Boston Real Estate Blog

 

The Good news for first time home buyers is tax credit extended for sure. Congressman Maurice Hinchey helped secure legislation that will extend the $8,000 federal tax credit for first time home-buyers, and create a new $6,500 tax credit for people who have bought a home in the last five years. Hinchey says it was important to extend this legislation through April 30th of 2010, because it’s been a successful law so far.”It provides opportunities for people to buy homes who wouldn’t have the opportunity, because the $8,000 provides them with the incentive they need, and the additional financial help they need to actually buy that house,” said Rep. Maurice Hinchey, (D) 22nd District. Hinchey says he doesn’t know if there will be another extension, because it all depends on the program’s success.

 

We checked in with our lending specialist Jason Deeb at MSA Mortgage and here is what he sent us to help understand the process.  Jason Deeb says with the recent extension of the First Time Homebuyer Tax Credit, after consulting with many MSA clients who purchased a home for the first time and had difficulty visualizing the process. Many of our clients have found our flow chart extremely helpful so I wanted to pass it along to you to forward to your clients. Please let me know if I can send it to you or if you have any questions. Contact Jason Deeb Senior Loan Officer Direct: 781.486.7143 Cell: 917.721.2111 Fax: 781.245.7373 Email: jdeeb@msamortgage.com

Now is the time to rent in Boston.  With so many brand new building developments such as 1330 Boylston Harborview Charlestown; and Trilogy, recently completed there is a greater supply of luxury apartments than demand for them.  As a result, many buildings are offering very attractive incentives to renters.

Archstone Avenir is offering two months free on a 13 months lease.  This adds up to some big savings.  For example, a 1 bedroom which typically rents for $2,500 per month would now rent for $2,115.  A savings of $5,000 over the term of a 13 month lease.  Archstone is also paying the full broker’s fee, which is an additional month’s rent.  Essentially, you are getting 3 months rent for free.

Archstone Avenir is offering renters some of the most aggressive incentives but many other properties are following their lead.  Buildings, all over Boston, which historically had few available apartments are now offering one or two months free, reduced parking rates and waiving amenities fees.

For the most up to date incentives on all of the luxury buildings in Boston please give me a call or email me Bill Carr 781-859-9805 williamc@rikemanre.com