National news is one thing. What is actually happening at home, in our own towns and cities, is what is really important. Even in the small area of North Central Massachusetts, trends change town to town and month to month.
As we head toward the end of the year, some good news is that the First Time Homebuyers Tax Credit has been extended and expanded. The deadline now is April 30 to be under contract, and you need to close by June 30. That seems like a long time away, but when you consider all of the steps involved in purchasing a home, it really isn’t. With restrictions, the credit has been expanded to include buying a replacement home. Here’s the official IRS video:
Mortgage rates are near historic lows, with thirty year fixed rate hovering below 5%.
Leominster News In a Nutshell:
What do these numbers mean? Properties are still selling, but looking at how many have sold in the past six months compared to what we have on the market we have nearly six months of inventory. This is if no other homes are listed. A house should be priced well and in the best condition in its price range to have the best chance of being sold. Even so, average market time for a home is close to 5 months, and is creeping up a bit.
Need help putting these figures into perspective? Call me.
Here is a quick look at price shifts over the past 6 months for property on the market, broken down by price range:
Do you have a real estate question, need some local information, or have an idea for a post for? Contact me - I would be happy to hear from you!
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