Carson Valley Real Estate Market Mid-Month Update: 07-15-09

As of today, 22 homes have sold for the month of July in the Carson Valley Nevada area. 130 homes are pending close of escrow. Most closings are scheduled toward the end of the month, so it appears that the Carson Valley market is continuing to churn along nicely and there is activity in the market. This is very promising.

There are 465 homes available for sale and this number does not include the 130 that are pending close of escrow. That's up slightly from the beginning of the month but still a very healthy number indeed. Activity on homes priced under $200,000 has been insane, with multiple contracts, dozens of showings, and prices escalating above asking price. The market is completely different when you get below $200,000. Is that because the first time homebuyer tax credit equals the 3.5% down needed to buy a home under FHA guidelines? We're not sure but it very well could be.

With only 138 days until the First Time Homebuyer Credit expires on December 1, 2008, we are seeing a marked increase in the number of buyers looking and writing offers in the Northern Nevada area. Most we've talked to do not anticipate that the credit will be extended past December 1st, and they express a genuine sense of urgency to find a home and close escrow before December 1st. This makes lots of sense - I mean, who doesn't want $8,000?

Just last weekend we made appointments and completed the first round of showings with three brand new clients, and all three of them selected a home and wrote offers. One has been accepted and two others are pending responses from the banks.

Are you eligible for the first time homebuyer tax credit? If so, what is your reason for not buying a home right now? If you're not sure you can qualify, or you have some other concern, contact us. It may not be as bad or as limiting as you think and you just might be one of the lucky people to receive $8,000, courtesy of the US Treasury.

 

                

 Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate .