As of July 15th, 22 homes have sold for the month of July in the Carson Valley Nevada area. 130 homes are pending close of escrow. Since most closings are scheduled toward the end of the month, having 22 homes already closed this month 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. Since we have no clue whether the $8,000 first time homebuyer credit will be extended, it has created a definite and noticeable sense of urgency for buyers who have decided to try to buy a home.
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. We have trusted lenders we work with every day that may surprise you. If you are looking in Douglas County or unincorporated Carson City, you can also use the USDA Rural Housing Development Loan and be eligible for many government incentives to make home ownership more affordable. Ask us for details.