This week our listings saw an average of 1.6 showings each. Traffic is slowing a bit as expected due to the fast approaching holiday season. The real estate year is winding down but recent developments give cause for renewed expectations for next year.
On Friday, our President signed the extenstion of the first time buyer tax credit along with some positive changes. Income limits to qualify for the credit have been increased and a new $6500 credit is now available for repeat buyers as long as they’ve had their primary residence for at least five years. Over the next few weeks, I’ll highlight some of the expected impacts of this change. I expect it to be a primary source for a strong first half of 2010.
In the meantime, here is a link to the details of the changes on the IRS website. Real Estate Purchase Credit