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September 2009 Real Estate Update

Active July-August Rentals for September Occupancy

Owners Had Removed Homes from Sale Listings in June

In May and June, many sellers, who saw little buyer interest during the Spring market at the prices they were seeking, removed their homes from the market. They feared home values had not stabilized or would not meet their expectations, and they anticipated the market would return stronger in 2-5 years. Renters benefited, in the meantime, as many owners listed their homes for rent in the interim, increasing the rental inventory. To get them rented quickly, though, owners wisely resorted to offering concessions (e.g., first month free, some price reductions) because each month of vacancy reduced the overall income opportunity.

This strategy may or may not be successful in the long term, depending on the attributes and characteristics of the home, the neighborhood, comparable sales, nearby foreclosures, and regional economy. See my blog at www.HillSlowinskiRealEstate.com for some of the many considerations would-be landlords need to take into account in making informed decisions.

First-Time Home Buyers Tax Credit Expires November 30

Ratify Contract by October 10 Advised

First-time buyers must act very soon to take advantage of the $8,000 tax credit. It may take as long as 60 days to close on a home after signing a contract, and those must close by November 30.

The tax credit has given our clients one more reason to act now to purchase a new home. And remember that while it is called a First Time Buyer Tax Credit, many clients may in fact be eligible to take advantage of the program. For full details, visit the Federal Housing Tax Credit website at: http://www.federalhousingtaxcredit.com/. Here you will see the details that explain eligibility and the fact that the program defines a First Time Buyer as someone who has not owned a principal residence during the three-year period prior to the current purchase. Please refer to the website or www.LongandFoster.com for complete details.

If you plan to take advantage of the credit, plan to have a contract ratified by mid-October and schedule settlement immediately. Because disclosure timeframes required by new legislation slow the closing process, buyers and sellers must expect to settle no less than 30-45 days after contract ratification. The Thanksgiving holidays will make scheduling more difficult, as there are a finite number of one-hour time slots and settlement attorneys. See HVCC, HERA Disclosure Timeframes Slow Closing Process, Ensure Accuracy, posted on www.HillSlowinskiRealEstate.com.