The Brookings, SD real estate market saw an improvement in Total Residential Sales for the month of February as compared to the same month last year. February 2009 produced a Total Residential Sales volume of just over $1.7 Million Dollars. This is a 50% increase over February 2008's total. The good news continues with February's Homes Under Contract increasing by 25% over 2008. New Inventory rose by 41% as our Existing Inventory continues it's upward trend, increasing by 55% in February. Lastly, February 2009 yielded a 4% increase in Average Sale Price from $126,539 in 2008 to $131,731 in February 2009.
Nationally, we had some good news in February. The government passed a stimulus bill that included assistance for home buyers. The First Time Buyers can now receive a Non-repayable tax credit for 10% of the purchase price of a home up to an amount of $8000. This means that if a first time home buyer purchases a home in 2009 they are eligible to receive a credit towards their tax bill up to an amount of $8000. This is a gift from your government! It is not a loan, it is yours. I'm told that if you don't have an $8000 tax burden then the remainder is sent to you in the FORM OF A CHECK! There has never been a better time than NOW to buy a home. I repeat. "THERE HAS NEVER BEEN A BETTER TIME THAN RIGHT NOW TO BUY A HOME!!"
For more information on the stimulus plan and it's effects on home buying see the following pages: http://www.brookings4sale.com/files/1442649/Government_Affairs_Tax_Credit_Chart_021309.pdf
http://www.brookings4sale.com/files/1442649/Government_Affairs_Homeb_Tax_Cred_QA.pdf
If you still have questions call me at 605.691.1240
Comments(1)