Monday, November 24, 2008

October Market Report

For the 10th straight month in a row, sales were up over 2007 for total of 27.7% in the MLS area. With lots of competition from bank & government-owned homes and short sales, owners are continuing to hold their homes off the market until it stabilizes so the number of homes on the market has continued to decline.

Homes priced competitively are selling and the number of starter homes (those priced under $125K) sold this year has surpassed 2007. In fact, 53% of all homes sales were below $100K!

Activity has definitely slowed with all the market chaos so next month's numbers will be interesting to see. It's still a great time to buy for first time buyers, particularly owner-occupied HUD homes which require only $500 down. For example, my daughter recently bought a home that was far cheaper than what she would be paying in rent!

Like shifting sands under our feet, it's difficult to keep up with the changes happening around us, but here are a few links to some of the important items that have happened this year:
Mortgage Forgiveness Debt Relief Act
Summary of Economic Stabilization Act by the National Association of Realtors
Tax Credit to Aid First Time Homebuyers by the Internal Revenue Service

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