Market Report Aug 6th 2009

Real Estate Broker/Owner with REALTY EXECUTIVES of Lebanon

This report pertains to residential homes on less than 10 acres sold from June 26th to Aug 6th as reported by the Lebanon Board of Realtors MLS. In the last 6 weeks there were 27 homes sold for a total of almost 2.9 million. The average price of these homes was almost 106 thousand and the median price was 110, these homes had an average time on the market of 259 days. There are currently 13 homes listed as under contract in the Lebanon MLS and those homes have an average price of 174 thousand. Year to date there have been 120 homes sold, down from last years 165 during the same time frame the average price is just under 105 thousand dollars same as last years 108K, the YTD volume of almost 12.5 million is down from last years 17.8 million. Our average time on the market this year has been 193 days, that’s drastically up from last years 142 day average. As of this morning there were 339 homes in Laclede County with less than 10 acres, listed with the Lebanon MLS. The average asking price is around $141,000 with median asking price of just about $118,000; these homes have an average time on the market of 159 days. More than half way through the year and there seem to be a lot of people who believe the $8000 1st time home buyer tax credit was a great idea to stimulate the housing market. I tend to believe that in our area very few people have taken advantage of it and time is running out. The fact is, if you are a first time home buyer or know one who plans on taking advantage of this program you better hurry up and do because time is running out fast. The tax credit is for any one who has not owned a principal residence for the three years preceding the purchase of home. The credit is good for 10% of the purchase price not to exceed $8000. This is a credit not a deduction, meaning it may have a direct impact on your tax liability and you may get the whole amount back in cash from the IRS. You should always consult your accountant regarding tax matters and you should always consult your realtor about real estate matters. That means if you plan to use this tax credit you better start looking now because if you are not closed on the transaction by the end of November you will not receive the credit. It may take a few months to find the right home and you should expect delays in the closing process, so you are better off if you have a home under contract by the beginning of October. If you have questions ask your local real estate expert.


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Pete Spencer

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