have our last year end report with a look at Wellfleet’s final sales figures from MLS along with a comparative analysis of this year in relation to the prior two years. Our data comes from the Multiple Listing Service and does not include private sales. The vast majority of sales that occur in this market are MLS sales.

For more on "The Year in Review," click here.

The Year in Review Part 2: Truro 2009 Sales Activity

This week, we review Truro’s final sales figures from MLS along with a comparative analysis of this year in relation to the prior two years. Our data comes from the Multiple Listing Service and does not include private sales. The vast majority of sales that occur in this market are MLS sales.

For more on "The Year in Review," click here.

The Year in Review Part 1: Provincetown 2009 Sales Activity

The year-end numbers are in! Over the next three weeks, we will review the final sales figures from MLS along with a comparative analysis of this year in relation to the prior two years. We’ll start with Provincetown this week, and we’ll look at Truro and Wellfleet in the coming weeks.

For more on "The Year in Review," click here.