Local Market Update from Rich Ferretti
Great News!!! It's official !! President Obama has signed a bill that extends the tax credit for First-Time homebuyers into the first half of 2010. This program had been scheduled to expire on November 30, 2009. In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What? Deadlines Higher Income Caps in Effect Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible. Maximum Purchase Price Let Me Help You! Need help finding your dream home? Just tell me what you are looking for and I will search all of our sources and provide you with a convenient report of all the properties that you may be interested in, complete with photographs of the properties and detailed neighborhood information. Now IS the time to BUY!! Are you renting and not sure if you should consider buying a home or not? Let me assist you in determining if the right choice for you is to Rent or Buy! Would you like to know the current value of your home, your potential net proceeds, and the benefits of buying or selling now? I would be glad to provide an analysis for you. Let me help you decide if now is the time to make a move! _____________________________________________________________________________________ In the local Charlotte Housing Market, residential contracts reported for September 2009 were up 4.4% over September 2008. Below are the highlights of our area's monthly statistics. If you scroll down, you can see all the detailed charts. August 6 - September 5, 2009 September 6 - October 5, 2009 Contracts Reported 2434 2199 Closings 2221 1945 Avg. Listing Price $234,504 $219,925 Avg. Closing Price $209,245 $196,760 Avg. Days for List to Close 145.9 142.6 Total Active Listings 27,878 27,580 If you would like a Market Analysis on your property to see how the value has changed, please let me know. You can also sign up for the Market Snapshot report on my website. The report will be emailed to you monthly to ensure you are knowledgeable about the activity in your neighborhood. Just go to www.RichFerretti.com. and fill in your information within the Market Snapshot box on the right hand side of the page, then click the Next button. You can also search for any properties in the MLS from my website. Whether you're buying a new home in Charlotte, investing in property or selling a house, feel free to contact me, and I will be happy to help you with all of your real estate needs. Scroll down to see the full report. IF YOU CAN NOT VIEW THE GRAPHICS BELOW, CLICK HERE TO VIEW IN YOUR INTERNET BROWSER. OTHER NEWS: Home Sales Contracts Rise for Record Eight Straight Months Rules Would Help Avoid Foreclosure Mortgage Applications Up! Rates Drop Below 5%! U.S. mortgage applications rose for the first time in four weeks, reflecting a jump in demand for home refinancing loans as interest rates on 30-year loans dropped below 5%, data from an industry group showed on Wednesday. The Mortgage Bankers Association said rates on 30-year fixed-rate mortgages, the most widely used loan, fell below 5% for the first time in four weeks. Helping People Home for Over 20 Years! Rich Ferretti Listen to us on the Radio every Saturday from 2-3pm. WBT-Talk Radio 1110am.
The program that has existed for First-Time Homebuyers remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn. Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Qualifying buyers may purchase a property with a maximum sales price of $800,000.
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The number of signed sales contracts to buy homes rose in September for the eighth straight month, according to recently released data from the National Association of REALTORS®. Most analysts trace the steady improvement to the government's first-time homebuyer tax credit program, which has brought in between 200,000 and 400,000 additional sales that would not have otherwise been made.
The N.C. Office of the Commissioner of Banks has proposed new regulations that would stop foreclosure once a homeowner asks for a loan modification. Currently, lenders simultaneously pursue foreclosure while working with homeowners who are seeking to modify the terms of their loans, which ultimately leaves homeowners with very little time to avoid foreclosure.
Realtor/Broker NC/SC
Charlotte, North Carolina
704-564-0807 Direct
www.RichFerretti.com
Rich@RichFerretti.com
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