Here’s some information on the tax credit from Keller Williams:

Having the credit does not make you a millionaire; you still need to aim for an affordable house.  With the large number of foreclosed and bank-owned homes on the market in many areas, it is tempting to think about buying a distressed property that you can buy for less and renovate over time.  This can be a great idea for some people who have time and money on their side.

Is a Distressed Property for You?

Many bank-owned homes have been vandalized, trashed, or poorly maintained and may require you to replace major systems.  If you are looking for a house for your family to occupy immediately, a distressed property might not work out for you.  Families, especially young ones, don’t handle disruption well.  A place that needs basics like painting and replacing the carpet and appliances and can be made ready in short time frame with a finite amount of money might be a reasonable purchase, whereas a more damaged home may not.

Turning Dumps Into Dreams

In Washington, DC, Maryland, and Virginia, Express Realty Services provides a viable option. We provide renovated properties listed for our sister company, Express Homebuyers, the DC property company that virtually turns dumps into dream homes. We make sure everything is working, clean, and ready to occupy, plus put in the granite countertops, stainless-steel appliances, upgraded cabinetry, and wood or ceramic flooring that you want but didn’t think you could afford. These homes are aggressively priced and often cost less than non-renovated homes in the same neighborhood.

If you want to take on more, Express Realty Services offers many bank-owned homes and fixer uppers in need of some sweat equity too.  We will work with you to find the property that’s right for you and your family. Contact us today and harness the power of fourth-largest Keller Williams agency worldwide.

If you follow Arlington real estate closely, you may already be aware of the scarcity of homes listed for under $400K.  It’s a buyer’s market right now, but there are always exceptions by region/price range if you know where to look, and this is one of them.  Properties that fall under this category in the northern Virginia area are in short supply, and as a result, are listing (and selling) for more than they normally would.

…then buy for less

The flip side to this phenomenon is its effect on homes valued ABOVE $400K…  Because of the oversaturation of properties at this price point, home sellers are accepting offers lower than their home’s true worth, putting the advantage squarely in the hands of the buyers.

Now is the time to upgrade

If you’re a homeowner in Arlington with a home worth less than $400K, you now have a unique opportunity to “trade up.”  In this market, you can sell your home for more than its value and use the money to pick up a more expensive home at a discounted price.  This is a solid long term move, and a chance to secure a nicer living space for substantially less than you would normally have to pay.

Any of this sound good to you?  If you fit the criteria described above (or are simply interested in buying or selling a home), get in touch with us now and learn how to make the best move possible in the current real estate situation.