First Time Homebuyers Fueling the Surge

The first-time home buyers tax credit no accounts for nearly half of home sales according to an industry report released recently.

A whopping, 47% of all Americans who purchased homes this year had not owned one during the previous three years, (National Association of Realtors (NAR))--a statistic that was up from 41% of sales in 2008 and 36% in 2006.

The credit which was was recently extended through the middle of 2010 and expanded to include many existing homeowners, gives the first-time homebuyer incentive with a credit of up to $8,000 to buyers which they could deduct from their income taxes. This credit is fully refundable, even if the buyer has less than $8000 in taxable income.

"With the expanded criteria, many people looking at homes are eligible, " says Rich Ferretti of Jamison Realty in Charlotte, NC "This is a great time to be buying."

If you would like more information about the Mint Hill, Matthews and Charlotte area real estate market check out www.minthillrealty.com or call Rich Ferretti at 704-564-0807.

Charlotte NC Residential Market Trends

Market Trends as of June 2008.

The latest figures were released and it shows our market has slowed but there is always and upside.

Closings are down 5.8% compared to sales this time last year(2007) and we currently have 11.4 months of inventory on the shelf. This should help buyers who have been sitting on the fence. Sellers are looking to sell and buyers have plenty of choices.

Closings are down 29% compared to last year and contracts written are down by 32.4%.

Of reported home sales that closed from June thru July 08, 37% closed in 121 days or more, 17% closed between 91 and 120, 22% closed between 61 and 90 days, while 24% closed in 60 days or less. At present, the average days on market at 125.8, which equates to almost 4 months.

Want more information about the Charlotte area real estate market and Real Estate Market Trends? Check out www.richferretti.com