Archives: November 2009

We Give Thanks for Hopeful Real Estate News

GoodNewsLawrence Yun, chief economist for the National Association of Realtors, presented the NAR Forecast for 2010 real estate at the annual conference held in San Diego in November.  His projections included the following good news:  13.6% increase in the sale of existing homes as well as a return to positive growth in home values as inventory levels continue to decline.

Although real estate markets vary widely from community to community and his forecast is a national one, we hope his projections will hold true for our local market in Columbus, Ohio.  I for one am ready for some good news to share.

New Albany Market Supports Projection

Unit sales of existing homes in New Albany, Ohio for the trailing 3 months (September, October, November)  supports one of the projections made by Mr. Yun.  2009 Unit sales for those 3 months are up 20% over the same time in 2008.  As reported in our November eNewsletter, inventory levels are down almost 15% over last year so hopefully, the sales prices will begin to stabilize and New Albany will begin to see positive growth in prices going forward.

Now is the time to consider your goals for real estate in 2010.  If you are thinking about a larger home, a smaller home, or a move out of the area, please contact Tony or me to discuss your plans and how we can help you achieve your goals.

Expected To Pump $ Billions Into The Housing Market

New limits will impact New Albany Home Buyer’s & Sellers

Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.  More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000. For many New Albany Real Estate Buyers and Sellers, the new changes to the law will mean that many homes that were not previously eligible for tax credit now are.  Additionally, the time constraints imposed may have Sellers reconsider market timing for marketing their property.

To find out how this new law impacts you specifically, contact Kate and Tony today.

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Until next time,

Kate