THE TAX CREDIT IS GONE, BOO HOO…
For the first time this year closings were down when compared to the same month in 2009. The tax credit front loaded the market and sales have been up all year until June. The good news is that the interest rates are low. With rates hovering around 4.5%, some people are starting to get interested about making a move. It has been especially beneficial to the high end. Six homes over $1 million sold this month. In that market, a change in interest rate of only 1% translates into a hundreds of dollars a month savings in mortgage payment.
If you know of anyone who would like to take advantage of the low rates and the great supply of inventory, please don’t hesitate to give us a call. This could be one of the best times to buy in a long time. Rates haven’t been this low since the mid-1970’s.
As always, if you need any advice on your own unique situation and how it has been impacted by this market, please don’t hesitate to contact me. Links to this month’s report and chart are below. Archives will be available very soon.