Chattanooga Real Estate Blog

According to a report by the Internal Revenue Service, “Tennessee has the 13th highest rate, in the nation, of residents taking advantage of the first-time homebuyer credit”  See the full story on the Nashville Business Journal

I know I talk about it a lot but time is running out.  If this credit isn’t extended it will disappear the end of November.  If you are a first time home buyer there are some great deals to be had!

Renovations being wrapped up now. Sellers have spared no expenses in their renovations. Finishing up with new flooring throughout, new cabinets, new counter tops, new fixtures, new gutters and more. Wiring was updated 6 years ago, roof was put on about 6 years ago, plumbing about 2 years ago, heat pump replaced 1 year ago.

The lot is perfectly level and huge!

This wonderful home qualifies for the $8000 tax credit but you had better act quickly. The tax credit program expires November 30th.

Don’t want to spoil the affect so photos and tour will be posted as soon as the work is completed! That is, if someone hasn’t already snatched it up!

The $8000 first time home buyers tax credit is set to expire soon.  If you haven’t closed on your purchase by November 30th you may loose out.  It takes longer to get to closing now and with this deadline looming more and more people are going to be in the system thus making the contract to closing time even longer.  So even if you are currently under contract you may not make the Nov 30th closing deadline.

If we all contact Congress to extend and expand this program so that more buyers can purchase the small uptick seen in the economy will continue and grow.  The above link is a very short video put together by the National Association of Realtors with real agents expressing the need for an extension and expansion of the program.  Take a look at it then contact your representatives and urge them to extend this program in the interest of the entire country.

Bankrate.com recently conducted its annual national survey of average origination, title, and closing costs, for a $200,000 loan, assuming a 20 percent down payment and good credit.

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Nationwide, the average origination and title fees on a $200,000 mortgage this year totaled $2,732, according to Bankrate’s annual survey of closing costs. The fees in the survey don’t include taxes, insurance or prepaid items such as prorated interest or homeowner association dues.
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So how did Tennessee do, and where did our state rank nationally?

Tennessee ranked 12th highest in the nation (a significant jump from our 24th place ranking in 2008) with total average costs of $2,901 … $169 higher than the national average.