MARCH 11, 2010 ISSUE
Local Realtors’ Numbers Better than Last Year, Not Up with 2008
A comparison of residential real estate sales in the High Country indicate the market is getting better, but it has still not caught up with 2008 numbers, according to the High Country Association of Realtors. Comparing January 2010 sales with 2009 shows a slight increase of 5.3 percent.
“When we go back to the same time period in 2008, we see local residential sales have a way to go to catch up,” said Hope Harvey, president of the association. “While tough economic times take longer to affect our local market, it also takes longer for this area to rebound” she explained. “Our sales numbers are definitely on the right track, though.”
According to Harvey, the average number of days residential properties are on the market has continued to increase since 2008. She said fixed mortgage rates are beginning to increase, so buyers have a window of opportunity to buy while home prices are steady and there are a variety of houses from which to choose.
The association also points out that time is running out on the Homebuyer’s Tax Credit, as a binding sales contract must be signed by April 30, 2010. On November 6, 2009, President Barack Obama signed The Worker, Homeownership and Business Assistance Act of 2009, which includes an $8,000 tax credit for qualified first-time buyers and a $6,500 tax credit for qualified existing homeowners.
For sales occurring after November 6, 2009, the act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns. For both tax credit programs, the purchase price of the home must be less than $800,000.
The $6,500 tax credit is available to existing homeowners who have lived in their current residences for at least five years, and is also available until April 30. For more information, click to www.federalhousingtaxcredit.com.
For more information about the High County Association of Realtors, click to www.highcountryrealtors.org.
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