Hello Bloggers: – I’ve wanted to catch up, but have been running hard to keep up with the fast paced Triangle real estate market. I wanted to let you know about two important dates ahead in 2009 that may influence the value of your real estate. If you are buying or selling Raleigh real estate or Cary real estate, the importance of these dates will highlight “timing is everything!”
First, November 30, 2009 is the last day to earn the $8000 tax credit for home buyers that have not owned a home in the last 3 years. This means that your home loan must be CLOSED by November not in process. One day later, will cost you $8000. Even if you don’t qualify for this benefit on your next home purchase, prospective buyers for your present home, may. Since 51% of our market is first time home buyers, this is an important date that may result in more home buyer prospects for your home before November than afterwards. More buyers mean a higher price for your home.
Second, December 30, 2009 the Federal Government will stop buying mortgage backed securities. It is my belief that interest rates are currently artificially lower because the Fed is buying mortgage securities. Interest rates will go higher when there is less demand for mortgage securities. Higher rates mean fewer home buyers with less buying power.
Our local market is still hot and cold. I am experiencing multiple offers on certain price ranges and locations. Of course, the reverse is true of other areas and price ranges. Through 2009 started out weaker than 2008, we pulled even in comparable sales in July and I predict that sales will rally towards the end of this year for the reasons I outline above.
God Bless you and yours. Thanks for stopping by and here is a question from my prospective. Shouldn’t back to school shopping include buying a new home? Mh