Carol Clay, Broker/REALTOR Brevard NC Real Estate Specialist

When the American Recovery and Reinvestment Act of 2009 was put in place, the idea was to give a boost to the real estate market by helping first time home buyers get off of the sidelines and in doing so, reduce the inventory of available homes. So who can take advantage of this program and what are the important things to know?

1. For starters, the law defines a first time home buyer as anyone who has not owned a primary residence for three years prior to making a purchase.

2. As a first time home buyer, you can qualify for a credit of up to $8,000 if you purchase a home before December 1, 2009 and keep it as your primary residence for at least 36 months. If you own a vacation home, but do not own a primary home, you can still qualify for a credit.

3. You also have to meet certain income standards. A single person earning up to $75,000 a year or a couple earning up to $150,000 can qualify.

4. Unlike the tax credit that Congress enacted in 2008, this credit does not have to be repayed.

5. The credit is only available for FHA loans. It cannot be used to finance the minimum 3.5% down payment that is required, but it can be used to finance any part of the down payment that exeeds the 3.5% or it can be used to cover closing costs. Often times, especially with first time home buyers, qualifying for a loan is just the beginning and coming up with the cash for the closing costs is difficult. This credit could go a long way to greasing the wheels.

Since the plan was put into place the beginning of the year, there have been some changes made and if you are considering taking advantage of the plan, you should consult your tax advisor and your lender. There are also a variety of useful and informative websites where you can get additional information. Here are just a few.

http://www.federalhousingtaxcredit.com/2009/glance.php

http://www.marketwatch.com/story/the-8000-first-time-home-buyer

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

http://www.usnews.com/blogs/the-home-front/2009/05/29/the-8000-first-time-home-buyer-tax-credit-program-expands-5-things-to-know.html

Summer is a great time of year to be in the mountains of Western North Carolina. Whether you're in the Brevard, NC area for a long weekend, or escaping the summer heat for the entire season, there are tons of things to see and do. Here is just a sample!

June 26 - Brevard Music Center Opening Night! Tickets now on sale. Visit the Brevard Music Center for complete details. Performances continue through the summer. With over 80 public performances by some of the best and brightest young musicians from around the world...It's a must for summer entertainment!

June 26 - 4th Friday Gallery Walk. A cool summer nite is perfect for a stroll in downtown Brevard and for a visit to the art galleries, art stores, retail stores and restaurants. Most galleries have new artwork each month, while you enjoy wine, munchies and music. Be sure to look for the 14 sculptures and five murals located in downtown as well. A brochure for the gallery walks can be found at any of the participating galleries or at the Chamber of Commerce. For more information call TC Arts at 884-2787 or go to www.artsofbrevard.org. Gallery Walk occurs on the 4th Friday of the month throughout the summer.

Brevard Old Time Street Dances, every Tuesday night from June 30 through Aug. 18. Music starts at 6:30p.m., dancing at 7p.m. Music provided by Roy Chapman and his True Blue Grass Band. For more information, call 884-4793

July 4 - There's something special about celebrating the 4th of July in a small town like Brevard! Don't miss a minute of the fun. The festival runs from 9 am- 5 pm and includes the 37th Annual Fine Arts & Craft Show, a Classic car show, tons of music entertainment, a 5k/10k run and of course, it's all capped off with a Fireworks Show.

July 5 - Songcatchers Music Series. The Cradle of Forestry's Songcatchers Music Series honors traditional music and the talented performances who preserve it, share it, and make it their own. Enjoy songs from ancient Appalachian ballads, vintage melodies, and fiddle tunes. For details, contact the Cradle of Forestry at 828-877-3130.

For more information about Brevard, North Carolina, visit us online today!

Have I ever mentioned how much I love living in western North Carolina? Only every day! After living in Florida for more than 30 years, living in the Brevard, North Carolina area is something I hope I never really get used to. The easy going way of life, the 4 distinct but temperate seasons, the people....it's a lifestyle that far exceeded my expectations when we moved here 4 years ago.

This morning I sat on my front porch to have my coffee and instead of the sound of traffic all I heard was the rushing river, and the sound of birds, including an occassional hummingbird. Instead of roof lines of other homes, I see beautiful trees and mountains. Best of all...Here we are the middle of June and we still haven't needed to turn on the AC. Does it get warm here? Yes, this time of year we will have a streak of temps in the high 80s or maybe even 90 during the day but it doesn't last long. And at night, it goes right back down to being cool. I remember summers in Florida when it was stil 89 degrees with 90% humidity at 11pm.

If you're looking for homes for sale in the Brevard, NC area, you have plenty of options. Glen Cannon and Connestee Falls are both golf course communities with lovely homes, great views, and affordable pricing. In town, you'll find great bunglow style homes that remind us days gone by. Being a "townie" also means you can easily walk to restaurants, art galleries, and enjoy the various events held throughout the year in downtown Brevard. Of course, there are also lots of options if you want a home with some acreage for horses, a garden, or just some privacy.

To learn more about homes and land for sale in Brevard, North Carolina, visit us online. You'll find loads of information about the area as well as our featured properties including homes, land, and condos.

The mountains are calling! Don't be late for your life.

In Henderson County, there were 87 residental closings in May, down slightly from April when there were 91 closings, and down from May 2008 when there were 127 closings. The average residential closing rose slightly from $197,877 in April, to $211,442 in May. The days on market dropped from 180 days in April to 155 days in May.

The average listing price in May was $224,248 and the average selling price was $211,442, which means homes sold for slightly more than 94% of asking.

There were 7 land sales in Henderson County in May. The average listing price was $73,757 and the average selling price was $57,857 or roughly 78% of asking. The average days on market for May was 85 days.

For more information about buying and selling homes and land in the Hendersonville, NC area, give us a call at 828-551-6290 or 828-551-6291.....or visit us online at BrevardNCProperty.com.

The number of residential closings in Transylvania County was up slightly in May, mainly due to an increase in home sales in the $100K - $200K price range. There were a total of 14 closings compared to 12 in April. There were 9 closings in the $100K-$200K range, 4 in the $200K-$300K range, and 1 closing in the $300-$400K range. In May 2008 there were 20 closings. The good news is that the days on market dropped from an average of 278 days to only 139 days.

The average residential listing price in May was $222,762 and the average selling price was $205,907, which means that homes sold for roughly 92% of the asking price.

There were 8 land sales in May. The average listing price was $239,862 and the average selling price was $183,562 or roughly 76% of asking. It’s important to note that these averages were up because of one transaction that was a foreclosure on a 76 acre tract. It was listed for $975,000 and sold for $701,000. The average days on market was 274 days.

For more information about buying and selling homes and land in the Brevard, NC area, give us a call at 828-551-6290 or 828-551-6291.....or visit us online at BrevardNCProperty.com.