The $8000 first-time home buyer tax credit was scheduled to expire in just a few short weeks...Nov 30, 2009. I say ‘was', because the Senate voted unanimously to extend the credit on Monday and the House of Representatives approved the extension yesterday afternoon by a vote of 403-12. The extension includes an expanded tax credit to repeat home buyers. The new and improved bill now goes to the President for his signature which is expected to happen today.
Home Buyer Tax Credit Expansion and Extension
If you know anyone looking to buy their first Miami home at a time when prices and interest rates are at 3-5 year lows, or if you are thinking of buying another Miami home and getting the new $6,500 credit please contact me today.
Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.
Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. "The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules," he said. "No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month."
Let's take a look at the Miami real estate sales statistics for September compared to September 2008 to see how the market is looking in South Florida:
Single Family Real Estate Sales Statistics in Miami FL
Miami FL real estate sales statistics is representative of the South Florida market as a whole when comparing September 2009 to September 2008. The number of single family homes sold in 2009 increased by 32 percent compared to 2008. The number of new homes on the market decreased by 40.6 percent. The average sales price declined by 26.5 percent to $198,739, while the year-to-date average sales price declined 35.8 percent to $206,997.
|
Date |
New |
Sold |
Average |
Y-to-D |
|
Sept 2009 |
973 |
445 |
$198,739 |
$206,997 |
|
Sept 2008 |
1,638 |
337 |
$270,483 |
$322,397 |
Condo/Coop/Townhouse/Villa Real Estate Sales Statistics in Miami FL
September 2009 Miami FL real estate sales statistics for condo/townhouses etc. showed an increase in sales with sold listings up by 58.8 percent compared to 2008. New listings decreased by 23.6 percent. The average sales price dropped 46.9 percent to $150,074 and the year-to-date sales price dropped 40.2 percent to $172,603.
|
Date |
New |
Sold |
Average |
Y-to-D |
|
Sept 2009 |
1,132 |
381 |
$150,074 |
$172,603 |
|
Sept 2008 |
1,482 |
240 |
$282,418 |
$288,530 |
Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed.
If you want to learn more about Miami FL real estate, please contact us at 888-SFL-TEAM or visit HomeInSouthFlorida.com.
To begin searching for South Florida homes, please use our complimentary MLS search.
The Neighborhood Stabilization Program is providing grants to the cities of Miramar, Pembroke Pines, and Coral Springs for the purchase of foreclosed or abandoned homes for rehabilitating, reselling or redevelopment in order to stabilize neighborhoods and stop the decline of property values. Purchase assistance is available to low-to-middle income families who wish to purchase foreclosed or vacant property as their primary residence.
Miramar has been allocated $9.6 million dollars for this program, which will go a long way in stabilizing families and communities. Qualified buyers can get a maximum $60,000 which can be used towards down payment, closing cost & principle reduction.
Give us a call or email us to learn how you can take advantage of this FREE grant money!
Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.
Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. "The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit," he said. "Other buyers are taking advantage of low home values before prices turn higher. Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family's monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970. As long as home buyers stay within their budget, mortgage payments will be very manageable," Yun said.
Let's take a look at the Miami real estate sales statistics for July compared to July 2008 to see how the market is looking in South Florida:
Single Family Homes Sales in Miami
The Miami market is representative of the South Florida market as a whole when comparing August 2009 to August 2008. The number of single family homes sold in 2009 increased by 24.9 percent compared to 2008. The number of new homes on the market decreased by 38.5 percent. The average sales price declined by 26.6 percent to $209,951, while the year-to-date average sales price declined 37.1 percent to $208,058.
|
Date |
New |
Sold |
Average |
Y-to-D |
|
August 2009 |
963 |
411 |
$209,951 |
$208,058 |
|
August 2008 |
1,566 |
329 |
$286,047 |
$330,593 |
Condo/Coop/Townhouse/Villa Sales in Miami
August 2009 market statistics for condo/townhouses etc. in Miami showed an increase in sales with sold listings up by 35.8 percent compared to 2008. New listings decreased by 25.1 percent. The average sales price dropped 6.1 percent to $236,063 and the year-to-date sales price dropped 41.8 percent to $173,697.
|
Date |
New |
Sold |
Average |
Y-to-D |
|
August 2009 |
1,111 |
364 |
$236,063 |
$173,697 |
|
August 2008 |
1,492 |
268 |
$251,352 |
$298,188 |
Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed.
If you want to learn more about South Florida real estate, please contact us at 888-SFL-TEAM or visit HomeInSouthFlorida.com.
To begin searching for South Florida homes, please use our complimentary MLS search.
We hope you are enjoying your long Labor Day weekend! It's the final summer weekend to enjoy the pool, cook out, and mix with family and friends. So, get out the grill, build some memories, relax and have fun.
Fall is a great time to buy Miami real estate...this Fall especially! It is the last chance to take advantage of the $8000 first-time home buyer tax credit. All indications are the Miami real estate market has bottomed out, making home prices affordable and lower than what they will most likely be next spring. A recovering Miami real estate market and increased sales will bring with it higher prices.
Enjoy the rest of your holiday and then give us a call. You don't want to lose out on buying your dream home during this incredible Buyers Market!
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