Baltimore First Time Home Buyers Take Advantage Of Incredible Incentives, Low Rates

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) February 28, 2009 -- Purchasing real estate in Baltimore, Maryland could be a wise investment as the economy and other housing markets suffer throughout the country. According to the National Association of Realtors, real estate in Baltimore has kept its value or slowly appreciated in value over the last few years as other areas in the country have suffered from severe property value loss. Baltimore has several beneficial characteristics that make it an attractive place to live and invest, including impressive financial incentives.

One of the many reasons Baltimore has maintained its value is due to expected occupation growth. For instance, Maryland is poised to receive a tremendous amount of population growth and employment opportunities over the next several years as part of the Base Realignment and Closure initiative (also known as BRAC). This program was designed to move thousands of military personnel from the mid-Atlantic region to be in a more centralized area in and around the Baltimore/Washington corridor. As such, Baltimore realtors expect housing demand to trend upwards in the near future.

There has also been a trend over the last few years for residents of other local cities (primarily Washington, DC) to purchase homes and real estate in Baltimore. Similarly appointed homes in Washington, DC could cost twice or even three times as much as their Baltimore counterpart. This provides the opportunity to own a home in Baltimore and commute to work.

Those first time home buyers contemplating a home purchase in Baltimore should consult with a Baltimore realtor or real estate agent. These professionals can provide useful insight into the current state of the market, how the home buying process works and how to prepare a contract for purchase. Hiring a Baltimore realtor or real estate agent can also be beneficial because they will be aware of the various tax credits, grants and other assistance available for first time buyers and move-up buyers.

There are an incredible amount of incentives for first time home buyers and move up buyers in Baltimore city. For instance, first time home buyers in Baltimore (as well as the rest of the country) may be eligible for the home buyer tax credit implemented with the passage of the economic stimulus bill in February 2009. This provides an $8,000 refundable tax credit to first time home buyers purchasing a home between January 1st and December 1st, 2009. First time home buyers are defined as those who have not owned a property in the last 3 years.

It should be noted there are a few restrictions on this first time home buyer credit. The buyer must purchase the new home prior to December 1st, 2009. There are also income limitations. Anyone earning $95,000 or less will receive some type of credit, though your income will need to be $75,000 or less to earn the full $8,000.

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