The $8,000 and $6,500 tax credit deadlines a looming quickly upon us. There are 48 days until the deadline. Remember you must be under contract on a property no later than April 30, 2010 and the property must close by June 30, 2010.
So I’m often asked what is the market like right now, is it a buyers market or a seller’s market. The answer to that question is “it depends on which side of the coin are you on.” We are experiencing what is called a split market. Let me explain, if you are in the market for a home under the price of $400,000 then you are in a seller’s market, low inventory lots of buyers out there. We are also seeing multiple/competing offers on properties.
If you are in the price range of 400,001 and above it is definitely a buyer’s market. Lots of inventory not as many buyers.
So if you are looking in a seller’s market make sure you have your ducks in a row. Have your financing in place, know what you qualify for, the more you are prepared the better you will look to a seller when you submit your offer.
Here are some statistics comparing February 2009 to February 2010
Feb. 2009 Feb. 2010
Active/Available: 15,228 Active/Available: 14058
Under contract: 3,352 Under Contract/Pending: 3848
Sold: 2,009 Sold: 1, 913
Average Days on Market: 107 Average Days On Market: 92
Average Sold Price: $236,920 Average Sold Price: $269,608
Hope this post will help you when deciding to purchase or sell a home. Don’t forget the April 30th deadline for the tax credit.