First Time Homebuyer Tax Credit

It looks like the $8000 federal tax credit for first time homebuyers will likely be extended through April 2010. Also appears that an additional tax credit will be available to some other homebuyers as well.

STEPHEN OHLEMACHER / Associated Press Writer WASHINGTON -- Senators have agreed to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.
The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. A spokeswoman for Senate Majority Leader Harry Reid said senators agreed Wednesday to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years.
A congressional aide said the tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes. The aide, who spoke on condition of anonymity, was not authorized to publicly discuss the deal.
(Copyright 2009 by The Associated Press. All Rights Reserved.)

Selling Your Home During the Holidays

Some people think that the end of the year (holiday time) is not a good time to sell their home. Not so! Please read Fraida's comments in a recent Times Union story by Jennifer Gish.
http://www.timesunion.com/ASPStories/Story.asp?StoryID=851175&LinkFrom=RSS&TextPage=1

Market Update

Closed single family house transactions in Albany County numbered 169 in September '09 vs. 181 in September '08. The average percentage of asking price received was 97.7% last month vs. 96.5% last September. Average days on market were up from 58 in September '08 to 67 in September '09.

Year to date, for the first three quarters of 2009, there were 1535 single family homes sold in and closed in Albany County compared to 1606 for the same period last year. The median selling price declined to $200,000 from $204,540 and the Sale to List price ratio declined to 96.9% from 97.2%. The average days on the market increased from 67 in '08 to 73 in '09.

October 1 single family homes for sale in Albany County were 1326. There were 186 homes that went under contract in September indicating a 7.1 month supply of single family inventory in Albany County.

30 year fixed mortage rates remain at historic lows in the 5.25 to 5.5% range.