The Washington State Housing Finance Commission offers incentives to purchase homes in specific areas in Spokane to promote home ownership. Qualified applicants recieve lower interest rates, lower down payment requirements (0% with VA) and other great opportunities.
As of 8/12/2008 – rates are as low as 6% with minimal down payment requirements.
For more information and for a list of homes available in these designated areas please do not hesitate to contact me.
For first time home buyers, the government just sweetened the pot.
The message: get out there and buy a house. The Reward: up to $7,500 in tax credits.
This works similar to other tax credits, it’s not free cash but it’s interest free cash for up to 15 years. A qualified first time home buyer need only purchase an owner occupied residence (this can even be new construction). To qualify for the credit. A first time home buyer is one who has not purchased or sold a primary residence in any of the last 3 years. If you are married to someone who has, sorry, unfortunately you don’t qualify.
If you do, your accountant can apply for the credit which caps out at $7,500 on your taxes. This credit is refundable, so even if you owe nothing to the IRS you can get a check back.
The money can be paid back over 15 years with payments as low as $500 / year (presumably paid in your annual taxes). When you sell your house, you can pay back the “credit” with your equity (assuming you have equity to pay it back).
Transactions remained steady in July, the only increase was Coeur d’Alene with an increase of 3 transactions to 79 for the month. Post Falls dropped 6 to 45, and Spokane dropped 18 to 732 (which represents the most steady month-to-month numbers for Spokane this year).
The average sale price went up in all three markets. Coeur d’Alene jumped over $15,000 to an average of $259,511.16, Post Falls jumped just under $21,000 to $214,720.29, and Spokane with the smallest increase in average sales price changed to $222,803.16 from $219,829.47.
The list to sold ratio (the ratio between what a seller lists their house and what the home ultimately sells for dropped in all three markets. Coeur d’Alene dropped to 96.66% of asking price, Post Falls to 98.07% of asking price and Spokane to 97.87% of asking price.
