by Admin
25. November 2009 04:42
The real estate landscape has changed dramatically in the last 4 years. Our local housing market continues to be volatile. Home sales continued to improve in October giving us two months increase year-over-year, an encouraging sign. However, the average price of a home fell from $257,912 in October 2008 to $237,998 in October 2009.
How can you tell if the local market is improving? It depends on the price range you are considering and the number of months supply in that price range. Anything over six months supply is considered high, meaning that sellers may have to reduce prices in order to sell. On October 1st we had an average home supply of 14.91 months according to the M.O.R.E. Report and MLS data.
There is a window of opportunity right now for sellers and buyers because Congress has extended the tax credit for new home buyers and added a new tax credit for qualified existing home buyers until April 30, 2010. These tax credits are not likely to be renewed so it may be wise to act now. Interest rates are currently at historic lows. The tax credit and low rates combined offer an opportunity that we may not see again for a long time.
For 33 years, Intracoastal Realty has been dedicated to serving you in all your real estate needs. Today that commitment is stronger than ever. Our agents have the experience and expertise to help you navigate through the choppy waters of our current market.
Jim Wallace, CEO
Intracoastal Realty Corporation