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The Houston MLS Press Release for October 2009 has just been posted. The press release highlights the activity in the Houston real estate market that is steering the market back - so much so, that October 2009 numbers show a second consecutive month of positive sales volume.

According to the press release sales figures for October showed an increase for the sixth straight month in the single family median price at $149,000. The average price of a single family home in Houston for the month of October 2009 was $198,639 which is up 3.2% over last October 2008 which was affected by Hurricane Ike. Both median and average price for October 2009 reached the highest levels on record for the month of October in Houston.

CATEGORIES OCTOBER 2008 OCTOBER 2009 PERCENT CHANGE
Total property sales 5,010 5,716 14.1%
Total dollar volume $942,371,320 $1,092,415,904 15.9%
Total active listings 49,016 45,424 -7.3%
Total pending sales 3,579 3,673 2.6%
Average single-family sales price $192,453 $198,639 3.2%
Median single-family sales price $141,950 $149,000 5.0%
Months inventory* 6.3 6.1 -2.8%
* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

Read the Houston MLS Press Release for October 2009

Source: HAR.com

 

 

 

 

 

Home Buyer Tax Credit Extended and Expanded

by Lorna Calder

Congress has now passed new legislation that extends and expands the home buyers tax credit. The bill extends the First Time Home Buyer Tax credit of up to $8,000 to first-time home buyers until April 30th, 2010. The bill will also expand the tax credit to included current home owners purchasing a new or existing home between November 7th, 2009 and April 30th, 2010.

To qualify for the extended First Time Home Buyers Tax Credit purchasing between November 7th, 2009 and April 30th, 2010 purchasers and/ or their spouse may not have owned a home in the past three years prior to purchase. To qualify for the expanded tax credit current home owners purchasing a home between November 7th, 2009 and April 30th, 2010 must have used the home being sold as a principal residence 5 consecutive years out of the last 8 years.

Who Qualifies for the Extended Credit?

·     First-time home buyers purchasing homes between November 7, 2009 and April 30, 2010 qualify for the extension.

·     Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight qualify for the expanded tax credit.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

What Properties Are Considered Eligible for the Tax Credit?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How Much is the Tax Credit?

Each home buyer’s tax credit is determined by two additional factors:

1.     The price of the home.

2.     The buyer's income.

Price

The Extended Home Buyer Tax Credit has a limit on eligibility of homes that are purchased for $800,000 or less.

Buyer Income

Single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit  under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009.These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits.


What If the Buyers Income Exceeds The Limits? Is there still a Credit?


Yes, in the case of exceeding income limits, some buyers may still be eligible for the credit.

The credit is decreased for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as the buyers  income approaches the maximum limit. Home buyers that earn more than the maximum qualifying income over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If the Buyer Closes After April 30, 2010?

The Extended Home Buyer Tax Credit allows for a closing after April 30th as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No, the buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Chart Highlighting the comparision between the prior tax credit and the extended and expanded tax credit

Frequently Asked Questions

Source: NAR 2009

 

Kingwood Housing Trends Newsletter

by Lorna Calder

The latest Kingwood Housing Trends eNewsletter is now ready to view. Published monthly to offer you up-to-date real estate information.This edition is filled with local and national market updates provided by the National Association of Realtors, the U.S. Census Bureau and other sources. Information includes key market indicators, real estate sales and price statistics, a video report by Stewart Title's Chief Economist, commentary(blogs) by top real estate economists, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.

Everything you need to stay in touch with today's real estate market.

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