Tampa Florida Real Estate Market Trends
October Update
Existing home sales are up 3.4 percent over the same time last year, according to a recent report by the National Association of Realtors® (NAR). Helped by the $8,000 tax credit to first time buyers, existing home sales are on pace to reach 5.1 million units for 2009, up from the 4.93 million units projected in August 2008.
"Home sales retrenched from a very strong improvement in July but continue to be much higher than before the stimulus. The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favorable affordability conditions,” said Lawrence Yun, NAR chief economist.
Although existing home sales are up from this time in 2008, the overall numbers are down from just one month ago. "The decline demonstrates we can’t take a housing rebound for granted," Yun said. In the previous four months, sales had risen over 15 percent. Low mortgage rates have contributed to the overall market rise. Freddie Mac reported an average national commitment rate of 5.19 percent in August for a 30 year conventional fixed rate mortgage, down considerably from 6.49 percent offered in August 2008.
$8,000 To Buy A Home
The time to but a home is right now! For a limited time home buyers can claim a special tax credit worth up to $8,000. The American Recovery and Reinvestment Act offers qualifying homebuyers a tax credit equal to 10 percent of a home's purchase price, up to a maximum of $8,000. The tax credit is offered to first time homebuyers, and those who have not owned a principle residence in the past three years. To be eligible for the tax credit, the home purchase must be recorded by November 30, 2009.
The full tax credit is offered to buyers with reported income up to $75,000, or $150,000 for married couples filing a joint return. Partial tax credits are available to those making more. Take advantage of this opportunity before it expires. Contact us today for details on this exciting program!
Seller Opportunities
Today's market presented a terrific opening for qualified buyers. Here are three tips to help sellers make the most of today's opportunities:
- Make it shine. Buyers are attracted to attractive homes. Make your home stand out by mowing the lawn, raking the leaves, washing windows, and cleaning the carpets. These are small things that will make a big difference.
- Remove clutter. Not only do clean homes show better, but tidy homes offer more to the imagination. One person's treasure is another person's trash. Removing unnecessary clutter will help potential buyers envision their own potential or the home.
- Pay attention to the market. Work with your agent and price your home to sell. A competitively priced home is the one that sells first, and in this market that counts for a lot.
These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!
Nathan Bangs & Associates