The trend continues that home sales are increasing, average sold price is decreasing, but so are the months of available inventory. The positive momentum for home sales, combined with the reduction in months of inventory, support the fact the market is beginning to stabilize from a unit perspective. However, we continue to watch property values drop in all three zip codes. It is still a great time to buy if you’re looking for a bargain and a good time to sell if you’re willing to price your home appropriately.
Important Update| Homebuyer Tax Credit
The homebuyer credit has been expanded and extended! An eligible taxpayer must -
- Buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close by June 30, 2010.
- For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax return.
- $8,000 tax credit first-time home buyers
- $6,500 tax credit move-up/repeat home buyers
- Authorizes the credit for long-time homeowners buying a replacement principal residence.
- Raises the income limitations - Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Julie Gochar (Obsidian Realty, 410.241.7708) and Steve Murphy (PC, 443.627.2910) are both licensed realtors and team leaders in the Baltimore City market with over 16 years of collective experienc e in real estate sales and branch management.
