Regardless of whether you have a new home, like those in the Cotswold neighborhood or an older, remodeled home of the Charlotte, NC real estate market, if your closets aren’t organized they can be. Closets can be do-it-yourself projects or created by a contractor or a closet company. Remodeling closets can be an inexpensive re-model that can add value to the sale of your home near Freedom Park or home in Dilworth without breaking the bank.

Interest rates have been hovering at 5% or lower for the better part of the past year, a trend that cannot be expected to continue.  As the market stabilizes more and the economy gets better, interest rates will rise.  While home prices still may drop in many areas of the country, they will not drop much more.  Areas that are less affected by foreclosures, short sales and REO properties are likely to level out faster than other areas due to the lack of distressed sales in their inventories.  A rise in interest rates may bring real estate prices down to sell but the days of 20% and 30% decreases appear to be unlikely.

In a nutshell now is a great time to buy if you have been waiting for the right time to plunge into the market whether you are considering homes for sale in Myers Park, Foxcroft, Cotswold, Dilworth or any of the wonderful neighborhoods of Charlotte. Take advantage of low interest rates while they are here and the extended home buyer tax credit while it’s still available.  It is a buyer’s market now, it won’t be forever.

An interesting analysis of the real estate conditions and a forecast of 2010 by CNN Money are available.

What qualifies for the first time home buyer’s tax credit? Only a primary house qualifies.  It does not matter if it is a single family home, duplex, townhome, condo, apartment or co-op, if it is a primary residence it will apply whether you a looking at homes near Freedom Park, Homes in Myers Park or homes for sale in Cotswold.

What is new and improved with the extended and expanded tax credit? The tax credit is income restricted, an individual cannot make more that $125,000 annually and a couple cannot make more than $225,000 jointly.  A home must be a primary residence and valued at $800,000 or less.  Buyers must have a property under contract to purchase by April 30, 2010, and the property must close by June 30, 2010.

The tax credit is a real boon for first time home buyers and does not have to be repaid.  If you qualify for the tax credit and have been considering purchasing a new home, there could not be a better time.  Low interest rates, low home values and the first time home buyer tax credit all add up to the right time to call local Charlotte, NC expert Scott Pridemore.  The passing of this extended, expanded tax credit is good news on the real estate front and is expected to be the last tax credit offered for a long time to come.

Across the nation and here in the Charlotte, NC, people are taking advantage of the move-up/repeat home buyers tax credit. A tax credit of up to $6,500 can be claimed by qualified existing home owners. Whether it is a home in Cotswold, a home in Myers Park, South Park or other great communities in Charlotte, there are certain requirements to be met to take advantage of the tax credit available to homeowners.

The key information on the tax credit is the timing for the purchase of a principal residence. It must occur after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010). With the mix of incredably low interest rates and the extended home buyer tax credit, Charlotte home buyers are taking advantage for sure. As an expert in the local Charlotte real estate market, I like to help people with their real estate needs in the community, whether one is looking for information on homes for sale in Dilworth or simply trying to learn more about neighborhoods or new developments.