While Sales fell nationally, local sales remained positive thanks in part to the first time buyer tax credit. Favorable mortgage rates have helped continue to boost sales, but prospective buyers who wish to take advantage of the First Time Homebuyer Tax Credit shouldn't wait. To qualify, purchases need to be closed by November 30, 2009 - and taking up to 45 days to close the clock is ticking.
Locally, the Gross Volume of sales in August 2009 were up by 0.03% compared to August of 2008. Although the Average price of homes sold in the same time period were down by 1.96%. Year to date home prices have fallen -10.07% from January 2009, until August 2009.
Bottom line, still a good time to buy, but these incentives won't last forever, the market is recovering, albeit slowly.
Star One Realtors