With super low interest rates, an $8000 tax credit & affordable home prices, existing sales soar.
April 2009 Change from March 2009 Change from April 2008
#units sold 3,198 +7.3% +78.3%
First time home buyers are taking advantage of these factors & realizing that their new home payments are cheaper than rent. FHA financing which allows buyers to only put down 3.5% on their 1st home accounted for a whopping 49% of the March sales.
Investors & 2nd home buyers were responsible for 36% of the sales in March. The big attraction for investors is that the mortgage, taxes & insurance is less than what the potential rental income for the property may be.
We are seeing more & more multiple offers on homes, sometimes as many as 10-15 offers. Stuart Shienfeld, a local realtor says, “The homes that have very little repair or upgrade work are flying off the shelves”
Time on Market April 09 March 09 April 08
0-30 Days 43.7% 37.8% 36.1%
31-60 Days 16.4% 17.9% 16.9%
61-90 Days 11.3% 14.9% 14.4%
Contact me today to find out how to take advantage of this Booming Market
