2010 has come to and end and so has a tumultuous year in real estate. The market held steady the first half of the year due to the extension of the homebuyer tax credit. A combination of extremely low interest rates and the tax extension deadline positively impacted single-family home sales and prices across the northeast.
The second quarter has come to an end and we’re receiving a bit of a reality check on the housing market. There is some good and some not so good news to report. Let’s take a look at some key numbers in the northeast to give you an idea of what I’m talking about. In the past 6 months, we have seen a push up in the market due to the following factors:
- Housing Tax Credit, which expired April 30th…The credit produced a flurry of activity in the market as people rushed to purchase & close on time
- Historically low interest rates…under 5%
- Increased consumer confidence (according to Realty Times, consumer confidence had been on a fairly steady upward trend for the past quarter or two)
And a closer look at more recent numbers in the northeast from this quarter compared to 2nd Q. last year:
July 19, 2010
William Raveis Real Estate is excited to announce our April Open House Celebration! On April 11th, 18th and 25th William Raveis will welcome spring with thousands of open houses occurring in four states: Connecticut, Massachusetts, Rhode Island and New York. Be on the lookout for William Raveis Blue and come see what properties are available in your neighborhood, state or the northeast. Bring your family and friends and be amongst the over 10,000 people expected to enjoy this unique showcasing of homes!
This is a housing market we have not seen since 1974. Key factors have merged to make a ripe real estate climate for you, the homebuyer. Low interest rates, currently around the 4-5% range, provide the ability to purchase a mortgage at an exceptionally affordable level. Housing values are still declining, though this should level off through the end of the year. In addition, you still have time to take advantage of the homebuyer tax credit, expiring on April 30th, 2010. William Raveis Real Estate understands these aligning factors are very helpful for first-time and repeat homebuyers. Check out RAVEIS.com for additional information and to view all open house listings.
April 6, 2010