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Real Estate - Current Market
Nov 2009
GREAT NEWS FOR HOMEBUYERS!!
There have been numerous changes within the housing market over the past year. We have been fortunate in our area to continue to see homes moving quickly. Mortgage rates have remained low and the deadline for the first-time homebuyer tax credit has been extended to April 30, 2010. If you are thinking about selling your home, this could be the time to do so. The new regulations for First Time Homebuyers is as follows:
- Eligible for tax credit up to $8,000 on purchase of primary residence under $800,000
- Anyone who has not owned a home within three years is considered a "first-time buyer"
- Must sign purchase agreement between November 6, 2009 and April 30, 2010 and close by June 30, 2010
- Maximum income is $125,000 for individuals, $150,000 for couples
- Credit must be repaid if the buyers sell within three years
If you are also on the fence on buying a new home, this is the new program that just came out. Current homeowners are also eligible for a tax credit under the new expansion.
- Eligible for tax credit up to $6,500 on purchase of primary residence under $800,000
- Must sign purchase agreement between November 6, 2009 and April 30, 2010 and close by June 30, 2010
- Must have lived in current home as principal residence for five consecutive years
- Maximum income is $125,000 for individuals, $150,000 for couples
- Credit must be repaid if buyers sell within three years
What a time to sell your current home and move up to the equally value-priced home of your dreams. Despite continued anxiety surrounding the housing industry and its impact on the economy, it's hard to ignore the extraordinary buying opportunities in today's market.
Glenhollow Estates
In the last 6 months, Glenhollow Estates has continued to sell homes quickly. We have had 9 sales with the average price per square foot of $107.97. The average days for a home to be on the market has been 38 days. I think all of this can be attributed to the fact that our neighborhood is in a wonderful location, with close proximity to shopping, restaurants, parks and schools.
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| Jill Brodrick |
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