triangle market news & information

Tax Credit Extension & Expansion

Triangle Real Estate Market News

Monday, 23 November 2009 11:48

This month, the Feds have extended the $8,000 tax credit for first time home buyers that has been in place for most of 2009.  In addition, there is an addition of a credit for move up home buyers up to $6,500.  The real estate industry has collectively breathed a sigh of relief for another few months as many in the business (including me) have benefited from clients who have been motivated by this program.

If you were not aware, first time home buyers meeting certain criteria have been eligible for a tax credit up to $8,000 when purchasing a home.  This is a credit - not a deduction - and has definitely spurred activity particularly at price points under $250,000. 

Read more: Tax Credit Extension & Expansion

 

Triangle New Construction Permits

Triangle Real Estate Market News

Monday, 23 November 2009 11:19

As sales activity has stabilized, we have seen inventory levels of homes for sale across the Triangle decline which is better news for home sellers. New construction permits are down significantly from last year - which was not a banner year anyway for new construction.  Read more at:

http://triangle.bizjournals.com/triangle/stories/2009/11/16/daily39.html

 

Home Appraisal Challenges

Triangle Real Estate Market News

Saturday, 21 November 2009 11:36

A good article from the News & Observer regarding appraisals in our current market.  Home buyers, sellers and home owners looking to refinance are facing challenges when it comes to appraisals for a variety of reasons.  If you are financing a home, your lender will require an appraisal to confirm that your collateral (the house) is valued appropriately.

Typically, an appraiser looks for recent sales (3-6 months) of comparable homes as metrics for the home they are valuing.  With sales volume down, the number of valid comps available may be few.  If your neighborhood has had some distress sale situations or foreclosures, it may be more difficult for an appraiser to do his or her job.

Beyond some neighborhoods/areas (which I describe as "hot spots") for foreclosures in our area, we have been fortunate to not have had high volumes of distressed properties selling which is generally good news.

http://www.newsobserver.com/business/story/193028.html

 

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