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April 3rd, 2010 8:38 AM by David W. Welch
The tax credit for first time and repeat home buyers is running out. You must be under contract by April 30, 2010 and close by June 30, 2010 to qualify for the credit. First time home buyers may be eligible for up to $8,000 and repeat buyers may be able to cash in on up to $6,500. Time is running out, and I have given up trying to predict if the government will extend this offer once again. I would not bet on it with more and more positive signs that the economy is beginning to improve.
While unemployment remains high here in Orlando, real estate sales are really picking up. January and February marked a bit of a slow down from the previous six months, but March has already made up for it and more. From June until December, we were closing a little over 2,000 sales each month. January and February dropped off to about 1,900 each. So far 2,451 sales have been recorded for March, and nearly 10,200 sales are pending right now. There are about 6,200 short sales pending leaving around 4,000 "normal" and REO contracts pending. If 50% of these close plus the typical 8% of the pending short sales close, we should see another month of 2,500 sales in April. There are new guidelines going into effect for short sales this month, so we may see an improvement there as well. I am not counting on that, because the banks have not responded very well to any other government intervention thus far.
Don't miss this opportunity while prices and interest rates are still low, and tax credits are available.
Orlando Real Estate, David Welch Real Estate Optimist