Market Continues Rebound

October 28, 2009

The housing market continues to improve with robust sales and an actual less then expected drop in home prices year over year. I know from personal experience that the first time buyer tax credit is having an impact on the market and title company's, home inspectors and others are swamped. There is a bill to currently being debated about extending the tax credit which will be prorated til the end of 2010. We can hope for the best and continue to put pressure on our representatives hopefully spurring further growth in the market which is what we really need at the moment. If you haven't done so feel free to take a moment and write your representative about the tax credit and if you support it. If you don't that is fine as well (we live in a democracy, so every opinion matters).

Coldwell Banker Home Price Comparison Index Just Released

Just released is the 2009 Coldwell Banker Home Price Comparison Index of more then 310 different housing markets across the US, Canada, and the Caribbean. This year saw the largest differential recorded with about a $2 million gap between the most expensive market and the most affordable. The research is based on a traditional 4 bedroom, 2.5 bath home which averages roughly 2,200 sq.ft. La Jolla CA led the list as the most expensive while Grayling MI was the lease expensive. This chart is a great reference if you are potentially thinking about moving out of your current area and need to have a rough idea of what your money can get you here as opposed to your potential new place. Please remember that the full article is not attached but can be found by clicking on the tab labeled press release after you click on the link below. We are always here to assist with all your moves, whether it be local or out of state. We have made connections with various realtors across the country so think about us when you make that move.

New Home Sales Rise for the 5th Straight Month!

As mentioned sales continue to be up and new home sales are back in full swing. Inventory is continuing to be pushed lower by buyer demand. New home inventory as at the lowest levels since 1992. As we approach the deadline for the tax credit (Nov. 30th) inventory will continue to dwindle. Many realtors including myself feel the tax credit will be extended into the spring however we are uncertain as to how long or even how much it will be. Homes that are moving seem to also be priced in the lower price ranges of $450k and below. I have included the new home sales article below.

Housing Meltdown, Then and Now

Friday means it's time to look at interest rates and where they stand. Today it looks as if rates are around 5.17% for a 30 year fixed. As I was looking at rates I came across a pretty good article which talks about the financial/housing meltdown and what got us into the mess we were in. It's a pretty good and quick article to read and again hindsight is always 20/20. Take a look and make sure you're where you need to be in understanding the current market. As things pick back up, and in some places at a frantic pace do a little research and have a gut check, it could go a long way! Housing Meltdown Then and Now.

Quick Fixes Can Save Hundreds

Happy belated Labor Day everyone. Hopefully many of you enjoyed your three or four day weekend. I do hope none of you had to work on Labor Day unless absolutely necessary. I did put a little time in showing some properties but I am not complaining as long as the market is good. As we end summertime and now move into fall and soon into winter I wanted to continue the posts from about a week ago with ways you can save money around your home. Again these little things are quick fixes you can most likely complete yourself so take a few minutes to look at your home. It could save you hundreds of dollars as we approach the wind and cold of winter.

Time is Ticking for the First Time Homebuyer $8,000 Tax Credit

Today is the final day of August and I can't believe where the summer has gone. Seriously it seems like it was just April not too long ago. The holidays will be here and the holiday sales before we know it. One other thing that will be here before we know it is the end of the first time homebuyer tax credit. This tax credit although there has been talk about it being extended is set to expire on December 1, 2009 which means you will have to have closed or settled on your home by November 30th. Keep in mind the tax credit is an $8,000 credit that you can use on your 2009 taxes or retroactively on your 2008 taxes by completing the proper IRS paperwork. Personally I think the credit is going to be extended once congress gets back in session however it could be like the cash for clunkers deal where they simply don't have enough money to continue the program which is a real possibility. The credit seems to be working as business has picked up pretty rapidly during the past three or four months and inventory is flying off the shelves. Don't wait until the last minute though. A typical closing takes 45 days which means you have to be under contract by mid-October. This means you most likely need to get in gear and start looking now if you are going to use it. I have attached the article link below. Time is Running Out for Your $8,000 Tax Credit!

Energy Star & Tax Credits

A few posts ago on my blog I talked about how to save money in your home by completing some simple fixes, all of which you could do yourself. However, I also wanted to share another way to save you additional money. As you may or may not know appliances are major energy guzzlers in your home. Outdated refrigerators, dishwashers, hot water heaters, washing machines, dryers etc. can add hundreds of dollars to your energy bills during any given year. Therefore if you have thought about replacing any of these items you may want to take a look at the attached link. The site contains information about "Energy Star" appliances which will definitely save you money but could also give you a little bit of credit on your taxes. Yes that's right the government is offering tax credit if you purchase a new energy star appliance up through 2010. It may not seem like a lot but in todays economy every little bit helps. Be sure to check that it is an energy star appliance before you purchase and keep your receipt for proof of purchase. You could be a winner in two ways by cutting your overall energy cost and your year end taxes! You can't get much better then that.

Energy Star Appliances & Tax Credits!