Greater Cleveland Real Estate Blog

First time buyer tax credit is a very good incentive to get off the fence and buy a condo or house now.

Let's say you used to rent a two bedroom apartment in Mayfield Heights and pay  $800 / month. You don't need a bigger place and you enjoy the convenience of fantastic Mayfield Heights location. You just got tired of paying your landlord and think about owning your own place.

Here is the deal. You buy a nice updated Mayfield Heights condo which is offered for just $70,000. Let's say you put 10 % down. You can go to the Mortgage center of Local-n-Global web site or any other sites which offer mortgage calculators and get an estimate for your monthly paymentsa. Based on 4.875 % interest rate for 30 yrs. fixed loan your monthly fee will be :

• Principle and interest - $333.40
• PMI - about $45
• Property taxes - about $140
• Monthly maintenance fee - $280 (heat, gas, water, sewer and building insurance included)

Total monthly payment for your OWN condominium will be a little bit less than $800 / month.

Another good news is that if you did not own Real Estate within last three years, you may be eligible for First time buyer tax credit. In case of purchase the condo in Mayfield Heights for $70,000 you will receive $7,000 in tax credit. You know how to spend another $7,000, don't you?

Why wait?

Just come to our Open House at 1390 Golden Gate Blvd. this Sunday May 3rd, between 2 pm and 3:30 pm and see if you are ready to become a homeowner and get advantage of first time buyer tax credit of 2009.

More and more people who want to buy the houses and condos in Cleveland are excited about opportunity to benefit from the First Time Buyer's Tax Credit.  I receive numerous questions regarding this credit from potential buyers. Let's get the answers together in order to help more first time buyers realize the advantages of buying houses and condos in Greater Cleveland in January-December of 2009.

The most frequent question is: Who is the First time buyer?

Answer is  not that obvious as it seems to be. Every person who did not own the primary residence in last three years prior to purchase is considered to be a First Time Buyer. For married couples, both spouses should be the First Time buyers according to the above definition. If husband or wife owned the primary residence during three-year peiod prior to purchase, none of the spouses is eligible for this credit.

Interesting question comes from the potential buyers of condominiums in Mayfield Heights and other communities of Greater Cleveland: Does the Real Estate tax credit apply to condos?

The answer is Yes, it does apply to any housing that will be used as a principle residence. It includes single family detached houses, attached homes like condominiums, townhomes, manufactured homes (aka mobile homes) and houseboats.

Dear buyers of Mayfield Heights Real Estate!

Here is the good affordable chance to become the owners of very nice, updated, tastefully decorated two bedroom condominium in Golden Gate Villas of Mayfield Heights.

Please stop by to preview this great 2nd floor unit with 1 car garage this Saturday, 09/27/2008 between 1:30 p.m. and 3:00 p.m. You will be glad you don't miss it! Address: 1390 Golden Gate Blvd. Unit 205E, Mayfield Heights, OH 44124

Need to sell your Mayfield Heights Real Estate? Call the experts!

Svetlana Stolyarova, Local-n-Global Realty  216-548-4663

Or e-mail us: Realty@Local-n-Global.com

What is going on with condominiums in Mayfield Heights this year?

The Cuyahoga County statistics data on condominium sales in 2008 does not look real pretty. According to Realist.com,

However, the condo market in Mayfield Heights is different. Regardless all financial obstacles which Fannie May created for fair borrowers willing to buy Real Estate, especially condominiums, in Cuyahoga County, there are still many people who prefer carefree condominium lifestyle in Mayfield Heights.

Per MLS, this year 25 condominiums in Mayfield Heights closed on the average price of $134,000. It was a lot of negotiations on price, as sellers received 92 % of asking price in 2008.

Same period of 2007 gave us 19 sales for average price of $135,000 (no changes whatsoever). Sellers were not ready to negotiate: Sold price / List price ratio was 98 % in 2007.

Interesting: despite all the negative news on Real Estate market, sellers of Mayfield Heights condos were more optimistic on pricing this year. Reality check, though made them accept the same price as it was in 2007. Out of my and my colleagues' experience - sellers are better prepared for sale this year than a year before. Condos are in a better shape. More remodeling and staging done. As a result, buyers get the better deals. May be that's the secret of better activity on this market?

Dear buyers! Please pay attention to the wonderful condo in the Golden Gate Villas of Mayfield Heights. That's the perfect sample of the sellers' great job on getting it ready for new owners: newly redone bathrooms, nice updated kitchen, fresh paint, comfort and beauty. Just move in!

Need to sell or buy in Mayfield Heights or in other nice Greater Cleveland neighborhoods? Call Svetlana Stolyarova 216-548-4663. Greater Cleveland MLS search. E-mail us: Realty@Local-n-Global.com.