First time home-buyer market continues to roll. Record low interest rates and affordable pricing and the extension of the $8000 First Time Buyer Tax Credit are keeping the market hot in the lower price ranges. It’s a great time to buy and it’s a great time to sell in this price range. In the past 4 months, the inventory levels in the under $275,000 price range have been reduced to 7 months of inventory. The average days on the market is as at a mere 67 days. And the average settled price compared to its original list price is 94%. These are all improved numbers from where the market was 1 year ago for this price range. In the higher price ranges it is definitely a great time to buy. Especially now that congress has added an Expanded Home Buyer Tax Credit which now includes a $6500 credit for anyone buying another principal residence, as long as they have lived in their current residence for 5 out of the past 8 years. We expect these numbers to start improving in the higher price ranges as buyers begin to take advantage of this new incentive. The deadline for both credits is June 30, 2010, but you must be under contract by April 30, 2010.
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