Luxury Homes in Lafayette seem to be coming back to life. In the past 30 days we have seen 3 properties in Indian Peaks over $700,000 go under contract and one home over $1,000,000 close. This is strong growth when compared to only one home going under contract for $700,000 for the previous 9 months.
The proposed new tax incentive will help to further stimulate the market with it's expanded credit to new Buyers. The new credit is looking to extend benefits to First Time Home Buyers through April and also allow Buyers who have been in their homes for over 5 years and have incomes of less than $125,000 for single filers and $250,000 for joint filers to receive a tax credit of up to $6,500. When we combine this credit with already low interest rates this is a very nice incentive to allow the middle Buyer to take advantage of today's great Colorado real estate prices. Only time will tell, how much the Tax credit leads to a trickle up stimulus to the market as a whole, but these new incentives should help.
Now if we can just get the banks to wake up and lend to qualified Jumbo Borrowers we should see some true stabilization in the market. 20% down over 700 FICO score Buyers seem like a good investment to me.
The proposed new tax incentive will help to further stimulate the market with it's expanded credit to new Buyers. The new credit is looking to extend benefits to First Time Home Buyers through April and also allow Buyers who have been in their homes for over 5 years and have incomes of less than $125,000 for single filers and $250,000 for joint filers to receive a tax credit of up to $6,500. When we combine this credit with already low interest rates this is a very nice incentive to allow the middle Buyer to take advantage of today's great Colorado real estate prices. Only time will tell, how much the Tax credit leads to a trickle up stimulus to the market as a whole, but these new incentives should help.
Now if we can just get the banks to wake up and lend to qualified Jumbo Borrowers we should see some true stabilization in the market. 20% down over 700 FICO score Buyers seem like a good investment to me.
