Happy New Year

As 2008 comes to an end I find myself reflecting on the past year. We have had a lot of ups and downs in the real estate industry over the past year including record number of foreclosures, decrease availability of financing and longer times on the market. Nationally the real estate industry has been impacted at a greater level than the Cheyenne real estate market. The number of sold homes has decreased by approximately 12-15% over 2007, however the average price of a single family home has remained relatively the same or slightly increased. According to the Cheyenne MLS the average price of a single family home as of November 2007 was $173,691 and the average price of a single family home as of November 2008 was $175,786.

I am looking forward to assisting you in the purchase or sale of a home in the coming year.

First-time Homebuyer Tax Credit

The housing and economic recovery act of 2008 provides a tax credit to first time home buyers on purchases on or after April 9, 2008. This is a tax credit in the amount of ten percent of the cost of the home up to and not to exceed $7500. This is a credit and must be paid back over the next 15 years. This tax credit is only available on purchases through July 1, 2009. So now is the time to take advantage of this. There are income restrictions and is only available on Single-family residences. For more information on this wonderful opportunity please visit with your accountant or tax preparer or email me at marc@cheyennehomes.com