Tuesday, August 11 2009
EVANSVILLE - National reports are showing more Americans are trying to buy homes. The National Association of Realtors says the increase has been running for five months, bringing a boost to the national housing market.
With incentives to buy, local realtors say the demand is growing, bringing out not only more buyers but also sellers.
Completing 10 home sales in July alone, ERA First Advantage Realtor Annabelle Ismail says the local housing market is shaping up proving national trends are holding true. "That's really good for this year."
Ismail says The National Association of Realtors shows pending home sales were up in June at a rate of 3.6 percent.
"There are a lot of incentives out there right now for all buyers, especially first time home buyers," Ismail said.
Ismail says houses ranging in the $125,000 to the $130,000 range are in high demand, but with incentives for first time home buyer up November 30th, time is ticking for some.
"There's more of an urgency right now to buy," Ismail said.
Chris Dickson, Secretary and Treasurer of the Evansville Area Association of Realtors, says the market has really warmed up, and the numbers prove it.
Dickson says from year to year in Vanderburgh County the housing market is seeing a definite upswing.
When comparing 2008 and 2009 second quarter numbers, total units sold is up by 4.2 percent, total sale price of a home is up 10 percent and totals sales volume is up 14 percent, according to the Evansville Area Association of Realtors Multiple Listing Service.
"Now that demand is coming forward, we have a lot of buyers and a lot of sellers getting back on the market," Dickson said.
Dickson says even though property values are up by 14%, things like incentives and lower home loan rates are bringing the buyers out.
"Home buying is a driver for the economy and so this should bode well," Dickson said.
Buyers interested in cashing in on first time home buyer's tax credit should have a contract together by mid-October. Dickson says that will give buyers plenty of time to close before the November 30, 2009 deadline.