Update as of 11/06/09
President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law today. The legislation greatly expands the First Time Homebuyer Tax Credit by making more first time homebuyers eligible for the credit and now includes homebuyers that are not first time homebuyers. This new legislation is a huge victory for you, the Washington REALTORS and the National Association of REALTORS.
First Time Homebuyers
The current law is extended until April 30, 2010. Buyers have until that date to have a signed purchase agreement. There is an additional 60 day grace period to complete the financing. More first time homebuyers are eligible because the new law raises the annual income limits from $75,000 to $125,000 for singles and from $150,000 to $225,000 for married couples.

 

Current Home Owners
Over 60 percent of current home owners will be eligible for a tax credit of up to $6,500 if they purchase a home by April 30, 2010. These homebuyers must have lived in their home for five consecutive years over the previous eight years to qualify. Qualified homebuyers can get the credit if they purchase a home for $800,000 or less as their primary residence between November 7, 2009 and April 30, 2010. The income limits are the same as the First Time Homebuyer listed above.
Info Courtesy of Washington Realtors
On November 6, 2009, in Real Estate Business, by

An interesting article about the current Seattle market, from the Seattle PI.

“Contrary to popular belief, the recent decline in home prices has not resolved the nation’s housing affordability problems,” Jeffrey Lubell, executive director of the Center for Housing Policy, said in a news release. “Working families — including most of the workers who will be hired as a result of federal spending in the stimulus package — still cannot afford to buy a home in most markets, and many also struggle to afford their rents.”

To read the full article, click here.

On May 9, 2009, in Real Estate Business, by


They look a lot like last year. Here are the numbers. Data is take from the NWMLS.

2009

  • Number of Closed Residential Sales 45
  • Days on the Market 202
  • Selling Price Per Square foot $267
  • Selling Price $778K


With 32 Homes Pending or Contingent and 10 additional Condos Pending or Contingent.


2008

  • Number of Closed Residential Sales 44
  • Days on the Market 139
  • Selling Price Per Square foot $305
  • Selling Price $901K


The biggest difference I see is days on the market, it is up form 139 to 202 – that is two additional months of market time- almost seven months total. That is long haul for sellers.

And yes, prices are down, price per square foot is down and average sale price is down. However, on the island, with such a wide range in sale prices from the 200 hundred thousand up to six million, those numbers are hard to lump together.

What I am hearing from other agents is what I have been feeling “it has been a slow start.” I think we all hoped for a swifter 2009, but even with the low interest rates and first time buyer’s credit, consumer confidence and unemployment still loom overhead.

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