Everybody from Los Angeles to Boston — your mom, your doctor, your dry cleaner — is puzzling over which way the nation’s real estate market is headed. Up or down? Sideways or not?
It’s a debate that’s been raging for months, and recently there have been clear signs of a up tick. The Northwest MLS reported 4,559 pending sales during February for a 4.7 percent improvement over January.
That total, was the highest volume since September 2008. We have seen a noticeable increase in open house activity, with part of the surge coming from transferees moving into the area who are looking to buy rather than rent. Home values are finally at a point where affordability has returned and the market is slowly beginning to respond to the $8,000 tax credit for first-time buyers.
The $8,000 tax credit for first time buyers does not have to be repaid. . . and first time buyers who purchase before April 15 can apply the tax credit to their 2008 tax return.
The combination of historically low interest rates and increased affordability is an opportune time for buyers to take a look at purchasing their first home.
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.