Here’s a link to the June Market report I wrote based on last month’s reports coming from Mike Orr of the Cromford Report.  If you want to get a better idea of what is going on in our market place today; I recommend reading both.  I’ve been full time in Real Estate since 1993 and I can definitely say we are on the road to recovery but we still have a long way before we get there.

Why hire us? If you need help in either selling or buying a home or know someone that does, please click here to get started or call us at 480-243-4242. 

WE NEED TO FIND YOU A NEW HOME AND GET YOU UNDER CONTRACT BEFORE APRIL 30TH-  below is information directly from the IRS website, but here’s the link for more FAQ’s: http://www.irs.gov/newsroom/article/0,,id=206291,00.html.  
Please contact us immediately to set an appointment to go find you your next home!

First-Time Homebuyer Credit Questions and Answers: Basic Information

Updated Nov. 6, 2009, to note new legislation. The new legislation extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

• extends deadlines for purchasing and closing on a home
• authorizes the credit for long-time homeowners buying a replacement principal residence
• raises the income limitations for homeowners claiming the credit

Q. What is the credit?

A. The first-time homebuyer credit is a tax credit for individuals and couples who purchase a new home after April 8, 2008, and before May 1, 2010. There are several versions of the credit depending upon when the home was purchased:

• For homes purchased in 2008, the credit, with some exceptions, must be repaid and takes the form of a $7,500 interest-free loan.
• For homes purchased in 2009 prior to November 7, the credit is for a maximum of $8,000 and, with some exceptions, does not have to be repaid, but it’s only for new home owners who have not owned a home in the prior three years.
• Beginning November 7, 2009, an additional category of new homebuyers, long-time residents (who owned their own homes), was added. The credit for this group is a maximum of $6,500, which, with some exceptions, does not have to be repaid. (1/27/10) 

This chart was provided by Mike Orr of the Cromford Report and is his forecast for this upcoming year regarding our market.

According to Mike, our market is finally “heading back to normality” after one enormous party in years 2003-2005 and one enormous hangover in years 2007-2009.  As previously quoted in past blogs, 2010 is the Year of Hope.  Current pricing in our market is comparable to 2002 when our market was balanced between supply and demand and foreclosure sales were nearly non-existent compared to today’s numbers.

Below is a chart showing what is selling for how much today which is very comparable to what we experienced before the enormous party began which put so many families in peril with their home values and affordability due to current economic times and job losses in the last few years.

The are a lot of numbers on this chart, but some note worthy ones is the highest volume of sales are taking place between 75k-150k where a lot of investors are picking up some phenomenal deals and first time homebuyers are able to qualify and take advantage of the First Time Homebuyers Tax Credit and really low rates! 

Another noteworthy event was the increase demand for single family homes as rentals for all of the families that have had to become renters again. 

There’s definitely a lot of great statistics and hope for our market today, just contact us for more information.