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Countdown
The 60-day countdown is on.
The federal tax credit for first time homebuyers expires in June, but the key date is April 30, 2010.
In order to be eligible, a contract has to be in place by the final day of April. The tax credit applies to those buying a home for the first time, or those who have been out of the housing market for at least three years. There is also a tax credit for those who are "buying up" to a home of greater value.
We are providing a link to the IRS Questions and Answers about the credit.
Some real estate analysts think it's worth waiting until the credit passes along, because they think house prices will go down. While it may be true that prices went up in some markets when the tax credit was revised and extended, it certainly is not this case here in Brunswick County. Prices continue to go down and have all along.
We have amazing inventory, motivated sellers and falling prices.
Here are the market figures for the past two weeks:
*60 homes were sold or are under contract
*Sold or pending homes were on the market on average approximately 250 days
*Average selling price was around $275,000.
*18 homesites were sold or are under contract. Average selling price was around$100,000.
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