It will be interesting to see how the tax credit incentives shake out by the end of this month. There certainly is a busy hum with buyers trying to meet the deadline. Properties need to be under contract by April 30, 2010 to receive the first time home buyer credit of $8000 and $6500 tax incentive if you are purchasing and it isn’t your first time to purchase.
Perhaps Investors will start showing themselves after the April 30, 2010 date ready to scoop in on some great buys. Lenders seem to be loosening up their purse strings to allow more Investor loans, but just a slight loosening, nothing to lead you to believe the banks are ready to completely open their pocket books (my Grandma used to always say pocket book) to consumers just yet. Let’s be honest though, it’s those banks that are a bit selfish with their funds and qualifications that seem to be left for future use in the industry.
The Grand Junction Area Realtor Association reported 351 residential sales in the first quarter of 2010. A slow start was highlighted with a more active ending of the quarter. Out of the 351 sales, 6% of those sales were for properties selling above the $400,000 mark. The hot part of the market was below $300,000 reporting the lions share of 86%. 60% of the total sales were in the $150,000 to $299,000 price range.
The buyers are active, they have certainly come out of our cold winter hibernation, let’s hope for the industry’s sake they continue to stay active after the incentives go away. Even without the incentives, it is a great time to buy. Two years ago there were few properties below the $200,000 thresh-hold and now it’s a vital part of the market. Interest rates still hover at an incredible low percentage. The question is…..How long can that go on? In my opinion, that’s why it continues to be a perfect buying climate. Low interest rates and great pricing for buyers.
RE/MAX 4000 is here to serve you. RE/MAX continues to report the highest percentage of listings sold hovering right around that 25% mark. You want to be knowledgable when you enter the market, go with the brand you know……RE/MAX 4000.
For information on this article or regarding RE/MAX 4000, please contact me.
Until Next Time, Toni Milyard RE/MAX 4000 Broker/Owner