Vicki Eisel Starinsky’s Blog

The tax credit is fast approaching and I’m finding that there are a lot of buyers out there trying to hurry and find that right home and get in contract by April 30, 2010. That might be not so good news for those buyers who feel they are competing with other buyers but what I’m also finding out is that a lot of homes are going on the market to accommodate these buyers. There is still plenty to choose from so get out and start looking if you haven’t already done so. Rates are great, housing is affordable and deals are there.

Columbus Board of Realtors….The following will be released to the media this morning, Nov. 23, 2009 …

October home sales highest since the housing boom!

Demand rises and inventory declines as market nears stabilization  

(Nov. 23, 2009) Home sales in the month of Oct. were up 25.6 percent from this time last year. The 2,021 sales last month represents the highest number of listings sold in the month of October since the housing boom in 2006.

 “At a time when sales traditionally start to taper off, central Ohio home sales are increasing,” said Gary Parsons, President of the Columbus Board of REALTORS®. “We know the first time home buyer tax credit has had an impact. But, the fact that we have a solid inventory of homes available at very affordable prices and interest rates are still at record lows has also strengthened our housing market.” The number of homes in contract (but not yet closed) is also up. The 1,539 homes in contract is 17.2 percent higher than last year at the same time suggesting that November home sales will also be strong.  The month’s supply has dropped 30 percent from last year. Last year at this time, the months supply was 9.82 meaning that if no new homes were added to the market, it would take almost ten months to sell all remaining inventory. Today, that number is down to 6.86. A market is typically considered balanced with around a 6.5 to 7 months supply.  “These numbers are a great sign of stabilization,” adds Parsons. “Demand has picked up, inventory continues to decrease, and the month’s supply is now very close to balanced.” “The $8,000 tax credit for new homebuyers was renewed earlier this month and added to it was a $6,500 tax credit to benefit those homeowners who wish to purchase a new residence. This incentive will further bolster the central Ohio housing market.”

Extension of homebuyer tax credits now law

Posted: 11/5/2009

Columbus Board of REALTORS®
President Oboma signed a measure today that includes an extension of the $8000 first homebuyer tax credit that was set to expire at the end of November.  In addition, the bill creates a $6500 tax credit for homeowners who purchase a new residence.

The $8000 tax credit is open to new homebuyers through April of 2010.  To be eligible, first time homebuyers must have an income of not more than $125,000 for individuals and must be acquiring a home for $800,000 or less.  The IRS will have increased ability to recognize and stop fraudulent use of the tax credit.

The $6500 tax credit is available to those who would like to acquire a new home after having occupied their current residence for at least five years.  This credit could be claimed by those with a closing date of Nov. 6 or later.

Welcome to Vicki Eisel Starinsky’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Hilliard. Visit my website at http://VickiEiselStarinsky.featuredwebsite.com.