Tuesday, March 10 2009
Market Watch For March 2009
It’s March and the weather is now cooperating with homebuyers and sellers. Open House traffic has been excellent since our ice storm last month and I anticipate increasing home sales over January and February levels.
Details of the federal “Stimulus Package” are becoming clear and there was certainly some good news for the real estate market especially for first time buyers. New home buyers are now eligible for an $8,000 tax credit with very few strings attached. The closing of the transaction must occur before November 30, 2009. There is no repayment as long as you use the home as your primary residence for three years. Even if your tax liability for 2009 is less than $8,000. you can still get the full $8,000.00 benefit. Call your tax advisor or I can provide you with some additional information about the credit at your convenience.
I know I mentioned two months ago that real estate is local and that our local market, as opposed to the “national market,” is much more relevant for our everyday lives. I saw an article last week that certainly drives that point home. Half of all residential foreclosures in the United States last year took place in only 35 counties. Most parts of the nation, including our market area, have slowed but not crashed.
Next month I will give you some specific numbers about our local market and share some exciting new products to help both buyers and sellers.
In our continued quest to offer more services, Kathy and I would like to invite you to sign up for your personal up to date market information on your home and those surrounding yours. Just click on the link below:
Please feel free to call me at 812-499-9234 if you have any troubles with signing up for your personal report.