Its been too long since I posted on here. I want to write a quick note about the market and how its been going.
July and August is usually our biggest sales months of the years. However this year, September has been our biggest month so far. Listings that have been on the market for over six months we were able to put under contract. As we entered October, buyers were worried they would miss out on the New home buyer tax credit of $8000. This started a run on the homes under $250,000.
Now a new Tax credit passed by the government. The $8000 tax credit still exists with income amounts raised to $125,000 for an individual and $250,000 for married couple. It also added, a new tax break which will be amazing, its going to be $6500 for existing home owners that have lived in their previous home for at least 5 Years. I believe buyers were using the $8000 credit as down payment so now existing owners should be able to use the $6500 in the same way.
Prices are beginning to stabilize and have the ability to stay strong throughout the winter. According to the division of real estate as of September there are less homes on the market. This is great news because it helps prices stay strong.
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