February 2009

The number closed is sharply down indicating a slowing real estate market in Oklahoma City.  Often a sharp drop in the numbers sold will precede a corresponding sharp drop in prices.  Let’s hope this phenomena does not prove to be true in this case.

Total closed in January 2009 was 741 down ↓36.7 % from the 1170 closed in January 2008.

The average price was $146,837 down ↓5.9 % from the January 2008 price of $156,089.

The median price was $125,000 down ↓6.7% from the January 2008 price of $134,000.

The average Days On Market for November 2008 was 95 up from 92 in 2008.

 Based on information provided to and compiled by MLSGateway.com, Inc. covering a period 2008 through 2009MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.

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Total closed in December 2008 was 971 down ↓17.0 % from the 1170 closed in December 2007.

The average price was $147,730 down ↓5.4 % from the December 2007 price of $156,089.

The median price was $127,000 down ↓5.2% from the December 2007 price of $134,000.

The average Days On Market for December 2008 was 86 down from 92 in 2007.

 Based on information provided to and compiled by MLSGateway.com, Inc. covering a period 2007 through 2008MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.

Find out How Much Your Home is worth Today!

The new stimulus bill has been signed and in it was included the latest incarnation of The First Time Home Buyer Tax Credit.  So here is what you need to know.

First Time Home Buyers

First time home buyers are eligible for the tax credit.  People who have not owned a home in the last three years are considered First Time Home Buyers and are eligible for the First Time Home Buyer Tax Credit.

Income Limits

For the full credit you must make less than 75k if you are single and 150k if you are married.

2009

The Tax Credit is for First Time Home Buyers who purchase a home as a primary residence in 2009.

$8,000.00

The tax credit is 10% of the home purchase or $8,000.00 whichever is less.

No Payback

The old $7500.00 tax credit had to be paid back over 15 years.  The new tax credit is a freebie.  No payback as long as you live in the home for 3 years. 

Refundable

This means you get a check.   Unlike a deduction which just reduces your tax liability, the new first time home buyer tax credit drops straight to the bottom line.  Figure out what your taxes are without the credit then move the number $8,000.00 in your favor.  Example: without tax credit you owe $3,000.00.  With Tax Credit you get a sweet check for $5,000.00.

I usually like to end with a call to action like now is a great time to buy a house, but if you can’t do the math on this one then maybe you shouldn’t buy a house.  If you have any questions about the details email me.  If you are ready to get started looking for a new home email me.  Carpe Diem.