The National Association of Realtors reported that home sales in southern United States have seen its "better days". First-time homebuyers looking for an affordable investment are taking advantage of low home prices and affordable mortgage rates in the south -- attributing to the almost 50% up in sales despite the market decline.
Cities, like Orlando, Miami, Houston, and Washington, as well as the 19 cities in the continental U.S. are seeing an increase in home resale activities in the past couple of months. Miami real estate ranked top on the list.
Miami, being an ideal vacation hotspot in this side of the United States is enjoying a 59% increase in sales; putting the city on the top 1. This is mainly attributed to the 23% price drop that closed at $152,000 for an average property -- an ideal investment for any first-time homebuyers looking for a quality home with a limited budget.
Experts believed that the sudden surge in home resale activity stemmed from the $8,000 tax credit for first-time homebuyers. The tax credit, that was supposed to expire last month, was extended to spring of 2010. As an added bonus, repeat homebuyers seeking another real estate investment are offered $6,500 tax credit.
Aside from low home prices and tax credit, low mortgage rate offered by financial institutions in various cities in the south is also a reason why a lot of homebuyers are clamoring for such an investment -- especially those with good credit scores to back them up.
William W. Teho, Jr.
Miami Real Estate
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