HOT HOT HOT

The real estate market is HOT!  But only for properties under $250,000.  The $8000 tax credit given to first time buyers has really helped this price segment.  Homes up to $350,000 are still doing pretty well, but over that the market slows to a crawl. The higher the price the slower it gets.  A lot of areas have up to a 4 or 5 year supply of homes available at current absorption rates.  

The $8000 tax credit goes away on Dec 1st.  That means a buyer will need to be “in contract” by Nov 1st and if things get stacked up like I think…it may take 6 weeks to get a loan closed.  So, to be safe a buyer will need to be “in contract” by Oct 15th in order to close by the Nov 30 deadline.

If you want to buy or sell, you should do it when this stimulus money is available. Give me a call.