Preliminary numbers for Albany County Single Family homes sales are in. Closed units were 138 in March compared to 145 last March. Year to date, closed sales are 341, up from last March year to date's number of 323. Both the average and median selling prices for the first quarter of 2010 are down. The median of $187,000 this year vs. $196,500 last year and the average of $216,000 this year vs. $222,000 last year. For the first quarter of this year, sellers are averaging 96.7% of their asking price compared to 95.3% for the first quarter of last year. Days on Market have also improved from 87 in the first quarter of 2009 to 81 in the first quarter of this year.
With 1319 active single family listings in Albany County as of April 1 and 214 pending sales in March, the inventory has tighted up to a 6.1 month supply compared to the 9 month supply in January and February. If this continues we will see prices begin to level out as we reach a balanced market for the first time in six months.
Mortgage rates are still in the low 5% range for 30 year fixed rate mortgages.
Thursday, April 1, 2010
Monday, March 1, 2010
Market Update
Closed single family home sales in Albany County numbered 90 For February with the two month year to date number at 189 compared to 178 for the same two month period last year.Year to date, the median sale price is $183,000 vs. $190,000 last year but the average sale price for this year vs. last year is unchanged at $213,000. Sale to list price ratio is up a point this year to date at 96.2% vs 95.2% last year. Average days on market are up so far this year at 86 days vs. 81 days for the same two month period last year.
Single family listings in Albany County totaled 1288 as of March 1 and pending contracts numbered 144 in February. This gives us an 8.9 month supply of inventory.
30 year fixed home mortgage rates are still in the 5% range and we have two more months (up to April 30) for the first time homebuyer tax credit and the homeseller tax credit.
Single family listings in Albany County totaled 1288 as of March 1 and pending contracts numbered 144 in February. This gives us an 8.9 month supply of inventory.
30 year fixed home mortgage rates are still in the 5% range and we have two more months (up to April 30) for the first time homebuyer tax credit and the homeseller tax credit.
Wednesday, February 24, 2010
Tuesday, February 2, 2010
Market Update
Single family closed home sales in Albany County numbered 83 for the month of January compared to 97 in January '09. The average selling price (including seller concessions) was $219,000 vs. $230,000 the previous January and the medina selling price was $188,000 vs. $200,000. Average days on the market were 76 this January compared to 81 last January and the average % of asking price received (including seller concesssions) was 96.6% this past January compared to 95% in January '09.
Active single family listings as of February 1 in Albany County totaled 1229. Pending sales (homes going under contract) in January were 126 giving us a 9.7 month supply of inventory.
30 year fixed mortgage rates are still in the low 5% range.
The above home sale numbers reflect the fact that most of the current market activity is predominantly in the $175,000 to $250,000 price range.
Active single family listings as of February 1 in Albany County totaled 1229. Pending sales (homes going under contract) in January were 126 giving us a 9.7 month supply of inventory.
30 year fixed mortgage rates are still in the low 5% range.
The above home sale numbers reflect the fact that most of the current market activity is predominantly in the $175,000 to $250,000 price range.
Monday, January 4, 2010
Market Update
Final Albany County December and 2009 year end numbers are in and show the following. December '09 looks like it was somewhat slower than December '08 with 142 single family homes closed compared to 167 in December '08. For the year ended December 31, 2009, the number of single family home sales that closed in Albany County was 2134 compared to 2135 the previous year. The average selling price fell from $235,000 to $224,000 and the median price fell from $202,000 to $200,000. Albany County home sellers averaged 96.9% of their asking price in 2009 compared to 97.2% in 2008. Average days on market increased in 2009 to 71 from 66 in 2008.
As of year end their is an 11 month supply of homes in Albany County on the market with 1174 active listings against 104 pending contacts of sale in December. Mortgage interest rates are still in the low 5% range for 30 year fixed mortgages. We expect these rates to start rising in 2010.
As of year end their is an 11 month supply of homes in Albany County on the market with 1174 active listings against 104 pending contacts of sale in December. Mortgage interest rates are still in the low 5% range for 30 year fixed mortgages. We expect these rates to start rising in 2010.
Tuesday, December 1, 2009
Market Update
There were 163 single family home sales in Albany County that closed in November which compares to 160 closed the previous November. Average days on market were virtually unchanged, 59 this November compared to 60 last November. Sale to list price ratio and median selling price were also virtually unchanged at 97.2% and $200,000 for both this year and last year during November.
For the 11 months year to date, closed single family home sales in Albany County numbered 1943 this year vs. 1968 last year. Average days on market increased slightly this year from 66 last year to 71 this year. Sale to list price ratio also declined slightly from 97.2% last year to 96.9% this year. The mean selling price also declined slightly from $203,000 last year to $200,000 this year. The average selling price declined from $236,000 last year to $225,000 this year.
November pending single family contracts in Albany County numbered 132 compared to an active single family listing inventory of 1276 homes on December 1. This is a 9.6 month supply of inventory, up from 8.2 in October and 7.1 in September. 30 year fixed home mortgage rates were around 5% during November.
For the 11 months year to date, closed single family home sales in Albany County numbered 1943 this year vs. 1968 last year. Average days on market increased slightly this year from 66 last year to 71 this year. Sale to list price ratio also declined slightly from 97.2% last year to 96.9% this year. The mean selling price also declined slightly from $203,000 last year to $200,000 this year. The average selling price declined from $236,000 last year to $225,000 this year.
November pending single family contracts in Albany County numbered 132 compared to an active single family listing inventory of 1276 homes on December 1. This is a 9.6 month supply of inventory, up from 8.2 in October and 7.1 in September. 30 year fixed home mortgage rates were around 5% during November.
Monday, November 9, 2009
Home Buyer Tax Credit Extension
First Time Homebuyer Tax Credit Extended Into 2010!Plus...A New Tax Credit for Certain Existing Home Owners!
It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009. In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What? The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.
Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadlines In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps in Effect The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price Qualifying buyers may purchase a property with a maximum sales price of $800,000.
First-Time Homebuyer Tax Credit – Frequently Asked Questions Here are answers to some commonly asked questions about the tax credit.
What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.
What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible. As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).
Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.
Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.
Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.
Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.
Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit.
The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.
It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009. In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What? The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.
Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadlines In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps in Effect The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price Qualifying buyers may purchase a property with a maximum sales price of $800,000.
First-Time Homebuyer Tax Credit – Frequently Asked Questions Here are answers to some commonly asked questions about the tax credit.
What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.
What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible. As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).
Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.
Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.
Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.
Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.
Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit.
The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.
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