Homebuyers: Part of the stimulus bill gives first-time homebuyers (anyone who hasn’t bought a home in past 3 years) who purchase in 2009 an $8,000 tax credit. Foreclosure filings decreased 10% in Jan. from Dec. 2008 and some sales in Dec. 2008 rose 6.5%. We will see prices at the lower end of the price spectrum stabilize and all the really great deals will be snapped up in the next few months. If you are thinking about buying, now is the time.
Home sellers: If you are selling in the lower price ranges you can expect to see increased activity and, if reasonably priced, you will get it sold very close to that price. If you are not at the low end of the market, and do not have to sell, wait a year or so, you will get a better price. If you have to sell now, price it right and get it sold now as we could still see a drop in value in the mid and high-end price ranges over the next 3 to 6 months.
If you want to talk further about the impact of this stimulus package, give me a call or drop me an email about your situation and I will give you my recommendation.
This is information applies to national numbers. For more accurate information on the Lubbock market please call or e-mail me. 806.441.9537 shannon@shannonhcole.com
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