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®.Now let's take a look at Dallas real estate sales statistics for September 2009 to learn how our local real estate market is recovering.
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."
Dallas Real Estate Sales Statistics - Sept 2008
Number of Sales: 4,293
Average Sales Price: $203,900
Median Sales Price: $150,100
Homes on the Market: 27,406
Months of Inventory: 6.2
Dallas Real Estate Sales Statistics - Sept 2009
Number of Sales: 4,010
Average Sales Price: $201,700
Median Sales Price: $156,400
Homes on the Market: 22,979
Months of Inventory: 6.3
The number of Dallas homes sold in Sept 2009 was 283 less than in Sept 2008, a 7 percent decrease. The average sales price decreased by 1 percent or $2,200, while the median price increased 4 percent or $6,300. The months of inventory remained steady.
Many Dallas renters are finding that they get more ‘bang for their' buck if they buy a home rather than rent one. With affordable prices, low interest rates and tax incentives, Dallas home ownership makes more sense than ever.
7 Reasons to Buy Rather Than Rent Dallas Home
1. Buying doesn't always cost more.
The Associated Press reports the gap between buying and renting has decreased $550 in the last three years.
2. Affordability is at an all-time high.
Nationwide, prices have declined by nearly 20-40%.
3. Tax benefits for home ownership saves money.
The biggest tax break is the mortgage interest deduction. Most of your mortgage payment goes to interest which is tax deductible. Property taxes and mortgage insurance are also tax deductible.
4. Many loans require no down payment.
Veterans Administration (VA) loans and many first-time home owner loans don't require a down payment.
5. The Tax Credit.
First time homebuyers can take advantage of the $8000 tax credit...but only until Nov 20, 2009. The tax credit can be used towards closing costs and the down payment.
6. Mortgage rates are at all-time lows.
Mortgage interest rates are the lowest we have seen in 30 years.
7. You own it.
There is nothing like pride of ownership...and you can do anything you want to do. You can paint it any color you want, make improvements, and landscape to your own taste..
For more information on owning a Dallas home, visit TexasHomeCentral.com.
Something to consider when selling your Dallas home is the Capital Gains ramifications. Will you owe Uncle Sam money after the sale of your Dallas home? Capital Gains are calculated as the difference between what you paid for your property and what you sell it for. Here is how you calculate your Capital Gains.
Calculating Capital Gains
(+) PURCHASE PRICE - Price paid for property
(+) COST OF PURCHASE - Transfer fees, attorney fees, inspections
(+) COST OF SALE - Repairs, commissions, attorney fees, inspections
(+) COST OF IMPROVEMENT - Room additions, deck, for example, though not replacing existing
(=) ADJUSTED COST BASIS OF YOUR HOME
(-) AMOUNT YOU SELL YOUR HOME
(=) CAPITAL GAIN
A Special Real Estate Exemption for Capital Gains
Even though the above calculation may indicate you owe Capital Gains, there is a special real estate exemption. Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a Dallas home is exempt from taxation if you meet the following criteria:
NOTE: As of 2003, you may also qualify for this exemption if you meet what the IRS calls "unforeseen circumstances" such as job loss, divorce, or family medical emergency.
Learn more about selling your Dallas home by visiting TexasHomeCentral.com.
Search all Dallas homes for sale.
Always consult a tax attorney regarding current tax laws.
Installing a new insulated garage door is a simple home improvement project that has many benefits. This simple change adds desirable curb appeal and increases the value of your Dallas home. The best part is, it also saves energy and tax credits are given to homeowners who install approved garage doors.
There is a list of manufactures of approved insulated garage doors that make homeowners eligible for a federal tax credit, which is more valuable than a tax deduction. Homeowners who purchase and install one of the garage doors on their Dallas home in 2009 or 2010 could receive up to a $1,500 federal tax credit. However, this is not a new idea. The legislation to award homeowners for installing specific garage doors was originally passed in 2008. Then, the maximum amount possible for homeowners to receive from the tax credit was $500 or 10 percent of the product's cost. The new federal stimulus plan put in to action in February 2009 made installing a new garage door even more worth while. The new legislation promises triple the amount the original legislation offered. The maximum federal tax credit is now 30 percent of the product's cost, or up to a maximum of $1,500.
Another way installing an insulated garage door can help pay for itself is through energy savings. More than often people find that rooms next to or above the garage are the coldest rooms of the house in the winter and the hottest in the summer. This is because old garage doors that are not insulated allow brisk winter and scorching summer air to flow in to the house. The inefficient garage doors can also allow heated and air conditioned air to escape, like money flying out a window. Installing a new qualified, insulated garage door will help reduce energy bills year round and make your Dallas home more comfortable.
The new and improved garage doors are more attractive to the eye, which increases the curb appeal and value of your Dallas home. Garage doors take up a considerable amount of space on the front of a home. The front of the home is the first thing homeowners, guests, and people passing by get to see when approaching the house. A typical white or almond colored garage door can make a house look plain and boring. It also makes the home blend in with every other house on the street. New garage doors found on the approved list offer a variety of the latest styles, including a carriage house or country look, sleek and contemporary, steel doors with real wood grain panels. No matter what the style of your home, there is sure to be a garage door that compliments and completes the picture.
Learn more about Dallas home ownership at TexasHomeCentral.com.
Low listing prices, reasonable interest rates, and an abundant variety of homes to choose from are among a few of the reasons now is the perfect time for buyers to make a move in today's real estate market. Current market trends and other factors have made conditions even more favorable for first-time homebuyers. Though becoming a homeowner comes with huge responsibilities and financial commitments, first-time home buyers should take advantage of the market over flowing with opportunities. The following tips will help ease the mind when considering the smart purchase of your first Dallas home.
1. Become familiar with the new first-time homebuyer federal tax credit.
People who are considering the purchase of their first home, or have not been home owners for at least the past three years can gain great benefits from the first-time homebuyer tax credit. In February 2009 the American Recovery and Reinvestment Act was put in to effect, offering many new opportunities that lend a helping hand to everyone struggling in today's times. The new legislation includes everything from home improvement tax credits to the popular first-time homebuyer tax credit. According to FederalHousingTaxCredit.com, qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009 will receive a tax credit of up to $8,000. Unlike past tax credits from 2008, the money received does not have to be repaid, unless the homebuyer sells the property with in three years.
2. Determine what is reasonably affordable.
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