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Market Cycle

by Cheryl Scott-Daniels

In the past, homes have had an annual appreciation rate of about 5%. This changed in the years between 2000 and 2006. In that six year time period the appreciation rate was 89%, or nearly 15% per year on average. An average difference of 10% from the previous years! Today’s correction is a move back to stability

 

1980-1985 ---25%

1985-1990 ---------27%

1990-1995 ---25%

2000-2006 ----------------------------------------89%

SOURCE: REALTOR Magazine April 2009

 

 

 

What does this mean for Buyers?

 

Now is the time to invest in real estate! There is an excess of inventory on the market to choose from and prices are low. Don’t forget the Home Buyer Tax credit which was just extended to April 30, 2009.

 

 

 

 

 

 

 

Home Buyer Tax Credit Extended!

by Cheryl Scott-Daniels

Congress passed new legislation that extends the First-Time Home Buyer tax credit to April 30, 2010. The legislation also expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

The National Association of REALTORS has outlined the changes to the Home Buyer Tax Credit in this Article, Click here. They have also provided a list of answers to some frequently asked questions.

Please feel free to contact me with any questions regarding this new legislation. Now is a great time to buy!

New Tax Law

by Cheryl Scott-Daniels

New Tax Law!

Yesterday at 4pm I had a conference call with Senator Christopher Dodd who was in the Senate about to vote on the bill to extend the housing tax credit which has been a critical component of the recently improving housing market.


1.  Federal government will extend the tax credit to first-time buyers,  those who haven’t owned a home in the last 3 years
Credit is $8,000
Not recaptured if the owner resides in the property for 3+ years*
Binding contracts must be finalized by 4/30/10
Closing must occur prior to 6/30/10
Single Income cannot exceed $125,000
Combined Income cannot exceed $225,000
Property must be primary residence, 1-4 family
Maximum purchase price is $800,000 


*unless they are military or foreign service personnel


2.  Tax credit extended to move-up buyers:
Credit is $6,500  
all other rules apply!

Senator Dodd expected the house to vote quickly and President Obama to sign shortly thereafter!

This should continue to boost the housing market!

 

Fairfield County Real Estate Market Update

by Cheryl Scott-Daniels

Fairfield County Real Estate Market Update

The positive increase in market activity we saw in August held true in the month of September.  We experienced a small decrease in the supply of homes active on the market and witnessed a smaller decline in unit sales this year versus the first 9 months of 2008.

There is a healthy, active inventory of 7,556 single family homes on the consolidated multiple listing service. To date, we have had 4,755 closed sales. This represents a unit sales decrease of 15% vs. the first 9 months of 2008. The result is a 14.3 month supply of homes currently on the market. The median selling price county-wide is $376,500, which is an over-all decrease of16% vs. last year. This number is down slightly from August. This is a county-wide number and not the case in every town.  Remembering that all real estate is local, there are definitely differences between towns within Fairfield County. It is very important to talk to your REALTOR® about the towns in which you have specific interest about the advantages of buying or selling at this time.

As has been the case over the past 9 months, sales among the upper price tier are slower than other price ranges. Sales over $2MM represent just 3% of homes that have sold but 9.5% of homes on the market waiting to sell.  Sales over $3MM represent less than 1% of the total homes sold but 5% of homes currently listed for sale.

There are 1000 properties with fully executed contracts waiting to close.  The median price of those homes is $350,000.

There are 565 properties with accepted offers.  The median list price of those with accepted offers is $394,500.

With the healthy inventory of homes on the market, we stress to our sellers the importance of making their home stand out above the competition. This includes staging as well as competitive pricing. Sellers should talk to their REALTOR® about steps they can take to help put their home at the top of the buyer’s list!

Displaying blog entries 1-4 of 4

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