When you are buying, or selling a home, your most important step to take is choosing the right real estate agent or buyer's agent. The process is very detailed and difficult and you will want someone that could potentially save you from mistakes that can cost a great deal of money.

Facebook | LinkedIn | Twitter | ActiveRain

Friday, February 5, 2010

Are You Ready To Buy Your First Home In Texas? Or, Just Move To A Different One?

According to a new Texas sales report just released this week; the statewide median home price increased 2.4 percent between the fourth quarter of 2008 and the fourth quarter of 2009, reaching $143,400. The Texas Quarterly Housing Report from the Texas Association of Realtors also said the number of homes for sale dropped, with the months of inventory falling statewide from 6.6 months to 6.5 months - considered the benchmark for a market balanced between buyers and sellers.

"The state was more or less flat, which was good. By and large the state of Texas did very well," said James Gaines, research economist with the Real Estate Center at Texas A&M University. "Even when we were down, we were down much less than the rest of the country." In San Antonio, the median home price was $147,600 at the end of the year, down 1 percent.
But sales volume increased 16 percent statewide, with more than 53,000 home sales in the last three months of the year.

There's no way to know for sure, but the federal tax credit for first-time home buyers likely spurred more sales, Gaines said. The credit, available to those who haven't owned a home in the last three years, essentially gave home buyers $8,000 from the government. "We don't have any way to really count it," Gaines said. "My belief is that on the aggregate level it might have made a difference of as much as 10 percent. Most of those sales happened in October or November."

The tax credit was an offer that was supposed to expire at the end of November 2009. But Congress extended it and expanded it to include more people, which could help boost home sales in the first half of 2010. The report uses data on single-family home sales from 47 multiple listing services in cities throughout Texas. Based on this information anyone interested in taking advantage of the current tax credits need to know that you must be under contract by April 30, 2010 and close on your home no than June 30, 2010 to qualify.

And, don't forget, the $6,500 Move-Up / Repeat Home Buyer Tax Credit. To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years. Don't miss out... The clock is ticking... The tax credit will go away in just 83 days...

Sources: http://www.texasrealtors.com; http://www.mysanantonio.com/life

posted by Patti Lora 0 Comments