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I wanted to pull some info from the MLS this morning to see how far off we are in terms of this year vs. last year in residential sales. I don't intend to put my spin on this, I just wanted to provide some data. I read in the paper this morning that this year's July is better than the July of '08, which is good news.
**Important to note...that closings for the past few days/week may not have posted yet if they have not been entered by offices. These are also MLS statistics only, with no sales outside of the Charleston MLS showing.
Also note that we've had an incredible last two months. We were off 35% for the year two months ago, and now we are only off 25%. I surely hope this late positive trend will continue.
I can't speak for other areas but I do know that in our area the distress sales were the primary reason that there were increases in sales in the last couple of months. While that may temporarily bring down the value of homes, it seems that we are starting to see a significant reduction in the distress sales and more homes for sale that aren't foreclosures, short sales, etc. We had one house in our subdivision sell within two weeks for a little less than asking and way more than any house has sold for in the last year. Again...not saying that things are all better...but before they can get better, we have to take little steps.
I think what is helping this area is the influx of people moving to the area along with the 8,000 tax credit for first time home buyers. I know 2 young couples that are purchasing their first homes because of the tax credit.
Quite a few actually, that $8k tax credit did manage to convert a large number of lookers to buyers this year. However, it ends on November 31, so we're also seeing homes in that price range (the sub $400k range) make quick price reductions/incentives to try and grab those Buyers before they, and the credit, are gone.
Home sale price of $80k or higher for primary residence, income restrictions of $75k annual for single person, or $150k for married, and not to have owned a home as a primary residence within the last 3 years (which is the description for "first time homebuyers"). The home MUST close between 1/1/2009 and 11/30/2009 to qualify for the credit.
FYI..........The credit is for up to 10% of the purchase price....to claim the full credit that would mean the home price must be at least $80k ....it is certainly not required that first time buyers purchase a home at that price to get a credit....
"Generally, the credit is the smaller of:
c $7,500 ($8,000 if you purchased your home in 2009),
but only half of that amount if married filing separately, or
c 10% of the purchase price of the home.
You are allowed the full amount of the credit if your
modified adjusted gross income (MAGI) is $75,000 or less
($150,000 or less if married filing jointly). The phase-out of
the credit begins when your MAGI exceeds $75,000
($150,000 if married filing jointly). The credit is eliminated
completely when your MAGI reaches $95,000 ($170,000 if
married filing jointly)."
Hope this helps.
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