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Team Jodi's July Real Estate Update

Remember The $8,000 First Time Home Buyer Tax Credit

Don't forget, the Federal stimulus law includes an $8,000 tax credit for First Time Home Buyers.  This credit expires December 1st.  If you are a first time home buyer interested in purchasing a home or if you know someone that is, it is important to learn the details to take advantage of this tremendous opportunity.    

 

The new $8,000 tax credit does not have to be paid back unless you sell your home within 3 years.  This will be a very important fact to keep in mind when you go to sell your home if you do take the credit.

Who is a First Time Home Buyer?   For purposes of using the $8,000 tax credit, a first time home buyer is someone who has not owned a home for at least three years.  This means that if you owned a home in the past and sold it three or more years ago, then you would be considered a “first time home buyer” for purposes of the credit. 

 

 

 

It is possible that this credit will be extended or even expanded.  However, to date, there is nothing official on this point.  So, while the credit is available and out there, remember to take advantage of it.

 

 

 

If you have any questions, don't hesitate to give me a call at 919-697-5014 or 88-TeamJodi.

Chapel Hill Real Estate Market Update

The Chapel Hill real estate market is still going strong but, like the rest of the country, our market is experiencing a great deal of change.  The table below compares Chapel Hill homes for sale and the associated statistics from 2008 to 2009.

  • From 2008 to 2008, Chapel Hill homes for sale, otherwise referred to as new listings, decreased by 20.6%.
  • Closed sales in the Chapel Hill real estate market are off 36.6% from 2008.
  • While sales are down, average prices are up 5%.
  • On average, sellers are getting slightly less than what they got last year.  In other words, the list-to-sales price ratio is down to 96.5% from 97.6% in 2008.  It is important to note that prior to 2008, the average list to sales price ratio was closer to 98-to 99%.
  • Average days on marrket are stretching out.  We are now seeing it take approximately 107 days to sell a home compared to 82 last year.  In years past, this number was closer to 60 days.            

Chapel Hill 2008 2009 Change
New Listings 1,337 1,061 -20.6%
Closed Sales 483 306 -36.6%
Average Sales Price $372,912 $391409 +5%
List/Sales Ratio 97.6% 96.5% -1.1%
Avg Days on Market 82 107 +31.2%

Durham Real Estate Market Update

The Durham real estate market is still going strong but, like the rest of the country, our market is experiencing a great deal of change.  The table below compares Durham homes for sale and the associated statistics from 2008 to 2009.

  • From 2008 to 2008, Durham homes for sale, otherwise referred to as new listings, decreased by 21%.
  • Closed sales in the Durham real estate market are off 28.6% from 2008.
  • While sales are down, average prices are also down 1.2%.
  • On average, sellers are getting slightly less than what they got last year.  In other words, the list-to-sales price ratio is down to 95.5% from 96.8% in 2008. 
  • Average days on marrket are stretching out.  We are now seeing it take approximately 94 days to sell a home in Durham compared to 87 days last year.             

Durham 2008 2009 Change
New Listings 3,346 3,346 -21%
Closed Sales 1,487 1,061 -28.6%
Average Sales Price $174,113 $172,000 -1.2%
List/Sales Ratio 96.8% 95.5% -1.3%
Avg Days on Market 87 94 +8.2%

Jodi Bakst on Zillow

Contact Information

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Team Jodi
Chapel Hill Realty Group
6011 Farrington Road, Ste 102
Chapel Hill NC 27517
919-697-5014
Fax: 1-877-206-5036

Jodi Bakst on Zillow

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Fax: 877-206-5036